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Plantronics Announces First Quarter Fiscal 2015 Financial Results

  Plantronics Announces First Quarter Fiscal 2015 Financial Results    Revenue & Earnings Per Share Exceed Guidance; UC & Consumer Revenues Drive                                     Upside  Business Wire  SANTA CRUZ, Calif. -- July 29, 2014  Plantronics, Inc. (NYSE: PLT) today announced first quarter fiscal year 2015 results. Highlights of the quarter include the following (comparisons are against the first quarter of fiscal year 2014):    *Net revenues were $216.7 million compared with $202.8 million.   *GAAP gross margin was 52.9% compared with 52.1%         *Non-GAAP gross margin was 53.2% compared with 52.6%.    *GAAP operating income was $37.8 million compared with $35.9 million         *Non-GAAP operating income was $44.1 million compared with $42.4          million    *GAAP diluted earnings per share (“EPS”) was $0.68, above our guidance of     $0.54 to $0.61.         *Non-GAAP diluted EPS was $0.78, above our guidance of $0.65 to $0.72.   Q1 Fiscal Year 2015 GAAP Results                                                                      Q1 2015          Q1 2014          Change (%) Net revenues       $216.7 million   $202.8 million   6.9% Operating income   $37.8 million    $35.9 million    5.3% Operating Margin   17.4%            17.7% Diluted EPS        $0.68            $0.62            9.7%                                                                                                             Q1 Fiscal Year 2015 Non-GAAP Results                                                                          Q1 2015          Q1 2014          Change (%) Operating income   $44.1 million    $42.4 million    4.0% Operating Margin   20.4%            20.9% Diluted EPS        $0.78            $0.70            11.4%                                                        A reconciliation between our GAAP and non-GAAP results is provided in the tables at the end of this press release.  “Unified Communications and consumer revenue growth contributed to double digit earnings per share growth,” stated Ken Kannappan, President & CEO. “We continue to make great strategic progress, resulting in record profitability, share gains in the consumer Bluetooth market, and an exciting pipeline of new products.”  “We achieved a major milestone in upgrading our ERP system in the first quarter to better manage the complexities of our global business,” said Pam Strayer, Senior Vice President and Chief Financial Officer. “We went live with Oracle release 12 and anticipate that it will enable us to make better decisions, scale the business effectively and manage globally to lower costs and increase performance.“  Enterprise net revenues increased 1% to $152.4 million in the first quarter of fiscal year 2015 compared with $151.2 million in the first quarter of fiscal year 2014 driven by the strength of our UC revenues. Net revenues from UC products, a subset of Enterprise, grew by 17% to $49.2 million in the first quarter of fiscal year 2015 compared with $42.1 million in the first quarter of fiscal year 2014.  Consumer net revenues were $64.3 million in the first quarter of fiscal year 2015, up 25% from $51.6 million in the first quarter of fiscal year 2014, driven by strong sales in the mono and stereo Bluetooth product categories.  Dividend Announcement  We are also announcing that we have declared a quarterly dividend of $0.15 per common share, to be paid on September 10, 2014 to all shareholders of record as of the close of business on August 20, 2014.  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 fulfill the majority of orders received within 48 hours of receipt of those orders. However, our backlog is occasionally subject to cancellation or rescheduling by our customers on short notice with little or no penalty. Therefore, there is a lack of meaningful correlation between backlog at the end of a fiscal period and net revenues in a succeeding fiscal period.  Our business is inherently difficult to forecast, particularly with continuing uncertainty in regional 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 second quarter of fiscal year 2015:    *Net revenues of $210 million to $220 million;   *GAAP operating income of $35 million to $40 million;   *Non-GAAP operating income of $42 million to $47 million, excluding the     impact of $7 million from stock-based compensation and purchase accounting     amortization from GAAP operating income;   *Assuming approximately 42.5 million diluted average weighted shares     outstanding:         *GAAP diluted EPS of $0.60 to $0.68;        *Non-GAAP diluted EPS of $0.72 to $0.80; and        *Cost of stock-based compensation and purchase accounting amortization          to be approximately $0.12 per diluted share.  Please see our updated 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 first quarter fiscal year 2015 results. The conference call will take place today, July 29, 2014, 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 #69490319 will be available until August 29, 2014 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 one month.  A reconciliation between our GAAP and non-GAAP results is provided in the tables at the end of this press release.  