form8-k.htm

0000914025-07-000031.txt : 20071023 0000914025-07-000031.hdr.sgml : 20071023 20071023160039 ACCESSION NUMBER: 0000914025-07-000031 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20071023 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071023 DATE AS OF CHANGE: 20071023 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: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12696 FILM NUMBER: 071185724 BUSINESS ADDRESS: STREET 1: 345 ENCINAL ST CITY: SANTA CRUZ STATE: CA ZIP: 95061-1802 BUSINESS PHONE: 8314265858 MAIL ADDRESS: STREET 1: 345 ENCINAL STREET STREET 2: PO BOX 1802 CITY: SANTA CRUZ STATE: CA ZIP: 95061-1802 FORMER COMPANY: FORMER CONFORMED NAME: PI PARENT CORP DATE OF NAME CHANGE: 19931025 8-K 1 form8-k.htm PLANTRONICS 8-K 10-23-07 form8-k.htm

UNITED STATES

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): October 23, 2007

Plantronics, Inc.

(Exact name of Registrant as Specified in its Charter)

Delaware	1-12696	77-0207692
(State or Other Jurisdiction of Incorporation)	(Commission file number)	(I.R.S. Employer Identification Number)

345 Encinal Street

Santa Cruz, California 95060

(Address of Principal Executive Offices including Zip Code)

(831) 426-5858

(Registrant's Telephone Number, Including Area Code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition

On October 23, 2007 Plantronics, Inc., a Delaware corporation (the “Company”) issued a press release reporting its results of operations and financial condition for the second quarter of fiscal year 2008 which ended September 29, 2007, a copy of which is furnished as Exhibit 99.1 to this report.

The information contained herein, including Exhibits 99.1 and 99.2 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SECTION 7 – Regulation FD

Item 7.01 Regulation FD Disclosure

On October 23, 2007 the Company issued a press release announcing that its Board of Directors had declared a cash dividend of $0.05 per share of the Company’s common stock, payable on December 10, 2007 to stockholders of record at the close of business on November 9, 2007.

A copy of the press release is attached as Exhibit 99.2 to this report.

SECTION 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are furnished as part of this report.

Exhibit Number

Description

99.1	Press release issued by Plantronics, Inc. dated October 23, 2007, entitled “Plantronics Reports Second Quarter Fiscal Year 2008 Results ”

99.2	Press release issued by Plantronics, Inc. dated October 23, 2007, entitled “Plantronics Declares Quarterly Dividend of $0.05 per Share”

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SIGNATURE

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.

Date: October 23, 2007	By:	/s/ Barbara Scherer
		Barbara Scherer
		Senior Vice President and Chief Financial Officer

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EX-99.1 2 ex99-1.htm EXHIBIT 99-1 ex99-1.htm

PRESS RELEASE

Plantronics Reports Second Quarter Fiscal Year 2008 Results

Revenues & Profits Increase on Office & Call Center Demand and Increase in International Sales;

Earnings per Share Exceed Guidance

FOR INFORMATION, CONTACT:

Greg Klaben

Vice President of Investor Relations

(831) 458-7533

FOR IMMEDIATE RELEASE

October 23, 2007

SANTA CRUZ, CA – October 23, 2007 - Plantronics, Inc., (NYSE: PLT) today announced second quarter fiscal 2008 net revenues of $208.2 million compared with $194.9 million in the second quarter of fiscal 2007. Revenues were within the guidance range of $206 to $212 million. Plantronics' GAAP diluted earnings per share were $0.34 in the second quarter of fiscal 2008 compared with $0.26 in same quarter of the prior year. Non-GAAP diluted earnings per share for the current quarter were $0.39 compared with $0.32 in the second quarter of fiscal 2007. Earnings per share were greater than the previously provided GAAP guidance of $0.25 to $0.29 and non-GAAP guidance of $0.30 to $0.35. The primary difference between GAAP and non-GAAP earnings per share for the current period is the cost of equity-based compensation.

“Our most important long term objective has been to grow our office business and we were pleased with the increase in our office wireless revenues. International demand for office wireless accelerated and our new CS70N office system is being well received in the market. Our gross margin also improved as our focus on reducing product cost and increasing manufacturing effectiveness resulted in nearly three points of gross margin improvement in the ACG segment. Finally, we introduced and started shipping some important new Bluetooth, consumer entertainment and home office products in the second quarter. These new products have received an excellent reception from the market,” stated Ken Kannappan, President & CEO of Plantronics.

Audio Communications Group (ACG) Non-GAAP Results

(Office & Contact Center, Mobile, Computer, Clarity)

Second quarter net revenues of $181.0 million were up 11% compared with $163.0 million in the year-ago quarter. Revenue growth compared to the year-ago quarter was driven by demand for wireless products, with office wireless up by 28% from a year ago and mobile Bluetooth up 17% from the same period. The CS70N, introduced in May, contributed significantly to the growth in office wireless this quarter.

Gross margin in Q2 FY08 was 47.2% compared with 44.3% in the year-ago quarter. Among the factors contributing to the higher gross margin was cost reduction on our office wireless and Bluetooth mobile products. We also continue to achieve greater productivity and improved effectiveness in our manufacturing processes. Operating margin in Q2 FY08 was 18.3% compared with 15% in the year-ago quarter primarily on the strength of the higher gross margin.

Audio Entertainment Group (AEG) Non-GAAP Results

(Altec Lansing)

Second quarter net revenues of $27.2 million were down 14.8% from $31.9 million in the year-ago quarter. While the turn-around of this division remains heavily dependent on a refreshed product portfolio, other steps are being taken to return the unit to profitability, including new management. The Company continues to target profitability for the division by the December quarter of next fiscal year.

The division’s gross margin was 0.4% compared with 16.9% in the year-ago quarter. Operating loss was $9.6 million in the quarter compared with an operating loss of $4.5 million in the same quarter of the prior year.

While results were lower than the year-ago quarter, revenues grew sequentially mostly on the strength of the iM600, the loss was reduced and the division performed slightly better than we anticipated. During the quarter, AEG also began shipping a number of new products; including the PT 7031 wireless home theatre sound system and PT 8050 wireless surround sound home theatre system.

PLANTRONICS, INC. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95061-1802

831-426-6060 / Fax 831-426-6098

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Business Outlook

The following statements are based on current expectations. Many of these statements are forward-looking, and actual results may differ materially.

We have a “book and ship” business model whereby we ship most orders to our customers within 48 hours of our receipt of those orders, and we thus cannot rely on the level of backlog to provide visibility into potential future revenues. Our business is inherently difficult to forecast, and there can be no assurance that the incoming orders we expect to receive over the balance of the quarter will materialize.

We are currently expecting revenues for ACG and AEG to increase sequentially in the third quarter and for the non-GAAP AEG operating loss to be lower than the second quarter. The consumer related portions of our business are expected to grow strongly in the third quarter and it is thus likely that gross margin will be lower in Q3 than it was in Q2 due to product and segment mix. We are also planning a number of sales and marketing programs in the third quarter, some of which were deferred from the second quarter, and are thus expecting to increase our operating expenses sequentially and in comparison to the year ago quarter. Subject to the foregoing, we are currently expecting the following financial results for the third quarter of fiscal 2008:

·	Net revenues for the third quarter of fiscal 2008 to be in the range of $230 - $235 million;

·	Non-GAAP consolidated tax rate to be approximately 24%;

·	The EPS cost of equity compensation pursuant to FAS 123(R) to be approximately $0.05 - $0.06;

·	Non-GAAP earnings per share for the third quarter of fiscal 2008 to be in the range of $0.37 - $0.42; and

·	GAAP earnings per share of approximately $0.32 to $0.37.

