-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Nm0X5piX5g+IJwa3O+OBHLpvh5/ScQdXxolm/4UyE+kVTh1cSDgXMa4t7fsThRGZ KZ1kvEBrgERNCJckbQb7Lg== 0000891618-97-000308.txt : 19970225 0000891618-97-000308.hdr.sgml : 19970225 ACCESSION NUMBER: 0000891618-97-000308 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961228 FILED AS OF DATE: 19970206 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PLANTRONICS INC /CA/ CENTRAL INDEX KEY: 0000914025 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 770207692 STATE OF INCORPORATION: DE FISCAL YEAR END: 0327 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12696 FILM NUMBER: 97519123 BUSINESS ADDRESS: STREET 1: 337 ENCINAL ST STREET 2: PO BOX 1802 CITY: SANTA CRUZ STATE: CA ZIP: 95061-1802 BUSINESS PHONE: 4084266060 MAIL ADDRESS: STREET 1: 337 ENCINAL STREET P O BOX 1802 CITY: SAANTA CRUZ STATE: CA ZIP: 95061-1802 FORMER COMPANY: FORMER CONFORMED NAME: PI PARENT CORP DATE OF NAME CHANGE: 19931025 10-Q 1 FORM 10-Q FOR QUARTER ENDED 12/28/96 1 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 28, 1996 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 (I.R.S. Employer incorporation or organization) Identification No.) 337 Encinal Street, P.O. Box 1802 Santa Cruz, California 95061-1802 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (408) 426-6060 - -------------------------------------------------------------------------------- (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 [ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at December 28, 1996 - --------------------------------------- -------------------------------------- Common Stock, $.01 par value 8,127,919 Page 1 of 13 2 PART 1. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS PLANTRONICS, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (IN THOUSANDS, EXCEPT SHARE DATA)
DECEMBER 31, MARCH 31, 1996 1996 ========= ========= ASSETS Current assets: Cash and cash equivalents $ 35,732 $ 26,787 Accounts receivable 37,080 38,555 Inventory 20,401 18,007 Deferred income taxes 5,094 5,094 Other current assets 1,012 1,227 --------- --------- Total current assets 99,319 89,670 Property, plant and equipment, net 18,002 13,710 Other assets 5,074 5,281 --------- --------- $ 122,395 $ 108,661 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,776 $ 8,384 Accrued liabilities 22,538 20,692 Income taxes payable 13,876 12,040 --------- --------- Total current liabilities 45,190 41,116 Deferred income taxes 1,081 1,081 Long-term debt 65,050 65,050 --------- --------- Total liabilities 111,321 107,247 --------- --------- Stockholders' equity: Common stock; $0.01 par value, 25,000,000 shares authorized, 8,127,919 and 8,388,956 shares issued and outstanding 85 84 Additional paid-in capital 56,640 55,726 Cumulative translation adjustment (891) (891) Accumulated deficit (31,887) (53,505) --------- --------- 23,947 1,414 Less: Treasury stock (common: 350,613 shares in fiscal year 1997) at cost (12,873) -- --------- --------- Total stockholders' equity 11,074 1,414 --------- --------- $ 122,395 $ 108,661 ========= =========
See Notes to Unaudited Condensed Consolidated Financial Statements. Page 2 of 13 3 PLANTRONICS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, 1996 1995 1996 1995 ========= ========= ========= ========= Net sales $ 50,309 $ 46,565 $ 143,014 $ 135,849 Cost of sales 23,548 21,978 66,420 64,896 --------- --------- --------- --------- Gross profit 26,761 24,587 76,594 70,953 --------- --------- --------- --------- Operating expense: Research, development and engineering 3,637 3,274 10,370 10,467 Selling, general and administrative 10,020 9,026 29,373 25,655 --------- --------- --------- --------- Total operating expenses 13,657 12,300 39,743 36,122 --------- --------- --------- --------- Operating income 13,104 12,287 36,851 34,831 Interest expense, including amortization of debt issuance costs of $132, $132, $396 1,763 1,784 5,314 5,377 and $396 Interest and other income, net (542) (491) (1,218) (1,082) --------- --------- --------- --------- Income before income taxes 11,883 10,994 32,755 30,536 Income tax expense 4,040 4,287 11,137 11,909 --------- --------- --------- --------- Net income $ 7,843 $ 6,707 $ 21,618 $ 18,627 ========= ========= ========= ========= Net income per share $ 0.89 $ 0.74 $ 2.43 $ 2.08 ========= ========= ========= ========= Shares used in net income per share calculation 8,820 9,037 8,905 8,963 ========= ========= ========= =========
See Notes to Unaudited Condensed Consolidated Financial Statements. Page 3 of 13 4 PLANTRONICS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS)
NINE MONTHS NINE MONTHS ENDED ENDED DECEMBER 31, DECEMBER 31, 1996 1995 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 21,618 $ 18,627 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,129 1,706 Gain on sale of property and equipment (10) - Other non-cash charges, net 507 569 Changes in assets and liabilities: Accounts receivable 1,309 (8,372) Provision for doubtful accounts 166 651 Inventory (2,394) 1,219 Other current assets 215 (287) Other assets (189) 564 Accounts payable 392 3,087 Accrued liabilities 1,846 2,795 Income taxes payable 1,836 601 -------- -------- Cash provided by operating activities 27,425 21,160 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (6,426) (2,387) Proceeds from sale of property and equipment 15 - -------- -------- Cash used for investing activities (6,411) (2,387) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 804 585 Purchase of treasury stock (12,873) - -------- -------- Cash (used for) provided by financing activities (12,069) 585 -------- -------- Net increase in cash and cash equivalents 8,945 19,358 Cash and cash equivalents at beginning of period 26,787 3,360 -------- -------- Cash and cash equivalents at end of period $ 35,732 $ 22,718 ======== ======== Supplemental disclosures: Cash paid for: Interest $ 3,304 $ 3,329 Income taxes $ 9,332 $ 11,169
See Notes to Unaudited Condensed Consolidated Financial Statements. Page 4 of 13 5 PLANTRONICS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS The unaudited consolidated condensed financial statements included herein have been prepared by Plantronics, Inc. ("Plantronics") pursuant to the rules and regulations of the Securities and Exchange Commission. These financial statements reflect, in the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position and results of operations as of and for the periods indicated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although Plantronics believes the disclosures which are made, when read in conjunction with the audited fiscal 1996 financial statements, are adequate to make the information presented not misleading. As used herein, references to the "Company" mean Plantronics and its consolidated subsidiaries. PERIODS PRESENTED. The Company's fiscal year-end is the Saturday closest to March 31st. For purposes of presentation, the Company has indicated its accounting year-end as March 31 and its third quarter-end as December 31. Plantronics' fiscal quarters ended December 31, 1996 and 1995 each consisted of thirteen weeks each. 1. DETAILS OF CERTAIN BALANCE SHEET COMPONENTS: (in thousands)
December 31, March 31, 1996 1996 -------- -------- Inventories: Finished goods $ 11,399 $ 6,890 Work in process 1,926 4,631 Purchased parts 7,076 6,486 -------- -------- $ 20,401 $ 18,007 ======== ======== Property, plant and equipment: Land $ 4,693 $ 4,693 Buildings and improvements (useful lives: 10-40 years) 10,008 8,869 Machinery and equipment (useful lives: 4-8 years) 23,800 19,850 -------- -------- 38,501 33,412 Less accumulated depreciation (20,499) (19,702) -------- -------- $ 18,002 $ 13,710 ======== ========
2. FOREIGN CURRENCY TRANSACTIONS: The Company's functional currency for all operations is the U.S dollar. Accordingly, gains and losses resulting from the remeasurement of foreign subsidiaries' financial statements into U.S. dollars are included in other income (expense) in the consolidated statements of operations. Gains and losses resulting from foreign currency transactions are also included in other income (expense). Aggregate exchange gains in the three months ended December 31, 1996 and December 31, 1995 were $0.2 million in each period. Aggregate exchange gains for the nine months ended December 31, 1996 and December 31, 1995 were $0.2 million and $0.3 million, respectively. Page 5 of 13 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following table sets forth items from the Condensed Consolidated Statements of Income as a percentage of net revenue.
Three Months Ended December 31, December 31, -------------------------- 1996 1995 ----- ----- Net sales 100.0% 100.0% Cost of sales 46.8 47.2 ----- ----- Gross profit 53.2 52.8 Research and development 7.2 7.0 Selling, general and 19.9 19.4 administrative ----- ----- Operating income 26.0 26.4 Other (income) expense 2.4 2.8 ----- ----- Income before income taxes 23.6 23.6 Income tax expense 8.0 9.2 ----- ----- Net income 15.6% 14.4% ===== =====
NET SALES. Net sales for the quarter ended December 31, 1996 were $50.3 million, an increase of $3.7 million or 8.0% over net sales of $46.6 million for the quarter ended December 31, 1995. For the nine months ended December 31, 1996 net sales were $143.0 million, an increase of $7.2 million or 5.3% over the comparable period in fiscal 1996. Net international revenues for the first nine months of fiscal 1997 continued to grow, up $8.6 million or 25.0% over the comparable period in fiscal 1996. Domestic revenues were down $0.6 million for the first nine months of fiscal 1997 primarily as a result of the anticipated decline of $2.3 million in headset shipments to Lucent Technologies (formerly AT&T), principally due to the closing of their phone stores, offset partially by $1.7 million in increased sales through other domestic channels. GROSS PROFIT. Gross profit for the quarter ended December 31, 1996 was $26.8 million (53.2% of net sales), compared to $24.6 million (52.8% of net sales) for the same period in fiscal 1996. Gross profit for the nine-month period ended December 31, 1996 was $76.6 million (53.6% of net sales), compared to $71.0 million (52.2% of net sales) for the same period in fiscal 1996. The favorable increases in gross margin percentage were due to increased manufacturing efficiencies resulting from improved processes and continued consolidation of manufacturing operations to the Mexican plant. In the future, margins may decrease somewhat as a result of a shift in product mix toward new, lower margin products. RESEARCH, DEVELOPMENT AND ENGINEERING. Research, development and engineering expenses for the quarter ended December 31, 1996 were $3.6 million compared to $3.3 million for the quarter ended December 31, 1995. This increase was primarily due to increased staffing, project materials and other costs related to new product development. Research, development and engineering expenses were relatively unchanged at $10.4 million for the nine-month period ended December 31, 1996 compared to $10.5 million for the nine-month period ended December 31, 1995. SELLING, GENERAL AND ADMINISTRATIVE. Selling, general and administrative expenses for the quarter ended December 31, 1996 were $10.0 million compared to $9.0 million for the quarter ended December 31, 1995. Selling, general and administrative expenses for the nine-month period ended December 31, 1996 were $29.4 million compared to Page 6 of 13 7 $25.7 million for the nine-month period ended December 31, 1995. The increases were the result of additional staffing in sales and marketing worldwide and increased spending on international marketing programs. INCOME TAX EXPENSE. The Company has been providing for income taxes at an effective tax rate of 34% during fiscal 1997, representing a decrease from the effective tax rate of 39% provided in fiscal 1996. This decrease is due primarily to international restructuring begun in the fourth quarter of fiscal 1996. FOREIGN CURRENCY. Through fiscal 1996, intercompany transactions between the Company and its United Kingdom subsidiary posed the greatest foreign currency risk. The Company managed this risk by timely payments of intercompany liabilities and receivables. Remaining currency risk, in the opinion of management, was not material and, accordingly, the Company did not engage in hedging transactions. Beginning in fiscal 1997, the intercompany transaction risk described above has been eliminated as a result of the restructuring of the Company's international operations. However, the Company is subject to greater remeasurement exposure to its operating income as a result of the United Kingdom subsidiary's adoption of the U.S. dollar as its functional currency. The Company's Mexican peso transaction exposure at its manufacturing subsidiary in Tijuana, Mexico is limited principally to payroll expenditures. In the opinion of management, favorable and unfavorable effects to the Company from currency fluctuations in the periods reported were not material. LIQUIDITY AND CAPITAL RESOURCES The Company's principal source of liquidity in the nine-month period ended December 31, 1996 was $27.4 million of cash generated from operating activities. In the nine-month period ended December 31, 1995, liquidity was principally provided by $21.2 million of cash generated from operating activities. Cash and cash equivalents increased to $35.7 million at December 31, 1996 from $22.7 million at December 31, 1995, primarily due to cash provided by operating activities. The Company also has a $20.0 million facility which includes a $4.0 million letter of credit facility. As of December 31, 1996, the Company had no cash borrowings under the revolving credit facility and $3.0 million outstanding under the letter of credit facility. According to borrowing base limitations, available borrowings under the revolving credit facility at December 3, 1996 were $15.8 million, after reductions for letter of credit obligations. The revolving credit facility is secured by accounts receivable and related assets. The terms of the credit facility contain covenants which materially limit the Company's ability to incur debt, make capital expenditures and pay dividends, among other matters. These covenants may have a materially adverse effect on the Company to the extent it cannot comply with them or it must limit its ordinary course activities. The revolving credit facility expires by its terms on February 19, 1997. The Company is currently negotiating the terms of a new credit facility and expects that such facility will be in place prior to expiration of the existing facility. OPERATING ACTIVITIES. In the nine-month period ended December 31, 1996 the Company generated $27.4 million in net cash from operating activities, primarily as a result of $21.6 million in net income after depreciation of $2.1 million and an increase in accrued liabilities and taxes payable of $1.8 million each, partially offset by an increase in inventory of $2.4 million. Inventory increased to better service European customer demand and due to new products. INVESTING ACTIVITIES. Capital expenditures were $6.4 million in the nine-month period ended December 31, 1996, compared to $2.4 million in the nine-month period ended December 31, 1995. The increase in capital expenditures was primarily due to investment in a significant upgrade to the Company's business information system in the first three quarters of fiscal 1997. The Company expects to invest an additional $2.0 to $3.0 million in the systems upgrade by the middle of fiscal 1998. FINANCING ACTIVITIES. In the nine-month period ended December 31, 1996, the Company repurchased 350,613 shares of its Common Stock for $12.9 million and received $0.8 million in proceeds from the exercise of stock options. The Company's financing activities during the nine-month period ended December 31, 1995 were limited to the receipt of $0.6 million in stock option exercise proceeds. Page 7 of 13 8 The Company has Senior Notes in a principal amount of $65.1 million outstanding that bear interest, payable semiannually, at a rate of 10% per annum and mature on January 15, 2001. The Senior Notes are redeemable, at the Company's option, in whole or in part, any time after January 15, 1999. The Senior Note Indenture contains certain covenants that, among other things, materially limit the ability of the Company and its subsidiaries to incur indebtedness, pay dividends, issue preferred stock of subsidiaries, engage in transactions with affiliates, create liens, engage in mergers and consolidations, make certain asset sales or make certain investments. The Senior Note Indenture also provides that holders of the Senior Notes have the right to require the Company to repurchase the Senior Notes in the event of a "change in control" and certain various defined events of default. The Company believes that current balances and cash provided by operations, together with available borrowing capacity under the revolving credit facility, will be sufficient to make required interest payments under the Senior Notes and to fund operations at least through fiscal 1997. Subject to the terms and conditions of the 10% Senior Note Indenture and the Company's revolving credit facility, the Company may use cash for such purposes as paying down the line of credit, repurchasing Senior Notes or acquiring complementary businesses, products or technologies. FORWARD LOOKING STATEMENTS AND FACTORS AFFECTING FUTURE OPERATING RESULTS The statements in the last sentences of the paragraphs captioned "Gross Profit" and "Investing Activities" and the first sentence in the paragraph above are forward looking statements which involve risks and uncertainties. In addition, the Company may from time to time make oral forward looking statements. The Company's actual results could differ materially from those anticipated in these forward looking statements as a result of the following factors: NEED TO SUCCESSFULLY DEVELOP NEW PRODUCTS AND MARKETS. The Company's net sales to date have been derived principally from the sale of lightweight communications headsets ("tops") and associated telephone adaptor bases ("bottoms"). Historically, a substantial amount of the Company's sales have been made through distributors to call center users and its product development efforts have primarily been directed toward incremental enhancements of existing products. In the future, the Company intends to both continue enhancement of its existing products and develop new products that capitalize on its core technology and thus expand the Company's product offerings to new user market segments. The success of new product introductions is dependent on several factors, including proper new product selection, timely completion and introduction of new product designs, quality of new products and market acceptance. The Company has recently expanded its marketing efforts to sell lightweight headsets to the business, computer, mobile and home office user market segments. Although the Company has attempted to determine the specific needs of these new market segments, there can be no assurance that the market niches identified will in fact materialize or that the Company's future products designed for these market segments will gain substantial market acceptance. COMPETITION. As the Company develops new generations of products and enters new market segments, including the developing business, computer, mobile and home office user segments of the market, the Company anticipates that it may face additional competition from companies which currently do not offer communication headsets. Such companies may be larger, offer broader product lines and have substantially greater financial and other resources than the Company. Such competition could negatively affect pricing and gross margins. Although the Company has historically competed very successfully in the call center segment of the market, there can be no assurance that it will be able to continue its leadership position in that segment of the market or that the Company will be able to compete successfully in the previously defined new market segments. DEMAND OF CHANGING TECHNOLOGIES. The technology of telephone headsets, both "tops" and "bottoms," has traditionally evolved slowly. Products have traditionally exhibited life cycles of three to five years before introduction of the next generation of products. Next generation products usually included stylistic changes and quality improvements but were based on similar technology. The Company believes that future changes in technology may come at a faster pace, particularly in the telephone, cellular telephone and computer uses in the business and home office user segments of the market. In addition, in order to avoid product obsolescence, the Company will have to monitor technological changes in telephony and computer technologies, as well as users' demands for new technologies. The Company's future success will be dependent in part on its ability to successfully develop products that utilize new technologies and introduce them to the marketplace. Failure by the Company to Page 8 of 13 9 keep pace with future technological changes could materially adversely affect the Company's revenues and operating results. UTILIZATION OF SINGLE SOURCE SUPPLIERS. The Company's manufacturing operations primarily consist of assembly of components and subassemblies that Plantronics manufactures or purchases from a variety of sources. Although most components and subassemblies used in the Company's manufacturing operations are obtained, or are reasonably available, from numerous sources, certain of its products and components (including semicustom integrated circuits that are key components of the Company's products) are currently obtained only from single suppliers. The Company currently purchases such components on a purchase order basis and does not intend to enter into master purchase agreements with any of its single source suppliers. The Company has to date experienced only minor interruptions in the supply of these components, none of which has adversely affected its operations. However, an interruption in supply from any of the Company's single source suppliers in the future could temporarily result in the Company's inability to deliver products on a timely basis, which in turn could adversely affect its operations. IMPORTANCE OF PATENTS AND OTHER INTELLECTUAL PROPERTY RIGHTS. The Company's success will depend in part on its ability to obtain patents and preserve other intellectual property rights covering the design and operation of its products. The Company currently holds certain patents and intends to continue to seek patents on its inventions when appropriate. The process of seeking patent protection can be lengthy and expensive, and there can be no assurance that patents will issue from currently pending or future applications or that the Company's existing patents or any new patents issued will be of sufficient scope or strength or provide meaningful protection or any commercial advantage to the Company. The Company may be subjected to, or may initiate, litigation or patent office interference proceedings, which may require significant financial and management resources. The failure to obtain necessary licenses or other rights or the advent of litigation arising out of any such claims could have a material adverse effect on the Company's operations. RISK ASSOCIATED WITH FOREIGN OPERATIONS AND SALES. Approximately 30.0% of the Company's net sales in the first nine months of fiscal 1997 and 26.8% of the Company's net sales in fiscal 1996 were derived from sales to foreign customers. In addition, the Company conducts substantially all of its headset assembly operations outside the United States and obtains components from various foreign suppliers. Manufacturing and sales of the Company's products could be adversely affected by political or economic conditions in the United States or abroad, particularly in Mexico. Sales to foreign customers and purchases of materials and components from foreign suppliers are also generally subject to such risks as increased tariffs and the imposition of other trade barriers. Although the Company generally transacts business internationally in United States currency, declines in the values of local currencies relative to the United States dollar in countries in which the Company does business could adversely affect the Company by resulting in less competitive pricing for the Company's products. The Company does not currently engage in any hedging activities to mitigate exchange rate risks and to date has not been adversely affected by fluctuating currencies. To the extent that the Company is successful in increasing its sales to foreign customers, or to the extent that the Company increases its transactions in foreign currencies, the Company's results of operations could be adversely affected by exchange rate fluctuations. DEPENDENCE UPON SENIOR MANAGEMENT. The Company believes that it has benefited substantially from the leadership of Robert S. Cecil, the Chairman of the Board, President and Chief Executive Officer of the Company, and the other current members of senior management, and that the loss of their services could have a material adverse effect on the Company's business and future operations. Although the Company has an employment agreement with Mr. Cecil, such agreement permits him to voluntarily terminate his employment at any time. In addition, although Mr. Cecil's agreement contains a five-year non-compete covenant which takes effect upon termination of his employment, such covenants are generally not enforceable under California law. Page 9 of 13 10 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits. The following exhibit is filed as part of this Quarterly Report on Form 10-Q.
Exhibit Number Description - ------- ----------- 27 Financial Data Schedule
(b) Reports on Form 8-K. No reports on Form 8-K were filed by Registrant during the fiscal quarter ended December 28, 1996. Page 10 of 13 11 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PLANTRONICS, INC. -------------------------------------------- (Registrant) January 31, 1997 /s/ DANIEL A. GAUDREAU - ---------------------------- -------------------------------------------- (Date) (Signature) Daniel A. Gaudreau Vice President January 31, 1997 /s/ DANIEL A. GAUDREAU - ---------------------------- -------------------------------------------- (Date) (Signature) Daniel A. Gaudreau Vice President - Finance and Administration and Chief Financial Officer (Principal Financial Officer) Page 11 of 13 12 EXHIBIT INDEX PAGE IN SEQUENTIAL EXHIBIT NUMBERING NUMBER SYSTEM - ---------- ---------- 27 Financial Data Schedule......................................... 13 Page 12 of 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS INCLUDED IN THE FORM 10-Q FILED BY PLANTRONICS, INC. FOR THE PERIOD ENDED DECEMBER 28, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 U.S. DOLLARS 9-MOS MAR-29-1997 MAR-31-1996 DEC-28-1996 1 35,732 0 37,080 0 20,401 99,319 38,501 20,499 122,395 45,190 65,050 0 0 85 10,989 122,395 143,014 143,014 66,420 66,420 39,743 0 5,314 32,755 11,137 21,618 0 0 0 21,618 2.43 2.43
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