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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
(Mark One)
 
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2004
 
 
OR
 
 
[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the transition period from ________to _________
 
 
Commission file number 1-12696
 
 
Plantronics, Inc.
 
 
(Exact name of registrant as specified in its charter)
 
 
Delaware
 
 
77-0207692
 
 
  (State or other jurisdiction of incorporation or organization) 
 
 
(I.R.S. Employer Identification Number)
 
345 Encinal Street
Santa Cruz, California   95060
(Address of principal executive offices)
(Zip Code)

(831) 426-5858
(Registrant's telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X ] No [ ]
 
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Yes [X ] No [ ]
 
 
  The number of shares outstanding of Plantronics’ common stock as of October 29, 2004 was 48,371,961.
 
 

 
   
 

Plantronics, Inc.
FORM 10-Q
TABLE OF CONTENTS
 
 
PART I. FINANCIAL INFORMATION
 
Page No.
 
 
 
 
Item 1. Financial Statements (unaudited):
           Notes to Financial Statements
 
PART II. OTHER INFORMATION
 
 
 
 
 

 
 
  2  
 

Part I -- FINANCIAL INFORMATION
Item 1. Financial Statements
PLANTRONICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)
 
    
March 31,  
    
September 30,
  
     
2004
   
2004
 
ASSETS
              
Current assets:
              
Cash and cash equivalents
  
$
180,616
  
$
210,283
  
Marketable securities
    
-
   
4,000
 
Accounts receivable, net
    
64,999
   
73,892
 
Inventories
    
40,762
   
65,940
 
Deferred income taxes
    
13,967
   
8,046
 
Other current assets
    
10,283
   
10,750
 
Total current assets
    
310,627
   
372,911
 
Property, plant and equipment, net
    
42,124
   
49,959
 
Intangibles, net
    
3,440
   
3,326
 
Goodwill
    
9,386
   
9,386
 
Other assets
    
2,675
   
2,683
 
Total assets
  
$
368,252
  
$
438,265
  
               
               
LIABILITIES AND STOCKHOLDERS' EQUITY
              
Current liabilities:
              
Accounts payable
  
$
19,075
  
$
29,206
  
Accrued liabilities
    
36,469
   
38,292
 
Income taxes payable
    
5,686
   
6,484
 
Total current liabilities
    
61,230
   
73,982
 
Deferred tax liability
    
7,719
   
8,121
 
Total liabilities
    
68,949
   
82,103
 
               
               
Stockholders' equity:
              
Preferred stock, $0.01 par value per share; 1,000 shares authorized, no shares outstanding
    
-
   
-
 
Common stock, $0.01 par value per share; 100,000 shares authorized, 63,635 shares and 64,037 shares outstanding at March 31, 2004 and September 30, 2004, respectively
    
636
   
641
 
Additional paid-in capital
    
248,495
   
260,075
 
Accumulated other comprehensive income
   
681
   
1,000
 
Retained earnings
    
347,629
   
392,253
 
 
    
597,441
   
653,969
 
Less: Treasury stock (common: 16,029 and 15,974 shares at March 31, 2004 and September 30, 2004, respectively) at cost
    
(298,138
)
  
(297,807
)
Total stockholders' equity
    
299,303
   
356,162
 
Total liabilities and stockholders' equity
  
$
368,252
  
$
438,265
  
               
See Notes to Unaudited Condensed Consolidated Financial Statements

 
  3  
 
PLANTRONICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

   
Three Months Ended
  
Six Months Ended
  
   
September 30,
  
September 30,
  
     
2003 
    
2004 
    
2003 
    
2004 
  
Net sales
 
$
95,117
  
$
130,220
  
$
187,903
  
$
261,590
  
Cost of sales
   
46,351
    
60,719
   
93,670
    
122,422
 
Gross profit
   
48,766
    
69,501
   
94,233
    
139,168
 
                           
Operating expenses:
                          
Research, development and engineering
   
8,247
    
10,838
   
16,852
    
20,882
 
Selling, general and administrative
   
22,984
    
25,305
   
44,137
    
54,225
 
Total operating expenses
   
31,231
    
36,143
   
60,989
    
75,107
 
Operating income
   
17,535
    
33,358
   
33,244
    
64,061
 
Interest and other income, net
   
141
    
913
   
633
    
1,248
 
Income before income taxes
   
17,676
    
34,271
   
33,877
    
65,309
 
Income tax expense
   
5,303
    
9,596
   
10,163
    
18,287
 
Net income
 
$
12,373
  
$
24,675
  
$
23,714
  
$
47,022
  
                           
Basic earnings per common share (Note 5)
 
$
0.28
  
$
0.51
  
$
0.54
  
$
0.98
  
Shares used in basic per share calculations
    
44,052
    
47,977
    
43,861
    
47,851
  
                           
Diluted earnings per common share (Note 5)
 
$
0.27
  
$
0.49
  
$