Plantronics 2010 Annual Report Download

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A
nnual Report 2010

Table of contents

  • Page 1
    Annual Report 2010

  • Page 2

  • Page 3
    ... actions were the outsourcing of manufacturing of our Bluetooth headsets during the first half of the fiscal year and the sale of our Altec Lansing consumer business in December 2009. In the second half of fiscal 2010, we began to see signs of improving business conditions. During this period, we...

  • Page 4
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  • Page 5
    ..., Santa Cruz, California (Address of principal executive offices) (831) 426-5858 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class COMMON STOCK, $.01 PAR VALUE Name of each exchange on which registered NEW YORK STOCK...

  • Page 6
    ...) Accelerated Filer Â... Smaller Reporting Company Â... Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes Â... No _ The aggregate market value of the common stock held by non-affiliates of the Registrant, based upon the closing price of $25.60 for...

  • Page 7
    ... Director Independence Item 14. Principal Accounting Fees and Services Part IV. Item 15. Exhibits and Financial Statement Schedules Signatures Plantronics, the Plantronics logo design, Clarity, and Sound Innovation are trademarks or registered trademarks of Plantronics, Inc. DECTâ„¢ is a trademark...

  • Page 8
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  • Page 9
    ... and market, under our Clarity brand, specialty telephone products, such as telephones for the hearing impaired, and other related products for people with special communication needs. We make headsets for use in offices and contact centers, with mobile and cordless phones, and with computers and...

  • Page 10
    ... electronics market and focuses on the design, manufacture, and distribution of headsets for business and consumer applications, and other specialty products for the hearing impaired. We target enhanced communications for offices and contact centers, mobile and cordless phones, and computers and...

  • Page 11
    ...categories listed below. Office and Contact Center The office market comprises our largest revenue stream with a broad range of communications headsets, including high-end, ergonomically designed headsets, audio processors, and telephone systems. The end-user base consists of enterprise employees as...

  • Page 12
    ..., Logitech, and Aliph are significant competitors in the consumer headset market and Sennheiser Communications is a competitor in the computer, office, and contact center markets. We also believe there may be increased competition from the major cell phone device makers such as Nokia, Motorola, Sony...

  • Page 13
    ..., supply chain management as well as sales, marketing and administrative support functions, which are all part of our Asia Pacific hub, to continue to be led from our Suzhou facility until our Suzhou facility is sold, at which time, our employees will be relocated to a new nearby location better...

  • Page 14
    ... consumer products retailers, and office supply distributors; (2) wireless carrier stores; (3) catalog and mail order companies; (4) mass merchants; and (5) warehouse clubs. Our headsets are sold through retailers who sell headsets to corporate customers, small businesses, and to individuals who use...

  • Page 15
    ... to meet forecasted customer requirements. Special products and certain large orders are quoted for delivery after receipt of orders at specific lead times. We maintain minimum levels of finished goods based on market demand in addition to inventories of raw materials, work in process, and sub...

  • Page 16
    ..., no employees are currently covered by collective bargaining agreements. EXECUTIVE OFFICERS OF THE REGISTRANT Set forth below is certain information regarding the executive officers of Plantronics and their ages as of March 31, 2010. NAME Ken Kannappan Don Houston Barry Margerum Renee Niemi Mike...

  • Page 17
    ... designer, developer, manufacturer, and marketer of multi-media projection products. From 1985 to 1995, Mr. Houston held a number of positions at Calcomp, Inc., which is engaged in the business of manufacturing computer peripherals for the CAD and graphic market, including Regional Sales Manager and...

  • Page 18
    ... management positions at Dell Computer Corporation including, General Manager for the Business Systems Division in the U.S., Managing Director for Dell Direct in the United Kingdom and Ireland, and Vice President of Products, Marketing & Services for EMEA. Beginning in 1991, he worked for Nokia Data...

  • Page 19
    ... communications products used by contact center agents than would a company serving a broader market. Any further decrease in the demand for contact centers and related headset products will cause a further decrease in the demand for our products which will materially adversely affect our business...

  • Page 20
    ...for consumer products. For OCC products, long life-cycles periodically necessitate last-time buys of raw materials which may be used over the course of several years. We routinely review inventory for usage potential, including fulfillment of customer warranty obligations and spare part requirements...

  • Page 21
    ... of new products within this product category for which relevant data is incomplete or unavailable; and longer lead times with suppliers than commitments from some of our customers. x x If we are unable to deliver products on time to meet the market window of our retail customers, we will lose...

  • Page 22
    ... from other consumer electronics companies that currently manufacture and sell mobile phones or computer peripheral equipment. These competitors generally are larger, offer broader product lines, bundle or integrate with other products' communications headset tops and bases manufactured by them or...

  • Page 23
    ..., and products. Lead times are particularly long on silicon-based components incorporating radio frequency and digital signal processing technologies and such components are an increasingly important part of our product costs. In particular, many consumer product orders have shorter lead times than...

  • Page 24
    ...market trends; develop innovative new products and enhancements on a timely basis; distinguish our products from those of our competitors; create industrial design that appeals to our customers and end-users; manufacture and deliver high-quality products in sufficient volumes; and price our products...

  • Page 25
    ... number of qualified distributors, retailers, OEMs, and telephony service providers. Further, such customers may not recommend or may stop recommending our products. In the future, our OEMs or potential OEMs may elect to manufacture their own products that are similar to those we currently sell...

  • Page 26
    ...in Tijuana, Mexico. We stopped our manufacturing operations at our Suzhou, China facility during the second quarter of fiscal 2010. We also have suppliers and other vendors throughout Asia, including GoerTek, Inc. located in Weifang, China, which is the primary manufacturer of our Bluetooth products...

  • Page 27
    ... wireless office and mobile products must work within existing frequency ranges permitted in various jurisdictions. As regulations and local laws change, we must modify our products to address those changes. Regulatory restrictions may increase the costs to design, manufacture, and sell our products...

  • Page 28
    ... 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 establishes a health hazard from the use of mobile phones or public controversy grows even in the absence of conclusive...

  • Page 29
    ... financial officer, or independent registered public accounting firm determines in the future that our internal control over financial reporting is not effective as defined under Section 404, investor perceptions may be adversely affected and could cause a decline in the market price of our stock...

  • Page 30
    ... may be impaired because most of our former AEG employees are employees of the Purchaser and our management may have to devote a substantial amount of time to resolving the claim, and, as we are no longer in the AEG business, we may not be able to readily offer products, service and intellectual...

  • Page 31
    ..., supply chain management as well as sales, marketing and administrative support functions, which are all part of our Asia Pacific hub, to continue to be led from our Suzhou facility until our Suzhou facility is sold, at which time, our employees will be relocated to a new nearby location better...

  • Page 32
    ... Litigation brought against Plantronics, Inc., Motorola, Inc. and GN Netcom, Inc. alleging that the three companies failed to adequately warn consumers of the potential for long term noise induced hearing loss if they used Bluetooth headsets. The companies contested the claims of the lawsuit...

  • Page 33
    PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER REPURCHASES OF EQUITY SECURITIES Price Range of Common Stock Our common stock is publicly traded on the NYSE under the symbol "PLT". The following table sets forth the low and high sales prices as reported ...

  • Page 34
    The following table presents a month-to-month summary of the stock purchase activity in the fourth quarter of fiscal 2010: Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs 339,200 370,000 72,000 Maximum Number of Shares that May Yet Be Purchased Under the Plans or ...

  • Page 35
    ... and notes thereto included in Item 8 of this Form 10-K in order to fully understand factors that may affect the comparability of the information presented below. Fiscal Year Ended March 31, 2006 STATEMENT OF OPERATIONS DATA: Net revenues Operating profit Operating margin Income from continuing...

  • Page 36
    ... prior to their original service period and $0.4 million of additional loss on Assets held for sale. In addition, in fiscal 2010, we recorded non-cash charges of $5.2 million for accelerated depreciation related to the building and equipment associated with manufacturing operations which is included...

  • Page 37
    ... and market, under our Clarity brand, specialty telephone products, such as telephones for the hearing impaired, and other related products for people with special communication needs. We ship a broad range of products to 70 countries through a worldwide network of distributors, retailers, wireless...

  • Page 38
    ..., including the use of software as part of our products, growing our sales team, and establishing key strategic partnerships to market UC products. Our goal is to be the world leader in audio solutions for the UC market. Maintain profitability in consumer Bluetooth products. In fiscal 2010, we were...

  • Page 39
    ... operations of discontinued AEG segment (including loss on sale) Income tax benefit on discontinued operations Loss on discontinued operations Net income (loss) $ 747,935 403,863 344,072 100.0% 54.0% 46.0% Fiscal Year Ended March 31, 2009 $ 674,590 382,659 291,931 100.0% 56.7% 43.3% $ 2010 613,837...

