Plantronics 2000 Annual Report Download

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PLANTRONICS ANNUAL REPORT YEAR 2000
voices

Table of contents

  • Page 1
    voices P LAN T R O N IC S AN N U AL R EP O R T YEAR 2000

  • Page 2
    ..., offices, residences and for personal computing and Internet and mobile telephony. Plantronics' headsets have found their way into the daily lives of people all over the world. O ur Walker Equipment division produces specialty phones for the hearing impaired and amplified telephone handsets. O ur...

  • Page 3
    400 20 300 15 200 10 100 5 0 '9 6 '9 7 '98 '9 9 0 '00 '9 6 '9 7 '98 '9 9 '00 SALE S* I N V E ST M E N T I N R E SE AR CH AN D D E V E LOP M E N T * 100 4 75 3 50 2 25 1 0 '9 6 '9 7 '98 '9 9 0 '00 '9 6 '9 7 '98 '9 9 '00 O P E R AT I N G I N C O M E * D I LU T E D E ...

  • Page 4
    ... the benefits that speech recognition and wireless technology make possible. In the mobile, digital era, the headset will be the key communication tool providing freedom to move around, freedom to use your hands, freedom from dial pads, and freedom from keyboards. In recognition of this opportunity...

  • Page 5
    ... Call Center and O ffice Division, Joyce Shimizu to President of the Mobile Communications Division, and N eil Snyder to President of the Computer Audio Systems Division. We regret the passing of Bob Cecil, Plantronics' former CEO and Chairman for seven years. His many contributions, wise counsel...

  • Page 6

  • Page 7
    How do we recognize a friend? a colleague? How do we detect character? honesty? How do we sense enthusiasm? commitment? How do we listen to a friend? a colleague? How do we hold our head? our neck? our body? What do people hear? fatigue? stress? tension? How important is the human voice? H O W I...

  • Page 8
    ...E AD S E T Ha n d s -fre e c on ve n ie n c e in a c ord le s s , m ob ile d e s ign . executive I'm on the phone most of the day talking to sales reps, on conference calls with suppliers, following up on projects, looking for partners. Before I began using my headset I was chained to my desk with...

  • Page 9
    A page 7

  • Page 10
    B page 8

  • Page 11
    ... r c on ve n ie n c e . designer I really love my job - I'm an industrial designer, but I think of myself more as a non- industrial designer. I work on projects that make things work better and fit better - a real people kind of job. I use a headset while I'm working so I can get more done, and so...

  • Page 12
    C M 1 3 5 H E AD S E T W I T H I N - L I N E V O L U M E AN D M U T E CO N T R O L Su p e rior c om fort for h a n d s -fre e c on ve rs a t ion w it h c ... on voicemail helps though. So, I do get some work done. T hanks to my headset I can keep my eyes on the road and hands on the wheel. page ...

  • Page 13
    C page 11

  • Page 14
    D page 12

  • Page 15
    D P L AN T R O N I CS L S 1 L I GH T W E I GH T S T E R E O P C H E AD S E T P la n tron ics LS1 p rovid e s u ltim a te c om fort for you r s t e re o m u lt im e d ia e xp e rie n c e . Th e h igh -s e n s it ivit y m ic rop h on e m in im ize s d is t ort ...

  • Page 16
    call H 9 1 N E N CO R E T E L E P H O N E H E AD S E T center Al l - d a y c o m fo r t a n d s u p e r i o r s o u n d q u a l i t y. M 1 3 0 H E AD S E T F O R CO R D L E S S AN D M OB I LE P H ON ES office home Su p e rior c om fort for h a n d s -fre e c on ve rs a t ion s w it h c ord le...

  • Page 17
    ...T St a b le , ove r-t h e -e a r d e s ign - s o c om fort a b le , p e op le forge t t h e y 're w e a rin g it . office computer S R 1 P C H E AD S E T audio Id e a l for s p e e c h re c ogn it ion s oft w a re , In t e rn e t t e le p h on y, or offi c e m u lt im e d ia a p p lic a t ion...

  • Page 18
    17 Management's Discussion and Analysis Consolidated Balance Sheets Consolidated Statements of O perations Consolidated ... of Independent Accountants Selected Financial Data Corporate O fficers and Investor Information Plantronics Worldwide O perations 20 21 22 23 24 35 financials 36 37 38

  • Page 19
    ..., which in turn increased 21.3% compared to the prior year. The growth in fiscal 2000 was experienced in each of the Europe, Asia Pacific/ Latin America and Canada regions and reflects our investment in the international sales force as well as marketing programs. International sales have accounted...

  • Page 20
    ...international marketing and programs for our mobile and computer divisions. Selling, Operating I ncome O perating income in fiscal 2000 increased 11.7% to $93.3 million (29.6% of net sales... in interest expense in fiscal 2000, and management expects interest expense to be ...CS AN N U AL REPORT 2 0 0 0

  • Page 21
    ...and other assets of $15.2 million in the fiscal year ended March 31, 2000 were incurred principally in tooling for new products and to expand manufacturing capacity, investments in computer and telephone equipment, and the acquisition of ClearVox. Financing Activities In the fiscal year ended March...

