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.

Mobile net revenues were $35.3 million in the fourth quarter of fiscal year 2012, an increase of 26% from $28.1 million in the fourth quarter of fiscal year 2011, primarily as a result of U.S. market share increases and strong international market growth. Mobile net revenues were down 2% sequentially from our seasonally strong December quarter.

GAAP operating income was $32.0 million in the fourth quarter of fiscal year 2012 resulting in an operating margin of 18% compared with $34.3 million and an operating margin of 19.8% in the same period in the prior year. The fourth quarter of fiscal year 2011 included a $5.1 million gain related to a legal settlement. GAAP operating income was within our $32 million to $35 million guidance range. Non-GAAP operating income was $36.2 million in the fourth quarter of fiscal year 2012 resulting in a non-GAAP operating margin of 20.4% and was in line with our guidance range of $36 million to $39 million. Operating income in the fourth quarter of fiscal year 2012 was negatively impacted by $1.2 million as the result of the bankruptcy of one of our distributors.

“Our financial performance in fiscal year 2012 was solid, and we believe we are well-positioned for the future. Highlights included record fiscal year earnings per share along with gross margins above, and operating margins within, our long-term objectives,” stated Ken Kannappan, President & CEO. “Our continued investment in UC proved effective during the year as we grew our product line and solution set, added strategic partners, improved our competitive position and ultimately grew UC revenue.”

Barbara Scherer, SVP Finance and Administration & CFO stated, “We generated approximately $53 million in cash flow from operations in the fourth quarter of fiscal year 2012 and approximately $140 million for the full fiscal year. We finished the year in a strong financial position with $334.5 million in cash, cash equivalents and short-term investments after repurchasing over 8 million shares of our common stock during the fiscal year for approximately $274 million. We also had $55.3 million in long-term investments at the end of the fiscal year.”

Dividend Announcement

Our Board of Directors approved an increase in our quarterly cash dividend from $0.05 per share to $0.10 per share for the first quarter of fiscal 2013. “The Board of Directors decided it was appropriate to increase the portion of cash returned directly to our stockholders by doubling our dividend,” stated Marv Tseu, Director and Chairman of the Board.

The quarterly dividend of $0.10 per share will be payable on June 8, 2012 to stockholders of record at the close of business on May 18, 2012.

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 ship most orders to customers within 48 hours of receipt of those orders, and, therefore, the level of backlog does not provide reliable visibility into potential future revenues.

Subject to the foregoing, we currently expect the following range of financial results for the first quarter of fiscal year 2013:
  • Net revenues of $177 million to $182 million;
  • GAAP operating income of $29 million to $31.5 million;
  • Non-GAAP operating income of $34 million to $36.5 million, excluding the impact of $4.8 million from stock-based compensation from GAAP operating income;
  • Assuming approximately 43.5 million diluted average weighted shares outstanding:
    • GAAP diluted EPS of $0.50 to $0.55;
    • Non-GAAP diluted EPS of $0.58 to $0.63; and
    • Diluted EPS cost of stock-based compensation and other non-cash charges to be approximately $0.08.

Please see our new Investor Relations Presentation available on our corporate website www.plantronics.com/ir with an update to our market opportunities slides.

Conference Call Scheduled to Discuss Financial Results

We have scheduled a conference call to discuss fourth quarter and full fiscal year 2012 results. The conference call will take place today, May 1, 2012 at 2:00 PM (Pacific Time). All interested investors and potential investors in Plantronics 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 #56179176 will be available for 72 hours at (855) 859-2056 for callers from North America and at (404) 537-3406 for all other callers. The conference call will also be simultaneously webcast at www.plantronics.com under Investor Relations, and the webcast of the conference call will remain available on the Plantronics website for 30 days.

Use of Non-GAAP Financial Information

For the periods presented, we have excluded certain non-cash expenses and charges, net of tax, including stock-based compensation expenses related to stock options, restricted stock and employee stock purchases and purchase accounting amortization, along with the tax benefits from the expiration of certain statutes of limitations from non-GAAP operating income, non-GAAP operating margin and non-GAAP diluted EPS. We exclude these expenses, charges and benefits 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 to 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, the effective tax rate, 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 market and competitive position, (ii) our estimates of GAAP and non-GAAP financial results for the first quarter of fiscal year 2013, including net revenues, operating income and diluted EPS; and (iii) our estimated stock-based compensation and diluted EPS cost of stock-based compensation for the first quarter of fiscal year 2013, 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.

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:

  • economic conditions in our domestic and international markets;
  • our ability to realize our UC plans and to achieve the financial results projected to arise from UC adoption could be adversely affected by the following factors: (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) UC solutions may not be adopted with the breadth and speed in the marketplace that we currently anticipate; (iii) the development of UC solutions is technically complex and this may delay or obstruct 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; (iv) 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; and, (v) our plans are dependent upon adoption of our UC solution by major platform providers such as Microsoft Corporation, Cisco Systems, Inc., Avaya, Inc., Alcatel-Lucent, and IBM, and we have a limited ability to influence such providers with respect to the functionality of their platforms, their rate of deployment, and their willingness to integrate their platforms with our solutions, and our support expenditures may substantially increase over time due to the complex nature of the platforms developed by the major UC providers as these platforms continue to evolve and become more commonly adopted;
  • 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 and could negatively affect our profitability and/or market share;
  • fluctuations in foreign exchange rates;
  • the bankruptcy or financial weakness of distributors or key customers, or the bankruptcy of or reduction in capacity of our key suppliers; and,
  • 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, and problems that might affect our manufacturing facilities in Mexico.

For more information concerning these and other possible risks, please refer to Plantronics’ Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 31, 2011, quarterly reports filed on Form 10-Q and other filings with the Securities and Exchange Commission, as well as recent press releases. These 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, the logo design, Simply Smarter Communications and Clarity 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 Twelve Months Ended
March 31, March 31,
  2012     2011     2012     2011  
 
Net revenues

$

177,584

$

173,077

$

713,368

$

683,602
Cost of revenues   82,469     82,536     329,017     321,846  
Gross profit 95,115 90,541 384,351 361,756
Gross profit % 53.6 % 52.3 % 53.9 % 52.9 %
 
Research, development and engineering 18,278 16,703 69,664 63,183
Selling, general and administrative 44,824 44,642 173,334 163,389
Restructuring and other related charges - - - (428 )
Gain from litigation settlement   -     (5,100 )   -     (5,100 )
Total operating expenses   63,102     56,245     242,998     221,044  
Operating income 32,013 34,296 141,353 140,712
Operating income % 18.0 % 19.8 % 19.8 % 20.6 %
 
Interest and other income (expense), net   260     (671 )   1,249     (56 )
Income before income taxes 32,273 33,625 142,602 140,656
Income tax expense   8,387     7,309     33,566     31,413  
Net income

$

23,886
 

$

26,316
 

$

109,036
 

$

109,243
 
 
% of net revenues 13.5 % 15.2 % 15.3 % 16.0 %
 
Earnings per common share:
Basic

$

0.57

$

0.55

$

2.48

$

2.29
Diluted

$

0.55

$

0.53

$

2.41

$

2.21
 
Shares used in computing earnings per common share:
Basic 42,222 47,989 44,023 47,713
Diluted 43,329 49,464 45,265 49,344
 
Effective tax rate 26.0 % 21.7 % 23.5 % 22.3 %
PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
   
 
UNAUDITED CONSOLIDATED BALANCE SHEETS
 
March 31, March 31,
  2012   2011
ASSETS
Cash and cash equivalents

$

209,335

$

277,373
Short-term investments   125,177   152,583
Total cash, cash equivalents and short-term investments 334,512 429,956
Accounts receivable, net 111,771 103,289
Inventory, net 53,713 56,473
Deferred tax asset 11,090 11,349
Other current assets   13,088   16,653
Total current assets 524,174 617,720
Long-term investments 55,347 39,332
Property, plant and equipment, net 76,159 70,622
Goodwill and purchased intangibles, net 14,388 14,861
Other assets   2,402   2,112
Total assets

$

672,470

$

744,647
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable

$

34,126

$

33,995
Accrued liabilities   52,067   59,607
Total current liabilities 86,193 93,602
Deferred tax liability 8,673 3,526
Long-term income taxes payable 12,150 11,524
Revolving line of credit 37,000 -
Other long-term liabilities   1,210   1,143
Total liabilities 145,226 109,795
Stockholders' equity   527,244   634,852
Total liabilities and stockholders' equity

