Plantronics 2002 Annual Report Download - page 42

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3 . D E TA I L S O F C E RT A I N B A L A N C E S H E E T A C C O U N T S
M a r ch 31 ,
(in th o u sands) 2001 2002
A C C O U N T S R E C E I VA B L E , N E T:
Accounts receivable from customers $7 0 , 6 9 7 $ 58,195
Less: sales returns, promotions and rebates ( 1 3 , 2 1 6 ) (11,347)
Less: allowance for doubtful accounts ( 2 , 6 7 3 ) (3,010)
$5 4 , 8 0 8 $ 43,838
I N V E N T O RY , N E T:
Finished goods $2 7 , 7 4 1 $ 23,576
Work in process 1 , 2 8 0 831
Purchased parts 2 2 , 9 8 4 18,068
Less: allowance for excess and obsolete inventory ( 3 , 7 7 0 ) (6,372)
$4 8 , 2 3 5 $ 36,103
P R O P E RT Y, P L A N T A N D E Q U I P M E N T:
L a n d $4 , 6 9 3 $ 4,693
Buildings and improvements (useful life 7-30 years) 1 4 , 6 9 2 16,350
Machinery and equipment (useful life 2-10 years) 4 9 , 8 9 1 52,747
6 9 , 2 7 6 73,790
Less: accumulated depreciation (36,593) (38,090)
$ 32,683 $ 35,700
A C C R U A L S:
Employee benefits $9 , 7 3 0 $ 11,008
Accrued advertising and sales and marketing 1 , 7 5 6 1,938
Warranty accrual 6 , 6 1 9 6,420
Accrued other 7 , 2 9 3 6,502
$2 5 , 3 9 8 $ 25,868
4 . D E B T
We have an unsecured revolving credit facility with a major bank for $75 million that
matures on January 15, 2003. Any principal outstanding bears interest at our choice of
prime rate minus 1% or LIBOR plus 0.875%, depending on the rate choice and performance
level ratios. T here were no borrowings outstanding under the facility at March 31, 2002.
T he 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, 2002.
40