Plantronics 2008 Annual Report Download

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Annual Report 2008

Table of contents

  • Page 1
    Annual Report 2008

  • Page 2

  • Page 3
    ... to our customers. In communications this means you can really hear and be understood better in a conversation using a Plantronics or Clarity product. In entertainment, great sound, stylish design and ease of use are inherent in our Altec Lansing products as well. Our design teams are creating...

  • Page 4
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  • Page 5
    ...) 345 Encinal Street, Santa Cruz, California (Address of principal executive offices) (831) 426-5858 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered COMMON STOCK, $.01 PAR...

  • Page 6
    ... with Accountants on Accounting and Financial Disclosure Item 9A. Controls and Procedures Item 9B. Other Information Part III. Item 10. Directors, Executive Officers and Corporate Governance Item 11. Executive Compensation Item 12. Security Ownership of Certain Beneficial Owners and Management...

  • Page 7
    ... of docking audio products, computer and home entertainment sound systems, and a line of headphones for personal digital media under our Altec Lansing brand. In addition, we manufacture and market under our Clarity brand specialty telephone products, such as telephones for the hearing impaired, and...

  • Page 8
    ... executive offices are located at 345 Encinal Street, Santa Cruz, CA, 95060. Our telephone number is (831) 4265858. Our internet address is www.plantronics.com. Our Investor Relations website is also accessible through www.plantronics.com. BUSINESS SEGMENTS AND MARKET INFORMATION In fiscal 2008...

  • Page 9
    ... on both ends of a call through a variety of features and technologies, including noise-canceling microphones, Digital Signal Processing ("DSP"), and more; Wireless freedom allowing people to take and make calls as they move freely around their office or home without cords or cables; Multi-tasking...

  • Page 10
    ... as work styles and lifestyles change, and people use devices for multiple applications such as communication, music, and video entertainment. Plantronics serves these markets through our following product groups: Office and Contact Center The office market comprises our largest revenue stream with...

  • Page 11
    ...stereos, CD players, cameras and PCs are converging to create the need for new network devices. This change is driving the demand for new high-end, flexible digital solutions in home theater, video gaming and personal audio. Higher portability, connectivity and wireless technology are other industry...

  • Page 12
    ... array of headphone products for portable stereos, CD players, MP3 players and other audio devices, and home audio and home theater products. In the second quarter of fiscal 2008, the Company transitioned the responsibility and management of Altec Lansing branded PC headsets from the AEG segment to...

  • Page 13
    ..., timely completion and introduction of new product designs, cost-effective manufacturing of such products, quality of new products, the acceptance of new technologies such as Bluetooth, and general market acceptance of new products. Traditionally, the technology of telephone headsets has evolved...

  • Page 14
    ... retailers, office supply distributors; catalog and mail order companies; mass merchants; warehouse clubs; and wireless carrier stores. Our AEG products are predominantly distributed through retailers. In addition, ACG headsets are sold through retailers who sell headsets to corporate customers...

  • Page 15
    ... and other electrical components, primarily from suppliers in Asia, Mexico, the United States, and Europe. We purchase the components for our AEG products from suppliers in China, which was managed from our Hong Kong office through the third quarter of fiscal 2008. We are in the process of shutting...

  • Page 16
    ... President, General Manager Home & Home Office Vice President, Product Development & Technology President, Clarity Equipment Managing Director, Europe, Middle East & Africa Senior Vice President, Worldwide Operations Vice President, General Manager, B2B Solutions Mr. Kannappan joined Plantronics in...

  • Page 17
    ...President of Worldwide Sales for Proxima Corporation, a designer, developer, manufacturer and marketer of multi-media projection products. From 1985 until January 1995, Mr. Houston held a number of positions at Calcomp, Inc., which is engaged in the business of manufacturing computer peripherals for...

  • Page 18
    ... at Dell Computer Corporation including, General Manager for the Business Systems Division in the United States, Managing Director for Dell Direct in the United Kingdom and Ireland and Vice President of Products, Marketing & Services for EMEA. Beginning in June 1991 he worked for Nokia Data as Vice...

  • Page 19
    ...x x x we are working [to refresh virtually the entire AEG product line; however, market adoption of new products is difficult to predict; a significant portion of our annual retail sales for AEG generally occur in the third fiscal quarter, thereby increasing the difficulty of predicting revenues and...