  • Page 40
    ... March 31, March 31, 2008 2009 Fiscal Year Ended March 31, March 31, 2009 2010 (in thousands) Net revenues: Office and Contact Center Mobile Gaming and Computer Audio Clarity Total net revenues Increase (Decrease) Increase (Decrease) $ 519,958 $ 429,669 $ (90,289) (17.4)% $ 429,669 $ 404,397...

  • Page 41
    ...Year Ended March 31, March 31, 2009 2010 (in thousands) Net revenues: United States Europe, Middle East and Africa Asia Pacific Americas, excluding United States Total international...and warranty provisions; a 1.9 percentage point benefit from improved product margins on Bluetooth and OCC headsets ...

  • Page 42
    ...material and equipment expenses from outsourcing our Bluetooth headset manufacturing. Projects that the research, development, and engineering departments focused on during fiscal 2010 were UC products; the design and development of wireless office system products; Bluetooth products and technology...

  • Page 43
    ...0.3 ppt. In fiscal 2010, compared to fiscal 2009, consolidated selling, general, and administrative expenses decreased primarily due to the following a decrease in marketing and sales promotions of $6.2 million due to lower advertising, public relations, trade show, and market research expenses as...

  • Page 44
    ...At the end of the fourth quarter of fiscal 2009, we announced a plan to close our manufacturing operations in our Suzhou, China facility due to the decision to outsource the manufacturing of our Bluetooth products in China. In July 2009, we closed the manufacturing facility. A total of 656 employees...

  • Page 45
    ...a stimulus grant received from the Mexican government and reimbursement from Altec Lansing for routine expenses incurred on their behalf under the Transition Service Agreement entered into in conjunction with the sale of the AEG business in December 2009. These increases were offset in part by lower...

  • Page 46
    ...release ...years 2008, 2009 and 2010... the end of fiscal 2010 would ...sell Altec Lansing, our AEG segment. The sale was completed effective December 1, 2009. All of the revenues in the AEG segment were derived from sales of Altec Lansing products. All operations of AEG have been classified as discontinued...

  • Page 47
    ... on sale of Altec Lansing, for the fiscal years 2008, 2009 and 2010 are as follows: (in thousands) 2008 Net revenues Cost of revenues Operating expenses Impairment of goodwill and long-lived assets Restructuring and other related charges Loss on sale of AEG Loss from operations of discontinued AEG...

  • Page 48
    ... expenditures during fiscal 2008 primarily related to building improvements at our Santa Cruz, California headquarters, which includes $2.7 million to complete the industrial design wing and $1.2 million for work on the construction of the new corporate data center, along with $2.0 million for...

  • Page 49
    ... in the open market at a total cost of $0.8 million and an average price of $31.31 per share. As of March 31, 2010, there were 975,900 remaining shares authorized for repurchase. On December 2, 2009, we retired 2.0 million shares of treasury stock which were returned to the status of authorized but...

  • Page 50
    ... as the intent was to hold the ARS until the market recovered. In connection with the acceptance of the Agreement, we transferred our ARS from long-term available-for-sale investments to long-term trading securities, reflecting management's intent to exercise our put option during the period from...

  • Page 51
    ... 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...

  • Page 52
    ... 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, assumptions regarding the rate of sell-through to end users...

  • Page 53
    .... For our commercial products, long life-cycles periodically necessitate last-time buys of raw materials which may be used over the course of several years. We routinely review inventory for usage potential, including fulfillment of customer warranty obligations and spare part requirements. If we...

  • Page 54
    ... cost of those warranties at the time revenue is recognized. Generally, warranties start at the delivery date to the customer or end user and continue for one or two years, depending on the type and brand, and the location in which the product was purchased. Where specific warranty return rights are...

  • Page 55
    ...indicators that existed, we performed a review of our long-lived assets within the AEG reporting unit to test for impairment in accordance with the accounting standards. Further to this, in the second quarter of fiscal 2010, as a result of signing a non-binding letter of intent to sell Altec Lansing...

  • Page 56
    ... the investment. As of March 31, 2010, all of the ARS portfolio was held in our name at a limited number of major financial institutions and were concentrated primarily in student loans. The ARS were classified as short-term trading securities due to management's intent to exercise the put option...

  • Page 57
    ...2010, respectively, was derived from sales outside of the U.S., which were predominantly denominated in the Euro and the Great Britain Pound in each of the fiscal years. As of March 31, 2010... Dollar against the indicated option contract type for cash flow hedges as of March 31, 2010 (in millions): ...

  • Page 58
    .... A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company...

  • Page 59
    PLANTRONICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2009 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts receivable, net Inventory, net Deferred income taxes Other current assets Assets held for sale Total current assets Long...

  • Page 60
    ...operations Net income (loss) Diluted Continuing operations Discontinued operations Net income (loss) Shares used in basic per share calculations Shares used in diluted per share calculations Cash dividends declared per common share $ $ Fiscal Year Ended March 31, 2009 2010 $ 674,590 382,659 291,931...

  • Page 61
    ... from sale of property and equipment Proceeds received from sale of AEG segment Funds released from escrow related to the Altec acquisition Cash provided by (used for) investing activities CASH FLOWS FROM FINANCING ACTIVITIES Purchase of treasury stock Proceeds from sale of treasury stock Proceeds...

  • Page 62
    ...options Issuance of restricted common stock Repurchase of restricted common stock Cash dividends declared Stock-based compensation Income tax benefit associated with stock options Purchase of treasury stock Sale of treasury stock Retirement of treasury stock Balances at March 31, 2010 48,065 576 113...

  • Page 63
    ... headset systems, and accessories for the business and consumer markets under the Plantronics brand. Founded in 1961, Plantronics is incorporated in the state of Delaware and trades on the New York Stock Exchange under the ticker symbol "PLT". 2. SIGNIFICANT ACCOUNTING POLICIES Management's Use...

  • Page 64
    ...-term trading security due to management's intent to exercise the put option with UBS and the expectation that the ARS will be sold within twelve months. (See Note 6) Investments are carried at fair value based upon quoted market prices at the end of the reporting period where available. The Company...

  • Page 65
    .... For the Company's commercial products, long life-cycles periodically necessitate last-time buys of raw materials which may be used over the course of several years. The Company routinely reviews inventory for usage potential, including fulfillment of customer warranty obligations and spare part...

  • Page 66
    ... related cost of revenues if collectibility cannot be reasonably assured. Plantronics recognizes revenue net of estimated product returns and expected payments to resellers for customer programs including cooperative advertising, marketing development funds, volume rebates, and special pricing...

  • Page 67
    ... a higher than estimated return rate, or sell-through rates are slower causing inventory build-up. Cooperative advertising and marketing development funds are accounted for in accordance with the Revenue Recognition Topic of the FASB ASC. Under these guidelines, the Company accrues for these funds...

  • Page 68
    ... sheets. The functional currency of the Company's European finance, sales and logistics headquarters in the Netherlands, sales office and warehouse in Japan, manufacturing facilities in Tijuana, Mexico and logistic and research and development facilities in China, is the U.S. Dollar. For these...

  • Page 69
    ... property claims related to the use of its products. From time to time, the Company indemnifies customers against combinations of loss, expense, or liability arising from various trigger events relating to the sale and use of its products and services. In addition, Plantronics also provides...

  • Page 70
    ... "APA") to sell Altec Lansing, its AEG segment, which was completed effective December 1, 2009. AEG was engaged in the design, manufacture, sales and marketing of audio solutions and related technologies. All of the revenues in the AEG segment were derived from sales of Altec Lansing products. All...

  • Page 71
    ... on sale of Altec Lansing, for the fiscal years 2008, 2009 and 2010 are as follows: (in thousands) 2008 Net revenues Cost of revenues Operating expenses Impairment of goodwill and long-lived assets Restructuring and other related charges Loss on sale of AEG Loss from operations of discontinued AEG...

  • Page 72
    ... currency call and put option contracts. Fair value is determined using a Black-Scholes valuation model using inputs that are observable in the market. During the year ended March 31, 2010, the Company did not have any transfers between Level 1 and Level 2 fair value instruments. Level 3 assets...

  • Page 73
    ... connection with the acceptance of the UBS offer in November 2008, resulting in the right to require UBS to purchase the ARS at par value beginning on June 30, 2010, the Company transferred its ARS from longterm investments available-for-sale to long-term trading securities. The transfer to trading...

  • Page 74
    ...(2,984) (1,027) 83,657 $ 2010 118,199 (13,812) (13,780) (1,846) (433) 88,328 $ $ As noted in Note 4, Discontinued Operations, as part of the sale of Altec Lansing in December 2009, approximately $4.7 million of sales related reserves, including provisions for returns and provisions for promotions...

  • Page 75
    ..., 2009. In July 2009, the Company stopped all manufacturing processes in the Suzhou location. As a result, the building and related fixed assets were transferred, at the lower of their carrying value or fair value less the costs to sell, to Assets held for sale in the Condensed consolidated balance...

