Plantronics 2011 Annual Report Download - page 38

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Looking forward into fiscal 2012, we continue to believe that UC is a key long-term driver of revenue and profit growth. In fiscal
2011, we introduced new products and generated $53 million in revenues from our UC product portfolio. We continue to focus
on innovative product development, including the use of software and services as part of our products. Our investment also
includes growing our sales force and increasing marketing and other support costs as we expand our key strategic partnerships to
market UC products. Our goal is to be the world leader in audio solutions for the UC market and we feel we are well positioned
as we enter fiscal 2012 with a strong UC product portfolio.
We intend for the following discussion of our financial condition and results of operations to provide information that will assist
in understanding our financial statements and therefore, this discussion should be read in conjunction with the financial statements
and accompanying notes.
RESULTS OF OPERATIONS
The following tables set forth, for the periods indicated, the consolidated statements of operations data. The financial information
and the ensuing discussion should be read in conjunction with the accompanying consolidated financial statements and notes
thereto. Except as noted, financial results are for continuing operations. Altec Lansing, our former AEG segment, was sold
effective December 1, 2009. We have classified the AEG operating results as discontinued operations in the Consolidated statement
of operations for all periods presented.
(in thousands)
Net revenues
Cost of revenues
Gross profit
Operating expense:
Research, development and
engineering
Selling, general and administrative
Gain from litigation settlement
Restructuring and other related
charges
Total operating expenses
Operating income
Interest and other income (expense), net
Income from continuing operations
before income taxes
Income tax expense from continuing
operations
Income from continuing operations,
net of tax
Discontinued operations:
Loss from operations of discontinued
AEG segment (including loss on sale)
Income tax benefit on discontinued
operations
Loss on discontinued operations
Net income (loss)
Fiscal Year Ended March 31,
2011
$ 683,602
321,846
361,756
63,183
163,389
(5,100)
(428)
221,044
140,712
(56)
140,656
31,413
109,243
—
—
—
$ 109,243
100.0 %
47.1 %
52.9 %
9.2 %
23.9 %
(0.7)%
(0.1)%
32.3 %
20.6 %
—
20.6 %
4.6 %
16.0 %
—
—
—
16.0 %
2010
$ 613,837
312,767
301,070
57,784
143,784
—
1,867
203,435
97,635
3,105
100,740
24,287
76,453
(30,468)
(11,393)
(19,075)
$ 57,378
100.0 %
51.0 %
49.0 %
9.4 %
23.4 %
—
0.3 %
33.1 %
15.9 %
0.5 %
16.4 %
4.0 %
12.4 %
(5.0)%
(1.9)%
(3.1)%
9.3 %
2009
$ 674,590
382,659
291,931
63,840
155,678
—
10,952
230,470
61,461
(3,544)
57,917
12,575
45,342
(142,633)
(32,392)
(110,241)
$ (64,899)
100.0 %
56.7 %
43.3 %
9.5 %
23.1 %
—
1.6 %
34.2 %
9.1 %
(0.5)%
8.6 %
1.9 %
6.7 %
(21.1)%
(4.8)%
(16.3)%
(9.6)%
Table of Contents
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