  • Page 20
    ... down a related Hong Kong research and development, sales and procurement office; and consolidated procurement, research and development activities for AEG in a new Shenzhen, China site which we began to use in the fourth quarter. The selling, general and administrative functions of AEG have been...

  • Page 21
    ... be unable to sell these finished goods, which would result in excess or obsolete inventory; we are increasing the use of design and manufacturing of Bluetooth headset products at our new facilities in China. Development of new wireless products and ramping of production can be complex. Unexpected...

  • Page 22
    ... price in our business markets, leading to increased order volatility which puts pressure on profitability and could result in a loss of market share if we do not respond effectively. We also compete in the consumer market for the sale of our mobile, computer audio, gaming, Altec Lansing and Clarity...

  • Page 23
    ... design that appeals to our customers and end-users; manufacture and deliver high-quality products in sufficient volumes; price our products competitively. If we are unable to develop, manufacture, market and introduce enhanced or new products in a timely manner in response to changing market...

  • Page 24
    ... brands. Currently, our single largest competitor is GN Store Nord A/S ("GN"), a Danish telecommunications conglomerate. We are currently experiencing more price competition from GN in the business markets than in the past. Motorola is a significant competitor in the consumer headset market...

  • Page 25
    ... and contact center products must meet certain standards to work with local phone systems. Certain of our wireless office and mobile products must work within existing frequency ranges permitted in various jurisdictions. As regulations and local laws change, we must modify our products to address...

  • Page 26
    ... of one or more of our executive officers or other key employees; changes in earnings estimates or recommendations by securities analysts; developments in our industry; sales of substantial numbers of shares of our common stock in the public market; the timing and success of the integration of...

  • Page 27
    ... company, and our suppliers or customers. Our major business operations are subject to interruption by earthquake, flood or other natural disasters, fire, power shortages, terrorist attacks, and other hostile acts, public health issues, and other events beyond our control. Our corporate headquarters...

  • Page 28
    ...the user's head to virtually zero. Our Bluetooth and other wireless headsets emit significantly less powerful radio frequency emissions than mobile phones. However, if research establishes a health hazard from the use of mobile telephones or public controversy grows even in the absence of conclusive...

  • Page 29
    ... in order to reduce costs. We may experience a decline in our sales to the contact center market if businesses increase their adoption of speech-activated and voice interactive software as an alternative to customer service agents. Such adoption could cause a net reduction in contact center agents...

  • Page 30
    ... 2008 as part of our restructuring activities related to the close of AEG's manufacturing facilities in Dongguan, China and research and development and sales and procurement offices in Hong Kong. We believe that our existing properties are suitable and generally adequate for our current business...

  • Page 31
    ... of Texas. The complaint alleges that the Company infringed certain patents owned by Clear With Computers, LLC. These patents involve various business practices commonly used on Websites such as supply chain and sales methods, sales and marketing systems, and inventory systems. The complaint seeks...

  • Page 32
    ... SECURITIES Price Range of Common Stock Our common stock is publicly traded on the New York Stock Exchange. The following table sets forth the low and high sales prices as reported by an independent source, under the symbol PLT, for each period indicated. Low Fiscal 2007 First Quarter Second Quarter...

  • Page 33
    ... 2007, we announced plans to close AEG's manufacturing facility in Dongguan, China, to shut down a related Hong Kong research and development, sales and procurement office and to consolidate procurement, research and development activities for AEG in the Shenzhen, China site. As a result of these...

  • Page 34
    ...quality docking audio products, computer and home entertainment sound systems, and a line of headphones for personal digital media under our Altec Lansing brand. In addition, we manufacture and market, under our Clarity brand, specialty telephone products, such as telephones for the hearing impaired...

  • Page 35
    ... profitability. Revitalize the high-end Bluetooth portfolio to gain share, and, within the AEG business, we are developing new product lines which we believe will help us to gain share and improve profit margins. Configure the Company to increase profitability. · Reduce supply chain costs. We will...

  • Page 36
    ...expense: Research, development and engineering Selling, general and administrative Gain on sale of land Total operating expenses Operating income $ 629,725 340,437 289,288 100.0% 54.1% 45.9% Fiscal Year Ended March 31, 2007 $ 676,514 381,034 295,480 100.0% 56.3% 43.7% $ 2008 747,935 403,863 344,072...

