Plantronics, Inc. News
Plantronics Reports Fourth Quarter and Fiscal Year 2008 Results
Net revenues for fiscal year 2008 were
"Our revenue, profitability and competitive position improved in fiscal 2008 as the result of a strong product portfolio and our focus on corporate efficiency," stated
Audio Communications Group (ACG) Non-GAAP Results
(Office & Contact Center, Mobile, Computer, Clarity)
Net revenues for our ACG segment of
Revenue from office wireless products was up 3% compared to the fourth quarter of 2007 and down slightly sequentially, while revenue from professional grade corded headset revenues was down 5% compared with the fourth quarter of 2007 and down 8% sequentially. Bluetooth headset sales for the fourth quarter were up by 40% from a year ago.
Gross margin in the fourth quarter was 45.5% compared with 45.1% in the fourth quarter of 2007. Among the factors driving gross margin higher from the fourth quarter of 2007 was the positive impact of reducing costs on our Bluetooth mobile and office wireless products. Fourth quarter operating margin was 15.8% compared with 14.5% in the fourth quarter of 2007 due to the higher gross margin and slower growth rate of expenses.
Audio Entertainment Group (AEG) Non-GAAP Results
(Altec Lansing)
Fourth quarter net revenues of
Gross margin was 15.6% compared with -5.4% in the year-ago quarter and the segment's operating loss for the fourth quarter of 2008 was
We believe we are on track to meet the milestones for the launch of new products in the third quarter of fiscal year 2009. The introduction of new products is a key component for AEG to at least reach break-even in the third quarter and for AEG to be on the path to return to profitability and ultimately achieve its target business model.
Balance Sheet and Cash Flow
Our balance sheet is strong with
Fourth quarter cash flow from operations was over
Business Outlook
The following statements are based on current expectations. As described in "Safe Harbor" below, many of these statements are forward-looking. Actual results are subject to a variety of risks and uncertainties and may differ materially from the forward-looking statements.
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. With increasing economic uncertainty, our business is even more difficult to forecast than usual. We are currently expecting revenues for ACG to be somewhat flat and AEG to decrease sequentially in the first quarter. Subject to the foregoing, we are currently expecting the following financial results for the first quarter of fiscal 2009:
* Net revenues for the first quarter of fiscal 2009 to be in the range of $205 - $210 million; * Non-GAAP consolidated tax rate to be approximately 23%; * Non-GAAP earnings per share for the first quarter of fiscal 2009 to be in the range of $0.33 - $0.36; and * The EPS cost of equity compensation pursuant to FAS 123(R) to be approximately $0.06, resulting in * GAAP earnings per share of $0.26 to $0.30.
Longer-term Business Model
During fiscal 2008, Plantronics achieved a non-GAAP operating margin of 11.6%, compared with an operating margin target range of 15 to 18%. The target non-GAAP operating margin range for ACG is 18 to 20% and for AEG is 5 to 10%. By reducing the losses in AEG, we expect to increase our overall operating margin in fiscal 2009 compared to fiscal 2008, but we do not expect to reach the target range. We do believe the business model remains intact and is achievable and that we can reach this range by fiscal 2011.
In fiscal 2009, we expect the economic environment in
In AEG, we expect to reduce our losses in fiscal 2009 from fiscal 2008. While we continue to believe that the right long-term target model is 5 to 10% operating margin for consumer audio businesses such as AEG, we do not expect to be within that range for fiscal 2009 and we do not expect to be profitable for the entire year. We aim to achieve the target range for AEG in fiscal 2011.
We believe the key drivers to achieve the longer-term business model include volume growth particularly as it relates to AEG, lower transformation costs, effective supply chain re-engineering and the utilization of common product platforms.
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,
A replay of the call with the conference ID # 20285343 will be available for 72 hours at (800) 642-1687 for callers from
A new corporate presentation is available on the investor relations section of the corporate website http://www.plantronics.com.
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 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.
