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Plantronics Announces Third Quarter Fiscal Year 2013 Results

  Plantronics Announces Third Quarter Fiscal Year 2013 Results

   Revenue & Earnings per Share Exceed Guidance, Unified Communications Net
                       Revenues Grow 43% Year-over-Year

Business Wire

SANTA CRUZ, Calif. -- January 29, 2013

Plantronics, Inc. (NYSE: PLT) today announced third quarter fiscal year 2013
results. Highlights of the quarter include the following (comparisons are
against the third quarter of fiscal year 2012):

  *Net revenues were $197.4 million, an increase of 8% compared with $183.2
    million.
  *GAAP gross margin was 51.8% compared with 52.5%; non-GAAP gross margin was
    52.2% compared with 52.8%.
  *GAAP operating income was $34.6 million; non-GAAP operating income was
    $41.7 million as compared to $37.4 million and $42.0 million,
    respectively.
  *GAAP diluted earnings per share (“EPS”) was $0.66, a decrease of $0.05, or
    7%, and higher than our guidance of $0.54 to $0.61.
  *Non-GAAP diluted EPS was $0.73, a decrease of $0.02, or 3%, and higher
    than our guidance of $0.63 to $0.70.

Q3 GAAP Results
                                                 
                   Q3 2013          Q3 2012          Change (%)
Net revenues       $197.4 million   $183.2 million   7.7%
Operating income   $34.6 million    $37.4 million    -7.5%
Operating Margin   17.5%            20.4%
Diluted EPS        $0.66            $0.71            -7.0%
                                                     
Q3 Non-GAAP Results
                                                     
                   Q3 2013          Q3 2012          Change (%)
Operating income   $41.7 million    $42.0 million    -0.7%
Operating Margin   21.1%            22.9%
Diluted EPS        $0.73            $0.75            -2.7%%
                                                     

A reconciliation between our GAAP and non-GAAP results is provided in the
tables at the end of this press release.

“We achieved robust growth in Unified Communications (“UC”) net revenues as
global adoption of the technology continues,” said Ken Kannappan, President &
CEO. “Solid revenue in Office and Contact Center (“OCC”) combined with market
share gains in mono Bluetooth in the U.S. furthered our revenue growth in the
quarter.”

“We continued to strategically invest in our UC product portfolio to
strengthen our position as a leader in UC, while maintaining profitability
within our long-term target range,” said Pam Strayer, Senior Vice President
and Chief Financial Officer. “We are focused on driving efficiency throughout
the company to maximize our long-term investment in UC.”

OCC net revenues increased 5% to $139.4 million compared with $133.3 million
in the third quarter of fiscal year 2012 driven by the strength of our UC
revenues. Net revenues from UC products, a subset of OCC, grew by 43% to $36.1
million in the third quarter of fiscal year 2013 compared with $25.2 million
in the third quarter of fiscal year 2012.

Mobile net revenues were $44.1 million in the third quarter of fiscal year
2013, an increase of $8.1 million, or 23%, from $36.0 million in the third
quarter of fiscal year 2012 primarily as a result of strong product launches
and good product placement in our retail channels.

Dividend Announcement

We also announced that our Board of Directors declared a quarterly dividend of
$0.10 per share. The dividend will be payable on March 11, 2013 to
stockholders of record at the close of business on February 20, 2013.

Business Outlook

The following statements are based on our current expectations and many of
these statements are forward-looking. Actual results are subject to a variety
of risks and uncertainties and may differ materially from our expectations.

We have a “book and ship” business model whereby we ship most orders to
customers within 48 hours of receipt of those orders, and, therefore, the
level of backlog does not provide reliable visibility into potential future
revenues. In addition, our incoming orders have historically been low during
the last two weeks of December and the first half of January, and have then
increased significantly into February and March.

Our business is inherently difficult to forecast, particularly with continuing
uncertainty in global economic conditions, and there can be no assurance that
expectations of incoming orders over the balance of the current quarter will
materialize.