  • Page 37
    ..., development and engineering Selling, general and administrative Restructuring and other related charges Total operating expenses Operating income (loss) $ 120,669 83,703 36,966 100.0% 69.4% 30.6% Fiscal Year Ended March 31, 2007 $ 123,640 110,305 13,335 100.0% 89.2% 10.8% $ 2008 108,351 103,318...

  • Page 38
    ... from cordless products such as wireless office headset systems and mobile Bluetooth headsets. Unit volumes decreased from fiscal 2006 to 2007 primarily due to decreased sales of mobile corded products, partially offset by increased sales of mobile Bluetooth products. AEG net revenues accounted for...

  • Page 39
    ... major retail customers as the result of a decrease in the number of product models carried. Sales of Clarity products to state government programs and other distributors were relatively flat. · · AEG Altec Lansing products are primarily consumer goods sold in the retail channel, and sales are...

  • Page 40
    ...our EMEA business and in our Asia Pacific and Americas regions mostly due to strong demand for OCC wireless office systems and Bluetooth mobile products. International net revenues for AEG increased from 35% to 47% which reflected the intense price competition in the docking audio products market in...

  • Page 41
    ... sales of mobile and entertainment headsets through retail channels where open box warranty returns often occur more frequently than through other sales channels, higher freight expenses as a result of increased rates, a longer supply chain, and a less favorable product mix as corded products...

  • Page 42
    ... 2008 were relatively flat compared to the prior year. Projects that the research, development and engineering departments focused on were the design and development of wireless office system products; Bluetooth products and technology; product line platforming; refresh of product lines for AEG...

  • Page 43
    the costs associated with the expansion of our ACG design centers in Tijuana, Mexico and Suzhou, China, stock-based compensation charges of $3.8 million, of which $3.7 million related to ACG and AEG expenses reflecting a full year of expenses compared to only seven and one-half months of expenses in...

  • Page 44
    ... the Company announced plans to close AEG's manufacturing facility in Dongguan, China, to shut down a related Hong Kong research and development, sales and procurement office and to consolidate procurement, research and development activities for AEG in the Shenzhen, China site. The selling, general...

  • Page 45
    ... resulting from stock-based compensation charges of $16.9 million. The increased expenses were partially offset by a $2.6 million pre-tax gain in the first quarter of fiscal 2007 due to the sale of land in Frederick, Maryland. Operating margins may vary based on product mix shifts, product life...

  • Page 46
    ...AEG and stock-based compensation due to the adoption of SFAS No. 123R. Stock-based compensation is proportionally higher in the U.S. than in our overseas locations..., changes in tax laws in the United States or internationally, a return to profitability for the AEG business, or a change in...

  • Page 47
    ... purchases for manufacturing for our Bluetooth and wireless office products and an increase in accounts receivable. Working capital sources of cash consisted primarily of an increase in accounts payable and income taxes payable which fluctuate with the timing of payments. In fiscal 2008, compared to...

  • Page 48
    ...the construction of a new data center at our Santa Cruz, California headquarters which we began in the fourth quarter of fiscal 2008 and over $2.0 million for various IT projects compared to $9.6 million spent in the prior year to improve our manufacturing facility in Tijuana, Mexico. In fiscal 2009...

  • Page 49
    ...and the issuance of common stock under our employee stock purchase plan. Further, the resulting increase in the number of outstanding shares could affect our per share earnings. However, we cannot predict the timing or amount of proceeds from the sale or exercise of these securities, or whether they...

  • Page 50
    ... accounting policies and estimates include the following Revenue Recognition Investments Allowance for Doubtful Accounts Excess and Obsolete Inventory Warranty Goodwill and Intangibles Income Taxes Stock-Based Compensation Expense Revenue Recognition Revenue from sales of products to customers...

  • Page 51
    ... classified as short-term are carried at fair value based upon quoted market prices at the end of the reporting period. Investments classified as long-term are carried at fair value based on a discounted cash flow model. All investments are classified as available-forsale with unrealized gains and...

  • Page 52
    ... or two years, depending on the type and brand, and the location in which the product was purchased. Where specific warranty return rights are not given to the customer but where the customers are granted limited rights of return or discounts in lieu of warranty, management records these rights of...