Use of Non-GAAP Financial Information  To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP measures of operating results, which are adjusted to exclude certain non-cash expenses and charges from non-GAAP operating income, non-GAAP operating margin and non-GAAP diluted EPS, including stock-based compensation related to stock options, restricted stock and employee stock purchases made under our employee stock purchase plan, purchase accounting amortization, accelerated depreciation, and early lease termination charges, all net of the associated tax impact, tax benefits from the release of tax reserves, transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We exclude these expenses from our non-GAAP measures primarily because Plantronics’ management does not believe they are 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 with 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, 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 expectations regarding earnings and revenue growth, (ii) our estimates of GAAP and non-GAAP financial results for the second quarter of fiscal year 2015, including net revenues, operating income and diluted EPS; (iii) our estimates of stock-based compensation and purchase accounting amortization and other related charges, as well as the impact of these non-cash expenses on Non-GAAP operating income and diluted EPS for the second quarter of fiscal year 2015; and (iv) our estimate of weighted average shares outstanding for the second quarter of fiscal year 2015, 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:    *Adverse or uncertain economic conditions;   *The volume and timing of orders we receive during each quarter;   *Competition;   *New product introductions and product transitions;   *Changes in product mix and geographic sales mix   *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 and strategic partners such as     Microsoft Corporation, Cisco Systems, Inc., Avaya, Inc., and     Alcatel-Lucent, and we have a limited ability to influence such providers     with respect to the functionality of their platforms or their product     offerings, their rate of deployment, and their willingness to integrate     their platforms and product offerings with our solutions, and our support     expenditures may substantially increase over time due to the complex     nature of the platforms and product offerings developed by the major UC     providers as these platforms and product offerings 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 first 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;   *fluctuations in customer demand and 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;   *the impact of accounting changes, including changes in revenue recognition     as a result of incorporating software features and functionality in our     products;   *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, litigation or other contingencies and fluctuations in our     corporate tax rate; 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 16, 2014, and other filings with the Securities and Exchange Commission, as well as recent press releases. The Securities and Exchange Commission 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                                                      June 30,                                                      2014          2013                                                                       Net revenues                                         $ 216,662     $ 202,818 Cost of revenues                                      101,952     97,186   Gross profit                                           114,710       105,632 Gross profit %                                         52.9    %     52.1    %                                                                       Research, development and engineering                  22,520        20,863 Selling, general and administrative                    56,429        48,097 Gain from litigation settlement                        (2,000  )     - Restructuring and other related charges               -           723      Total operating expenses                              76,949      69,683   Operating income                                       37,761        35,949 Operating income %                                     17.4    %     17.7    %                                                                       Interest and other income (expense), net              1,020       (486    ) Income before income taxes                             38,781        35,463 Income tax expense                                    10,109      8,510    Net income                                           $ 28,672     $ 26,953                                                                         % of net revenues                                      13.2    %     13.3    %                                                                       Earnings per common share: Basic                                                $ 0.69        $ 0.63 Diluted                                              $ 0.68        $ 0.62                                                                       Shares used in computing earnings per common share: Basic                                                  41,619        42,692 Diluted                                                42,466        43,650                                                                       Effective tax rate                                     26.1    %     24.0    %                                                                   PLANTRONICS, INC. SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ($ in thousands, except per share data)                                                                                                                                             UNAUDITED CONSOLIDATED BALANCE SHEETS                                                                                                                               June 30,     March 31,                                                        2014        2014 ASSETS Cash and cash equivalents                             $ 235,250    $ 232,704 Short-term investments                                 93,187      102,717 Total cash, cash equivalents and short-term             328,437      335,421 investments Accounts receivable, net                                150,765      138,301 