Subject to the foregoing, we currently expect the following range of financial
results for the fourth quarter of fiscal year 2013:

  *Net revenues of $190 million to $195 million;
  *GAAP operating income of $33 million to $35 million;
  *Non-GAAP operating income of $39 million to $41 million, excluding the
    impact of $6 million from stock-based compensation, accelerated
    depreciation, and restructuring costs from GAAP operating income;
  *Assuming approximately 42.7 million diluted average weighted shares
    outstanding:

       *GAAP diluted EPS of $0.63 to $0.67;
       *Non-GAAP diluted EPS of $0.68 to $0.72; and
       *Cost of stock-based compensation, accelerated depreciation and
         restructuring costs to be approximately $0.09 per diluted share, with
         an expected partial offset of approximately $0.04 related to the
         retroactive reinstatement of the research and development (“R&D”) tax
         credit in the U.S.

Please see our new Investor Relations Presentation available on our corporate
website at www.plantronics.com/ir.

Conference Call Scheduled to Discuss Financial Results

We have scheduled a conference call to discuss third quarter fiscal year 2013
results. The conference call will take place today, January 29, 2013, at 2:00
PM (Pacific Time). All interested investors and potential investors in our
stock are invited to participate. To listen to the call, please dial in five
to ten minutes prior to the scheduled starting time and refer to the
“Plantronics Conference Call.” Participants from North America should call
(888) 301-8736 and other participants should call (706) 634-7260.

A replay of the call with the conference ID # 70844491 will be available until
February 28, 2013 at (855) 859-2056 or (800) 585-8367 for callers from North
America and at (404) 537-3406 for all other callers. The conference call will
also be simultaneously webcast in the Investor Relations section of our
corporate website at www.plantronics.com/ir, and the webcast of the conference
call will remain available on our website for 30 days.

Use of Non-GAAP Financial Information

For the periods presented, we have excluded certain non-cash expenses and
charges, net of tax, including stock-based compensation related to stock
options, restricted stock and employee stock purchases, purchase accounting
amortization, accelerated depreciation, restructuring and other related
charges, and an expected retroactive reinstatement of the R&D tax credit,
along with the tax benefits from the expiration of certain statutes of
limitations from non-GAAP operating income, non-GAAP operating margin and
non-GAAP diluted EPS. We exclude these expenses from our non-GAAP measures
primarily because management does not consider them as part of our target
operating model. We believe that the use of non-GAAP financial measures
provides meaningful supplemental information regarding our performance and
liquidity and helps investors compare actual results to our long-term target
operating model goals. We believe that both management and investors benefit
from referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting and analyzing future periods;
however, non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for, or superior to, gross margin, operating
income, operating margin, the effective tax rate, net income, or EPS prepared
in accordance with GAAP.

Safe Harbor

This release contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements relating to
(i) our expenses and our long-term operating margin target, (ii) our estimates
of GAAP and non-GAAP financial results for the fourth quarter of fiscal year
2013, including net revenues, operating income and diluted EPS; (iii) our
estimates of stock-based compensation, accelerated depreciation, restructuring
and other related charges, and tax benefits from the expiration of certain
statutes of limitation, and the retroactive reinstatement of the R&D tax
credit for the fourth quarter of fiscal year 2013, as well as the impact of
these non-cash expenses on Non-GAAP operating income and diluted EPS; and (iv)
our estimate of weighted average shares outstanding for the fourth quarter of
fiscal year 2013, in addition to other matters discussed in this press release
that are not purely historical data. We do not assume any obligation to update
or revise any such forward-looking statements, whether as the result of new
developments or otherwise.

Forward-looking statements involve risks and uncertainties that may cause
actual results to differ materially from those contemplated by such
statements. Among the factors that could cause actual results to differ
materially from those contemplated are:

  *Micro and macro economic conditions in our domestic and international
    markets;
  *our ability to realize our UC plans and to achieve the financial results
    projected to arise from UC adoption could be adversely affected by a
    variety of factors including the following: (i) as UC becomes more widely
    adopted, the risk that competitors will offer solutions that will
    effectively commoditize our headsets which, in turn, will reduce the sales
    prices for our headsets; (ii) our plans are dependent upon adoption of our
    UC solution by major platform providers such as Microsoft Corporation,
    Cisco Systems, Inc., Avaya, Inc., Alcatel-Lucent, and IBM, and we have a
    limited ability to influence such providers with respect to the
    functionality of their platforms, their rate of deployment, and their
    willingness to integrate their platforms with our solutions, and our
    support expenditures may substantially increase over time due to the
    complex nature of the platforms developed by the major UC providers as
    these platforms continue to evolve and become more commonly adopted; (iii)
    the development of UC solutions is technically complex and this may delay
    or limit our ability to introduce solutions to the market on a timely
    basis and that are cost effective, feature rich, stable and attractive to
    our customers on a timely basis; (iv) our development of UC solutions is
    dependent on our ability to implement and execute new and different
    processes in connection with the design, development and manufacturing of
    complex electronic systems comprised of hardware, firmware and software
    that must work in a wide variety of environments and multiple variations,
    which may in some instances increase the risk of development delays or
    errors and require the hiring of new personnel and/or third party
    contractors which increases our costs; (v) because UC offerings involve
    complex integration of hardware and software with UC infrastructure, our
    sales model and expertise will need to continue to evolve; (vi) as UC
    becomes more widely adopted we anticipate that competition for market
    share will increase, and some competitors may have superior technical and
    economic resources; (vii) UC solutions may not be adopted with the breadth
    and speed in the marketplace that we currently anticipate; and, (viii) UC
    may evolve rapidly and unpredictably and our inability to timely and
    cost-effectively adapt to those changes and future requirements may impact
    our profitability in this market and our overall margins;
  *failure to match production to demand given long lead times and the
    difficulty of forecasting unit volumes and acquiring the component parts
    and materials to meet demand without having excess inventory or incurring
    cancellation charges;
  *volatility in prices from our suppliers, including our manufacturers
    located in China, have in the past and could in the future negatively
    affect our profitability and/or market share;
  *fluctuations in foreign exchange rates;
  *with respect to our stock repurchase program, prevailing stock market
    conditions generally, and the price of our stock specifically;
  *the bankruptcy or financial weakness of distributors or key customers, or
    the bankruptcy of or reduction in capacity of our key suppliers;
  *additional risk factors including: interruption in the supply of
    sole-sourced critical components, continuity of component supply at costs
    consistent with our plans, the inherent risks of our substantial foreign
    operations, and problems that might affect our manufacturing facilities in
    Mexico; and
  *seasonality in one or more of our business segments.

For more information concerning these and other possible risks, please refer
to our Annual Report on Form 10-K filed with the Securities and Exchange
Commission on May 25, 2012 and other filings with the Securities and Exchange
Commission, as well as recent press releases. These filings can be accessed
over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.

Financial Summaries

The following related charts are provided:

  *Summary Unaudited Condensed Consolidated Financial Statements
  *Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures
  *Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures
    and Other Unaudited GAAP Data

About Plantronics

Plantronics is a global leader in audio communications for businesses and
consumers. We have pioneered new trends in audio technology for over 50 years,
creating innovative products that allow people to simply communicate. From
Unified Communication solutions to Bluetooth headsets, we deliver
uncompromising quality, an ideal experience, and extraordinary service.
Plantronics is used by every company in the Fortune 100, as well as 911
dispatch, air traffic control and the New York Stock Exchange. For more
information, please visit www.plantronics.com or call (800) 544-4660.

Plantronics and the logo design are trademarks or registered trademarks of
Plantronics, Inc. The Bluetooth name and the Bluetooth trademarks are owned by
Bluetooth SIG, Inc. and are used by Plantronics, Inc. under license. All other
trademarks are the property of their respective owners.


PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
                                                                
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                       
                                 Three Months Ended      Nine Months Ended
                                 December 31,            December 31,
                                  2012       2011       2012       2011
                                                                       
Net revenues                     $ 197,402   $ 183,236   $ 558,047   $ 535,784
Cost of revenues                  95,238     87,024     260,959    246,548
Gross profit                       102,164     96,212      297,088     289,236
Gross profit %                     51.8%       52.5%       53.2%       54.0%
                                                                       
Research, development and          20,248      16,829      59,525      51,386
engineering
Selling, general and               45,442      41,976      134,476     128,510
administrative
Restructuring and other           1,868      -          1,868      -
related charges
Total operating expenses          67,558     58,805     195,869    179,896
Operating income                   34,606      37,407      101,219     109,340
Operating income %                 17.5%       20.4%       18.1%       20.4%
                                                                       
Interest and other income, net    177        406        464        989
Income before income taxes         34,783      37,813      101,683     110,329
Income tax expense                6,577      6,915      23,990     25,179
Net income                       $ 28,206    $ 30,898    $ 77,693    $ 85,150
                                                                       
% of net revenues                  14.3%       16.9%       13.9%       15.9%
                                                                       
Earnings per common share:
Basic                            $ 0.68      $ 0.73      $ 1.87      $ 1.91
Diluted                          $ 0.66      $ 0.71      $ 1.82      $ 1.86
                                                                       
Shares used in computing
earnings per common share:
Basic                              41,745      42,541      41,629      44,623
Diluted                            42,618      43,640      42,579      45,857
                                                                       
Effective tax rate                 18.9%       18.3%       23.6%       22.8%
                                                                       

PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands)
                                                                   
UNAUDITED CONSOLIDATED BALANCE SHEETS
                                                                       
                                                      December 31,   March 31,
                                                      2012           2012
ASSETS
Cash and cash equivalents                             $   196,656    $ 209,335
Short-term investments                                   132,245     125,177
Total cash, cash equivalents and short-term               328,901      334,512
investments
Accounts receivable, net                                  112,677      111,771
Inventory, net                                            66,905       53,713
Deferred tax assets                                       11,208       11,090
Other current assets                                     13,301      13,088
Total current assets                                      532,992      524,174
Long-term investments                                     79,619       55,347
Property, plant and equipment, net                        93,552       76,159
Goodwill and purchased intangibles, net                   16,773       14,388
Other assets                                             2,521       2,402
Total assets                                          $   725,457    $ 672,470
                                                                       
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable                                      $   36,012     $ 34,126
Accrued liabilities                                      58,270      52,067
Total current liabilities                                 94,282       86,193
Deferred tax liabilities                                  2,158        8,673
Long-term income taxes payable                            11,636       12,150
Revolving line of credit                                  20,000       37,000
Other long-term liabilities                              1,008       1,210
Total liabilities                                         129,084      145,226
Stockholders' equity                                     596,373     527,244
Total liabilities and stockholders' equity            $   725,457    $ 672,470
                                                                       

PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
                                                              
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA
                                                                     
                          Three Months Ended         Nine Months Ended
                          December 31,               December 31,
                           2012        2011       2012        2011    
                                                                     
GAAP Gross profit         $ 102,164     $ 96,212     $ 297,088     $ 289,236
Stock-based                 507           559          1,629         1,664
compensation
Accelerated                 318           -            760           -
depreciation
Purchase accounting        -           -          -           187     
amortization
Non-GAAP Gross profit     $ 102,989    $ 96,771    $ 299,477    $ 291,087 
Non-GAAP Gross profit %     52.2    %     52.8   %     53.7    %     54.3    %
                                                                     
GAAP Research,
development and           $ 20,248      $ 16,829     $ 59,525      $ 51,386
engineering
Stock-based                 (1,336  )     (953   )     (3,716  )     (2,928  )
compensation
Accelerated                (223    )    -          (506    )    -       
depreciation
Non-GAAP Research,
development and           $ 18,689     $ 15,876    $ 55,303     $ 48,458  
engineering
                                                                     
GAAP Selling, general     $ 45,442      $ 41,976     $ 134,476     $ 128,510
and administrative
Stock-based                 (2,849  )     (3,067 )     (8,829  )     (8,674  )
compensation
Purchase accounting        -           -          -           (142    )
amortization
Non-GAAP Selling,
general and               $ 42,593     $ 38,909    $ 125,647    $ 119,694 
administrative
                                                                     
GAAP Restructuring and    $ 1,868      $ -         $ 1,868      $ -       
other related charges
                                                                     
GAAP Operating expenses   $ 67,558      $ 58,805     $ 195,869     $ 179,896
Stock-based                 (4,185  )     (4,020 )     (12,545 )     (11,602 )
compensation
Accelerated                 (223    )     -            (506    )     -
depreciation
Purchase accounting         -             -            -             (142    )
amortization
Restructuring and other    (1,868  )    -          (1,868  )    -       
related charges
Non-GAAP Operating        $ 61,282     $ 54,785    $ 180,950    $ 168,152 
expenses
                                                                     

PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
              
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED)
                                                                             
                  Three Months Ended              Nine Months Ended
                  December 31,                    December 31,
                 2012          2011          2012           2011    
                                                                             
GAAP
Operating       $ 34,606        $ 37,407        $ 101,219        $ 109,340
income
Stock-based       4,692           4,579           14,174           13,266
compensation
Accelerated       541             -               1,266            -
depreciation
Purchase
accounting        -               -               -                329
amortization
Restructuring
and other        1,868         -             1,868          -       
related
charges
Non-GAAP
Operating       $ 41,707       $ 41,986       $ 118,527       $ 122,935 
income
                                                                             
GAAP Net        $ 28,206        $ 30,898        $ 77,693         $ 85,150
income
Stock-based       4,692           4,579           14,174           13,266
compensation
Accelerated       541             -               1,266            -
depreciation
Purchase
accounting        -               -               -                329
amortization
Restructuring
and other         1,868           -               1,868            -
related
charges
Income tax       (4,137 ) ^(1)  (2,955 ) ^(2)  (7,206  ) ^(1)  (5,802  ) ^(2)
effect
Non-GAAP Net    $ 31,170       $ 32,522       $ 87,795        $ 92,943  
income
                                                                             
GAAP Diluted
earnings per    $ 0.66          $ 0.71          $ 1.82           $ 1.86
common share
Stock-based       0.11            0.11            0.33             0.29
compensation
Accelerated       0.01            -               0.02             -
depreciation
Purchase
accounting        -               -               -                0.01
amortization
Restructuring
and other         0.05            -               0.05             -
related
charges
Income tax       (0.10  )       (0.07  )       (0.16   )       (0.13   )
effect
Non-GAAP
Diluted         $ 0.73         $ 0.75         $ 2.06          $ 2.03    
earnings per
common share
                                                                             
Shares used
in diluted
earnings per      42,618          43,640          42,579           45,857
common share
calculation
                                                                             

     Excluded amount represents tax benefits from stock-based compensation,
^(1) accelerated depreciation, restructuring and other related charges, and
     $2,071 related to the expiration of certain statutes of limitations.
^(2) Excluded amount represents tax benefits from stock-based compensation and
     $1,507 from the expiration of certain statutes of limitations.
     Excluded amount represents tax benefits from stock-based compensation,
^(3) purchase accounting amortization and $1,507 from the expiration of
     certain statutes of limitations.
     

Use of Non-GAAP Financial Information
For the periods presented, we have excluded certain non-cash expenses and
charges, net of tax, including stock-based compensation related to stock
options, restricted stock and employee stock purchases, purchase accounting
amortization, accelerated depreciation, restructuring and other related
charges, along with tax benefits from the expiration of certain statutes of
limitations from non-GAAP operating income, non-GAAP operating margin and
non-GAAP diluted EPS. We exclude these expenses from our non-GAAP measures
primarily because management does not consider them as part of our target
operating model. We believe that the use of non-GAAP financial measures
provides meaningful supplemental information regarding our performance and
liquidity and helps investors compare actual results to our long-term target
operating model goals. We believe that both management and investors benefit
from referring to these non-GAAP financial measures in assessing our
performance and when planning, forecasting and analyzing future periods;
however, non-GAAP financial measures are not meant to be considered in
isolation or as a substitute for, or superior to, gross margin, operating
income, operating margin, the effective tax rate, net income or EPS prepared
in accordance with GAAP.


Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited
GAAP Data
($ in thousands, except per share data)
                                                                                
              Q112       Q212       Q312       Q412       Q113       Q213       Q313
GAAP Gross      $           $           $           $           $           $           $
profit          94,058      98,966      96,212      95,115      97,696      97,228      102,164
Stock-based     546         559         559         548         596         526         507
compensation
Accelerated     -           -           -           -           124         318         318
depreciation
Purchase
accounting      125        62         -          -          -          -          -       
amortization
Non-GAAP        $          $          $          $          $          $          $       
Gross profit    94,729      99,587      96,771      95,663      98,416      98,072      102,989
Non-GAAP
Gross profit    53.9    %   56.3    %   52.8    %   53.9    %   54.3    %   54.7    %   52.2    %
%
                                                                                        
GAAP            $           $           $           $           $           $           $
Operating       59,022      62,069      58,805      63,102      65,600      62,711      67,558
expenses
Stock-based     (3,633  )   (3,949  )   (4,020  )   (3,667  )   (4,024  )   (4,336  )   (4,185  )
compensation
Accelerated     -           -           -           -           (57     )   (226    )   (223    )
depreciation
Purchase
accounting      (71     )   (71     )   -           -           -           -           -
amortization
Restructuring
and other       -          -          -          -          -          -          (1,868  )
related
charges
Non-GAAP        $           $           $           $           $           $           $
Operating       55,318     58,049     54,785     59,435     61,519     58,149     61,282  
expenses
                                                                                        
GAAP            $           $           $           $           $           $           $
Operating       35,036      36,897      37,407      32,013      32,096      34,517      34,606
income
Stock-based     4,179       4,508       4,579       4,215       4,620       4,862       4,692
compensation
Accelerated     -           -           -           -           181         544         541
depreciation
Purchase
accounting      196         133         -           -           -           -           -
amortization
Restructuring
and other       -          -          -          -          -          -          1,868   
related
charges
Non-GAAP        $           $           $           $           $           $           $
Operating       39,411     41,538     41,986     36,228     36,897     39,923     41,707  
income
Non-GAAP
Operating       22.4    %   23.5    %   22.9    %   20.4    %   20.3    %   22.3    %   21.1    %
income %
                                                                                        
GAAP Income     $           $           $           $           $           $           $
before income   35,677      36,839      37,813      32,273      32,108      34,792      34,783
taxes
Stock-based     4,179       4,508       4,579       4,215       4,620       4,862       4,692
compensation
Accelerated     -           -           -           -           181         544         541
depreciation
Purchase
accounting      196         133         -           -           -           -           -
amortization
Restructuring
and other       -          -          -          -          -          -          1,868   
related
charges
Non-GAAP        $           $           $           $           $           $           $
Income before   40,052     41,480     42,392     36,488     36,909     40,198     41,884  
income taxes
                                                                                        
GAAP Income     $ 8,946     $ 9,318     $ 6,915     $ 8,387     $ 8,545     $ 8,868     $ 6,577
tax expense
Income tax
effect of       1,282       1,441       1,448       1,292       1,382       1,532       1,342
stock-based
compensation
Income tax
effect of       -           -           -           -           39          116         124
accelerated
depreciation
Income tax
effect of
purchase        74          50          -           -           -           -           -
accounting
amortization
Income tax
effect of
restructuring   -           -           -           -           -           -           600
and other
related
charges
Tax benefit
from the
expiration of   -          -          1,507      -          -          -          2,071   
certain
statutes of
limitations
Non-GAAP        $           $                                               $           $
Income tax      10,302     10,809     $ 9,870    $ 9,679    $ 9,966    10,516     10,714  
expense
Non-GAAP
Income tax
expense as a   25.7    %  26.1    %  23.3    %  26.5    %  27.0    %  26.2    %  25.6    %
% of Non-GAAP
Income before
income taxes
                                                                                        