  • Page 22
    ...2000 ASSETS Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventory Deferred income taxes O ther current assets Total current assets Property, plant and equipment...AT E M E N T S . (70,871) 89,405 $142,868 page 20 PLAN TRON I CS AN N U AL REPORT 2 0 0 0

  • Page 23
    ...2000 N et sales Cost of sales Gross profit O perating expenses: R esearch, development and engineering Selling, general...18,223 $286,261 125,698 160,563 19,... G R A L P A R T O F T H E S E C O N S O L I D AT E D F I N A N C I A L S T AT E M E N T S . PLAN TRON I CS AN N U AL REPORT 2 0 0 0 page 21

  • Page 24
    ...ED M ARCH 3 1 , ( I N TH OU SAN D S) 1998 1999 2000 CASH FLOW S FROM O P E R AT I N G A C T ... stock Proceeds from sale of treasury stock ... R E A N I N T E G R A L P A R T O F T H E S E C O N S O L I D AT E D F I N A N C I A L S T AT E M E N T S . page 22 PLAN TRON I CS AN N U AL REPORT 2 0 0 0

  • Page 25
    ... income - Balance at March 31, 2000 16,298,871 $192 $114,739 $(891) $134,076 $(142,740) $105,376 T H E A C C O M P A N Y I N G N O T E S A R E A N I N T E G R A L P A R T O F T H E S E C O N S O L I D AT E D F I N A N C I A L S T AT E M E N T S . PLAN TRON I CS AN N U AL REPORT 2 0 0 0 page 23

  • Page 26
    ... with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of sales and expenses...

  • Page 27
    ... in the U nited Kingdom, an international finance, customer service and logistics headquarters in the N etherlands, an international procurement office in Taiwan, and sales offices in C anada, Asia, Europe, Australia and South America. For fiscal 1998, 1999 and 2000, the functional currency of all...

  • Page 28
    ... during a period. In computing diluted EPS, the average stock price for the period is used in determining the number of shares ...report certain information about operating segments in our annual financial statements. It also establishes standards for related disclosures about products and services...

  • Page 29
    ... such activities are economically beneficial to Plantronics, then we will adopt SFAS 133 during our year ended March 31, 2002. We did not engage in any derivative or hedging activities during the fiscal year ended March 31, 2000. note 3. D ETAI LS OF CERTAI N BALAN CE SH EET ACCOU N TS: FI...

  • Page 30
    ... Stock in the open market at a total cost of $46.4 million, and through our employee benefits plans, we reissued 29,301 shares for proceeds of $1.3 million. During fiscal 2000, the Board of Directors authorized Plantronics to repurchase an additional 1,000,000 shares of Common Stock. During fiscal...

  • Page 31
    ...TH OU SAN D S) 1999 2000 Deferred gains on sales of properties Deferred state tax Unremitted...employees also had the option of participating in a salary deferral component of the plan, qualified under Section 401(k) of the Internal R evenue Code. The profit sharing benefits were based on Plantronics...

  • Page 32
    ... annual cash payment, four quarterly cash payments and one deferred payment - in fiscal 2000, the total of these payments equaled approximately 47% of each participating employee's base salary. For fiscal 2001 and thereafter, Plantronics will now offer two separate compensation programs: quarterly...

  • Page 33
    ... for 10% or more of total revenue from consolidated sales for fiscal year 1998, 1999 or 2000. GEOGRAPH I C SEGM EN TS In geographical reporting, revenues are attributed to the geographical location of the sales and service organizations. Costs directly and indirectly incurred in generating revenues...

  • Page 34
    ...000 shares of Common Stock on the later of the effective date of Plantronics' initial public offering or the date on which the person becomes a new director. Annually thereafter, each continuing non-employee director shall be automatically granted an option to purchase 1,000 shares of C ommon Stock...

  • Page 35
    ... 2000 and related weighted average prices and lives are as follows: OP T I ON S OU T STAN D I N G N U M BER OU T STAN D I N G RAN GE OF EXERCI SE PRI CE... options in fiscal 1998, 1999 and 2000 were granted at an exercise price equal to the fair market value of Plantronics' Common Stock at the date of ...

  • Page 36
    ... and one times the individual Vice Presidents' base salary. To encourage participation, we will sell our Treasury Stock to executives under this voluntary purchase program. The price will be equal to the greater of: 95% of the price set by the Board of Directors on an annual basis or 85% of the...

  • Page 37
    ... principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. San Jose, California April 24, 2000 PLAN TRON I CS AN N U AL REPORT 2 0 0 0 page 35

  • Page 38
    ...ARE) 1996 1997 1998 1999 2000 S TAT E M E N T OF O P E R AT I O N S D ATA N et sales Income before extraordinary item Extraordinary... N GS PER SH ARE) 1996 1997 1998 1999 2000 BALAN CE SH EET D ATA Total assets Long-term debt $...75 $ $ $ page 36 PLAN TRON I CS AN N U AL REPORT 2 0 0 0

  • Page 39
    ... President, Legal, General Counsel and Secretary Don Houston Senior V ice President, Sales Terry Walters V ice President, O perations Steve Krug President, Walker Equipment Division Jean-Claude Malraison Managing Director, Europe, Middle East and A frica Craig May President, Call Center and O ffice...

  • Page 40
    ... ©2000, Plantronics, Inc. All rights reserved. Printed in U.S.A. page 38 PLAN TRON I CS AN N U AL REPORT 2 0 0 0 Designed and produced by Jacobs Fulton Design Group, Palo Alto, CA. Interface Business Park Bincknoll Lane Wootton Bassett, Wiltshire SN 4 8Q Q England, U.K. Telephone: + 44...

  • Page 41
    EU R OP E JA P A N N OR T H AM E R I CA SOU T H E AST ASI A SOU T H AM E R I CA AU ST R ALI A C O R P O R AT E H E A D Q U A R T E R S W O R L D W I D E L O C AT I O N S

  • Page 42
    P L A N T R O N I C S, I N C . 345 En cin al St reet San t a C r u z, C A 95060 w w w. plan t ro n ics. co m