Plantronics, Inc. (NYSE: PLT) today announced third quarter fiscal year
2013 results. Highlights of the quarter include the following
(comparisons are against the third quarter of fiscal year 2012):
A reconciliation between our GAAP and non-GAAP results is provided in
the tables at the end of this press release.
"We achieved robust growth in Unified Communications ("UC") net revenues
as global adoption of the technology continues," said Ken Kannappan,
President & CEO. "Solid revenue in Office and Contact Center ("OCC")
combined with market share gains in mono Bluetooth in the U.S.
furthered our revenue growth in the quarter."
"We continued to strategically invest in our UC product portfolio to
strengthen our position as a leader in UC, while maintaining
profitability within our long-term target range," said Pam Strayer,
Senior Vice President and Chief Financial Officer. "We are focused on
driving efficiency throughout the company to maximize our long-term
investment in UC."
OCC net revenues increased 5% to $139.4 million compared with $133.3
million in the third quarter of fiscal year 2012 driven by the strength
of our UC revenues. Net revenues from UC products, a subset of OCC, grew
by 43% to $36.1 million in the third quarter of fiscal year 2013
compared with $25.2 million in the third quarter of fiscal year 2012.
Mobile net revenues were $44.1 million in the third quarter of fiscal
year 2013, an increase of $8.1 million, or 23%, from $36.0 million in
the third quarter of fiscal year 2012 primarily as a result of strong
product launches and good product placement in our retail channels.
We also announced that our Board of Directors declared a quarterly
dividend of $0.10 per share. The dividend will be payable on March 11,
2013 to stockholders of record at the close of business on February 20,
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
We have a "book and ship" business model whereby we ship most orders to
customers within 48 hours of receipt of those orders, and, therefore,
the level of backlog does not provide reliable visibility into potential
future revenues. In addition, our incoming orders have historically been
low during the last two weeks of December and the first half of January,
and have then increased significantly into February and March.
Our business is inherently difficult to forecast, particularly with
continuing uncertainty in global economic conditions, and there can be
no assurance that expectations of incoming orders over the balance of
the current quarter will materialize.
Subject to the foregoing, we currently expect the following range of
financial results for the fourth quarter of fiscal year 2013:
Please see our new Investor Relations Presentation available on our
corporate website at www.plantronics.com/ir.
Conference Call Scheduled to Discuss Financial Results
We have scheduled a conference call to discuss third quarter fiscal year
2013 results. The conference call will take place today, January 29,
2013, at 2:00 PM (Pacific Time). All interested investors and potential
investors in our 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 # 70844491 will be available
until February 28, 2013 at (855) 859-2056 or (800) 585-8367 for callers
from North America and at (404) 537-3406 for all other callers. The
conference call will also be simultaneously webcast in the Investor
Relations section of our corporate website at www.plantronics.com/ir,
and the webcast of the conference call will remain available on our
website for 30 days.
Use of Non-GAAP Financial Information
For the periods presented, we have excluded certain non-cash expenses
and charges, net of tax, including stock-based compensation related to
stock options, restricted stock and employee stock purchases, purchase
accounting amortization, accelerated depreciation, restructuring and
other related charges, and an expected retroactive reinstatement of the
R&D tax credit, along with the tax benefits from the expiration of
certain statutes of limitations from non-GAAP operating income, non-GAAP
operating margin and non-GAAP diluted EPS. We exclude these expenses
from our non-GAAP measures primarily because management does not
consider them as part of our target operating model. We believe that the
use of non-GAAP financial measures provides meaningful supplemental
information regarding our performance and liquidity and helps investors
compare actual results to our long-term target operating model goals. We
believe that both management and investors benefit from referring to
these non-GAAP financial measures in assessing our performance and when
planning, forecasting and analyzing future periods; however, non-GAAP
financial measures are not meant to be considered in isolation or as a
substitute for, or superior to, gross margin, operating income,
operating margin, the effective tax rate, net income, or EPS prepared in
accordance with GAAP.
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 expenses and our long-term operating margin target,
(ii) our estimates of GAAP and non-GAAP financial results for the fourth
quarter of fiscal year 2013, including net revenues, operating income
and diluted EPS; (iii) our estimates of stock-based compensation,
accelerated depreciation, restructuring and other related charges, and
tax benefits from the expiration of certain statutes of limitation, and
the retroactive reinstatement of the R&D tax credit for the fourth
quarter of fiscal year 2013, as well as the impact of these non-cash
expenses on Non-GAAP operating income and diluted EPS; and (iv) our
estimate of weighted average shares outstanding for the fourth quarter
of fiscal year 2013, in addition to other matters discussed in this
press release that are not purely historical data. We do 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:
For more information concerning these and other possible risks, please
refer to our Annual Report on Form 10-K filed with the Securities and
Exchange Commission on May 25, 2012 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.
The following related charts are provided:
Plantronics is a global leader in audio communications for businesses
and consumers. We have pioneered new trends in audio technology for over
50 years, creating innovative products that allow people to
simply communicate. From Unified Communication solutions to Bluetooth
headsets, we deliver uncompromising quality, an ideal experience, and
extraordinary service. Plantronics is used by every company in the
Fortune 100, as well as 911 dispatch, air traffic control and the New
York Stock Exchange. For more information, please visit www.plantronics.com
or call (800) 544-4660.
Plantronics and the logo design 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.
[ Back To NFVZone's Homepage ]