Plantronics does not intend to update these targets during the quarter or to report on its progress toward these targets. Plantronics will not comment on these targets to analysts or investors except by its next press release announcing its third quarter fiscal year 2008 results or by other public disclosure. Any statements by persons outside Plantronics speculating on the progress of the third quarter fiscal year 2008 will not be based on internal Company information and should be assessed accordingly by investors.

Conference Call Scheduled to Discuss Financial Results

Plantronics has scheduled a conference call to discuss the contents of this release. The conference call will take place today, Tuesday, October 23 at 2:00 PM (PDT). 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 #2596307 will be available for 72 hours at (800) 642-1687 for callers from North America and at (706) 645-9291 for all other callers. The conference call will also be simultaneously web cast at www.plantronics.com under Investor Relations.

Use of Non-GAAP Financial Information

Plantronics excludes non-recurring transactions and non-cash expenses such as stock-based compensation related to stock options, awards and employee stock purchases from: non-GAAP net income, non-GAAP earnings per diluted share, non-GAAP operating income, non-GAAP operating margin and non-GAAP effective tax rate. Plantronics excludes these expenses from its non-GAAP measures primarily because Plantronics does not believe they are reflective of ongoing operating results and are not part of its target operating model. Plantronics believes that the use of non-GAAP financial measures provides meaningful supplemental information regarding its performance and liquidity, and help investors compare actual results to its long-term target operating model goals. Plantronics believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods.

PLANTRONICS, INC. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95061-1802

831-426-6060 / Fax 831-426-6098

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SAFE HARBOR

This release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Specific forward-looking statements include our profitability target of December 2008 for our AEG business, and that this can be achieved primarily via a refreshed product offering, and meeting our estimates of net revenues, margins, operating expenses, tax rate and earnings for the third quarter of fiscal 2008. These forward-looking statements involve a number of risks and uncertainties, and are based on current information and management judgment.

Among the factors that could cause actual results to differ materially from those projected are:

·	Our operating results are difficult to predict;

·	The ability to achieve the turnaround of AEG is uncertain because:

·	it is dependent upon our ability to more effectively research and implement features in our AEG products that consumers want and are willing to purchase;

·	we must be able to meet the market windows for these products;

·	we must be able to retain or obtain the shelf space for these products in our sales channel;

·	we must retain or improve the brand recognition associated with the Altec Lansing brand during the turnaround;

·	Failure to achieve any of these objectives may adversely affect our financial results;

·	We have significant intangible assets and goodwill recorded on our balance sheet. If the carrying value of our intangible assets and goodwill is not recoverable, an impairment loss must be recognized which would adversely affect our financial results;

·	The market for our products is characterized by rapidly changing technology, short product life cycles, and frequent new product introductions, and we may not be able to develop, manufacture or market new products in response to changing customer requirements and new technologies;

·	The actions of existing and/or new competitors, especially with regard to pricing and promotional programs;

·	Product mix is difficult to estimate and standard margin varies considerably by product;

·	Failure to match production to demand given long lead times and the difficulty of forecasting unit volumes and acquiring the component parts to meet demand without having excess inventory or incurring cancellation charges;

·	The inability to successfully develop, manufacture and market new products and achieve volume shipment schedules to meet demand;

·	A softening of the level of market demand for our products;

·	Variations in sales and profits in higher tax, as compared to lower tax, jurisdictions;

·	Fluctuations in foreign exchange rates;

·	Class action lawsuits are being brought against us and other Bluetooth headset manufacturers claiming “noise induced hearing loss”. While we believe these suits are without merit, the costs to defend against them could be high and the results of litigation are not predictable in any event;

·	Changes in the regulatory environment either as to headsets directly or as to the products, such as mobile phones, with which our products are used; and

Additional risk factors include: changes in the timing and size of orders from our customers, price erosion, increased requirements from retail customers for marketing and advertising funding, interruption in the supply of sole-sourced critical components, continuity of component supply at costs consistent with our plans, failure of our distribution channels to operate as we expect, failure to develop products that keep pace with technological changes, the inherent risks of our substantial foreign operations, problems which might affect our manufacturing facilities in Mexico or in China, and the loss of the services of key executives and employees.

