Plantronics 2000 Annual Report Download - page 30

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N OTES TO consolidated financial statements
Effective November 29, 1999, we obtained a revolving credit facility with a major bank for $100 million,
including a $10 million letter-of-credit subfacility. Both mature in November 27, 2000. Principal out-
standing bears interest at our choice of prime rate minus 1% or LIBOR plus 0.625%, depending on the
rate choice and performance level ratios.There were no borrowings outstanding under the facility at
March 31, 2000. However, at that date, $0.8 million associated with inventory purchases and other matters
was committed under the letter-of-credit subfacility.The revolving credit facility includes certain
covenants that materially limit our ability to incur debt and pay dividends, among other matters.We were
in compliance with the terms of the covenants as of March 31, 2000.
note 5. COMMON AND TREASURY STOCK:
On January 8, 1999, we filed with the Securities Exchange Commission a Registration Statement on
Form S-3 for the sale by certain stockholders in an underwritten offering of 1,250,000 shares of
Common Stock. Plantronics did not receive any proceeds from this offering, other than approximately
$0.8 million (net of offering expenses) received upon the exercise of options to purchase 443,548 shares
of Common Stock by two of the stockholders selling in the offering.The offering increased outstanding
shares by 443,548.
In July 1999, our stockholders approved an increase in the authorized shares of Common Stock of
Plantronics, Inc., to 100,000,000.
During fiscal 1999, the Board of Directors authorized Plantronics to repurchase an additional 1,000,000
shares of Common Stock. During fiscal 1999, we repurchased 735,593 shares of Common Stock in the
open market at a total cost of $46.4 million, and through our employee benefits plans, we reissued 29,301
shares for proceeds of $1.3 million.
During fiscal 2000, the Board of Directors authorized Plantronics to repurchase an additional 1,000,000
shares of Common Stock. During fiscal 2000, we repurchased 1,267,500 shares of our Common Stock
in the open market at a total cost of $72.6 million, and through our employee benefit plans, we reissued
41,097 shares for proceeds of $2.1 million. As of March 31, 2000, there were 184,907 remaining shares
authorized for repurchase under all repurchase plans. Shares repurchased in fiscal year 2000 that exceeded
the additional 1,000,000 shares pertained to authorizations from prior years.
note 6. INCOME TAXES:
Income tax expense for fiscal 1998, 1999 and 2000 consisted of the following:
FISCAL YEAR ENDED M ARCH 3 1 ,
(IN TH OUSANDS) 1 9 9 8 1 9 9 9 2 0 0 0
Federal
Current $10,109 $18,127 $29,130
Deferred 4,746 3,344 (6,493)
State 1,472 1,943 2,419
Foreign 2,116 2,587 5,305
$18,443 $26,001 $30,361
page 28 PLANTRONI CS ANN UAL REPORT 200 0