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
Among the factors that could cause actual results to differ materially from those projected are:
* Our operating results are difficult to predict, particularly in light of the current economic conditions in both the domestic and international markets; * We do not know how the market for office wireless headsets and products from our other product groups may be affected in the event of a recession in the United States or global economy; * 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; — our ability to successfully complete the restructuring and consolidation activities and the financial impact that such actions may have is difficult to predict; — there is a risk that the consolidation of the AEG Asian operations may cost more than we currently expect. There is also a risk that the savings that we currently predict may not materialize and that the timing of costs and benefits may be different than what we currently expect. If the cost of consolidation is more than we currently anticipate or the savings that we currently anticipate from these activities do not materialize, our future financial results may be adversely affected; — 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
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 twelve months ended March 29, 2008 * Unaudited GAAP to Non-GAAP Statements of Operations Reconciliations for the three and twelve months ended March 31, 2007 * 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(R) 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 http://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.
FOR INFORMATION, CONTACT: Greg Klaben Vice President, Investor Relations (831) 458-753 PLANTRONICS, INC. SUMMARY CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, 2007 2008 2007 2008 Net revenues $194,716 $208,743 $800,154 $856,286 Cost of revenues 119,246 121,397 491,339 507,181 Gross profit 75,470 87,346 308,815 349,105 Gross profit % 38.8% 41.8% 38.6% 40.8% Research, development and engineering 18,462 18,978 71,895 76,982 Selling, general and administrative 47,524 48,680 182,108 189,156 Restructuring and other related charges - 702 - 3,584 Gain on sale of land - - (2,637) - Total operating expenses 65,986 68,360 251,366 269,722 Operating income 9,484 18,986 57,449 79,383 Operating income % 4.9% 9.1% 7.2% 9.3% Interest and other income (expense), net 1,344 543 4,089 5,854 Income before income taxes 10,828 19,529 61,538 85,237 Income tax expense 691 1,739 11,395 16,842 Net income $10,137 $17,790 $50,143 $68,395 % of net revenues 5.2% 8.5% 6.3% 8.0% Diluted earnings per common share $0.21 $0.36 $1.04 $1.39 Shares used in diluted per share calculations 48,218 48,994 48,020 49,090 Tax rate 6.4% 8.9% 18.5% 19.8% UNAUDITED CONSOLIDATED BALANCE SHEETS March 31, March 31, 2007 2008 ASSETS Cash and cash equivalents $94,131 $163,091 Short-term investments 9,234 - Total cash, cash equivalents, and short-term investments 103,365 163,091 Accounts receivable, net 113,758 131,493 Inventory 126,605 127,088 Deferred income taxes 12,659 13,760 Other current assets 18,474 14,771 Total current assets 374,861 450,203 Long-term investments - 25,136 Property, plant and equipment, net 97,259 98,530 Intangibles, net 100,120 91,511 Goodwill 72,825 69,171 Other assets 6,239 6,842 $651,304 $741,393 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $49,956 $47,896 Accrued liabilities 54,025 67,318 Income taxes payable 12,476 - Total current liabilities 116,457 115,214 Deferred tax liability 37,344 32,570 Long-term income taxes payable - 14,137 Other long-term liabilities 696 852 Total liabilities 154,497 162,773 Stockholders' equity 496,807 578,620 $651,304 $741,393 AUDIO COMMUNICATIONS GROUP SUMMARY CONDENSED FINANCIAL STATEMENTS (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, 2007 2008 2007 2008 Net revenues $173,233 $185,361 $676,514 $747,935 Cost of revenues 96,589 101,647 381,034 403,863 Gross profit 76,644 83,714 295,480 344,072 Gross profit % 44.2% 45.2% 43.7% 46.0% Research, development and engineering 15,886 16,211 61,583 65,733 Selling, general and administrative 40,517 42,044 151,857 163,173 Gain on sale of land - - (2,637) - Total operating expenses 56,403 58,255 210,803 228,906 Operating income $20,241 $25,459 $84,677 $115,166 Operating income % 11.7% 13.7% 12.5% 15.4% AUDIO ENTERTAINMENT GROUP SUMMARY CONDENSED FINANCIAL STATEMENTS (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, 2007 2008 2007 2008 Net revenues $21,483 $23,382 $123,640 $108,351 Cost of revenues 22,657 19,750 110,305 103,318 Gross profit (loss) (1,174) 3,632 13,335 5,033 Gross profit (loss) % (5.5)% 15.5% 10.8% 4.6% Research, development and engineering 2,576 2,767 10,312 11,249 Selling, general and administrative 7,007 6,636 30,251 25,983 Restructuring and other related charges - 702 - 3,584 Total operating expenses 9,583 10,105 40,563 40,816 Operating loss $(10,757) $(6,473) $(27,228) $(35,783) Operating loss % (50.1)% (27.7)% (22.0)% (33.0)% PLANTRONICS, INC. UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2008 March 31, 2008 Non- Non- GAAP Excluded GAAP GAAP Excluded GAAP Net revenues $208,743 $- $208,743 $856,286 $- $856,286 Cost of revenues 121,397 (612)(1) 120,785 507,181 (2,991)(2) 504,190 Gross profit 87,346 612 87,958 349,105 2,991 352,096 Gross profit % 41.8% 42.1% 40.8% 41.1% Research, development and engineering 18,978 (911)(1) 18,067 76,982 (3,552)(1) 73,430 Selling, general and administ- rative 48,680 (2,523)(1) 46,157 189,156 (9,966)(1) 179,190 Restructuring and other related charges 702 (702)(3) - 3,584 (3,584)(3) - Total operating expenses 68,360 (4,136) 64,224 269,722 (17,102) 252,620 Operating income 18,986 4,748 23,734 79,383 20,093 99,476 Operating income % 9.1% 11.4% 9.3% 11.6% Interest and other income (expense), net 543 - 543 5,854 - 5,854 Income before income taxes 19,529 4,748 24,277 85,237 20,093 105,330 Income tax expense 1,739 1,360 3,099 16,842 5,369 22,211 Net income $17,790 $3,388 $21,178 $68,395 $14,724 $83,119 % of net revenues 8.5% 10.1% 8.0% 9.7% Diluted earnings per common share $0.36 $0.07 $0.43 $1.39 $0.30 $1.69 Shares used in diluted per share calculations 48,994 48,994 48,994 49,090 49,090 49,090 AUDIO COMMUNICATIONS GROUP UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2008 March 31, 2008 Non- Non- GAAP Excluded GAAP GAAP Excluded GAAP Net revenues $185,361 $- $185,361 $747,935 $- $747,935 Cost of revenues 101,647 (586)(1) 101,061 403,863 (2,386)(1) 401,477 Gross profit 83,714 586 84,300 344,072 2,386 346,458 Gross profit % 45.2% 45.5% 46.0% 46.3% Research, development and engineering 16,211 (880)(1) 15,331 65,733 (3,420)(1) 62,313 Selling, general and administ- rative 42,044 (2,315)(1) 39,729 163,173 (9,174)(1) 153,999 Total operating expenses 58,255 (3,195) 55,060 228,906 (12,594) 216,312 Operating income $25,459 $3,781 $29,240 $115,166 $14,980 $130,146 Operating income % 13.7% 15.8% 15.4% 17.4% AUDIO ENTERTAINMENT GROUP UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2008 March 31, 2008 Non- Non- GAAP Excluded GAAP GAAP Excluded GAAP Net revenues $23,382 $- $23,382 $108,351 $- $108,351 Cost of revenues 19,750 (26)(1) 19,724 103,318 (605)(2) 102,713 Gross profit 3,632 26 3,658 5,033 605 5,638 Gross profit % 15.5% 15.6% 4.6% 5.2% Research, development and engineering 2,767 (31)(1) 2,736 11,249 (132)(1) 11,117 Selling, general and administ- rative 6,636 (208)(1) 6,428 25,983 (792)(1) 25,191 Restructuring and other related charges 702 (702)(3) - 3,584 (3,584)(3) - Total operating expenses 10,105 (941) 9,164 40,816 (4,508) 36,308 Operating loss $(6,473) $967 $(5,506) $(35,783) $5,113 $(30,670) Operating loss % (27.7)% (23.5)% (33.0)% (28.3)% (1) Excluded amount represents stock-based compensation. (2) Excluded amount represents stock-based compensation and $517 related to the impairment of an intangible asset. (3) Excluded amount represents 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, 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."
