Plantronics 2003 Annual Report Download - page 12

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17
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
CERTAIN FORWARD-LOOKING INFORMATION
This Annual Report contains forward-looking statements within the meaning of Section 27A
of the Securities Act and Section 21E of the Exchange Act. In addition, we may from time to
time make oral forward-looking statements. These statements may generally be identified by
the use of such words as “expect,” “anticipate,” “believe,” “intend,” “plan,” “will,” or “shall,”
and include, but are not necessarily limited to, all of the statements marked below with an
asterisk (“*”). Such forward-looking statements are based on current expectations and entail
various risks and uncertainties. Our actual results could differ materially from those
anticipated in such forward-looking statements as a result of a number of factors, including but
not limited to the following: the office, contact center, mobile, computer, residential, and other
specialty product markets not developing as we expect; and a failure to respond adequately to
either changes in technology or customer preferences. For a discussion of such factors, this
Annual Report should be read in conjunction with the “Risk Factors Affecting Future
Operating Results,” set forth in our 2003 Annual Report on Form 10-K, as filed with the
Securities and Exchange Commission. The following discussions titled “Annual Results of
Operations” and “Financial Condition” should be read in conjunction with those risk factors,
the consolidated financial statements and related notes included elsewhere herein, and the
discussion and additional disclosures in our Annual Report on Form 10-K.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Management’s Discussion and Analysis of Financial Condition and Results of Operations are
based upon Plantronics’ consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States of America.
The preparation of these financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period.
Management bases estimates and judgments on historical experience and on various other
factors that are believed to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and liabilities. Actual results
may differ from these estimates under different assumptions or conditions. Management
believes the following critical accounting policies, among others, affect its more significant
judgments and estimates used in the preparation of its consolidated financial statements.