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Plantronics Announces Fourth Quarter And Fiscal Year 2012 Results

Plantronics, Inc. (NYSE:PLT) today announced fourth quarter fiscal year 2012 net revenues of $177.6 million, a 3% increase compared with net revenues of $173.1 million in the fourth quarter of fiscal year 2011. Net revenues were within our guidance range of $175 million - $180 million provided on January 31, 2012. Our GAAP diluted earnings per share (“EPS”) increased 4% to $0.55 in the fourth quarter of fiscal year 2012 compared with $0.53 in the same quarter of the prior year and was $0.01 lower than our January 2012 guidance of $0.56 to $0.61. EPS was lower than projected primarily as a result of a higher than anticipated tax rate and a $1.2 million impact related to the bankruptcy of one of our distributors. Non-GAAP diluted EPS for the fourth quarter of fiscal year 2012 increased 3% to $0.62 from $0.60 in the same quarter of the prior year and was below our guidance of $0.63 to $0.68 due to the foregoing factors. The difference between GAAP and non-GAAP EPS for the fourth quarter of fiscal year 2012 consists of stock-based compensation charges, net of the associated tax impact.

Net revenues for fiscal year 2012 increased 4% to $713.4 million compared with $683.6 million for fiscal year 2011. Our GAAP diluted EPS increased by 10% to $2.41 for fiscal year 2012 compared with $2.21 in fiscal year 2011. Non-GAAP diluted EPS for fiscal year 2012 increased by 10% to $2.65 compared with $2.42 in fiscal year 2011. The difference between GAAP and non-GAAP EPS for fiscal year 2012 consists of stock-based compensation charges and purchase accounting amortization, both net of the associated tax impact, and a tax benefit from the expiration of certain statutes of limitations.

Office and Contact Center (“OCC”) strength in the U.S. partially offset weakness in the EMEA and Asia Pacific regions, resulting in a 0.8% decline in net revenues to $131.0 million in the fourth quarter of fiscal year 2012 compared with $132.0 million in the fourth quarter of fiscal year 2011. Net revenues from OCC products grew by 8.4% to $531.7 million for fiscal year 2012 compared with $490.5 million in fiscal year 2011. Net revenues from Unified Communications (“UC”) products grew by 63% to $27.1 million in the fourth quarter of fiscal year 2012 compared with $16.6 million in the fourth quarter of fiscal year 2011. Net revenues from UC products grew by 76% to $93.4 million in fiscal year 2012 from $53.2 million in fiscal year 2011.

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