Inventory, net                                          60,968       57,132 Deferred tax assets                                     11,507       11,776 Other current assets                                   13,949      13,657 Total current assets                                    565,626      556,287 Long-term investments                                   108,784      100,342 Property, plant and equipment, net                      137,046      134,402 Goodwill and purchased intangibles, net                 16,115       16,165 Other assets                                           2,149       4,619 Total assets                                          $ 829,720    $ 811,815                                                                       LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable                                      $ 36,751     $ 30,756 Accrued liabilities                                    61,489      66,851 Total current liabilities                               98,240       97,607 Long-term income taxes payable                          13,224       12,719 Other long-term liabilities                            4,527       2,825 Total liabilities                                       115,991      113,151 Stockholders' equity                                   713,729     698,664 Total liabilities and stockholders' equity            $ 829,720    $ 811,815                                                                   PLANTRONICS, INC. SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ($ in thousands, except per share data)                                                                       UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                                            Three Months Ended                                                      June 30,                                                      2014          2013                                                                       Cash flows from operating activities Net income                                           $ 28,672      $ 26,953 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization                          4,624         4,108 Stock-based compensation                               6,305         4,988 Provision for excess and obsolete inventories          379           1,783 Deferred income taxes                                  2,715         5,703 Excess tax benefit from stock-based compensation       (992    )     (3,573  ) Other operating activities                             581           1,065 Changes in assets and liabilities: Accounts receivable, net                               (12,631 )     5,916 Inventory, net                                         (3,983  )     228 Current and other assets                               (970    )     703 Accounts payable                                       5,995         (4,340  ) Accrued liabilities                                    (4,520  )     (7,277  ) Income taxes                                          3,363       (2,117  ) Cash provided by operating activities                 29,538      34,140                                                                         Cash flows from investing activities Purchase of investments                                (54,867 )     (57,121 ) Proceeds from maturities of investments                50,900        35,200 Proceeds from sale of investments                      5,014         30,815 Capital expenditures                                  (7,312  )    (13,014 ) Cash used for investing activities                    (6,265  )   (4,120  )                                                                       Cash flows from financing activities Repurchase of common stock                             (12,438 )     (10,766 ) Proceeds from issuances under stock-based              2,832         13,163 compensation plans Employees' tax withheld and paid for restricted        (5,787  )     (4,026  ) stock and restricted stock units Payment of cash dividends                              (6,389  )     (4,368  ) Excess tax benefit from stock-based compensation      992         3,573    Cash used for financing activities                    (20,790 )   (2,424  )                                                                       Effect of exchange rate changes on cash and cash      63          (29     ) equivalents Net increase (decrease) in cash and cash               2,546         27,567 equivalents Cash and cash equivalents at beginning of period      232,704     228,776  Cash and cash equivalents at end of period           $ 235,250   $ 256,343                                                                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                                                  June 30,                                                  2014          2013                                                                   GAAP Gross profit                                $ 114,710     $ 105,632 Stock-based compensation                           535           535 Accelerated depreciation                           -             220 Lease termination charges                         -           262      Non-GAAP Gross profit                            $ 115,245    $ 106,649  Non-GAAP Gross profit %                            53.2    %     52.6    %                                                                   GAAP Research, development and engineering       $ 22,520      $ 20,863 Stock-based compensation                           (1,751  )     (1,368  ) Accelerated depreciation                           -             (151    ) Purchase accounting amortization                  (50     )    (50     ) Non-GAAP Research, development and engineering   $ 20,719     $ 19,294                                                                     