Plantronics 2015 Annual Report Download - page 37

ITEM 6. SELECTED FINANCIAL DATA
SELECTED FINANCIAL DATA
The information set forth below is not necessarily indicative of results of future operations and should be read in conjunction with
Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial
Statements 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. All fiscal years presented consisted of 52 weeks.
Fiscal Year Ended March 31,
201512014 201322012 20113
($ in thousands, except per share data)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 865,010 $ 818,607 $ 762,226 $ 713,368 $ 683,602
Operating income $ 149,085 $ 140,124 $ 138,097 $ 141,353 $ 140,712
Operating margin 17.2% 17.1% 18.1% 19.8% 20.6%
Income before taxes $ 145,251 $ 141,139 $ 138,425 $ 142,602 $ 140,656
Net income $ 112,301 $ 112,417 $ 106,402 $ 109,036 $ 109,243
Basic earnings per share $ 2.69 $ 2.65 $ 2.55 $ 2.48 $ 2.29
Diluted earnings per share $ 2.63 $ 2.59 $ 2.49 $ 2.41 $ 2.21
Cash dividends declared per common share $ 0.60 $ 0.40 $ 0.40 $ 0.20 $ 0.20
Shares used in basic per share calculations 41,723 42,452 41,748 44,023 47,713
Shares used in diluted per share calculations 42,643 43,364 42,738 45,265 49,344
BALANCE SHEET DATA:
Cash, cash equivalents, and short-term investments $ 374,709 $ 335,421 $ 345,357 $ 334,512 $ 429,956
Total assets $ 876,042 $ 811,815 $ 764,605 $ 672,470 $ 744,647
Revolving line of credit $ 34,500 $ — $ — $ 37,000 $ —
Other long-term obligations $ 19,323 $ 15,544 $ 12,930 $ 13,360 $ 12,667
Total stockholders' equity $ 727,397 $ 698,664 $ 646,447 $ 527,244 $ 634,852
OTHER DATA:
Cash provided by operating activities $ 154,438 $ 141,491 $ 125,501 $ 140,448 $ 158,232
1 During fiscal year 2015, we recognized a gain of $6.5 million upon payment by a competitor to dismiss litigation involving the alleged infringement
of a patent assigned to us. In addition, we recognized a gain of $2.2 million related to the resolution of an insurance coverage dispute with one of its
insurance carriers.
2 We initiated a restructuring plan during the third quarter of fiscal year 2013. Under the plan, we reallocated costs by eliminating certain positions in
the US, Mexico, China, and Europe, and transitioned some of these positions to lower cost locations. As part of this plan, we also vacated a portion
of a leased facility at our corporate headquarters in the first quarter of fiscal year 2014. The pre-tax charges incurred during fiscal year 2013 included
$1.9 million for severance and related benefits and an immaterial amount of accelerated amortization on leasehold assets with no alternative future
use. We incurred an immaterial amount of lease termination costs when we exited the facility in the first quarter of fiscal year 2014. The restructuring
plan was substantially complete at the end of the first quarter of fiscal year 2014.
3 During fiscal year 2011, we recognized a gain of $5.1 million upon payment by a competitor to dismiss litigation involving the alleged theft of certain
trade secrets. In addition, we recorded $1.4 million in accelerated amortization expense to reflect the revised estimated life of an intangible asset we
deemed to be abandoned.
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