PLANTRONICS, INC. UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands, except per share data) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2007 March 31, 2007 Non- Non- GAAP Excluded GAAP GAAP Excluded GAAP Net revenues $194,716 $- $194,716 $800,154 $- $800,154 Cost of revenues 119,246 (1,508)(1) 117,738 491,339 (3,708)(1) 487,631 Gross profit 75,470 1,508 76,978 308,815 3,708 312,523 Gross profit % 38.8% 39.5% 38.6% 39.1% Research, development and engineering 18,462 (992)(1) 17,470 71,895 (3,835)(1) 68,060 Selling, general and administ- rative 47,524 (2,613)(1) 44,911 182,108 (10,176)(1) 171,932 Gain on sale of land - - - (2,637) 2,637(2) - Total operating expenses 65,986 (3,605) 62,381 251,366 (11,374) 239,992 Operating income 9,484 5,113 14,597 57,449 15,082 72,531 Operating income % 4.9% 7.5% 7.2% 9.1% Interest and other income (expense), net 1,344 - 1,344 4,089 - 4,089 Income before income taxes 10,828 5,113 15,941 61,538 15,082 76,620 Income tax expense 691 1,816 2,507 11,395 4,901 16,296 Net income $10,137 $3,297 $13,434 $50,143 $10,181 $60,324 % of net revenues 5.2% 6.9% 6.3% 7.5% Diluted earnings per common share $0.21 $0.07 $0.28 $1.04 $0.21 $1.26 Shares used in diluted per share calculations 48,218 48,218 48,218 48,020 48,020 48,020 AUDIO COMMUNICATIONS GROUP UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2007 March 31, 2007 Non- Non- GAAP Excluded GAAP GAAP Excluded GAAP Net revenues $173,233 $- $173,233 $676,514 $- $676,514 Cost of revenues 96,589 (1,489)(1) 95,100 381,034 (3,656)(1) 377,378 Gross profit 76,644 1,489 78,133 295,480 3,656 299,136 Gross profit % 44.2% 45.1% 43.7% 44.2% Research, development and engineering 15,886 (959)(1) 14,927 61,583 (3,735)(1) 57,848 Selling, general and administ- rative 40,517 (2,398)(1) 38,119 151,857 (9,500)(1) 142,357 Gain on sale of land - - - (2,637) 2,637(2) - Total operating expenses 56,403 (3,357) 53,046 210,803 (10,598) 200,205 Operating income $20,241 $4,846 $25,087 $84,677 $14,254 $98,931 Operating income % 11.7% 14.5% 12.5% 14.6% AUDIO ENTERTAINMENT GROUP UNAUDITED GAAP TO NON-GAAP RECONCILIATION (in thousands) UNAUDITED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, 2007 March 31, 2007 Non- Non- GAAP Excluded GAAP GAAP Excluded GAAP Net revenues $21,483 $- $21,483 $123,640 $- $123,640 Cost of revenues 22,657 (19)(1) 22,638 110,305 (52)(1) 110,253 Gross profit (loss) (1,174) 19 (1,155) 13,335 52 13,387 Gross profit (loss) % (5.5)% (5.4)% 10.8% 10.8% Research, development and engineering 2,576 (33)(1) 2,543 10,312 (100)(1) 10,212 Selling, general and administ- rative 7,007 (215)(1) 6,792 30,251 (676)(1) 29,575 Total operating expenses 9,583 (248) 9,335 40,563 (776) 39,787 Operating loss $(10,757) $267 $(10,490) $(27,228) $828 $(26,400) Operating loss % (50.1)% (48.8)% (22.0)% (21.4)% (1) Excluded amount represents stock-based compensation. (2) Excluded amount represents gain on sale of land.
"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."
