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Plantronics Announces First Quarter Fiscal Year 2013 Results

Plantronics, Inc. (NYSE: PLT) today announced first quarter fiscal year 2013 net revenues of $181.4 million, a 3% increase compared with net revenues of $175.6 million in the first quarter of fiscal year 2012. Net revenues were within our guidance range of $177 million - $182 million provided on May 1, 2012. Our GAAP diluted earnings per share (“EPS”) decreased to $0.55 in the first quarter of fiscal year 2013 compared with $0.56 in the same quarter of the prior year and was at the high end of our May 2012 guidance range of $0.50 to $0.55. Non-GAAP diluted EPS for the first quarter of fiscal year 2013 increased slightly to $0.63 from $0.62 in the same quarter of the prior year and was also at the high end of our guidance range of $0.58 to $0.63. The difference between GAAP and non-GAAP EPS for the first quarter of fiscal year 2013 consists of stock-based compensation and accelerated depreciation, both net of the associated tax impact.

Office and Contact Center (“OCC”) product strength in the U.S. and the Asia Pacific region offset slight weakness in the Europe and Africa region, resulting in a 2% increase in OCC net revenues to $134.0 million in the first quarter of fiscal year 2013 compared with $131.0 million in the first quarter of fiscal year 2012. Net revenues from Unified Communications (“UC”) products grew by 48% to $27.8 million in the first quarter of fiscal year 2013 compared with $18.8 million in the first quarter of fiscal year 2012.

Mobile net revenues were up $4.0 million to $36.2 million in the first quarter of fiscal year 2013, an increase of 12% from $32.2 million in the first quarter of fiscal year 2012, primarily as a result of increased market share in the U.S. in both mono and stereo headsets and growth in Asia Pacific led by favorable market acceptance of our new BackBeat® GO wireless stereo Bluetooth headset.

GAAP operating income was $32.1 million in the first quarter of fiscal year 2013, resulting in an operating margin of 17.7%, compared with $35.0 million and an operating margin of 20.0% in the same period in the prior year. GAAP operating income was above our guidance range of $29 million to $31.5 million. Non-GAAP operating income was $36.9 million in the first quarter of fiscal year 2013 resulting in a non-GAAP operating margin of 20.3% compared with $39.4 million and an operating margin of 22.4% in the same period in the prior year. Non-GAAP operating income was slightly above our guidance range of $34 million to $36.5 million.

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