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited
GAAP Data (Continued)
($ in thousands, except per share data)
                                                                                        
              Q112       Q212       Q312       Q412       Q113       Q213       Q313
GAAP Net        $           $           $           $           $           $           $
income          26,731      27,521      30,898      23,886      23,563      25,924      28,206
Stock-based     4,179       4,508       4,579       4,215       4,620       4,862       4,692
compensation
Accelerated     -           -           -           -           181         544         541
depreciation
Purchase
accounting      196         133         -           -           -           -           -
amortization
Restructuring
and other       -           -           -           -           -           -           1,868
related
charges
Income tax      (1,356  )   (1,491  )   (2,955  )   (1,292  )   (1,421  )   (1,648  )   (4,137  )
effect
Non-GAAP Net    $          $          $          $          $          $          $       
income          29,750      30,671      32,522      26,809      26,943      29,682      31,170
                                                                                        
GAAP Diluted
earnings per    $ 0.56      $ 0.60      $ 0.71      $ 0.55      $ 0.55      $ 0.61      $ 0.66
common share
Stock-based     0.09        0.10        0.11        0.10        0.11        0.11        0.11
compensation
Accelerated     -           -           -           -           -           0.01        0.01
depreciation
Restructuring
and other       -           -           -           -           -           -           0.05
related
charges
Income tax      (0.03   )   (0.03   )   (0.07   )   (0.03   )   (0.03   )   (0.03   )   (0.10   )
effect
Non-GAAP
Diluted         $ 0.62     $ 0.67     $ 0.75     $ 0.62     $ 0.63     $ 0.70     $ 0.73  
earnings per
common share
                                                                                        
Shares used
in diluted
earnings per   48,060    45,717    43,640    43,329    42,570    42,403    42,618  
common share
calculation
                                                                                        
SUMMARY OF UNAUDITED GAAP DATA
($ in thousands)
Net revenues
from
unaffiliated
customers:
Office and      $           $           $           $           $           $           $
Contact         130,999     136,395     133,335     130,980     134,033     133,119     139,449
Center
Mobile          32,164      28,341      36,024      35,296      36,157      33,305      44,138
Gaming and
Computer        7,395       8,381       9,209       6,870       6,789       7,797       9,024
Audio
Clarity         5,042      3,831      4,668      4,438      4,386      5,059      4,791   
Total net       $          $          $          $          $          $          $       
revenues        175,600     176,948     183,236     177,584     181,365     179,280     197,402
                                                                                        
Net revenues
by geographic
area from
unaffiliated
customers:
Domestic        $           $           $           $           $           $           $
                100,291     101,196     99,070      105,676     104,078     107,513     111,847
International   75,309     75,752     84,166     71,908     77,287     71,767     85,555  
Total net       $          $          $          $          $          $          $       
revenues        175,600     176,948     183,236     177,584     181,365     179,280     197,402
                                                                          
                                                                          
Balance Sheet
accounts and
metrics:
Accounts        $           $           $           $           $           $           $
receivable,     108,516     103,026     109,677     111,771     108,300     108,070     112,677
net
Days sales
outstanding     56          52          54          57          54          54          51
(DSO)
Inventory,      $           $           $           $           $           $           $
net             57,697      60,717      57,799      53,713      58,932      61,639      66,905
Inventory      5.7       5.1       6.0       6.1       5.7       5.3       5.7     
turns

Contact:

Plantronics, Inc.
Greg Klaben, 831-458-7533 (Investors)
Vice President of Investor Relations
Genevieve Haldeman, 831-458-7343 (Media)
Vice President of Global Communications
 
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