This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Plantronics Announces New 1,000,000 Share Repurchase Authorization

Plantronics, Inc. (NYSE: PLT) today announced that it has completed its previous 7,000,000 share repurchase authorization announced in May 2011 and has authorized an additional 1,000,000 shares to be repurchased. We have repurchased approximately 7,700,000 shares to date during our current fiscal year. By the end of our current fiscal year on March 31, 2012, we expect to take delivery of approximately 350,000 shares under a previously authorized accelerated stock repurchase plan (“ASR”) which will then bring total repurchases to approximately 8,000,000 shares for the fiscal year. The exact quantity of shares to be delivered under the previously authorized ASR will be based generally on the daily volume-weighted average price of Plantronics’ common stock during its term.

Under the new 1,000,000 share repurchase authorization, we may from time to time purchase shares of our common stock, depending upon market conditions, in open market or privately negotiated transactions including ASRs.

“Our philosophy has been to return to our stockholders cash in excess of our operating needs, and stock repurchase programs are an excellent means of executing on this philosophy,” stated Ken Kannappan, President & CEO. “Our management team and Board of Directors have a strong conviction in our long-term growth prospects, business model and cash flow generation capability, and believe that repurchases will be accretive to our earnings per share. We are thus continuing with our commitment to repurchase our stock.”

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 that we may repurchase shares of our common stock under the new 1,000,000 share repurchase authorization, that we expect to take delivery of approximately 350,000 shares of our common stock under the ASR, that delivery of the approximate 350,000 shares under the ASR is expected to occur during the fiscal year ended March 31, 2012, that we expect long-term growth and cash flow generation and that the repurchases under the new 1,000,000 share repurchase authorization will be accretive to our earnings per share. There are important risks that could cause actual results to differ materially from those anticipated by any such statements. These risks include, but are not limited to: (1) failure to achieve the anticipated levels of cash generation due to lower sales, increased costs, higher inventories, slow collection of accounts receivable or other factors including increased competition and negative macro economic conditions; (2) increases in the yield which could be obtained from alternative investment of the funds used to repurchase stock; and (3) an increased need for cash reserves beyond the levels presently anticipated, as well as other matters discussed in this press release that are not purely historical data. Plantronics does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs