PRESS RELEASE

FOR INFORMATION, CONTACT: Greg Klaben Vice President of Investor Relations (831) 458-7533   FOR RELEASE at 1 P.M. PDT November 2, 2010

Plantronics Announces Second Quarter Fiscal 2011 Results

Revenue In-Line with Guidance, Operating Income and EPS Exceed Guidance

SANTA CRUZ, CA – November 2, 2010 - Plantronics, Inc. (NYSE: PLT) today announced second quarter fiscal 2011 net revenues of $158.3 million, a 10% increase compared with net revenues of $144.5 million in the second quarter of fiscal 2010.  Net revenues were within the guidance range of $158 - $163 million provided on July 26, 2010.  Plantronics' GAAP diluted earnings per share from continuing operations was $0.52 in the second quarter of fiscal 2011 compared to $0.32 in the same quarter of the prior year.  Non-GAAP diluted earnings per share from continuing operations for the second quarter of fiscal 2011 increased 38% to $0.58 from $0.42 in the same quarter of the prior year.  The difference between GAAP and non-GAAP earnings per share from continuing operations for the second quarter of fiscal 2011 includes stock-based compensation charges and purchase accounting amortization, both net of associated tax benefits.

“Revenues in our core Office & Contact Center (“OCC”) category grew in all major geographies compared with the same quarter in the prior year and were at the highest level in eight quarters, offsetting a decline in mobile headset revenue.  Unified Communications (“UC”) product sales continue to grow, and, at $13.3 million in revenue during our second quarter, are over 10% of OCC sales,” stated Ken Kannappan, President & CEO.  

“We generated approximately $25 million in cash flow from operations in the current quarter and repurchased over 500,000 shares of our common stock while maintaining a strong cash position with over $359 million in cash, cash equivalents and short-term investments.  We also have $14.8 million in long-term investments at the end of the quarter,” stated Barbara Scherer, SVP Finance and Administration & CFO.

Improved economic conditions and the trend toward UC drove a 26% increase in net revenues from sales of our OCC products compared to the second quarter of fiscal 2010.  OCC net revenues were $118.0 million in the second quarter of fiscal 2011, compared to $93.5 million in the second quarter of fiscal 2010. UC related product net revenues were $13.3 million, growing 35% from the $9.8 million reported in the first quarter of fiscal 2011.

Mobile net revenues were $27.6 million in the second quarter of fiscal 2011, a decrease of 20% from $34.7 million in the second quarter of fiscal 2010.  Gaming and computer net revenues were $8.2 million in the second quarter of fiscal 2011, a decrease of 9% from $9.0 million in the second quarter of fiscal 2010.

GAAP operating income in the second quarter of fiscal 2011 was $34.0 million, resulting in an operating margin of 21.5%.  This compares to GAAP operating income of $20.6 million and an operating margin of 14.3% in the prior year quarter.  Non-GAAP operating income in the second quarter of fiscal 2011 was $38.3 million exceeding previously provided guidance of $32.5 million to $35.0 million, resulting in a non-GAAP operating margin of 24.2%.  In the prior year quarter, non-GAAP operating income was $26.8 million with a non-GAAP operating margin of 18.5%.

The Company completed the sale of Altec Lansing, its Audio Entertainment Group (“AEG”) segment, effective as of December 1, 2009.  All results of operations related to AEG (including the loss on the sale) are classified as discontinued operations for all periods presented. 

Business Outlook

The following statements are based on our current expectations and many of these statements are forward-looking.  Actual results are subject to a variety of risks and uncertainties and may differ materially from our expectations.

The Company’s business is inherently difficult to forecast, particularly with continuing uncertainty in global economic conditions, and there can be no assurance that the incoming orders it expects to receive over the balance of the current quarter will materialize.

Plantronics has a “book and ship” business model whereby it ships most orders to customers within 48 hours of its receipt of those orders and, therefore, the level of backlog does not provide reliable visibility into potential future revenues.  The December quarter tends to be characterized by an increase in incoming sales orders during October, which diminishes in December.

Net revenues in the third quarter of fiscal 2011 are expected to be higher than the second quarter of fiscal 2011, with the increase expected primarily in mobile Bluetooth headset revenues.  The December quarter has historically been a stronger quarter than the September quarter and the current bookings trend supports our belief that revenues will be in the ranges below.

