Plantronics 2005 Annual Report Download

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sound innovation
annual report 2005

Table of contents

  • Page 1
    sound innovation annual report 2005

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    listen closely to...

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    AR 2005 01

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    02 Plantronics

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    00 Plantronics AR 2005 03

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    04 Plantronics

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    00 Plantronics AR 2005 05

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    06 Plantronics

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    00 Plantronics AR 2005 07

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    08 Plantronics

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    00 Plantronics AR 2005 09

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    10 Plantronics

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    00 Plantronics AR 2005 11

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    12 Plantronics

  • Page 15
    ... astronauts and air-traffic controllers to the New York Stock Exchange and the Department of Homeland Security. And we've broadened our reach to include virtually anyone who uses a phone, a computer, a game console, or an MP3 player -which is to say virtually everyone. Throughout our history we've...

  • Page 16
    technology makes the difference. In today's world, sound - the essence of human communication - is transmitted in all kinds of ways, from traditional landlines to cellular networks and the Internet. At Plantronics we have innovative technologies that make a noticeable difference in the quality and ...

  • Page 17
    ...Wireless headsets from Plantronics offering hands-free convenience have introduced unprecedented levels of freedom, mobility, and comfort to the realm of personal communications. Enhancing the lives of the hearing-impaired Digital technology in our Clarity line of products helps people with hearing...

  • Page 18
    CS50-USB Our pioneering CS50-USB wireless VoIP headset is the first to enable Internet telephony users to be away from their PCs and still take and end calls, thanks to Plantronics innovation: ring detection that allows remote call answer/end. 16 Plantronics

  • Page 19
    Voyager 510 Designed for comfort, the versatile Voyager 510 allows for simple, seamless switching between voice-enabled Bluetooth devices, offering high-quality sound and wireless convenience for mobile professionals wherever they happen to be. 00 Plantronics AR 2005 17

  • Page 20
    ... used with both an Apple iPod and a mobile phone. Discovery 640 Our newest Bluetooth headset sports a cutting-edge design, features a revolutionary charging system (with an industryleading 25 hours of talk time), and weighs in at less than nine grams-about the weight of two nickels. 18 Plantronics

  • Page 21
    00 Plantronics AR 2005 19

  • Page 22
    GameCom Halo 2 Edition Xbox Headset Our GameCom Halo 2 headset immerses users in the game-playing experience with a lightweight, comfortable product that delivers high-quality sound and exceptional speech recognition accuracy. 00 Plantronics

  • Page 23
    Clarity C600 The new Clarity C600 is a 2.4GHz cordless amplified telephone featuring Clarity® Power™ technology and 30 decibels of amplification. It also features Call Waiting, Caller ID and a battery back-up in the base to ensure usability during a power outage. 00 Plantronics AR 2005 21

  • Page 24
    ... that wireless headsets are available. Most people don't know our legacy of sound innovation and how we are able to deliver it to them through our products. To grow our business even further, to expand our market opportunity, we are embarking on our first major marketing campaign. 22 Plantronics

  • Page 25
    ... to see the results: two of our new products-the Voyager Bluetooth® headset and the MX500 mobile headset-won Innovation Design awards at this year's Consumer Electronics Show. During the past year we strengthened our marketing team, adding Mark Breier, former VP of Marketing at Amazon.com, as Chief...

  • Page 26
    ....9% $77 $34 $35 12.3% 11.6% $27 $30 $68 01 02 03 04 05 01 02 03 04 05 01 02 03 $50 04 $72 05 Return on Sales Investment in Research and Development (in millions) Cash from Operating Activities (in millions) 24 Plantronics $94 $1.92

  • Page 27
    ... Securities Exchange Act of 1934 For the transition period from to Commission file number: 1-12696 PLANTRONICS, INC. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 345 Encinal Street, Santa Cruz, California (Address...

  • Page 28
    ... and the logo design combined, AcuSpeak, Ameriphone, .Audio, Clarity, Clarity Power, Flex Grip, GameCom, Plantronics Discovery, Plantronics Explorer, Plantronics Voyager, RetractPro, SupraPlus, and WindSmart are trademarks or registered trademarks of Plantronics, Inc. The Bluetooth name and...

  • Page 29
    ... quality products to meet the needs of our customers, whether it be for communications or personal entertainment. Plantronics headsets are widely used for cell phones, in contact centers, in the office, at home for computer applications such as Voice over Internet Protocol (''VoIP'') and gaming, as...

  • Page 30
    ... devices for the hearing-impaired markets. Clarity's patented technology, Clarity PowerTM provides customized solutions for customers who otherwise may not have a way to communicate effectively. We provide access free of charge through a link on our web site to our Annual Reports on Form...

  • Page 31
    ... and phone calls for multi-functional devices, represent an emerging market opportunity for us. The entertainment and computer audio products, which include sales of our GameComTM Halo 2 Edition headset, are a growing part of our business. The GameComTM Halo 2 Headset is designed to deliver superior...

  • Page 32
    ... streaming audio and video, VoIP, gaming, and video conferencing.* As devices providing these user needs converge, our headsets may need to be PCcompatible, cell phone compatible, MP-3 compatible or various combinations of these. We monitor our product roadmap to meet these potential future customer...

  • Page 33
    ... voice tubes, ear cushions, ear tips, and wind-noise suppressors. These replacement parts allow end users to revitalize their headset to maintain maximum performance and comfort. We also sell a full line of accessory products, including handset lifters and inuse indicators, which allow our customers...

  • Page 34
    ...office and contact center customers. They offer enhanced receive-side audio quality, ï¬,exible boom, monaural or binaural versions, Quick Disconnect features, voice tube or noise-canceling microphones, compatibility with Plantronics amplifiers and USB-toheadset adapters and are designed to provide...

  • Page 35
    ... online user's manuals, installation guides, warranty information, and our Quick Web and Quick Fax services. COMPETITION The market for our products is highly competitive. We compete in several different markets, specifically the office (which includes the SOHO market) and contact center, mobile...

  • Page 36
    ... the contact center market. They include the cell phone manufacturers, who typically outsource phone accessories like headsets, and companies that focus primarily on the mobile and/or cordless phone accessories markets. There is indirect competition from hands-free car kits that allow users the...

  • Page 37
    ... price. MX300 In mid fiscal 2005, we announced the MX300 headset, which includes a new retractable cord and patent-pending wind noise reduction technology. The product builds on Plantronics Flex Grip˛ design to provide comfortable, stable yet discreet fit, targeted for active mobile phone users...

  • Page 38
    ... other into a mobile phone. One cord then links to a single headset/headphone with stereo earbuds. To switch between music and phone, customers ï¬,ip a switch on the headset cord. One volume control also works for both devices. The MX100-s earbuds have Plantronics' unique Flex GripË› design for ease...

  • Page 39
    ..., successfully introduce these products to the market on a timely basis and commence and sustain volume production to meet customer demands. Although we have attempted to determine the specific needs of the telephony, mobile, computer, residential and home-office user markets, there can be...

  • Page 40
    ..., certain distributors are authorized resellers under a General Services Administration (''GSA'') schedule price list and sell our products to government customers pursuant to that agreement. We maintain a direct sales force worldwide to provide ongoing customer support and service globally. We...

  • Page 41
    ... of a limited number of products to third parties, typically in China and other Asian countries. We purchase the components for our headset products, including proprietary semi-custom integrated circuits, amplifier boards and other electrical components, from suppliers in Asia, Mexico, the United...

  • Page 42
    ... Residential Business Group President, Clarity Equipment Senior Vice President, Chief Marketing Officer Vice President, EMEA Vice President, Operations Mr. Kannappan joined Plantronics in February 1995 as Vice President-Sales, responsible for OEM Sales and the Asia Pacific/Latin America markets...

  • Page 43
    ... President of Sales, Service and Marketing. Prior to 1985, Mr. Houston held various sales and marketing management positions with IBM Corporation. Mr. Houston graduated from the University of Arizona with a Bachelor of Science degree in Business /Marketing. Ms. Scherer joined Plantronics in March...

  • Page 44
    ... held various marketing and general management positions at Dell Computer Corporation including, as General Manager for the Business Systems Division in the United States, as Managing Director for Dell Direct in the United Kingdom and Ireland and as Vice President Products, Marketing & Services for...

  • Page 45
    ... Assembly, Design Center Light Assembly, Sales, Engineering, Administration Light Assembly, Sales, Engineering, Administration Sales and Marketing Training, Administration Santa Cruz, California Santa Cruz, California Santa Cruz, California Santa Cruz, California Suzhou, P.R.China Suzhou, P.R.China...

  • Page 46
    ... We are presently engaged in various legal actions arising in the normal course of our business. We believe that it is unlikely that any of these actions will have a material... operations or cash ï¬,ows. Item 4. Submission of Matters to a Vote of Security Holders None 18 Ó‡ P l a n t r o n i c s

  • Page 47
    ... 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Repurchases of Equity Securities Our Common Stock is publicly traded on the New York Stock Exchange. The following table sets forth the low and high sales prices for each period indicated. Low Fiscal 2004 First Quarter...

  • Page 48
    ... 2005. Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs Total Number of Shares Purchased Average Price Paid per Share February 1, 2005 to February 28, 2005 March 2, 2005 to April 2, 2005...

  • Page 49
    ...416,965 $ 62,279 $ 1.39 $ 1.31 $ - 47,492 $559,995 $ 97,520* $ 2.02 $ 1.92 $ 0.15 50,821 2001 BALANCE SHEET DATA: Cash, cash equivalents, and marketable securities Total assets Long-term liabilities Total stockholders' equity 2002 2003 2004 2005 $ 73,930 $ 60,310 $ 59,725 $180,616 227,877 201...

  • Page 50
    ...: 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 on Form 10-K should be read...

  • Page 51
    ... in the office, contact center, mobile and entertainment markets, and to meet the challenges associated with competitive pricing, market share, and consumer acceptance, we launched several key initiatives during fiscal 2005, which included: ) Development of new products. We have developed a new...

  • Page 52
    ... of our key initiatives. If successful, we can capitalize on these high-growth, emerging markets with competitively priced products, which are attractive to the consumer.* In addition, during fiscal 2005, we generated $93.6 million in operating cash ï¬,ows, which significantly contributed to the...

  • Page 53
    ...part, from increased demand for headsets for mobile phones and wireless headsets for the office, as well as from the favorable effects of foreign exchange rates on international revenues. The increase in our office and contact center products was linked to continued success of our CS50, a wireless...

  • Page 54
    ... demand for office and contact center products, demand for gaming products, and the demand for mobile products including wireless Bluetooth headsets. International revenues for fiscal 2005 were favorably affected by the continued strengthening of the European exchange rates against the U.S. dollar...

  • Page 55
    ...) Continued investment in the wireless office and wireless mobile markets, gaming products and the small office and home markets. Establishing a new research and development center that will be co-located with our underconstruction manufacturing facility in Suzhou, China. Associated costs with new...

  • Page 56
    ... in global sales and marketing programs designed to generate demand for our wireless office, gaming, VoIP products, and other new products; entrance into marketing programs to leverage hands-free regulatory laws, especially in the Japanese market, launch new products, and start a national brand...

  • Page 57
    ...86,499 24,220 62,279 28.0% $130,360 32,840 97,520 25.2% $43,861 8,620 35,241 50.7% 35.6% 56.6% On October 22, 2004, the President of the United States of America signed the American Jobs Creation Act of 2004 (the ''Act''). The Act creates a temporary incentive for U.S. corporations to repatriate...

  • Page 58
    ... our inventory safety stock, and other factors. We have a goal of improving our inventory turns to 5 by the December fiscal 2006 quarter, while for the fiscal 2005 as a whole, we ended at 4.5 turns*. The accounts receivable increase was primarily driven by the strong growth in sales coupled with...

  • Page 59
    ... were incurred principally in tooling for new products, furniture and fixtures, and building improvements for facilities expansion. Additionally, during fiscal 2005, we purchased approximately $391.8 million of marketable securities, which were offset by sales and maturities of a portion of our...

  • Page 60
    ... due to repurchases of 770,100 shares of our common stock totaling $28.5 million at an average price of $36.96 per share and payment of cash dividends totaling $7.3 million. During fiscal 2005, the Board of Directors authorized Plantronics to repurchase an additional 1,000,000 shares of Common...

  • Page 61
    ... at March 31, 2004 and to include such amounts as marketable securities. In addition, we have made corresponding adjustments to the accompanying statements of cash ï¬,ows to reï¬,ect the gross purchases and sales of these securities as investing activities. This adjustment resulted in a net increase...

  • Page 62
    ...for Doubtful Accounts Excess and Obsolete Inventory Warranty Goodwill and Intangibles Income Taxes Revenue Recognition Revenue from sales of products to customers is recognized when: title and risk of ownership are transferred to customers; persuasive evidence of an arrangement exists; the price to...

  • Page 63
    part ii and expected payments to resellers for customer programs including cooperative advertising, marketing development funds, volume rebates, and special pricing programs. Estimated product returns are deducted from revenues upon shipment, based on historical return rates, the product stage ...

  • Page 64
    .... While the contact center market is still a substantial portion of our business, we believe that our future prospects will depend in large part on the growth in demand for headsets in the office, mobile, computer, residential and related wireless markets. These communications headset markets are...

  • Page 65
    ... Bluetooth hands-free solutions. We anticipate other competition from consumer electronics companies that currently manufacture and sell mobile phones or computer peripheral equipment. These new competitors are likely to be larger, offer broader product lines, bundle or integrate with other products...

  • Page 66
    ... in the mobile, computer, residential and certain parts of the office markets. We believe products designed to serve these markets generally exhibit shorter lifecycles and are increasingly based on open standards and protocols. As we develop new generations of products more quickly, we expect...

  • Page 67
    ...in hopes of reducing total costs. We may experience a decline in our sales to the contact center market if businesses increase their adoption of speech-activated and voice interactive software as an alternative to customer service agents. Should this trend continue, it could cause a net reduction in...

  • Page 68
    ... suppliers to provide quality components or services in a timely manner could adversely affect our results. Our growth and ability to meet customer demands depend in part on our capability to obtain timely deliveries of raw materials, components, subassemblies and products from our suppliers. We buy...

  • Page 69
    ... our ability to meet time to market schedules. Due to our dependence on single suppliers for certain chip sets, we could experience higher prices, a delay in development of the chip-set, and/or the inability to meet our customer demand for these new products. Our business, operating results and...

  • Page 70
    ...future results of operations; changes in earnings estimates or recommendations by securities analysts; developments in our industry; sales of substantial numbers of shares of our common stock in the public market; general market conditions; and other factors unrelated to our operating performance or...

  • Page 71
    ... addition, we conduct the majority of our headset assembly operations in our manufacturing facility located in Mexico, and we obtain most of the components and subassemblies used in our products from various foreign suppliers. We also purchase a growing number of turn-key products directly from Asia...

  • Page 72
    ... corded headsets reduces radio frequency emissions at the user's head to virtually zero. Our Bluetooth and other wireless headsets emit significantly less powerful radio frequency emissions than mobile phones. However, if research was to establish a health hazard from the use of mobile telephones...

  • Page 73
    ...adverse effect upon our business, financial condition and results of operations. We also believe that our future success will depend in large part upon our ability to attract and retain additional highly skilled technical, management, sales and marketing personnel. Competition for such personnel is...

  • Page 74
    ...2005. Our investment policy generally requires that we only invest in auction rate securities, deposit accounts, certificates of deposit or commercial...this agreement. FOREIGN CURRENCY EXCHANGE RATE RISK Approximately 33% of our fiscal 2005 revenue was derived from sales outside of the United States...

  • Page 75
    part ii denominated sales. However, we have no assurance that exchange rate ï¬,uctuations will not materially adversely affect our business in the future. The following table provides information about our financial instruments and underlying transactions that are sensitive to foreign exchange ...

  • Page 76
    ...of our forecasted foreign denominated cost of our manufacturing and design center construction costs. If these net exposed currency positions are... 10% appreciation and a 10% depreciation of the U.S. dollar against the indicated option contract type for cash ï¬,ow hedges. FX Gain (Loss) From ...

  • Page 77
    part ii Item 8. Financial Statements and Supplementary Data PLANTRONICS, INC. CONSOLIDATED BALANCE SHEETS March 31, in thousands, except per share data 2004 2005 ASSETS Current assets: Cash and cash equivalents Marketable securities Accounts receivable, net Inventory, net Deferred income taxes...

  • Page 78
    ... 24,220 $ 62,279 $ 1.39 44,830 $ 1.31 47,492 2005 $559,995 271,537 288,458 45,216 116,621 161,837 126,621 3,739 130,360 32,840 $ 97,520 $ 2.02 48,249 $ 1.92 50,821 Net revenues Cost of sales Gross profit Operating expenses: Research, development and engineering Selling, general and administrative...

  • Page 79
    ...2004 $ 62,279 2005 $ 97,520 CASH FLOWS FROM OPERATING ACTIVITIES Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Amortization of deferred based stock compensation Provision for doubtful accounts Provision for (benefit from...

  • Page 80
    ... on marketable securities Unrealized gain on hedges Comprehensive income Exercise of stock options Issuance of restricted common stock Dividends paid Amortization of stock based compensation Income tax benefit associated with stock options Purchase of treasury stock Sale of treasury stock Balance...

  • Page 81
    ... Company Plantronics, Inc. (''Plantronics''), was founded and incorporated in the state of California in 1961. We are a leading worldwide designer, manufacturer and marketer of lightweight communications headsets, telephone headset systems and accessories for the business and consumer markets. In...

  • Page 82
    ... Marketable Securities $146,650 5,000 7,995 4,000 $163,645 $ - - - - - $ - - (15) (9) (24) $720 1 64 10 $795 $147,370 5,001 8,044 4,001 $164,416 $ $ REVENUE RECOGNITION Revenue from sales of products to customers is recognized: when title and risk of ownership are transferred to customers...

  • Page 83
    ... the return of the product. If market conditions warrant, Plantronics may take action to stimulate demand, which could include increasing promotional programs, decreasing prices, or increasing discounts. Such actions could result in incremental reductions to revenue and margins at the time such...

  • Page 84
    ... provide for the estimated cost of warranties as part of our cost of sales at the time revenue is recognized. Our warranty obligation is affected by product failure rates and our costs to repair or replace the products, as well as the number of shipments in a quarter. Should actual failure rates and...

  • Page 85
    ... AND CURRENCY TRANSLATION The functional currency of our manufacturing operations and design center in Mexico, foreign sales and marketing offices, and our foreign research and development facilities is the local currency of the respective operations. For these foreign operations, we translate...

  • Page 86
    ... income (loss) until such time as they are realized. In fiscal 2005, Plantronics entered into forward foreign exchange contracts to hedge the economic exposure related to the forecasted construction cost of our manufacturing and design center in China. Plantronics records realized gains and losses...

  • Page 87
    ..., unrealized gains and losses on derivatives designated as hedges and unrealized gains and losses related to our marketable securities. STOCK BASED COMPENSATION Statement of Financial Accounting Standards No. 123, ''Accounting for Stock-Based Compensation'' (''SFAS 123''), encourages, but does not...

  • Page 88
    ... the fiscal year ended March 31, 2005. Plantronics did not issue any restricted common stock during the fiscal years ended March 31, 2004 and 2003. PRODUCT WARRANTY OBLIGATIONS Plantronics provides for the estimated costs of product warranties at the time revenue is recognized. The specific terms...

  • Page 89
    ... property claims related to the use of our products. From time to time, Plantronics indemnifies customers against combinations of loss, expense, or liability arising from various trigger events relating to the sale and the use of our products and services. In addition, from time to time Plantronics...

  • Page 90
    ...is required to be adopted by Plantronics in the first quarter of fiscal 2007. The new standard will require us to record compensation expense for stock options using a fair value method. On March 29, 2005, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 107 (''SAB...

  • Page 91
    ... life 7-30 years) Machinery and equipment (useful life 2-10 years) Capital in progress Less: accumulated depreciation $ 6,126 21,629 67,669 2,778 98,202 (56,078) $ 42,124 Accrued liabilities: Employee benefits Accrued advertising and sales and marketing Warranty accrual Accrued losses on hedging...

  • Page 92
    ... repurchase under all repurchase authorizations. During fiscal 2005, the Board of Directors authorized Plantronics to repurchase an additional 1,000,000 shares of Common Stock. During fiscal 2005, we purchased 770,100 shares of our Common Stock in the open market at a total cost of $28.5 million...

  • Page 93
    ...impaired or sold, which would have resulted in additional tax expense being recorded over no more than the seven years subsequent to the 1988 leveraged buy-out. Management...quarter of fiscal 2005. The combination of our international...441) 833 (940) (2,700) 785 $24,220 2005 $45,626 (12,115) (440) 2,...

  • Page 94
    ... exception of direct labor in Mexico, participate in quarterly cash profit sharing plans. The profit sharing benefits are based on Plantronics' results of operations before interest and taxes, adjusted for other items. The percentage of profit distributed to employees varies by location. The pro...

  • Page 95
    .... PRODUCTS AND SERVICES. We design, manufacture, market and sell headsets for business and consumer applications, and other specialty telecommunication products for the hearing impaired. With respect to headsets, we make products for office and contact center use, for use with mobile and cordless...

  • Page 96
    phones, and for use with computers and gaming consoles. The following table presents net revenues by product group (in thousands): 2003 2004 2005 Fiscal Year Ended March 31, Net sales from unaffiliated customers: Office and contact center Mobile Gaming and Computer audio Other specialty products...

  • Page 97
    ... fair market value of our Common Stock at the date of grant. In September 1993, the Board of Directors approved the Plantronics Inc. Parent Corporation 1993 Stock Option Plan (the ''1993 Stock Option Plan''). Under the 1993 Stock Option Plan, 22,927,726 shares of Common Stock (which number is...

  • Page 98
    ... average prices and lives are as follows: Options Outstanding Options Exercisable Number Weighted Number Outstanding Average Weighted Exercisable Weighted as of Remaining Average as of Average March 31, Contractual Exercise March 31, Exercise 2005 Life Price 2005 Price 1,784,033 1,736,175 1,856,220...

  • Page 99
    .... FAIR VALUE DISCLOSURES. All options in fiscal 2003, 2004 and 2005 were granted at an exercise price equal to the market value of Plantronics' Common Stock at the date of grant. The fair value of options at date of grant was estimated using the Black-Scholes model. The following assumptions were...

  • Page 100
    ... our common stock, payable on June 10, 2005 to shareholders of record on May 10, 2005. The actual declaration of future dividends, and the establishment of record and payment dates, is subject to final determination by the Audit Committee of the Board of Directors of Plantronics each quarter after...

  • Page 101
    ... forecasted foreign denominated sales. During fiscal 2005, Plantronics entered into an additional hedging program to hedge the economic exposure from China Yuan denominated costs related to our manufacturing and design center construction in China. Plantronics hedges these forecasted transactions...

  • Page 102
    ... Transactions A member of our Board of Directors is a director and employee of a management consulting firm. We have entered into a consulting arrangement with this firm under which certain management consulting services are provided to Plantronics from time to time. The total amount paid to this...

  • Page 103
    part ii report of independent registered public accounting firm TO THE STOCKHOLDERS AND BOARD OF DIRECTORS OF PLANTRONICS, INC. We have completed an integrated audit of Plantronics, Inc.'s 2005 consolidated financial statements and of its internal control over financial reporting as of March 31,...

  • Page 104
    ... in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of...

  • Page 105
    ... STOCKHOLDERS: Management of Plantronics, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15(d)-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed to...

  • Page 106
    ... the fourth quarter of fiscal 2005 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. See ''Management's Report on Internal Control Over Financial Reporting'' on page 77 of this Form 10-K. Item 9B. Other Information Not...

  • Page 107
    ... granted to executive officers and directors, on this web site within five business days following the date of such amendment or waiver. Stockholders may request a free copy of the Code: Plantronics, Inc. 345 Encinal Street Santa Cruz, CA 95060 Attn: Investor Relations (831) 426-5858 Corporate...

  • Page 108
    ...fically incorporated by reference from the 2005 Proxy Statement in Part III of this Annual Report on Form 10-K, the 2005 Proxy Statement shall not be deemed to be filed as part of this report. Item 14. Principal Accountant Fees and Services The information under the captions ''Proposal Four'' in...

  • Page 109
    ...documents are filed as part of this Annual Report on Form 10-K: (1) Financial ...MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (2) Financial Statement Schedules. PLANTRONICS, INC. SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS...

  • Page 110
    ... Plantronics, Inc. Non-EMEA Quarterly Profit Sharing Plan (incorporated herein by reference from Exhibit (10.1) to the Registrant's Report on Form 10-K (File No. 001-12696), filed on September 1, 2001). Form of Indemnification Agreement between the Registrant and certain directors and executives...

  • Page 111
    ... located in Tijuana, Mexico (translation from Spanish original) (incorporated herein by reference from Exhibit (10.5.4) of the Registrant's Quarterly Report on Form 10-Q (File No. 001-12696), filed on August 6, 2004). Lease dated December 7, 1990 between Canyge Bicknell Limited and Plantronics...

  • Page 112
    ..., effective as of April 2, 2000 (incorporated herein by reference from Exhibit (10.11) to the Registrant's Report on Form 10-K (File No. 001-12696), filed on September 1, 2001). Resolutions of the Board of Directors of Plantronics, Inc. Concerning Executive Stock Purchase Plan (incorporated herein...

  • Page 113
    part iv Exhibit Number 10.14* Description of Document Restricted Stock Award Agreement dated as of October 12, 2004, between Registrant and certain of its executive officers (incorporated herein by reference from Exhibit (10.1) of the Registrant's Current Report on Form 8-K (File No. 001-12696), ...

  • Page 114
    ...of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signature /s / KEN KANNAPPAN (Ken Kannappan) Title President, Chief Executive Officer and Director (Principal Executive Of...

  • Page 115
    ... Plantronics, Inc. Non-EMEA Quarterly Profit Sharing Plan (incorporated herein by reference from Exhibit (10.1) to the Registrant's Report on Form 10-K (File No. 001-12696), filed on September 1, 2001). Form of Indemnification Agreement between the Registrant and certain directors and executives...

  • Page 116
    ... located in Tijuana, Mexico (translation from Spanish original) (incorporated herein by reference from Exhibit (10.5.4) of the Registrant's Quarterly Report on Form 10-Q (File No. 001-12696), filed on August 6, 2004). Lease dated December 7, 1990 between Canyge Bicknell Limited and Plantronics...

  • Page 117
    ..., effective as of April 2, 2000 (incorporated herein by reference from Exhibit (10.11) to the Registrant's Report on Form 10-K (File No. 001-12696), filed on September 1, 2001). Resolutions of the Board of Directors of Plantronics, Inc. Concerning Executive Stock Purchase Plan (incorporated herein...

  • Page 118
    ... by reference from Exhibit (10.15.2) to the Registrant's Quarterly Report on Form 10-Q (File No. 001-12696), filed on November 5, 2004). Restricted Stock Award Agreement dated as of October 12, 2004, between Registrant and certain of its executive officers (incorporated herein by reference from...

  • Page 119
    ..., Pittiglio Rabin Todd & McGrath Executive Officers Ken Kannappan President and Chief Executive Officer Carsten Trads President, Clarity Don Houston Senior Vice President, Sales Philip Vanhoutte Managing Director, Europe, Middle East & Africa Mark Breier Chief Marketing Officer Barbara Scherer...

  • Page 120
    ...and Transfer Agent EquiServe P.O. Box 43023 Providence, Rhode Island 02940-3023 T (816) 843-4299 www.equiserve.com Independent Accountants PricewaterhouseCoopers LLP San Jose, California Corporate Counsel Wilson Sonsini Goodrich & Rosati Palo Alto, California Annual Report and Form 10-K Publications...

  • Page 121
    ..., Yoido-dong, Youngdeungpo-gu Seoul 150-896, Korea T (82) 2-784-0586 F (82) 2-784-0587 Mexico Avenida Produccion, #12 Parque Industrial Internacional Tijuana Mesa de Otay Tijuana, Baja California 22390 Mexico T: 011-52-664-682-2798 F: 011-52-66-822796 The Netherlands South Point Building C Scorpius...

  • Page 122
    ... F: 011-886-3-427-3555 United Kingdom Interface Business Park Bincknoll Lane Wootton Bassett, Wiltshire SN4 8QQ England T: 0800 410014 F: +44 1793 848853 United States Plantronics Inc. 345 Encinal Street Santa Cruz, CA 95060 T (831) 426-5858 F (831) 426-6098 Clarity 4289 Bonny Oakes Drive Suite 106...

  • Page 123
    Plantronics, Inc. 345 Encinal Street Santa Cruz, California 95060 T: 831.426.5858 F: 831.426.6098 www.plantronics.com