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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 December 31, 2003

  
         
 

OR

  
         
o   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)
 
 
 
 
 
N/A
 
 
(Former name, former address and former fiscal year, if changed since last report)
 
 
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 o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act) Yes x No o

The number of shares outstanding of Plantronics’ common stock as of January 23, 2004 was 45,933,780.

 
  1  
 
 
 
 
Plantronics, Inc.
FORM 10-Q
TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
Page No.
 
 
 
 
 
3
 
 
4
 
 
5
 
 
6
 
 
13
 
 
30
 
 
31
 
 
 
 
32
 
 
33
 
 

 
  2  
 
Part I -- FINANCIAL INFORMATION

Item 1. Financial Statements

PLANTRONICS, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)

 
    

March 31,

    
December 31,
 
 
    
2003
   
2003
 
 
 
 
ASSETS
   
 
    
 
  
Current assets:
   
 
    
 
  
  Cash, cash equivalents and marketable securities
  
$
59,725
 
$
107,329
 
  Accounts receivable, net
   
50,503
   
64,425
 
  Inventory, net
   
33,758
   
39,178
 
  Deferred income taxes
    
6,357
   
5,974
 
  Other current assets
    
2,674
   
2,230
 
   
 
 
    Total current assets
   
153,017
   
219,136
 
  Property, plant and equipment, net
   
36,957
   
41,109
 
  Intangibles, net
    
3,682
   
3,191
 
  Goodwill, net
   
9,386
   
9,386
 
  Other assets, net
    
2,167
   
2,642
 
   
 
 
    Total assets
  
$
205,209
 
$
275,464
 
   
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
   
 
    
 
  
Current liabilities:
   
 
    
 
  
  Accounts payable
  
$
13,596
 
$
16,985
 
  Accrued liabilities
   
27,235
   
38,686
 
  Income taxes payable
    
8,581
   
4,947
 
   
 
 
    Total current liabilities
    
49,412
   
60,618
 
Deferred tax liability
    
8,867
   
8,076
 
   
 
 
    Total liabilities
    
58,279
   
68,694
 
   
 
 
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, 59,728 and 61,022 shares outstanding at March 31, 2003 and December 31, 2003, respectively
    
597
    
610
  
  Additional paid-in capital
    
158,160
   
179,411
 
  Accumulated other comprehensive income (loss)
    
209
   
(1,433
)
  Retained earnings
    
285,350
   
326,683
 
   
 
 
 
    
444,316
   
505,271
 
               
Less: Treasury stock (common: 16,090 and 16,091 shares at March 31, 2003 and December 31, 2003, respectively) at cost
    
(297,386
)
  
(298,501
)
   
 
 
 
    
 
    
 
  
 
    
 
 
  
 
 
Total stockholders' equity
    
146,930
   
206,770
 
   
 
 
Total liabilities and stockholders' equity
  
$
205,209
 
$
275,464
 
   
 
 
 
    
 
    
 
  
 
    
 
    
 
  

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
Nine Months Ended
 
  
December 31,
December 31,
   
 
 
 
    
2002
   
2003
   
2002
   
2003
 
   
 
 
 
 
Net sales
 
$
86,811
 
$
107,622
 
$
249,449
 
$
295,525
 
Cost of sales
   
44,290
   
51,381
   
123,835
   
145,051
 
   
 
 
 
 
Gross profit
   
42,521
   
56,241
   
125,614
   
150,474
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Operating expenses:
   
 
    
 
    
 
    
 
  
Research, development and engineering
   
9,004
   
8,834
   
25,418
   
25,686
 
Selling, general and administrative
   
20,939
   
23,649
   
60,308
   
67,786
 
   
 
 
 
 
Total operating expenses
   
29,943
   
32,483
   
85,726
   
93,472
 
   
 
 
 
 
Operating income
   
12,578
   
23,758
   
39,888
   
57,002
 
Interest and other income, net
   
566
   
1,412
   
1,771
   
2,045
 
   
 
 
 
 
Income before income taxes
   
13,144
   
25,170
   
41,659
   
59,047
 
Income tax expense
   
3,943
   
7,551
   
10,754
   
17,714
 
   
 
 
 
 
Net income
 
$
9,201
 
$
17,619
 
$
30,905
 
$
41,333
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Basic earnings per common share (Note 5)
 
$
0.20
 
$
0.39
 
$
0.68
 
$
0.94
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Shares used in basic per share calculations
   
44,939
   
44,628
   
45,531
   
44,116
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Diluted earnings per common share (Note 5)
 
$
0.20
 
$
0.37
 
$
0.66
 
$
0.89
 
   
 
 
 
 
 
    
 
    
 
    
 
    
 
  
Shares used in diluted per share calculations
   
46,197
 
$
47,501
 
$
47,096
   
46,305
 
   
 
 
 
 
 

See Notes to Unaudited Condensed Consolidated Financial Statements
 
 
  4  
 
 
PLANTRONICS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

 
 
  
Nine Months Ended
 
  
December 31,
   
 
 
    
2002
   
2003
 
   
 
 
CASH FLOWS FROM OPERATING ACTIVITIES:
   
 
    
 
  
Net income
 
$
30,905
 
$
41,333
 
  Adjustments to reconcile net income to net cash provided by operating activities: