-----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, CptHpl7hVaSWkDPZhc/12Fzay0r6Qe1ZI4r+HIupl/O7JW8DX7DDAt7jDQtUAnWo P3lO0zYqp5/TLDeKKiyGhg== 0000891618-99-000070.txt : 19990113 0000891618-99-000070.hdr.sgml : 19990113 ACCESSION NUMBER: 0000891618-99-000070 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990112 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990112 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: 8-K SEC ACT: SEC FILE NUMBER: 001-12696 FILM NUMBER: 99505200 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 8-K 1 FORM 8-K DATED 1/12/99 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (date of earliest event reported): January 12, 1999 PLANTRONICS, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 1-12696 77-0207692 - ----------------------------- ------------------------ ------------------- (State of jurisdiction (Commission File Number) (I.R.S. Employer incorporation or organization Identification No.)
345 Encinal Street Santa Cruz, California 95060 ------------------------------------------------------------ (Address, including zip code, of principal executive offices) Registrant's telephone number, including area code: 831-426-5858 Not Applicable ------------------------------------------------------------ (Former name or former address, if changed since last report.) 2 Item 5. Other Events On January 12, 1999, Plantronics, Inc. issued the following press release: "[PLANTRONICS, INC. LOGO] PRESS RELEASE PLANTRONICS REPORTS THIRD QUARTER RESULTS -- REVENUES INCREASE 16.2% AND EPS CLIMB 38.6% FOR INFORMATION CONTACT: FOR IMMEDIATE RELEASE Barbara V. Scherer January 12, 1999 Sr. Vice President and Chief Financial Officer (831) 458-4434 ================================================================================ Santa Cruz, California (January 12, 1999) -- Plantronics, Inc. (NYSE: PLT) today announced record revenues and earnings for the third quarter of fiscal 1999 ended December 31, 1998. Third quarter revenues totaled $72.0 million, up 16.2% over the $62.0 million of revenues in the third quarter of fiscal 1998. Earnings increased 38.4% in the third quarter, driven by higher revenues and higher operating margins. Net income for the quarter totaled $14.4 million, in comparison to the $10.4 million earned in the third quarter of 1998. Diluted earnings per share were $0.79, a 38.6% increase from the $0.57 earned in the third quarter of the prior fiscal year on slightly fewer shares. Ken Kannappan, President and Chief Executive Officer, commenting on the third quarter said, "Both domestic and international business grew, with especially good increases in the European region as a whole. We also had solid growth in our US distribution, OEM, and retail channels. We are pleased with our overall operating performance, having achieved higher gross and operating margins than a year ago, faster inventory turns and a reduction in days sales outstanding of accounts receivable. Our employees are to be commended across the board for their fine work." Barbara V. Scherer, SVP and CFO noted, "Our strong results and working capital improvements helped increase the company's cash balance to $119.2 million from $95.1 million three months ago and from $62.1 million a year ago. We also repurchased 147,391 shares of our common stock during the quarter helping to reduce the diluted shares outstanding in the quarter as compared to the third quarter of the prior fiscal year." As previously announced, the Company has called for the redemption of the $65,050,000 10% Senior Notes outstanding and will complete that redemption on January 15, 1999. After redemption of the Notes, which will be funded out of available cash, Plantronics will have no long-term debt outstanding. Plantronics introduced the first lightweight communications headset in 1962 and is a world-leading designer, manufacturer and marketer of headset products. Plantronics sells its products in more than 60 countries through a global network of distributors, original equipment manufacturers, retailers and telephony service providers. * * * * * * * * PLANTRONICS, INC. / 337 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95061-1802 831-426-5858 / Fax 831-426-6098 3 PLANTRONICS, INC. SUMMARY CONSOLIDATED FINANCIAL STATEMENTS (IN THOUSANDS, EXCEPT PER SHARE DATA)
Quarter Ended Nine Months Ended ----------------------------- ----------------------------- December 31, December 31, December 31, December 31, 1997 1998 1997 1998 ============= ============= ============= ============= Net sales $ 62,017 $ 72,038 $ 172,579 $ 213,248 Cost of sales 28,464 31,002 79,423 95,091 ------------- ------------- ------------- ------------- Gross profit 33,553 41,036 93,156 118,157 Gross profit % 54.1% 57.0% 54.0% 55.4% Research, development and engineering 4,591 5,177 12,975 14,182 Selling, general and administrative 12,330 14,563 35,172 42,425 ------------- ------------- ------------- ------------- Total operating expenses 16,921 19,740 48,147 56,607 ------------- ------------- ------------- ------------- Operating income 16,632 21,296 45,009 61,550 Interest expense 1,755 1,888 5,248 5,476 Interest income and other income, net (447) (1,801) (1,549) (3,494) ------------- ------------- ------------- ------------- Income before income taxes 15,324 21,209 41,310 59,568 Income tax expense 4,903 6,786 13,218 19,061 ------------- ------------- ------------- ------------- Net income $ 10,421 $ 14,423 $ 28,092 $ 40,507 ============= ============= ============= ============= % to Sales 16.8% 20.0% 16.3% 19.0% Diluted earnings per common share $ 0.57 $ 0.79 $ 1.54 $ 2.22 Shares used in diluted per share calculations 18,383 18,246 18,200 18,268
CONSOLIDATED BALANCE SHEET March 31, December 31, 1998 1998 ============= ============= ASSETS Cash $ 64,901 $ 119,231 Accounts receivable, net 41,550 44,317 Inventory 29,741 19,334 Deferred income taxes 2,130 4,243 Other current assets 1,774 1,390 ------------- ------------- Total current assets 140,096 188,515 Property, plant and equipment, net 21,255 19,577 Other assets 4,124 3,226 ------------- ------------- $ 165,475 $ 211,318 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $ 8,327 $ 7,420 Accrued liabilities 26,629 33,762 Income taxes payable 6,381 6,003 ------------- ------------- Total current liabilities 41,337 47,185 Deferred tax liability 5,652 9,065 Long-term debt 65,050 65,050 ------------- ------------- Total liabilities 112,039 121,300 Stockholder's equity 53,436 90,018 ------------- ------------- $ 165,475 $ 211,318 ============= =============
Note: The Company's fiscal year end is the Saturday closest to March 31. For purposes of presentation, the Company has indicated its accounting year ending on March 31, or the month-end for interim quarterly periods. Results of operations for fiscal years 1996, 1997 and 1998 each included 52 weeks." 4 Item 7. Financial Statements and Exhibits (a) Financial statements of businesses acquired. Not applicable. (b) Pro forma financial information. Not applicable. (c) Exhibits Exhibit Number Document -------------- -------- 27.1 Financial Data Schedule 5 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. PLANTRONICS, INC. Dated: January 12, 1999 By: /s/ Barbara V. Scherer --------------------------------- Barbara V. Scherer Senior Vice President - Finance and Administration and Chief Financial Officer EX-27.1 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS MAR-31-1999 APR-01-1998 DEC-31-1998 119,231 0 46,550 2,233 19,334 188,515 39,062 19,485 211,318 47,185 65,050 0 0 180 89,838 211,318 213,248 213,248 95,091 95,091 56,607 0 5,476 59,568 19,061 40,507 0 0 0 40,507 2.45 2.22
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