For more information concerning these and other possible risks, please refer to the Company's Annual Report on Form 10-K filed May 29, 2007, 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

PLANTRONICS, INC. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95061-1802

831-426-6060 / Fax 831-426-6098

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Financial Summaries

The following related charts are provided:

·	Summary Unaudited Condensed Consolidated Financial Statements

·	Summary Unaudited Condensed Statements of Operations by Segment

·	Unaudited GAAP to Non-GAAP Statements of Operations Reconciliations for the Three and Six Months Ended September 30, 2007

·	Unaudited GAAP to Non-GAAP Statements of Operations Reconciliations for the Three and Six Months Ended September 30, 2006

·	Summary Unaudited Statements of Operations and Related Data

About Plantronics

In 1969, a Plantronics headset carried the historic first words from the moon: “That’s one small step for man, one giant leap for mankind.” Since then, Plantronics has become the headset of choice for mission-critical applications such as air traffic control, 911 dispatch, and the New York Stock Exchange. Today, this history of Sound Innovation^® is the basis for every product we build for the office, contact center, personal mobile, entertainment and residential markets. The Plantronics family of brands includes Plantronics, Altec Lansing, Clarity, and Volume Logic. For more information, go to www.plantronics.com or call (800) 544-4660.

Altec Lansing, Clarity, Plantronics, Sound Innovation, Volume Logic and AudioIQ are trademarks or registered trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.

###

PLANTRONICS, INC. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95061-1802

831-426-6060 / Fax 831-426-6098

- 7 -


PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except per share data)

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2006			2007			2006			2007

Net revenues	$	194,934		$	208,224		$	390,003		$	414,719
Cost of revenues		118,039			123,768			237,509			246,717
Gross profit		76,895			84,456			152,494			168,002
Gross profit %		39.4	%		40.6	%		39.1	%		40.5	%

Research, development and engineering		16,938			19,208			35,597			38,696
Selling, general and administrative		43,934			45,941			88,387			92,052
Gain on sale of land		-			-			(2,637	)		-
Total operating expenses		60,872			65,149			121,347			130,748
Operating income		16,023			19,307			31,147			37,254
Operating income %		8.2	%		9.3	%		8.0	%		9.0	%

Interest and other income (expense), net		267			1,793			1,252			3,127
Income before income taxes		16,290			21,100			32,399			40,381
Income tax expense		3,765			4,578			7,583			8,884
Net income	$	12,525		$	16,522		$	24,816		$	31,497

% of net revenues		6.4	%		7.9	%		6.4	%		7.6	%

Diluted earnings per common share	$	0.26		$	0.34		$	0.52		$	0.64
Shares used in diluted per share calculations		47,626			49,310			47,934			48,963

Tax rate		23.1	%		21.7	%		23.4	%		22.0	%

UNAUDITED CONSOLIDATED BALANCE SHEETS
	March 31,			September 30,
	2007			2007
ASSETS
Cash and cash equivalents	$	94,131		$	86,379
Short-term investments		9,234			53,515
Total cash, cash equivalents, and
short-term investments		103,365			139,894
Accounts receivable, net		113,758			128,705
Inventory		126,605			133,516
Deferred income taxes		12,659			12,987
Other current assets		18,474			14,025
Total current assets		374,861			429,127
Property, plant and equipment, net		97,259			99,524
Intangibles, net		100,120			95,524
Goodwill		72,825			72,825
Other assets		6,239			6,055
	$	651,304		$	703,055
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	49,956		$	51,471
Accrued liabilities		54,025			63,491
Income taxes payable		12,476			-
Total current liabilities		116,457			114,962
Deferred tax liability		37,344			33,660
Long-term income taxes payable		-			15,299
Other long-term liabilities		696			685
Total liabilities		154,497			164,606
Stockholders' equity		496,807			538,449
	$	651,304		$	703,055

- 8 -


AUDIO COMMUNICATIONS GROUP
SUMMARY CONDENSED FINANCIAL STATEMENTS
(in thousands)

UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2006			2007			2006			2007

Net revenues	$	163,034		$	181,047		$	326,770		$	366,619
Cost of revenues		91,528			96,163			185,191			195,959
Gross profit		71,506			84,884			141,579			170,660
Gross profit %		43.9	%		46.9	%		43.3	%		46.5	%

Research, development and engineering		14,543			16,194			30,560			32,978
Selling, general and administrative		36,199			39,020			72,076			79,026
Gain on sale of land		-			-			(2,637	)		-
Total operating expenses		50,742			55,214			99,999			112,004
Operating income	$	20,764		$	29,670		$	41,580		$	58,656
Operating income %		12.7	%		16.4	%		12.7	%		16.0	%


AUDIO ENTERTAINMENT GROUP
SUMMARY CONDENSED FINANCIAL STATEMENTS
(in thousands)

UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2006			2007			2006			2007

Net revenues	$	31,900		$	27,177		$	63,233		$	48,100
Cost of revenues		26,511			27,605			52,318			50,758
Gross profit (loss)		5,389			(428	)		10,915			(2,658	)
Gross profit (loss) %		16.9	%		(1.6	)%		17.3	%		(5.5	)%

Research, development and engineering		2,395			3,014			5,037			5,718
Selling, general and administrative		7,735			6,921			16,311			13,026
Total operating expenses		10,130			9,935			21,348			18,744
Operating loss	$	(4,741	)	$	(10,363	)	$	(10,433	)	$	(21,402	)
Operating loss %		(14.9	)%		(38.1	)%		(16.5	)%		(44.5	)%

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PLANTRONICS, INC.
UNAUDITED GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended										Six Months Ended
	September 30, 2007										September 30, 2007
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP

Net revenues	$	208,224		$	-			$	208,224		$	414,719		$	-			$	414,719
Cost of revenues		123,768			(1,129	)	⁽²⁾		122,639			246,717			(1,770	)	⁽²⁾		244,947
Gross profit		84,456			1,129				85,585			168,002			1,770				169,772
Gross profit %		40.6	%						41.1	%		40.5	%						40.9	%

Research, development and engineering		19,208			(855	)	⁽¹⁾		18,353			38,696			(1,783	)	⁽¹⁾		36,913
Selling, general and administrative		45,941			(2,282	)	⁽¹⁾		43,659			92,052			(4,826	)	⁽¹⁾		87,226
Total operating expenses		65,149			(3,137	)			62,012			130,748			(6,609	)			124,139
Operating income		19,307			4,266				23,573			37,254			8,379				45,633
Operating income %		9.3	%						11.3	%		9.0	%						11.0	%

Interest and other income (expense), net		1,793			-				1,793			3,127			-				3,127
Income before income taxes		21,100			4,266				25,366			40,381			8,379				48,760
Income tax expense		4,578			1,509				6,087			8,884			2,818				11,702
Net income	$	16,522		$	2,757			$	19,279		$	31,497		$	5,561			$	37,058

% of net revenues		7.9	%						9.3	%		7.6	%						8.9	%

Diluted earnings per common share	$	0.34		$	0.06			$	0.39		$	0.64		$	0.11			$	0.76
Shares used in diluted per share calculations		49,310			49,310				49,310			48,963			48,963				48,963


AUDIO COMMUNICATIONS GROUP
UNAUDITED GAAP TO NON-GAAP RECONCILIATION
(in thousands)

UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended										Six Months Ended
	September 30, 2007										September 30, 2007
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP

Net revenues	$	181,047		$	-			$	181,047		$	366,619		$	-			$	366,619
Cost of revenues		96,163			(590	)	⁽¹⁾		95,573			195,959			(1,213	)	⁽¹⁾		194,746
Gross profit		84,884			590				85,474			170,660			1,213				171,873
Gross profit %		46.9	%						47.2	%		46.5	%						46.9	%

Research, development and engineering		16,194			(824	)	⁽¹⁾		15,370			32,978			(1,717	)	⁽¹⁾		31,261
Selling, general and administrative		39,020			(2,097	)	⁽¹⁾		36,923			79,026			(4,445	)	⁽¹⁾		74,581
Total operating expenses		55,214			(2,921	)			52,293			112,004			(6,162	)			105,842
Operating income	$	29,670		$	3,511			$	33,181		$	58,656		$	7,375			$	66,031
Operating income %		16.4	%						18.3	%		16.0	%						18.0	%


AUDIO ENTERTAINMENT GROUP
UNAUDITED GAAP TO NON-GAAP RECONCILIATION
(in thousands)

UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended										Six Months Ended
	September 30, 2007										September 30, 2007
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP

Net revenues	$	27,177		$	-			$	27,177		$	48,100		$	-			$	48,100
Cost of revenues		27,605			(539	)	⁽²⁾		27,066			50,758			(557	)	⁽²⁾		50,201
Gross profit (loss)		(428	)		539				111			(2,658	)		557				(2,101	)
Gross profit (loss) %		(1.6	)%						0.4	%		(5.5	)%						(4.4	)%

Research, development and engineering		3,014			(31	)	⁽¹⁾		2,983			5,718			(66	)	⁽¹⁾		5,652
Selling, general and administrative		6,921			(185	)	⁽¹⁾		6,736			13,026			(381	)	⁽¹⁾		12,645
Total operating expenses		9,935			(216	)			9,719			18,744			(447	)			18,297
Operating loss	$	(10,363	)	$	755			$	(9,608	)	$	(21,402	)	$	1,004			$	(20,398	)
Operating loss %		(38.1	)%						(35.4	)%		(44.5	)%						(42.4	)%

(1) Excluded amount represents stock-based compensation.

(2) Excluded amount represents stock-based compensation and $517 related to the impairment of an intangible asset.

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-cash expenses, such as the impact of all stock-based compensation charges under FAS 123R, and non-recurring transactions that Plantronics does not believe are reflective of ongoing operating results and are not part of its target operating model. At the segment level, we have presented non-GAAP statements that only show our results to the operating income line. On a consolidated basis, we have presented full non-GAAP statement of operations. 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 the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

- 10 -


PLANTRONICS, INC.
UNAUDITED GAAP TO NON-GAAP RECONCILIATION
(in thousands, except per share data)

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended										Six Months Ended
	September 30, 2006										September 30, 2006
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP

Net revenues	$	194,934		$	-			$	194,934		$	390,003		$	-			$	390,003
Cost of revenues		118,039			(682	)	⁽¹⁾		117,357			237,509			(1,471	)	⁽¹⁾		236,038
Gross profit		76,895			682				77,577			152,494			1,471				153,965
Gross profit %		39.4	%						39.8	%		39.1	%						39.5	%

Research, development and engineering		16,938			(883	)	⁽¹⁾		16,055			35,597			(1,909	)	⁽¹⁾		33,688
Selling, general and administrative		43,934			(2,364	)	⁽¹⁾		41,570			88,387			(4,985	)	⁽¹⁾		83,402
Gain on sale of land		-			-				-			(2,637	)		2,637		⁽²⁾		-
Total operating expenses		60,872			(3,247	)			57,625			121,347			(4,257	)			117,090
Operating income		16,023			3,929				19,952			31,147			5,728				36,875
Operating income %		8.2	%						10.2	%		8.0	%						9.5	%

Interest and other income (expense), net		267			-				267			1,252			-				1,252
Income before income taxes		16,290			3,929				20,219			32,399			5,728				38,127
Income tax expense		3,765			1,284				5,049			7,583			1,727				9,310
Net income	$	12,525		$	2,645			$	15,170		$	24,816		$	4,001			$	28,817