  • Page 76
    ... relating to products shipped during the year Deductions for warranty claims processed Warranty provision transferred with sale of AEG Warranty obligation at end of period $ $ 8. GOODWILL The changes in the carrying value of goodwill during the fiscal years ended March 31, 2009 and 2010...

  • Page 77
    ... of its reporting units after fiscal year 2017, consistent with the rate used in the prior year. The discount rate was adjusted from 13% used in the prior year to 14% reflecting the current volatility of the stock prices of public companies within the consumer electronics industry. For the market...

  • Page 78
    ... the major AEG product lines (Docking Audio and PC Audio). A 5% growth factor was used to calculate the terminal value, consistent with the rate used in the prior year. The discount rate was adjusted from 14% to 15% reflecting the current volatility of the stock prices of public companies within the...

  • Page 79
    ...million associated with this impairment charge, which is included in discontinued operations for the fiscal year ended March 31, 2010. As a result of the proposed purchase price of the net assets of the AEG segment, the Company also evaluated the long-lived assets within the reporting unit. The fair...

  • Page 80
    ..., the Company announced plans to close AEG's manufacturing facility in Dongguan, China, shut down a related Hong Kong research and development, sales and procurement office and consolidate procurement, research and development activities for AEG in our Shenzhen, China site. The selling, general, and...

  • Page 81
    ... 15, 2010 (collectively, the "Purchase Agreement") to sell Altec Lansing, the Company's AEG segment, the Company agreed to indemnify the purchaser following the closing of the transaction up to its one year anniversary against specified losses in connection with the AEG business and generally retain...

  • Page 82
    ...Liability Litigation brought against Plantronics, Inc., Motorola, Inc and GN Netcom, Inc. alleging that the three companies failed to adequately warn consumers of the potential for long term noise induced hearing loss if they used Bluetooth headsets. The companies contested the claims of the lawsuit...

  • Page 83
    ... number is subject to adjustment in the event of stock splits, reverse stock splits, recapitalization or certain corporate reorganizations) cumulatively reserved since inception under the 2003 Stock Plan for issuance to employees, directors and consultants of Plantronics. The Company may not grant...

  • Page 84
    ... inception a total of 300,000 shares of common stock (which number is subject to adjustment in the event of stock splits, reverse stock splits, recapitalization or certain corporate reorganizations) for issuance to non-employee directors of Plantronics. At the end of fiscal 2010, options to purchase...

  • Page 85
    ... remaining contractual life of 3.4 years and an aggregate intrinsic value of $56.0 million. The total cash received from employees as a result of employee stock option exercises during fiscal 2010 was $32.6 million. The Company settles employee stock option exercises with newly issued common shares...

  • Page 86
    ... The expected stock price volatility for the years ended March 31, 2008, 2009 and 2010 was determined based on an equally weighted average of historical and implied volatility. Implied volatility is based on the volatility of the Company's publicly traded options on its common stock with a term of...

  • Page 87
    ... The Company uses derivative instruments primarily to manage exposures to foreign currency risks. The Company's primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency. The program is not designed for trading or...

  • Page 88
    ... next 12 months due to the recognition of the hedged forecasted sales. In the second quarter of fiscal 2010, the Company began hedging expenditures denominated in Mexican Peso which are designated as cash flow hedges and are accounted for under the hedge accounting provisions of the Derivatives and...

  • Page 89
    ... and Hedging Topic of the FASB ASC as of March 31, 2009 and 2010, and the impact of designated derivative contracts on Accumulated other comprehensive income for fiscal years ended March 31, 2009 and 2010: Amount of gain (loss) reclassified from OCI to income (loss) (effective portion) $ 4,505...

  • Page 90
    ...of income from continuing operations before income taxes for fiscal years 2008, 2009 and 2010 are as follows: Fiscal Year Ended March 31, 2008 2009 2010 $ $ 51,192 69,828 121,020 $ $... fiscal 2010 is higher than the previous year primarily due to the incremental benefit associated with the release of ...

  • Page 91
    ... to utilize the assets using a more likely than not analysis. Deferred tax assets are only recorded to the extent that they are realizable based upon past and future income. The Company has a long established earnings history with taxable income in its carryback years and forecasted future earnings...

  • Page 92
    ...) PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings (loss) per share: (in thousands, except earnings per share data) Fiscal Year Ended March 31, 2008 Income from continuing operations, net of tax Loss on discontinued operations, net of tax Net income (loss...

