FOR IMMEDIATE RELEASE Exhibit 12.1

Editorial Contacts:

Joe Greenhalgh, Director, Investor Relations – USA (510) 713-4430

Kristen Onken, Sr. Vice President and Chief Financial Officer – USA (510) 713-4430

Garreth Hayes, Public Relations Manager – Europe +41-(0) 21-863-5111

Nancy Morrison, Director, Corporate Communications – USA (510) 713-4948

Logitech Posts Record Second Quarter Results

Revenue $294 million; Operating Income $27.4 million; EPS $.44

FREMONT, Calif. and ROMANEL-SUR-MORGES, Switzerland – Oct. 21, 2003 – Logitech International (Nasdaq:LOGI)(Switzerland: LOGN) today announced that sales for its second fiscal quarter of 2004, ended September 30, 2003, were $294 million, up 17 percent from $252 million in the same quarter last year. Operating income was $27.4 million, up from $25.7 million last year. Net income for the quarter was $21.2 million ($0.44 per share), up slightly from $21 million ($0.42 per share) in Q2, 2003.

Gross margin rebounded in the second quarter to 31.5 percent, compared with 27.8 percent during this year’s first fiscal quarter – an improvement of 370 basis points.

Q2, 2004 was Logitech’s strongest-ever second quarter, with revenue and operating income exceeding its expectations. The strong Q2 revenue results were largely due to robust OEM sales, which were up by 45 percent over Q2 of the prior year. Retail sales of Logitech products also grew – up 11 percent over the same quarter last year. The sequential improvement in gross margin was a significant factor for the higher-than-expected operating income.

“We’re very pleased with our performance for the second quarter,” said Guerrino De Luca, Logitech’s president and chief executive officer. “Our record sales, solid profitability and improved margins for Q2 clearly indicate that our growth initiatives and product-cost improvements are working.

“Our OEM revenue was the highest ever, driven by sales to Sony of the EyeToy^™ Camera and the USB Headset for the Sony^® PlayStation^®2, and by the appeal of our products that enable personal computer producers and marketers to differentiate their systems with innovative, high-quality interface products.

“For key Logitech retail products – such as cordless mice, gaming peripherals for consoles and PCs, PC speakers and headsets, and webcams – we were able to deliver significant growth, and defend or gain market share in a vibrant and extremely competitive market.”

Highlights of Logitech’s second quarter include:

• Record performance for Logitech’s console-gaming peripherals, representing the Company’s highest level of sales and unit shipments – sales for these products more than tripled compared to the same quarter last year

• Retail sales of Logitech-branded speakers more than doubled over Q2 of last year

• Retail sales of webcams increased by 36 percent over Q2 of last year

• Cash flow from operations was $31 million for Q2, 2004, up $20 million compared with the same quarter a year ago

• Celebration of a key milestone – shipment of the Company’s 500 millionth mouse

• Successful launch of the Company’s first-ever television advertising campaign, which is integrated with print and Web advertising

• Introduction of innovative keyboard and mouse products with a wireless hub for Bluetooth^® connectivity – the products provide interoperability between a desktop PC and Bluetooth mobile phones, PDAs, headsets and printers

• Introduction of compelling new retail products, including cordless mice, PC speakers, cordless headsets and gaming peripherals for PCs and consoles

For the fiscal year 2004, ending March 31, 2004, the Company reaffirmed its targets for 10 percent growth in revenue and 15 percent growth in operating income, over FY 2003.

“Logitech’s stated sales and operating income goals for our full fiscal year are unchanged,” Mr. De Luca said. “In the face of intense competition, our Q2 performance is yet another example of the ability of Logitech’s people to fight and win. Our priority is to continue to drive growth and market share, while balancing profitability and gross margin. Based on the momentum we see now from initiatives begun in the first half of the fiscal year, we believe our operating income growth goal of 15 percent, while ambitious, is attainable.”

Logitech also announced that its board of directors has approved a new Share Buyback Program, which allows the Company to spend up to 40 million Swiss francs (approximately U.S. $30 million) on the purchase of Logitech shares, over the next twelve months.

To discuss its earnings results for Q2 of fiscal 2004 and its outlook for the full fiscal year ending March 31, 2004, Logitech will conduct a teleconference today at 9:00 a.m. PDT/12:00 p.m. EDT/18:00 Central European Time. A live webcast of the teleconference will be accessible at http://www.logitech.com. A replay of this teleconference will be made available on the Logitech Web site. Please visit the Web site at least 10 minutes early to register for the teleconference webcast.

About Logitech

Logitech designs, manufactures and markets personal interface products that enable people to effectively work, play, and communicate in the digital world. With corporate headquarters through its U.S. subsidiary in Fremont, California, and regional headquarters through local subsidiaries in Switzerland, Taiwan and Hong Kong, Logitech International is a Swiss public company traded in Switzerland on the Swiss Stock Exchange (LOGN) and in the U.S. on the Nasdaq National Market System (LOGI). The company has manufacturing facilities in Asia and offices in major cities in North America, Europe and Asia Pacific.

