Plantronics, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2015; Provides Earnings Guidance for the First Quarter of Fiscal 2016 and Capex Guidance for the Fiscal Year 2016
Apr 27 15
Plantronics, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2015. For the quarter, the company reported net revenues were $200,762,000 compared with $209,070,000 a year ago. Operating income was $32,852,000 compared with $35,497,000 a year ago. Net income was $25,824,000 or $0.61 per diluted share against $27,943,000 or $0.65 per diluted share a year ago. Income before income taxes was $30,701,000 compared with $36,453,000 a year ago. Cash provided by operating activities was $54,062,000 compared with $49,369,000 a year ago. Capital expenditures were $2,748,000 against $13,328,000 a year ago. Non GAAP operating income was $40,384,000 compared with $41,732,000 a year ago. Non GAAP net income was $30,615,000 or $0.72 per diluted share compared with $31,790,000 or $0.74 per diluted share compared a year ago. Fourth quarter revenue results disappointed due primarily to currency headwinds, a decline in the consumer mono Bluetooth market, and a delayed new product introduction.
For the year, the company reported net revenues were $865,010,000 compared with $818,607,000 a year ago. Operating income was $149,085,000 compared with $140,124,000 a year ago. Net income was $112,301,000 or $2.63 per diluted share against $112,417,000 or $2.59 per diluted share a year ago. Income before income taxes was $145,251,000 compared with $141,139,000 a year ago. Cash provided by operating activities was $154,438,000 compared with $141,491,000 a year ago. Capital expenditures were $21,962,000 against $50,985,000 a year ago. Non GAAP operating income was $177,914,000 compared with $166,072,000 a year ago. Non GAAP net income was $129,760,000 or $3.04 per diluted share compared with $123,435,000 or $2.85 per diluted share compared a year ago.
For the first quarter of fiscal year 2016, the company expects net revenues of $202 million to $212 million; GAAP operating income of $26 million to $31 million; Non-GAAP operating income of $34 million to $39 million, excluding the impact of $8 million from stock-based compensation and purchase accounting amortization from GAAP operating income; GAAP diluted EPS of $0.48 to $0.57; and non-GAAP diluted EPS of $0.62 to $0.71. Non-GAAP tax rate for the quarter is expected to be 26%. This forecast assumes gross margins to be in the range of 52% to 53%, lower than the current quarter margins due to product mix, impact of higher consumer revenues compared to fourth quarter.
Total CapEx for fiscal year 2016 is expected to be approximately $30 million, up from $22 million spent in fiscal year 2015. The company anticipated a full year tax rate of 26%.