Summary of Unaudited Statements of Operations and Related Data (1) Q107 Q207 Q307 Q407 FY07 Net revenues $195,069 $194,934 $215,435 $194,716 $800,154 Cost of revenues 118,681 117,357 133,855 117,738 487,631 Gross profit 76,388 77,577 81,580 76,978 312,523 Gross profit % 39.2% 39.8% 37.9% 39.5% 39.1% Research, development and engineering 17,633 16,055 16,903 17,470 68,061 Selling, general and administrative 41,832 41,570 43,618 44,911 171,931 Operating expenses 59,465 57,625 60,521 62,381 239,992 Operating income 16,923 19,952 21,059 14,597 72,531 Operating income % 8.7% 10.2% 9.8% 7.5% 9.1% Income before income taxes 17,908 20,219 22,552 15,941 76,620 Income tax expense 4,261 5,049 4,479 2,507 16,296 Income tax expense as a percent of income before taxes 23.8% 25.0% 19.9% 15.7% 21.3% Net income $13,647 $15,170 $18,073 $13,434 $60,324 Diluted shares outstanding 48,268 47,626 47,922 48,218 48,020 EPS $0.28 $0.32 $0.38 $0.28 $1.26 Net revenues from unaffiliated customers: Audio Communication Group Office and Contact center $114,267 $115,813 $118,280 $126,964 $475,324 Mobile 35,806 33,199 43,080 34,774 146,859 Gaming and Computer 7,289 7,727 8,364 6,782 30,162 Other specialty products 6,375 6,294 6,787 4,713 24,169 Audio Entertainment Group 31,332 31,900 38,924 21,483 123,640 Net revenues by geographic area from unaffiliated customers: Domestic $126,728 $122,562 $125,824 $115,437 $490,551 International 68,341 72,372 89,611 79,279 309,603 Balance Sheet accounts and metrics: Accounts receivable, net $121,702 $118,646 $131,735 $113,758 $113,758 Days sales outstanding 56 55 55 53 Inventory, net $135,979 $139,426 $134,263 $126,605 $126,605 Inventory turns 3.5 3.4 4.0 3.8 Q108 Q208 Q308 Q408 FY08 Net revenues $206,495 $208,224 $232,824 $208,743 $856,286 Cost of revenues 122,308 122,639 138,458 120,785 504,190 Gross profit 84,187 85,585 94,366 87,958 352,096 Gross profit % 40.8% 41.1% 40.5% 42.1% 41.1% Research, development and engineering 18,560 18,353 18,450 18,067 73,430 Selling, general and administrative 43,567 43,659 45,807 46,157 179,190 Operating expenses 62,127 62,012 64,257 64,224 252,620 Operating income 22,060 23,573 30,109 23,734 99,476 Operating income % 10.7% 11.3% 12.9% 11.4% 11.6% Income before income taxes 23,394 25,366 32,293 24,277 105,330 Income tax expense 5,615 6,087 7,410 3,099 22,211 Income tax expense as a percent of income before taxes 24.0% 24.0% 22.9% 12.8% 21.1% Net income $17,779 $19,279 $24,883 21,178 83,119 Diluted shares outstanding 48,681 49,310 49,533 48,994 49,090 EPS $0.37 $0.39 $0.50 $0.43 $1.69 Net revenues from unaffiliated customers: Audio Communication Group Office and Contact center $132,205 $131,357 $131,017 $125,379 $519,958 Mobile 41,238 35,859 48,788 45,995 171,880 Gaming and Computer 6,485 8,277 10,449 8,401 33,612 Other specialty products 5,644 5,554 5,701 5,586 22,485 Audio Entertainment Group 20,923 27,177 36,869 $23,382 108,351 Net revenues by geographic area from unaffiliated customers: Domestic $131,108 $126,399 $139,106 $124,535 $521,148 International 75,387 81,825 93,718 84,208 335,138 Balance Sheet accounts and metrics: Accounts receivable, net $121,705 $128,705 $136,550 $131,493 $131,493 Days sales outstanding 53 56 53 57 Inventory, net $136,253 $133,516 $131,320 $127,088 $127,088 Inventory turns 3.6 3.7 4.2 3.8 (1) Non-GAAP.
SOURCE Plantronics, Inc.
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