% of net revenues		6.4	%						7.8	%		6.4	%						7.4	%

Diluted earnings per common share	$	0.26		$	0.06			$	0.32		$	0.52		$	0.08			$	0.60
Shares used in diluted per share calculations		47,626			47,626				47,626			47,934			47,934				47,934


AUDIO COMMUNICATIONS GROUP
UNAUDITED GAAP TO NON-GAAP RECONCILIATION
(in thousands)

UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended										Six Months Ended
	September 30, 2006										September 30, 2006
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP

Net revenues	$	163,034		$	-			$	163,034		$	326,770		$	-			$	326,770
Cost of revenues		91,528			(674	)	⁽¹⁾		90,854			185,191			(1,455	)	⁽¹⁾		183,736
Gross profit		71,506			674				72,180			141,579			1,455				143,034
Gross profit %		43.9	%						44.3	%		43.3	%						43.8	%

Research, development and engineering		14,543			(864	)	⁽¹⁾		13,679			30,560			(1,862	)	⁽¹⁾		28,698
Selling, general and administrative		36,199			(2,199	)	⁽¹⁾		34,000			72,076			(4,717	)	⁽¹⁾		67,359
Gain on sale of land		-			-				-			(2,637	)		2,637		⁽²⁾		-
Total operating expenses		50,742			(3,063	)			47,679			99,999			(3,942	)			96,057
Operating income	$	20,764		$	3,737			$	24,501		$	41,580		$	5,397			$	46,977
Operating income %		12.7	%						15.0	%		12.7	%						14.4	%


AUDIO ENTERTAINMENT GROUP
UNAUDITED GAAP TO NON-GAAP RECONCILIATION
(in thousands)

UNAUDITED STATEMENTS OF OPERATIONS
	Three Months Ended										Six Months Ended
	September 30, 2006										September 30, 2006
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP

Net revenues	$	31,900		$	-			$	31,900		$	63,233		$	-			$	63,233
Cost of revenues		26,511			(8	)	⁽¹⁾		26,503			52,318			(16	)	⁽¹⁾		52,302
Gross profit (loss)		5,389			8				5,397			10,915			16				10,931
Gross profit (loss) %		16.9	%						16.9	%		17.3	%						17.3	%

Research, development and engineering		2,395			(19	)	⁽¹⁾		2,376			5,037			(47	)	⁽¹⁾		4,990
Selling, general and administrative		7,735			(165	)	⁽¹⁾		7,570			16,311			(268	)	⁽¹⁾		16,043
Total operating expenses		10,130			(184	)			9,946			21,348			(315	)			21,033
Operating loss	$	(4,741	)	$	192			$	(4,549	)	$	(10,433	)	$	331			$	(10,102	)
Operating loss %		(14.9	)%						(14.3	)%		(16.5	)%						(16.0	)%

(1) Excluded amount represents stock-based compensation.

(2) Excluded amount represents gain on sale of land.

Use of Non-GAAP Financial Information

- 11 -

Summary of Unaudited Statements of Operations and Related Data ⁽¹⁾

	Q107			Q207			Q307			Q407			FY07			Q108			Q208
Net revenues	$	195,069		$	194,934		$	215,435		$	194,716		$	800,154		$	206,495		$	208,224
Cost of revenues		118,681			117,357			133,855			117,738			487,631			122,308			122,639
Gross profit		76,388			77,577			81,580			76,978			312,523			84,187			85,585
Gross profit %		39.2	%		39.8	%		37.9	%		39.5	%		39.1	%		40.8	%		41.1	%

Research, development and engineering		17,633			16,055			16,902			17,470			68,060			18,560			18,353
Selling, general and administrative		41,832			41,570			43,619			44,911			171,932			43,567			43,659
Operating expenses		59,465			57,625			60,521			62,381			239,992			62,127			62,012