$

672,470

$

744,647
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 Twelve Months Ended
March 31, March 31,
  2012     2011     2012     2011  
 
GAAP Gross profit

$

95,115

$

90,541

$

384,351

$

361,756
Stock-based compensation expense 548 530 2,212 2,210
Purchase accounting amortization   -     1,612  

(1)
  187     2,249  

(1)
Non-GAAP Gross profit

$

95,663
 

$

92,683
 

$

386,750
 

$

366,215
 
Non-GAAP Gross profit % 53.9 % 53.6 % 54.2 % 53.6 %
 
GAAP Research, development and engineering 18,278 16,703 69,664 63,183
Stock-based compensation expense (990 ) (903 ) (3,918 ) (3,780 )
Purchase accounting amortization   -     -     -     (61 )
Non-GAAP Research, development and engineering

$

17,288
 

$

15,800
 

$

65,746
 

$

59,342
 
 
GAAP Selling, general and administrative

$

44,824

$

44,642

$

173,334

$

163,389
Stock-based compensation expense (2,677 ) (2,476 ) (11,351 ) (9,942 )
Purchase accounting amortization   -     (71 )   (142 )   (284 )
Non-GAAP Selling, general and administrative

$

42,147
 

$

42,095
 

$

161,841
 

$

153,163
 
 
GAAP Restructuring and other related charges

$

-
 

$

-
 

$

-
 

$

(428

)
 
GAAP Operating expenses

$

63,102

$

56,245

$

242,998

$

221,044
Stock-based compensation expense (3,667 ) (3,379 ) (15,269 ) (13,722 )
Purchase accounting amortization - (71 ) (142 ) (345 )
Restructuring and other related charges   -     -     -     428  
Non-GAAP Operating expenses

$

59,435
 

$

52,795
 

$

227,587
 

$

207,405
 
 
 

(1)
Excluded amount includes $1,400 in accelerated amortization related to the abandonment of an intangible asset.
PLANTRONICS, INC.
UNAUDITED RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
                 
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS DATA (CONTINUED)
 
Three Months Ended Twelve Months Ended
March 31, March 31,
  2012     2011     2012     2011  
 
GAAP Operating income

$

32,013

$

34,296

$

141,353

$

140,712
Stock-based compensation expense 4,215 3,909 17,481 15,932
Purchase accounting amortization - 1,683 329 2,594
Restructuring and other related charges   -     -     -     (428 )
Non-GAAP Operating income

$

36,228
 

$

39,888
 

$

159,163
 

$

158,810
 
 
GAAP Net income 23,886 26,316 109,036 109,243
Stock-based compensation expense 4,215 3,909 17,481 15,932
Purchase accounting amortization - 1,683 329 2,594
Restructuring and other related charges - - - (428 )
Income tax effect

$

(1,292

)

(2)

$

(2,372

)

(3)

$

(7,094

)

(4)

$

(7,982

)

(5)
Non-GAAP Net income   26,809     29,536     119,752     119,359  
 
GAAP Diluted earnings per common share

$

0.55

$

0.53

$

2.41

$

2.21
Stock-based compensation expense 0.10 0.08 0.39 0.33
Purchase accounting amortization - 0.04 0.01 0.05
Restructuring and other related charges - - - (0.01 )
Income tax effect   (0.03 )   (0.05 )   (0.16 )   (0.16 )
Non-GAAP Diluted earnings per common share

$

0.62
 

$

0.60
 

$

2.65
 

$

2.42
 
 
Shares used in diluted earnings per common share calculation 43,329 49,464 45,265 49,344
 
 
 

(2)
Excluded amount represents tax benefit from stock-based compensation.

(3)

Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization and $490 related to a tax benefit from expiration of certain statutes of limitations.

(4)

Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization and $1,507 related to a tax benefit from expiration of certain statutes of limitations.

(5)

Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization, restructuring and other related charges and $2,092 related to a tax benefit from expiration of certain statutes of limitations.

 
 
Use of Non-GAAP Financial Information
To supplement our consolidated financial statements presented on a GAAP basis, Plantronics uses non-GAAP measures of operating results, which are adjusted to exclude non-recurring and non-cash expenses and charges, such as stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization, restructuring and other related charges, impairment of goodwill and long-lived assets, and tax benefits from the expiration of certain statutes of limitations. Plantronics does not believe these expenses and charges are reflective of ongoing operating results and are not part of our target operating model. The non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and the reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by Plantronics may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data
($ in thousands, except per share data)
               
    Q111   Q211   Q311   Q411   Q112   Q212   Q312   Q412
GAAP Gross profit $ 89,448 $ 85,959 $ 95,808 $ 90,541 $ 94,058 $ 98,966 $ 96,212 $ 95,115
Stock -based comprehensive expense 541 565 574 530 546 559 559 548
Purchase accounting amortization   212     212     213     1,612     125     62     -     -  
Non-GAAP Gross profit $ 90,201   $ 86,736   $ 96,595   $ 92,683   $ 94,729   $ 99,587   $ 96,771   $ 95,663  
Non-GAAP Gross profit % 52.8 % 54.8 % 53.2 % 53.6 % 53.9 % 56.3 % 52.8 % 53.9 %
 
GAAP Operating expenses $ 53,587 $ 51,948 $ 59,264 $ 56,245 $ 59,022 $ 62,069 $ 58,805 $ 63,102
Stock -based comprehensive expense (3,294 ) (3,447 ) (3,602 ) (3,379 ) (3,633 ) (3,949 ) (4,020 ) (3,667 )
Purchase accounting amortization (97 ) (97 ) (80 ) (71 ) (71 ) (71 ) - -
Restructuring and other related charges   -     -     428     -     -     -     -     -  
Non-GAAP Operating expenses $ 50,196   $ 48,404   $ 56,010   $ 52,795   $ 55,318   $ 58,049   $ 54,785   $ 59,435  
 
GAAP Operating income $ 35,861 $ 34,011 $ 36,544 $ 34,296 $ 35,036 $ 36,897 $ 37,407 $ 32,013
Stock -based comprehensive expense 3,835 4,012 4,176 3,909 4,179 4,508 4,579 4,215
Purchase accounting amortization 309 309 293 1,683 196 133 - -
Restructuring and other related charges   -     -     (428 )   -     -     -     -     -  
Non-GAAP Operating income $ 40,005   $ 38,332   $ 40,585   $ 39,888   $ 39,411   $ 41,538   $ 41,986   $ 36,228  
Non-GAAP Operating income % 23.4 % 24.2 % 22.4 % 23.0 % 22.4 % 23.5 % 22.9 % 20.4 %
 
GAAP Income before income taxes $ 35,479 $ 35,028 $ 36,524 $ 33,625 $ 35,677 $ 36,839 $ 37,813 $ 32,273
Stock -based comprehensive expense 3,835 4,012 4,176 3,909 4,179 4,508 4,579 4,215
Purchase accounting amortization 309 309 293 1,683 196 133 - -
Restructuring and other related charges   -     -     (428 )   -     -     -     -     -  
Non-GAAP Income before income taxes $ 39,623   $ 39,349   $ 40,565   $ 39,217   $ 40,052   $ 41,480   $ 42,392   $ 36,488  
 
GAAP Income tax expense $ 9,533 $ 9,599 $ 4,972 $ 7,309 $ 8,946 $ 9,318 $ 6,915 $ 8,387
Income tax effect of stock-based compensation expense 1,061 1,304 1,298 1,248 1,282 1,441 1,448 1,292
Income tax effect of purchase accounting amortization 117 117 111 634 74 50 - -
Tax benefit from the expiration of certain statutes of limitations   -     -     1,602     490     -     -     1,507     -  
Non-GAAP Income tax expense $ 10,711   $ 11,020   $ 7,983   $ 9,681   $ 10,302   $ 10,809   $ 9,870   $ 9,679  
Non-GAAP Income tax expense as a % of Non-GAAP Income before income taxes     27.0 %     28.0 %     19.7 %     24.7 %     25.7 %     26.1 %     23.3 %     26.5 %
 