GAAP Selling, general and administrative         $ 56,429      $ 48,097 Stock-based compensation                           (4,019  )     (3,084  ) Purchase accounting amortization                  -           (71     ) Non-GAAP Selling, general and administrative     $ 52,410     $ 44,942                                                                     GAAP Operating expenses                          $ 76,949      $ 69,683 Stock-based compensation                           (5,770  )     (4,452  ) Accelerated depreciation                           -             (151    ) Purchase accounting amortization                   (50     )     (121    ) Restructuring and other related charges           -           (723    ) Non-GAAP Operating expenses                      $ 71,129     $ 64,236                                                  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                                                June 30,                                                2014            2013                                                                            GAAP Operating income                          $ 37,761        $ 35,949 Stock-based compensation                         6,305           4,987 Accelerated depreciation                         -               371 Lease termination charges                        -               262 Purchase accounting amortization                 50              121 Restructuring and other related charges         -             723     Non-GAAP Operating income                      $ 44,116       $ 42,413                                                                             GAAP Net income                                $ 28,672        $ 26,953 Stock-based compensation                         6,305           4,987 Accelerated depreciation                         -               371 Lease termination charges                        -               262 Purchase accounting amortization                 50              121 Restructuring and other related charges          -               723 Income tax effect of above items                 (1,800 )        (1,889 ) Income tax effect of unusual tax items          (273   ) ^(1)  (935   ) ^(2) Non-GAAP Net income                            $ 32,954       $ 30,593                                                                             GAAP Diluted earnings per common share         $ 0.68          $ 0.62 Stock-based compensation                         0.15            0.11 Accelerated depreciation                         -               0.01 Lease termination charges                        -               0.01 Restructuring and other related charges          -               0.02 Income tax effect                               (0.05  )       (0.07  ) Non-GAAP Diluted earnings per common share     $ 0.78         $ 0.70                                                                               Shares used in diluted earnings per common       42,466          43,650 share calculation  ^(1)  Excluded amount represents tax benefits from stock-based compensation        and release of tax reserves.        Excluded amount represents tax benefit from stock-based compensation,        accelerated depreciation, lease termination charges, purchase ^(2)   accounting amortization, restructuring and other related charges, and        tax benefits from the release of tax reserves and transfer pricing        adjustments.   Use of Non-GAAP Financial Information To supplement our condensed consolidated financial statements presented on a GAAP basis, we use non-GAAP measures of operating results, which are adjusted to exclude certain non-cash expenses and charges from non-GAAP operating income, non-GAAP operating margin and non-GAAP diluted EPS, including stock-based compensation related to stock options, restricted stock and employee stock purchases made under our employee stock purchase plan, purchase accounting amortization, accelerated depreciation, and early lease termination charges, all net of the associated tax impact, tax benefits from the release of tax reserves, transfer pricing, tax deduction and tax credit adjustments, and the impact of tax law changes. We exclude these expenses from our non-GAAP measures primarily because Plantronics’ management does not believe they are 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 with 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, 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)                                                                      Q114         Q214         Q314         Q414         Q115 GAAP Gross      $ 105,632     $ 99,614      $ 110,327     $ 111,055     $ 114,710 profit Stock-based       535           638           686           695           535 compensation Accelerated       220           41            -             -             - depreciation Lease termination      262         1,126       -           -           -        charges Non-GAAP        $ 106,649    $ 101,419    $ 111,013    $ 111,750    $ 115,245  Gross profit Non-GAAP Gross profit      52.6    %     52.3    %     52.2    %     53.5    %     53.2    % %                                                                          GAAP Operating       $ 69,683      $ 68,778      $ 72,485      $ 75,558      $ 76,949 expenses Stock-based       (4,452  )     (5,327  )     (5,357  )     (5,490  )     (5,770  ) compensation Accelerated       (151    )     (49     )     -             -             - depreciation Lease termination       -             (66     )     -             -             - charges Purchase accounting        (121    )     (85     )     (50     )     (50     )     (50     ) amortization Restructuring and other        (723    )    176         -           -           -        related charges Non-GAAP Operating       $ 64,236     $ 