Plantronics 2001 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2001 Plantronics annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 36

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36

3. Details of Certain Balance Sheet Accounts
March 31,
(in thousands) 2000 2001
Accounts receivable, net:
Accounts receivable from customers $ 50,625 $ 62,876
Less: allowance for doubtful accounts (2,144) (2,673)
$ 48,481 $ 60,203
Inventory, net:
Finished goods 17,887 27,040
Work in process 1,540 1,280
Purchased parts 14,325 19,915
$ 33,752 $ 48,235
Property, plant and equipment:
Land 4,693 4,693
Buildings and improvements (useful life 7–30 years) 11,296 14,692
Machinery and equipment (useful life 2–10 years) 38,341 49,891
54,330 69,276
Less: accumulated depreciation (30,753) (36,593)
$ 23,577 $ 32,683
Accruals:
Employee benefits $ 15,934 $ 9,730
Accrued advertising and sales and marketing 2,042 5,836
Warranty accrual 7,494 6,619
Accrued other 8,860 8,608
$ 34,330 $ 30,793
4. Debt
We have an unsecured revolving credit facility with a major bank for $100 million that matures
on November 27, 2001. Principal outstanding 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, 2001. 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, 2001.
Plantronics 2001 Annual Report 15