Subject to the foregoing, we are currently expecting the following range of financial results for continuing operations for the third quarter of fiscal 2011:

·   Net revenues of $180 million - $185 million; 

·   Non-GAAP operating income of $37.5 million to $40.5 million;

·   Non-GAAP diluted earnings per share of $0.55 - $0.60;

·   EPS cost of stock-based compensation to be approximately $0.06; and

·   GAAP diluted earnings per share of $0.49 to $0.53. 

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 press release announcing its third quarter fiscal 2011 results or by other public disclosure.  Any other statements speculating on the progress of the third quarter fiscal 2011 will not be based on internal Company information and should be assessed accordingly by investors.

Dividend Announcement

Plantronics also announced that its Board of Directors declared a quarterly dividend of $0.05 per share.  The dividend will be payable on December 10, 2010 to stockholders of record at the close of business on November 19, 2010.

Conference Call Scheduled to Discuss Financial Results

Plantronics has scheduled a conference call to discuss second quarter fiscal 2011 results.  The conference call will take place on Tuesday, November 2, 2010 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 #13173009 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, and the web cast of the conference call will remain available at the Plantronics website for thirty days.

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Use of Non-GAAP Financial Information

Plantronics excludes non-recurring transactions and non-cash expenses and charges such as restructuring and other related charges, the release of certain tax reserves, stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization and impairment of goodwill and long-lived assets from non-GAAP income from continuing operations, non-GAAP earnings per diluted share from continuing operations, non-GAAP operating income, non-GAAP gross margin, non-GAAP operating margin and non-GAAP effective tax rate on continuing operations.  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 considered by management as part of Plantronics’ target operating model.  Plantronics believes that the use of non-GAAP financial measures provides meaningful supplemental information regarding its performance and liquidity, and helps 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, but non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to, income from operations, net income or earnings per share prepared in accordance with GAAP.

Safe Harbor

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to (i) our estimates of GAAP and non-GAAP financial results for the third quarter of fiscal 2011, including revenue, operating income and earnings per share; (ii) our estimated stock-based compensation expense for the third quarter of fiscal 2011; (iii) trends and our predictions regarding ordering patterns for the third quarter of fiscal 2011, including the prediction that the increase in revenues in the December quarter is expected to primarily be in mobile Bluetooth headset revenues, as well as other matters discussed in this press release that are not purely historical data.  Plantronics does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements.  Among the factors that could cause actual results to differ materially from those contemplated are:

·   economic conditions in both the domestic and international markets;

·   our ability to realize our UC plans and to achieve the financial results projected to arise from UC adoption could be adversely affected by the following factors: (i) as UC becomes more widely adopted, the risk that competitors will offer solutions that will effectively commoditize our headsets which, in turn, will reduce the sales prices for our headsets; (ii) UC solutions may not be adopted with the breadth and speed in the marketplace that we currently anticipate; (iii) the development of UC solutions is technically complex and this may delay or obstruct our ability to introduce solutions to the market on a timely basis and that are cost effective, feature rich, stable and attractive to our customers; (iv) UC solutions may not be adopted with the breadth and speed in the marketplace that we currently anticipate;  (v) as UC becomes more widely adopted we anticipate that competition for market share will increase, and some competitors may have superior technical and economic resources (vi)  our plans are dependent upon adoption of our UC solution by major platform providers such as Microsoft, Cisco, Avaya, Alcatel, and IBM, and we have a limited ability to influence such providers with respect to the functionality of their platforms, their rate of deployment, and their willingness to integrate their platforms with our solutions, and our support expenditures may substantially increase over time due to the complex nature of the platforms developed by the major UC providers as these platforms continue to evolve and become more commonly adopted;

·   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;

·   volatility in prices from our suppliers, including our manufacturers located in China, have and could negatively affect our profitability and/or market share;

·   fluctuations in foreign exchange rates;

·   the bankruptcy or financial weakness of distributors or key customers, or the bankruptcy of or reduction in capacity of our key suppliers;

·   additional risk factors including: interruption in the supply of sole-sourced critical components, continuity of component supply at costs consistent with our plans, the inherent risks of our substantial foreign operations, and problems which might affect our manufacturing facilities in Mexico, and unexpected delays and uncertainties affecting our ability to realize targeted expense reductions and annualized savings by outsourcing the manufacturing of our Bluetooth products in China to GoerTek, Inc.; and

·   further impairment losses on the carrying value of our intangible assets and goodwill could be recognized if it is determined the value is not recoverable which would adversely affect our financial results.

For more information concerning these and other possible risks, please refer to the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 1, 2010, 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.

Financial Summaries

The following related charts are provided:

·   Summary Unaudited Condensed Consolidated Financial Statements

·   Unaudited GAAP to Non-GAAP Statements of Operations Reconciliations for the Three and Six Months ended September 30, 2010 and September 30, 2009

·   Summary Unaudited Statements of Operations and Related Data on a Non-GAAP Basis for Continuing Operations

About Plantronics

Plantronics is a world leader in personal audio communications for professionals and consumers. From unified communication solutions to Bluetooth headsets, Plantronics delivers unparalleled audio experiences and quality that reflect our nearly 50 years of innovation and customer commitment.  Plantronics is used by every company in the Fortune 100 and is the headset of choice for air traffic control, 911 dispatch and the New York Stock Exchange.  For more information, please visit www.plantronics.com or call (800) 544-4660.

Plantronics, the logo design, and Clarity are trademarks or registered trademarks of Plantronics, Inc.  The Bluetooth name and the Bluetooth trademarks are owned by Bluetooth SIG, Inc. and are used by Plantronics, Inc. under license.  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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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,
	2010			2009			2010			2009
Net revenues	$	158,255		$	144,458		$	328,940		$	285,620
Cost of revenues		72,296			76,527			153,533			152,685
Gross profit		85,959			67,931			175,407			132,935
Gross profit %		54.3	%		47.0	%		53.3	%		46.5	%
Research, development and engineering		15,206			13,542			30,107			27,211
Selling, general and administrative		36,742			32,913			75,428			66,097
Restructuring and other related charges		-			857			-			1,435
Total operating expenses		51,948			47,312			105,535			94,743
Operating income		34,011			20,619			69,872			38,192
Operating income %		21.5	%		14.3	%		21.2	%		13.4	%
Interest and other income, net		1,017			884			635			2,231
Income from continuing operations before income taxes		35,028			21,503			70,507			40,423
Income tax expense from continuing operations		9,599			5,606			19,132			11,588
Income from continuing operations, net of tax		25,429			15,897			51,375			28,835
Discontinued operations:
Loss from operations of discontinued AEG segment		-			(26,602	)		-			(29,777	)
Income tax benefit on discontinued operations		-			(9,959	)		-			(10,846	)
Loss on discontinued operations		-			(16,643	)		-			(18,931	)
Net income (loss)	$	25,429		$	(746	)	$	51,375		$	9,904
% of net revenues		16.1	%		(0.5	%)		15.6	%		3.5	%
Earnings (loss) per common share:
Basic
Continuing operations	$	0.54		$	0.33		$	1.08		$	0.59
Discontinued operations	$	-		$	(0.34	)	$	-		$	(0.39	)
Net income (loss)	$	0.54		$	(0.02	)	$	1.08		$	0.20
Diluted
Continuing operations	$	0.52		$	0.32		$	1.05		$	0.59
Discontinued operations	$	-		$	(0.34	)	$	-		$	(0.39	)
Net income (loss)	$	0.52		$	(0.02	)	$	1.05		$	0.20
Shares used in computing earnings (loss) per share:
Basic		47,087			48,737			47,607			48,632
Diluted		48,524			49,567			49,148			49,118
Tax rate from continuing operations		27.4	%		26.1	%		27.1	%		28.7	%

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PLANTRONICS, INC.
SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in thousands, except per share data)
UNAUDITED CONSOLIDATED BALANCE SHEETS
	September 30,		March 31,
	2010		2010
ASSETS
Cash and cash equivalents	$	294,429	$	349,961
Short-term investments		64,966		19,231
Total cash, cash equivalents, and short-term investments		359,395		369,192
Accounts receivable, net		94,989		88,328
Inventory, net		69,845		70,518
Deferred income taxes		11,299		10,911
Other current assets		14,341		21,782
Assets held for sale		8,861		8,861
Total current assets		558,730		569,592
Long-term investments		14,782		-
Property, plant and equipment, net		64,859		65,700
Intangibles, net		2,831		3,449
Goodwill		14,005		14,005
Other assets		2,334		2,605
Total assets	$	657,441	$	655,351
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	19,715	$	23,779
Accrued liabilities		46,866		45,837
Total current liabilities		66,581		69,616
Deferred tax liability		150		551
Long-term income taxes payable		13,972		12,926
Other long-term liabilities		953		924
Total liabilities		81,656		84,017
Stockholders' equity		575,785		571,334
Total liabilities and stockholders' equity	$	657,441	$	655,351

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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, 2010										September 30, 2010
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP
Net revenues	$	158,255		$	-			$	158,255		$	328,940		$	-			$	328,940
Cost of revenues		72,296			(777	)	(1)		71,519			153,533			(1,530	)	(1)		152,003
Gross profit		85,959			777				86,736			175,407			1,530				176,937
Gross profit %		54.3	%						54.8	%		53.3	%						53.8	%
Research, development and engineering		15,206			(993	)	(1)		14,213			30,107			(1,971	)	(1)		28,136
Selling, general and administrative		36,742			(2,551	)	(1)		34,191			75,428			(4,964	)	(1)		70,464
Total operating expenses		51,948			(3,544	)			48,404			105,535			(6,935	)			98,600
Operating income		34,011			4,321				38,332			69,872			8,465				78,337
Operating income %		21.5	%						24.2	%		21.2	%						23.8	%
Interest and other income, net		1,017			-				1,017			635			-				635
Income from continuing operations before income taxes		35,028			4,321				39,349			70,507			8,465				78,972
Income tax expense from continuing operations		9,599			1,421		(2)		11,020			19,132			2,599		(2)		21,731
Income from continuing operations, net of tax	$	25,429		$	2,900			$	28,329		$	51,375		$	5,866			$	57,241
% of net revenues		16.1	%						17.9	%		15.6	%						17.4	%
Diluted earnings per common share from continuing operations	$	0.52						$	0.58		$	1.05						$	1.16
Shares used in diluted per share calculations		48,524							48,524			49,148							49,148

(1) Excluded amount represents stock-based compensation and purchase accounting amortization.

(2) Excluded amount represents tax benefit from stock-based compensation and purchase accounting amortization.

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 from continuing operations, which are adjusted to exclude non-recurring and non-cash expenses and charges, such as restructuring and other related charges, certain tax credits and the release of certain tax reserves, stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization and impairment of goodwill and long-lived assets. Plantronics does not believe these expenses and charges are reflective of ongoing operating results and are not part of our target operating model. We have presented non-GAAP statements that only show our results to the income from continuing operations after tax line. 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 Plantronics may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

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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, 2009										September 30, 2009
	GAAP			Excluded				Non-GAAP			GAAP			Excluded				Non-GAAP
Net revenues	$	144,458		$	-			$	144,458		$	285,620		$	-			$	285,620
Cost of revenues		76,527			(2,382	)	(1)		74,145			152,685			(6,504	)	(2)		146,181
Gross profit		67,931			2,382				70,313			132,935			6,504				139,439
Gross profit %		47.0	%						48.7	%		46.5	%						48.8	%
Research, development and engineering		13,542			(809	)	(3)		12,733			27,211			(1,628	)	(3)		25,583
Selling, general and administrative		32,913			(2,090	)	(3)		30,823			66,097			(4,216	)	(3)		61,881
Restructuring and other related charges		857			(857	)	(4)		-			1,435			(1,435	)	(4)		-
Total operating expenses		47,312			(3,756	)			43,556			94,743			(7,279	)			87,464
Operating income		20,619			6,138				26,757			38,192			13,783				51,975
Operating income %		14.3	%						18.5	%		13.4	%						18.2	%
Interest and other income, net		884			-				884			2,231			-				2,231
Income from continuing operations before income taxes		21,503			6,138				27,641			40,423			13,783				54,206
Income tax expense from continuing operations		5,606			1,333		(5)		6,939			11,588			2,523		(5)		14,111
Income from continuing operations, net of tax	$	15,897		$	4,805			$	20,702		$	28,835		$	11,260			$	40,095
% of net revenues		11.0	%						14.3	%		10.1	%						14.0	%
Diluted earnings per common share from continuing operations	$	0.32						$	0.42		$	0.59						$	0.82
Shares used in diluted per share calculations		49,567							49,567			49,118							49,118

(1) Excluded amount represents stock-based compensation, purchase accounting amortization and $1,707 of accelerated depreciation on assets related to restructuring activity.

(2) Excluded amount represents stock-based compensation, purchase accounting amortization and $5,205 of accelerated depreciation on assets related to restructuring activity.

(3) Excluded amount represents stock-based compensation and purchase accounting amortization.

(4) Excluded amount represents restructuring and other related charges.

(5) Excluded amount represents tax benefit from stock-based compensation, purchase accounting amortization and restructuring and other related charges.

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 from continuing operations, which are adjusted to exclude non-recurring and non-cash expenses and charges, such as restructuring and other related charges, certain tax credits and the release of certain tax reserves, stock-based compensation expenses related to stock options, restricted stock and employee stock purchases, purchase accounting amortization and impairment of goodwill and long-lived assets. Plantronics does not believe these expenses and charges are reflective of ongoing operating results and are not part of our target operating model. We have presented non-GAAP statements that only show our results to the income from continuing operations after tax line. 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 Plantronics may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

  - 9 -

Summary of Unaudited Statements of Operations and Related Data - Non-GAAP on Income From Continuing Operations
($ in thousands, except per share data)
		Q110			Q210			Q310			Q410			Q111			Q211
Net revenues	$	141,162		$	144,458		$	165,935		$	162,282		$	170,685		$	158,255
Cost of revenues		72,036			74,145			84,868			73,771			80,484			71,519
Gross profit		69,126			70,313			81,067			88,511			90,201			86,736
Gross profit %		49.0	%		48.7	%		48.9	%		54.5	%		52.8	%		54.8	%
Research, development and engineering		12,850			12,733			13,955			14,842			13,923			14,213
Selling, general and administrative		31,058			30,823			35,283			37,821			36,273			34,191
Operating expenses		43,908			43,556			49,238			52,663			50,196			48,404
Operating income		25,218			26,757			31,829			35,848			40,005			38,332
Operating income %		17.9	%		18.5	%		19.2	%		22.1	%		23.4	%		24.2	%
Income from continuing operations before income taxes		26,565			27,641			33,251			35,300			39,623			39,349
Income tax expense from continuing operations		7,172			6,939			8,277			9,129			10,711			11,020
Income tax expense as a percent
of income from continuing operations before taxes		27.0	%		25.1	%		24.9	%		25.9	%		27.0	%		28.0	%
Income from continuing operations, net of tax	$	19,393		$	20,702		$	24,974		$	26,171		$	28,912		$	28,329
Diluted EPS - continuing operations	$	0.40		$	0.42		$	0.50		$	0.53		$	0.58		$	0.58
Diluted shares outstanding		48,665			49,567			49,625			49,562			49,714			48,524
Net revenues from unaffiliated customers:
Office and Contact Center	$	95,923		$	93,503		$	103,096		$	111,875		$	117,580		$	117,951
Mobile		32,310			34,665			46,951			35,830			38,657			27,581
Gaming and Computer Audio		8,810			9,015			11,072			10,363			9,325			8,179
Clarity		4,119			7,275			4,816			4,214			5,123			4,544
Net revenues by geographic area
from unaffiliated customers:
Domestic	$	88,789		$	93,370		$	99,157		$	96,803		$	103,992		$	96,100
International		52,373			51,088			66,778			65,479			66,693			62,155
Balance Sheet accounts and metrics:
Accounts receivable, net 1	$	88,350		$	103,003		$	113,291		$	88,328		$	96,850		$	94,989
Days sales outstanding (DSO) 1		56			64			61			49			51			54
Inventory, net 2	$	90,258		$	78,026		$	70,914		$	70,518		$	78,224		$	69,845
Inventory turns 2		3.2			3.8			4.8			4.2			4.1			4.1
1  Accounts receivable, net is presented on a consolidated basis including discontinued operations as Plantronics does not maintain balance by segment; DSO is calculated on revenues from continuing operations and consolidated Accounts receivable.
2 Inventory, net and inventory turns reflect amounts in continuing operations only.

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