Operating income		16,923			19,952			21,059			14,597			72,531			22,060			23,573
Operating income %		8.7	%		10.2	%		9.8	%		7.5	%		9.1	%		10.7	%		11.3	%

Income before income taxes		17,908			20,219			22,552			15,941			76,620			23,394			25,366
Income tax expense		4,261			5,049			4,479			2,507			16,296			5,615			6,087
Income tax expense as a percent
of income before taxes		23.8	%		25.0	%		19.9	%		15.7	%		21.3	%		24.0	%		24.0	%

Net income	$	13,647		$	15,170		$	18,073		$	13,434		$	60,324		$	17,779		$	19,279
Diluted shares outstanding		48,268			47,626			47,922			48,218			48,020			48,681			49,310
EPS	$	0.28		$	0.32		$	0.38		$	0.28		$	1.26		$	0.37		$	0.39

Net revenues from unaffiliated customers:
Audio Communication Group
Office and Contact center	$	114,267		$	115,813		$	118,280		$	126,964		$	475,324		$	132,205		$	131,357
Mobile		35,806			33,199			43,080			34,774			146,859			41,238			35,859
Gaming and Computer		7,289			7,727			8,364			6,782			30,162			6,485			8,277
Other specialty products		6,375			6,294			6,787			4,713			24,169			5,644			5,554
Audio Entertainment Group		31,332			31,900			38,924			21,483			123,640			20,923			27,177


Net revenues by geographic area
from unaffiliated customers:
Domestic	$	126,900		$	122,782		$	126,178		$	115,846		$	491,706		$	131,295		$	126,657
International		68,169			72,152			89,257			78,870			308,448			75,200			81,567

Balance Sheet accounts and metrics:
Accounts receivable, net	$	121,702		$	118,646		$	131,735		$	113,758		$	113,758		$	121,705		$	128,705
Days sales outstanding		56			55			55			53						53			56
Inventory, net	$	135,979		$	139,426		$	134,263		$	126,605		$	126,605		$	136,253		$	133,516
Inventory turns		3.5			3.4			4.0			3.8						3.6			3.7

(1) Non-GAAP.

- 12 -

EX-99.2 3 ex99-2.htm EXHIBIT 99-2 ex99-2.htm

PRESS RELEASE

Plantronics Declares Quarterly Dividend of $0.05 per Share

FOR INFORMATION, CONTACT:

Greg Klaben

Vice President of Investor Relations

(831) 458-7533

FOR IMMEDIATE RELEASE

October 23, 2007

Santa Cruz,CA–October 23, 2007 - Plantronics, Inc., (NYSE: PLT) today announced that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend is payable on December 10, 2007 to stockholders of record at the close of business on November 9, 2007.

“We generated approximately $29 million in cash flows from operations in the second quarter of fiscal 2008. Our Board of Directors is pleased to continue to return a portion of our cash flow to stockholders directly in the form of a dividend,” said Ken Kannappan, President and Chief Executive Officer.

About Plantronics

In 1969, a Plantronics headset carried the historic first words from the moon: “That’s one small step for man, one giant leap for mankind.” Since then, Plantronics has become the headset of choice for mission-critical applications such as air traffic control, 911 dispatch, and the New York Stock Exchange. Today, this history of Sound Innovation® is the basis for every product we build for the office, contact center, personal mobile, entertainment and residential markets. The Plantronics family of brands includes Plantronics, Altec Lansing, Clarity, and Volume Logic. For more information, go to www.plantronics.com or call (800) 544-4660.

Altec Lansing, Clarity, Plantronics, Sound Innovation, and Volume Logic are trademarks or registered trademarks of Plantronics, Inc. All other trademarks are the property of their respective owners.

###

PLANTRONICS, INC. / 345 Encinal Street / P.O. Box 1802 / Santa Cruz, California 95061-1802

831-426-6060 / Fax 831-426-6098

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