Plantronics 2003 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2003 Plantronics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 32

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32

24
Consolidated Balance Sheets
March 31,
(in thousands, except per share data) 2002 2003
ASSETS
Current assets:
Cash and cash equivalents $43,048 $54,704
Marketable securities 17,262 5,021
Accounts receivable, net 43,838 50,503
Inventory, net 36,103 33,758
Deferred income taxes 5,866 6,357
Other current assets 2,452 2,674
Total current assets 148,569 153,017
Property, plant and equipment, net 35,700 36,957
Intangibles, net 4,584 3,682
Goodwill, net 9,542 9,386
Other assets 2,663 2,167
Total assets $201,058 $205,209
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $14,071 $13,596
Accrued liabilities 25,868 27,235
Income taxes payable 11,961 8,581
Total current liabilities 51,900 49,412
Deferred tax liability 7,165 8,867
Total liabilities 59,065 58,279
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.01 par value per share; 1,000,000 shares
authorized, no shares outstanding ——
Common stock, $0.01 par value per share; 100,000 shares
authorized, 59,226 shares and 59,728 shares issued
at 2002 and 2003, respectively 592 597
Additional paid-in capital 152,194 158,160
Accumulated other comprehensive income (loss) (1,203) 209
Retained earnings 243,874 285,350
395,457 444,316
Less: Treasury stock (common: 13,368 and 16,090
shares at 2002 and 2003, respectively) at cost (253,464) (297,386)
Total stockholders’ equity 141,993 146,930
Total liabilities and stockholders’ equity $201,058 $205,209
The accompanying notes are an integral part of these consolidated financial statements.
25
Consolidated Statements of Income
Fiscal Year Ended March 31,
(in thousands, except earnings per share) 2001 2002 2003
Net sales $390,748 $311,181 $337,508
Cost of sales 180,946 163,336 168,565
Gross profit 209,802 147,845 168,943
Operating expenses:
Research, development and engineering 26,999 30,303 33,877
Selling, general and administrative 80,789 76,273 80,605
Total operating expenses 107,788 106,576 114,482
Operating income 102,014 41,269 54,461
Interest and other income, net 138 1,931 2,299
Income before income taxes 102,152 43,200 56,760
Income tax expense 28,602 6,952 15,284
Net income $73,550 $ 36,248 $41,476
Net income per share - basic $1.49 $ 0.77 $0.92
Shares used in basic per share calculations 49,213 47,304 45,187
Net income per share - diluted $1.38 $ 0.74 $0.89
Shares used in diluted per share calculations 53,263 49,238 46,584
The accompanying notes are an integral part of these consolidated financial statements.