  • Page 93
    ... Plantronics designs, manufactures, markets and sells headsets for business and consumer applications, and other specialty products for the hearing impaired. With respect to headsets, it makes products for use in offices and contact centers, with mobile and cordless phones, and with computers...

  • Page 94
    ... basis: Fiscal Year Ended March 31, 2009 2010 $ 100,173 21,130 8,785 6,211 136,299 $ 66,327 3,620 7,230 5,977 83,154 (in thousands) United States China Mexico Other countries Total Long-lived assets $ $ 18. SUBSEQUENT EVENTS On May 4, 2010, the Company's Board of Directors declared a cash...

  • Page 95
    ... last calendar day of the applicable month end. 1 In November 2007, the Company announced plans to close AEG's manufacturing facility in Dongguan, China, to shut down a related Hong Kong research and development, sales and procurement office and to consolidate procurement, research, and development...

  • Page 96
    ... impact on amounts reported in prior periods. In the second quarter of fiscal 2010, the Company recorded non-cash impairment charges in the amount of $18.6 million on the Altec Lansing trademark and trade name, $2.8 million related to intangible assets related to customer relationships, technology...

  • Page 97
    ... (i) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (ii) is accumulated and communicated to Plantronics' management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to...

  • Page 98
    ... granted to executive officers and directors, on this web site within four business days following the date of such amendment or waiver. Stockholders may request a free copy of the Code from our Investor Relations department as follows: Plantronics, Inc. 345 Encinal Street Santa Cruz, California...

  • Page 99
    ... by this item is included under the caption "Corporate Governance" subhead "Director Independence" in the 2010 Proxy Statement and is incorporated into this Item 13 by this reference. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information required by this item is included under the caption...

  • Page 100
    ...in Part II of this Report. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS page REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM CONSOLIDATED BALANCE SHEETS AT MARCH 31, 2010 AND 2009 CONSOLIDATED STATEMENTS OF OPERATIONS FOR EACH OF THE THREE YEARS IN THE PERIOD ENDED MARCH 31, 2010 CONSOLIDATED...

  • Page 101
    ... amounts assumed by the purchaser as part of the sale of Altec Lansing on December 1, 2009: Provision for returns Provision for promotions, rebates and other Warranty reserves $ $ $ (1,440) (3,284) (383) All other schedules have been omitted because the required information is not present or not...

  • Page 102
    3. Exhibits. See Item 15(b) below. (b) Exhibits We have filed, or incorporated by reference into this Report, the exhibits listed on the accompanying Index to Exhibits immediately following the signature page of this Form 10-K. (c) Financial Statement Schedules See Items 8 and 15(a) (2) above. 94

  • Page 103
    ... 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PLANTRONICS, INC. June 1, 2010 By: /s/ Ken Kannappan Ken Kannappan Chief Executive Officer POWER OF ATTORNEY KNOW ALL PERSONS BY...

  • Page 104
    ... Canyge Bicknell Limited and Plantronics Limited, a subsidiary of the Registrant, for premises located in Wootton Bassett, The United Kingdom Amended and Restated 2003 Stock Plan 1993 Stock Option Plan 1993 Director Stock Option Plan 8-K 001-12696 3(ii) 1/20/2009 Form Incorporation by Reference File...

  • Page 105
    ... and GoerTek, Inc. Worldwide Code of Business Conduct and Ethics Subsidiaries of the Registrant Consent of Independent Registered Public Accounting Firm Power of Attorney - Power of Attorney (incorporated by reference to the signature page of this Annual Report on Form 10-K.) Certification of the...

  • Page 106
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  • Page 107
    ... on the morning of April 2, 2005 in Plantronics common stock and in each index (based on prices from the close of trading on April 1, 2005), and that dividends, if any, were reinvested. The measurement date used is the last day of the Company's fiscal year for each period shown. Past performance is...

  • Page 108
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  • Page 109
    ... Executive Team Donald Houston Ken Kannappan Barry Margerum Renee Niemi Mike Perkins Barbara Scherer Carsten Trads Philip Vanhoutte Pat Wadors Larry Wuerz Senior Vice President, Sales President and Chief Executive Officer, Director Chief Strategy Officer Senior Vice President, Communications...

  • Page 110
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  • Page 111
    ... Pacific Daylight Time Plantronics, Inc. Headquarters 345 Encinal Street Santa Cruz, California 95060 COMPANY BACKGROUND Plantronics, Inc. is a leading worldwide designer, manufacturer, and marketer of lightweight communications headsets, telephone headset systems, and accessories for the business...

  • Page 112