63,427     $ 67,078     $ 70,018     $ 71,129   expenses                                                                          GAAP Operating       $ 35,949      $ 30,836      $ 37,842      $ 35,497      $ 37,761 income Stock-based       4,987         5,965         6,043         6,185         6,305 compensation Accelerated       371           90            -             -             - depreciation Lease termination       262           1,192         -             -             - charges Purchase accounting        121           85            50            50            50 amortization Restructuring and other        723         (176    )    -           -           -        related charges Non-GAAP Operating       $ 42,413     $ 37,992     $ 43,935     $ 41,732     $ 44,116   income Non-GAAP Operating         20.9    %     19.6    %     20.7    %     20.0    %     20.4    % income %                                                                          GAAP Income before income   $ 35,463      $ 31,195      $ 38,028      $ 36,453      $ 38,781 taxes Stock-based       4,987         5,965         6,043         6,185         6,305 compensation Accelerated       371           90            -             -             - depreciation Lease termination       262           1,192         -             -             - charges Purchase accounting        121           85            50            50            50 amortization Restructuring and other        723         (176    )    -           -           -        related charges Non-GAAP Income before   $ 41,927     $ 38,351     $ 44,121     $ 42,688     $ 45,136   income taxes                                                                          GAAP Income     $ 8,510       $ 8,057       $ 3,645       $ 8,510       $ 10,109 tax expense Income tax effect of         1,889         2,072         1,799         1,738         1,800 above items Income tax effect of        935         226         5,621       650         273      unusual tax items Non-GAAP Income tax      $ 11,334     $ 10,355     $ 11,065     $ 10,898     $ 12,182   expense                                                                          Non-GAAP Income tax expense as a    27.0    %   27.0    %   25.1    %   25.5    %   27.0    % % 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)                                                                     Q114         Q214         Q314         Q414         Q115 GAAP Net        $ 26,953      $ 23,138      $ 34,383      $ 27,943      $ 28,672 income Stock-based       4,987         5,965         6,043         6,185         6,305 compensation Accelerated       371           90            -             -             - depreciation Lease termination       262           1,192         -             -             - charges Purchase accounting        121           85            50            50            50 amortization Restructuring and other         723           (176    )     -             -             - related charges Income tax effect of         (1,889  )     (2,072  )     (1,799  )     (1,738  )     (1,800  ) above items Income tax effect of        (935    )    (226    )    (5,621  )    (650    )    (273    ) unusual tax items Non-GAAP Net    $ 30,593     $ 27,996     $ 33,056     $ 31,790     $ 32,954   income                                                                          GAAP Diluted earnings per    $ 0.62        $ 0.53        $ 0.80        $ 0.65        $ 0.68 common share Stock-based       0.11          0.14          0.14          0.14          0.15 compensation Accelerated       0.01          -             -             -             - depreciation Lease termination       0.01          0.02          -             -             - charges Restructuring and other         0.02          -             -             -             - related charges Income tax       (0.07   )    (0.05   )    (0.18   )    (0.05   )    (0.05   ) effect Non-GAAP Diluted         $ 0.70       $ 0.64       $ 0.76       $ 0.74       $ 0.78     earnings per common share                                                                          Shares used in diluted earnings per    43,650     43,597     43,228     42,697     42,466   common share calculation                                                                                                                                                   SUMMARY OF UNAUDITED GAAP DATA ($ in thousands) Net revenues from unaffiliated customers: Enterprise      $ 151,183     $ 139,945     $ 146,636     $ 150,501     $ 152,353 Consumer        $ 51,635     $ 54,035     $ 66,103     $ 58,569     $ 64,309   Total net       $ 202,818    $ 193,980    $ 212,739    $ 209,070    $ 216,662  revenues                                                                          Net revenues by geographic area from unaffiliated customers: Domestic        $ 121,318     $ 115,795     $ 113,042     $ 125,123     $ 124,467 International    81,500      78,185      99,697      83,947      92,195   Total net       $ 202,818     $ 193,980     $ 212,739     $ 209,070     $ 216,662 revenues                                                                                                                               Balance Sheet accounts and metrics: Accounts receivable,     $ 120,903     $ 123,748     $ 133,379     $ 138,301     $ 150,765 net Days sales outstanding       54            57            56            60            63 (DSO) Inventory,      $ 65,314      $ 69,150      $ 66,569      $ 57,132      $ 60,968 net Inventory       6.0        5.5        6.2        6.9        6.7      turns  Contact:  Plantronics, Inc. Investor Contact: Greg Klaben, 831-458-7533 Vice President of Investor Relations or Media Contact: Terry Anderson, 831-420-3021 Corporate Communications  
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