Plantronics 2002 Annual Report Download - page 24

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How do you want to express yourself?
Our customers have been telling us for years they want to be free of wires and keypads.
They want to talk without needing to hold the phone to their ear. They want to talk while
they’re moving around, whether it’s to stretch their legs, grab a file or consult with a colleague.
In other words, they want their phone conversations to be just like having a conversation in
person: that simple, that comfortable, that effective.
Our mission is to enhance personal communications – and we do that by helping
you express yourself the way you want to. With the ongoing evolution of wireless
communications and voice command technologies, we are more convinced than ever
that we can bring hands-free solutions to market that can help people communicate
as easily and effectively as if they were face-to-face. We are convinced the long-term
opportunity for enhancing personal communications is compelling, and we remain committed
to this mission and our vision: “headsets for everyone.”
While the past year was challenging for the telecom equipment industry and our financial
results declined, Plantronics continued to execute well. We moved forward strategically in
product and technology development. We increased our market share. We maintained our
exceptional level of customer and employee satisfaction. We enhanced the best distribution
network in the industry. We continued our systematic efforts to improve our internal
efficiency, focusing on our supply chain with good results. As a result, we improved our
inventory turns from 3.8 in fiscal 2001 to 4.5 in fiscal 2002. Together with other working
dear fellow shareholders
Celebrat ing 40 Years
Unusual in the w orld of high technology, Plantronics
has a lengthy history; we celebrated our 40t h
anniversary as a going concern in M ay 2001. We’re far
more interest ed in our future than our past, but our
long track record of technological achievement and
business success is one reason w e’re confi dent about
our ability to thrive in the years ahead. Here are a few
highlights of the Plantronics story:
1969: Apollo astronaut Neil Armstrong’s first words
from the moon—“That’s one small step for man; one
giant leap for mankind”—were transmitted through a
Plantronics headset.
1960’s
22