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This press release contains forward-looking statements, including the statements regarding Logitech’s expected revenue and operating income for fiscal 2004 and the effectiveness of the Company’s growth initiatives and product-cost improvements. These forward-looking statements involve risks and uncertainties that could cause Logitech’s actual performance to differ materially from that anticipated in these forward-looking statements. Factors that could cause actual results to differ materially include Logitech’s ability to continue to implement product cost improvements, the sales mix of our higher and lower margin retail and OEM products, an increase in the amount or frequency of price reductions and promotions in response to competition, the timing of new product introductions by Logitech and its competitors and their acceptance by the market, our ability to match production to demand and coordinate the worldwide manufacturing and distribution of our products in a timely and cost-effective manner, general economic and political conditions, the effect of fluctuations in exchange rates, as well as generally those additional factors set forth in our Annual Report on Form 20-F for the fiscal year ended March 31, 2003, and subsequent filings, available from the SEC’s Edgar database at www.sec.gov and upon request from Logitech by calling (510) 713-4220. Logitech does not undertake to update any forward-looking statements.

Logitech, the Logitech logo and other Logitech marks are owned by Logitech and may be registered. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the Company’s web site at www.logitech.com.

LOGITECH INTERNATIONAL S.A.

(In thousands of U.S. dollars)—Unaudited

CONSOLIDATED BALANCE SHEETS	September 30, 2003		March 31, 2003		September 30, 2002
Current assets
Cash and cash equivalents	$	196,904	$	218,734	$	153,272
Accounts receivable		216,766		181,644		181,426
Inventories		133,388		124,123		131,545
Other current assets		38,564		38,762		35,386
Total current assets		585,622		563,263		501,629
Investments		16,137		1,458		2,157
Property, plant and equipment		37,842		38,914		38,706
Intangible assets
Goodwill		108,615		108,615		108,615
Other intangible assets		15,116		17,523		19,939
Other assets		7,595		8,529		13,066
Total assets	$	770,927	$	738,302	$	684,112
Current liabilities
Short-term debt	$	10,340	$	10,102	$	7,103
Accounts payable		160,076		129,326		138,226
Accrued liabilities		103,919		98,134		86,474
Total current liabilities		274,335		237,562		231,803
Long term debt		132,960		131,615		119,002
Other liabilities		3,539		3,563		3,516
Total liabilities		410,834		372,740		354,321
Shareholders’ equity		360,093		365,562		329,791
Total liabilities and shareholders’ equity	$	770,927	$	738,302	$	684,112

LOGITECH INTERNATIONAL S.A.

(In thousands of U.S. dollars, except share and per share / ADS)—Unaudited

	Quarter Ended September 30
CONSOLIDATED STATEMENTS OF INCOME	2003			2002
Net sales	$	293,593		$	251,764
Cost of goods sold		201,131			165,831
Gross profit		92,462			85,933
% of net sales		31.5	%		34.1	%
Operating expenses :
Marketing and selling		39,483			35,942
Research and development		14,541			13,730
General and administration		11,019			10,590
Total operating expenses		65,043			60,262
Operating income		27,419			25,671
Interest expense, net		(1,104	)		(57	)
Other income, net		190			634
Income before income taxes		26,505			26,248
Provision for income taxes		5,301			5,241
Net income	$	21,204		$	21,007
Shares used to compute net income per share and ADS:
Basic		45,669,184			46,133,400
Diluted		50,093,710			51,593,417
Net income per share and ADS:
Basic	$	0.46		$	0.46
Diluted	$	0.44		$	0.42

LOGITECH INTERNATIONAL S.A.

(In thousands of U.S. dollars, except share and per share / ADS)—Unaudited

	Six Months Ended September 30
CONSOLIDATED STATEMENTS OF INCOME	2003			2002
Net sales	$	511,785		$	446,828
Cost of goods sold		358,685			294,583
Gross profit		153,100			152,245
% of net sales		29.9	%		34.1	%
Operating expenses :
Marketing and selling		67,515			66,214
Research and development		29,136			26,633
General and administration		21,177			21,112
Total operating expenses		117,828			113,959
Operating income		35,272			38,286
Interest expense, net		(1,353	)		(269	)
Other income (expense), net		(293	)		1,708
Income before income taxes		33,626			39,725
Provision for income taxes		6,725			7,936
Net income	$	26,901		$	31,789
Shares used to compute net income per share and ADS:
Basic		45,705,656			46,099,641
Diluted		50,411,144			52,087,994
Net income per share and ADS:
Basic	$	0.59		$	0.69
Diluted	$	0.56		$	0.63

LOGITECH INTERNATIONAL S.A.

(In thousands of U.S. dollars)—Unaudited

	Quarter Ended September 30				Six months Ended September 30
SUPPLEMENTAL FINANCIAL AND OTHER INFORMATION	2003		2002		2003		2002
Depreciation	$	6,762	$	5,840	$	12,623	$	11,889
Amortization of other acquisition-related intangibles		1,295		1,277		2,672		2,530
Operating income		27,419		25,671		35,272		38,286
Operating income before depreciation and amortization		35,476		32,788		50,567		52,705
Capital expenditures		5,031		6,359		11,804		15,474