Plantronics 2003 Annual Report Download - page 17

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Consolidated Statements of Stockholders’ Equity
Accumulated
Other Total
Additional Compre- Stock-
Common Stock Paid-In hensive Retained Treasury holders’
(in thousands, except share amounts) Shares Amount Capital Income (Loss) Earnings Stock Equity
Balance at March 31, 2000 48,896,613 $ 576 $ 114,355 $ (891) $ 134,076 $ (142,740) $ 105,376
Net income — — — — 73,550 — 73,550
Foreign currency
translation adjustments — — — (281) — — (281)
Comprehensive income 73,269
Exercise of stock options 1,516,000 15 15,082 — — — 15,097
Income tax benefit associated
with stock options — — 16,574 — — — 16,574
Purchase of treasury stock (1,333,100) — — — — (40,050) (40,050)
Sale of treasury stock 99,925 — 2,177 — — 604 2,781
Balance at March 31, 2001 49,179,438 591 148,188 (1,172) 207,626 (182,186) 173,047
Net income — — — — 36,248 — 36,248
Foreign currency
translation adjustments — — — (31) — — (31)
Comprehensive income 36,217
Exercise of stock options 127,449 1 1,188 — — — 1,189
Income tax benefit associated
with stock options — — 1,106 — — — 1,106
Purchase of treasury stock (3,581,421) — — — — (72,082) (72,082)
Sale of treasury stock 133,110 — 1,712 — — 804 2,516
Balance at March 31, 2002 45,858,576 592 152,194 (1,203) 243,874 (253,464) 141,993
Net income — — — — 41,476 — 41,476
Foreign currency
translation adjustments — — — 1,412 — — 1,412
Comprehensive income 42,888
Exercise of stock options 502,147 5 2,236 — — — 2,241
Income tax benefit associated
with stock options — — 2,389 — — — 2,389
Purchase of treasury stock (2,874,800) — — — — (44,826) (44,826)
Sale of treasury stock 152,700 — 1,341 — — 904 2,245
Balance at M arch 31, 2003 43,638,623 $ 597 $158,160 $ 209 $ 285,350 $ (297,386) $ 146,930
The accompanying notes are an integral part of these consolidated financial statements.
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Consolidated Statements of Cash Flows
Fiscal Year Ended March 31,
(in thousands) 2001 2002 2003
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $73,550 $ 36,248 $41,476
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 9,443 9,464 11,482
Deferred income taxes (1,406) 1,028 1,211
Income tax benefit associated with stock options 16,574 1,106 2,389
Loss on disposal of fixed assets 38 142 17
Changes in assets and liabilities, excluding
effects of acquisition:
Accounts receivable, net (8,050) 12,559 (6,665)
Inventory, net (14,483) 14,532 2,345
Other current assets (58) 316 (222)
Other assets (270) (27) 548
Accounts payable (611) 2,531 (475)
Accrued liabilities (7,209) (517) 1,367
Income taxes payable 736 (558) (3,380)
Cash provided by operating activities 68,254 76,824 50,093
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from maturities of marketable securities 17,750 23,143 25,263
Purchase of marketable securities (25,885) (27,271) (13,020)
Capital expenditures and other assets (17,393) (11,368) (11,752)
Acquisition of Ameriphone, net of cash acquired —(10,416) —
Cash (used for) provided by investing activities (25,528) (25,912) 491
CASH FLOWS FROM FINANCING ACTIVITIES
Purchase of treasury stock (40,050) (72,082) (44,826)
Proceeds from sale of treasury stock 2,781 2,516 2,245
Proceeds from exercise of stock options 15,097 1,189 2,241
Cash (used for) financing activities (22,172) (68,377) (40,340)
Effect of exchange rate changes on cash
and cash equivalents (281) (31) 1,412
Net increase (decrease) in cash and cash equivalents 20,273 (17,496) 11,656
Cash and cash equivalents at beginning of year 40,271 60,544 43,048
Cash and cash equivalents at end of year $60,544 $ 43,048 $54,704
SUPPLEMENTAL DISCLOSURES
Cash paid for:
Interest $93$112 $132
Income taxes $14,257 $ 11,778 $16,194
The accompanying notes are an integral part of these consolidated financial statements.