 
Summary of Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and other Unaudited GAAP Data (Continued)
($ in thousands, except per share data)
 
    Q111   Q211   Q311   Q411   Q112   Q212   Q312   Q412
GAAP Net income $ 25,946 $ 25,429 $ 31,552 $ 26,316 $ 26,731 $ 27,521 $ 30,898 $ 23,886
Stock -based comprehensive expense 3,835 4,012 4,176 3,909 4,179 4,508 4,579 4,215
Purchase accounting amortization 309 309 293 1,683 196 133 - -
Restructuring and other related charges - - (428 ) - - - - -
Income tax effect   (1,178 )   (1,421 )   (3,011 )   (2,372 )   (1,356 )   (1,491 )   (2,955 )   (1,292 )
Non-GAAP Net income $ 28,912   $ 28,329   $ 32,582   $ 29,536   $ 29,750   $ 30,671   $ 32,522   $ 26,809  
 
GAAP Diluted earnings per common share $ 0.52 $ 0.52 $ 0.64 $ 0.53 $ 0.56 $ 0.60 $ 0.71 $ 0.55
Stock -based comprehensive expense 0.07 0.08 0.08 0.08 0.09 0.10 0.11 0.10
Purchase accounting amortization 0.01 0.01 0.01 0.04 - - - -
Restructuring and other related charges - - (0.01 ) - - - - -
Income tax effect   (0.02 )   (0.03 )   (0.06 )   (0.05 )   (0.03 )   (0.03 )   (0.07 )   (0.03 )
Non-GAAP Diluted earnings per common share $ 0.58   $ 0.58   $ 0.66   $ 0.60   $ 0.62   $ 0.67   $ 0.75   $ 0.62  
 
Shares used in diluted earnings per common share calculation   $ 49,714     $ 48,524     $ 49,431     $ 49,464     $ 48,060     $ 45,717     $ 43,640     $ 43,329  
 
 
SUMMARY OF UNAUDITED GAAP DATA
($ in thousands)
Net revenues from unaffiliated customers:
Office and Contact Center $ 117,580 $ 117,951 $ 122,949 $ 131,992 $ 130,999 $ 136,395 $ 133,335 $ 130,980
Mobile 38,657 27,581 43,208 28,084 32,164 28,341 36,024 35,296
Gaming and Computer Audio 9,325 8,179 10,544 8,688 7,395 8,381 9,209 6,870
Clarity   5,123     4,544     4,884     4,313     5,042     3,831     4,668     4,438  
Total net revenues $ 170,685   $ 158,255   $ 181,585   $ 173,077   $ 175,600   $ 176,948   $ 183,236   $ 177,584  
 
Net revenues by geographic area from unaffiliated customers:
Domestic $ 103,992 $ 96,100 $ 104,299 $ 95,901 $ 100,291 $ 101,196 $ 99,070 $ 105,676
International   66,693     62,155     77,286     77,176     75,309     75,752     84,166     71,908  
Total net revenues $ 170,685   $ 158,255   $ 181,585   $ 173,077   $ 175,600   $ 176,948   $ 183,236   $ 177,584  
                                 
 
                                 
Balance Sheet accounts and metrics:
Accounts receivable, net $ 96,850 $ 94,989 $ 111,514 $ 103,289 $ 108,516 $ 103,026 $ 109,677 $ 111,771
Days sales outstanding (DSO) 51 54 55 54 56 52 54 57
Inventory, net $ 78,224 $ 69,845 $ 64,032 $ 56,473 $ 57,697 $ 60,717 $ 57,799 $ 53,713
Inventory turns     4.2       4.1       5.4       5.8       5.7       5.1       6.0       6.1  

Copyright Business Wire 2010

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Focus on Ongoing Litigation at Plantronics, Not Just Its Earnings

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Plantronics Hearing a Cause for Continued Investor Concerns

Plantronics Hearing a Cause for Continued Investor Concerns

Today's Perilous Reversal Stock: Plantronics (PLT)

Today's Perilous Reversal Stock: Plantronics (PLT)

3 Stocks Going Ex-Dividend Tomorrow: IGI, BGH, PLT

3 Stocks Going Ex-Dividend Tomorrow: IGI, BGH, PLT