  • Page 53
    ... of future employee behavior. We base the risk-free interest rate on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. We base the dividend yield assumption on our current dividend and the market price of our common stock at...

  • Page 54
    ... different valuation models in the future. This may result in a lack of consistency in future periods and could materially affect the fair value estimate of stock-based payments. It may also result in a lack of comparability with other companies that use different models, methods and assumptions...

  • Page 55
    ...no assurance our strategy will be successfully implemented and that exchange rate fluctuations will not materially adversely affect our business in the future. Non-designated Hedges We hedge our Euro and Great British Pound denominated receivables, payables and cash balances by entering into foreign...

  • Page 56
    ... Position Sell Euro Sell GBP USD Value of Net FX Contracts $ 24.9 12.3 $ 37.2 FX Gain (Loss) From 10% Appreciation of USD $ 2.5 1.2 $ 3.7 FX Gain (Loss) From 10% Depreciation of USD $ (2.5) (1.2) $ (3.7) Cash Flow Hedges Approximately 36%, 39%, and 39% of revenue in fiscal 2006, 2007, and 2008...

  • Page 57
    ...DATA PLANTRONICS, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) March 31, 2007 ASSETS Current assets: Cash and cash equivalents Short-term investments Accounts...Retained earnings Less: Treasury stock (common: 18,576 and 18,351 shares at 2007 and 2008, respectively) at cost ...

  • Page 58
    PLANTRONICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Net revenues Cost of revenues Gross profit Operating expenses: Research, development and engineering Selling, general and administrative Restructuring and other related charges Gain on sale of land Total ...

  • Page 59
    ... benefit from stock-based compensation Loss (gain) on disposal of property, plant, and equipment, net Impairment of intangible assets Non-cash restructuring charges Changes in assets and liabilities, net of effect of acquisitions: Accounts receivable Inventory Other assets Accounts payable Accrued...

  • Page 60
    PLANTRONICS, INC. CONSOLIDATED ...stock options Issuance of restricted common stock Repurchase of restricted common stock Cash dividends declared Stock-based compensation Income tax benefit associated with stock options Purchase of treasury stock Sale of treasury stock Balances at March 31, 2008...

  • Page 61
    ... accessories for the business and consumer markets under the Plantronics brand. The Company is also a leading manufacturer and marketer of high quality docking audio products, computer and home entertainment sound systems, and a line of headphones for personal digital media under the Altec Lansing...

  • Page 62
    ... in earnings in the period of change. The Company does not hold or issue derivative financial instruments for speculative trading purposes. Plantronics enters into derivatives only with counterparties that are among the largest U.S. banks, ranked by assets, in order to minimize its credit risk. (See...

  • Page 63
    ... or two years, depending on the type and brand, and the location in which the product was purchased. Where specific warranty return rights are not given to the customer but where the customers are granted limited rights of return or discounts in lieu of warranty, management records these rights of...

  • Page 64
    ... for customer programs including cooperative advertising, marketing development funds, volume rebates, and special pricing programs. Estimated product returns are deducted from revenues upon shipment, based on historical return rates, assumptions regarding the rate of sell-through to end users...

  • Page 65
    ... functional currency of the Company's European finance, sales and logistics headquarters in the Netherlands, sales office, warehouse and distribution center in Hong Kong, sales office and warehouse in Japan, and manufacturing facilities in Tijuana, Mexico and Suzhou, China and foreign research and...

  • Page 66
    ... three months. Concentrations of credit risk with respect to trade receivables are generally limited due to the large number of customers that comprise the Company's customer base and their dispersion across different geographies and markets. Plantronics performs ongoing credit evaluations of its...

  • Page 67
    ... its products. From time to time, the Company indemnifies customers against combinations of loss, expense, or liability arising from various trigger events relating to the sale and use of its products and services. In addition, Plantronics also provides protection to customers against claims related...

  • Page 68
    ... trading and therefore do not currently have a readily determinable market value. Accordingly, the estimated fair value of ARS no longer approximates par value. The Company has used a discounted cash flow model to determine the estimated fair value of its investment in ARS as of March 31, 2008...

  • Page 69
    ...(useful life 7-30 years) Machinery and equipment (useful life 2-10 years) Construction in progress Less: accumulated depreciation and amortization $ Accrued liabilities: Employee compensation and benefits Warranty accrual Accrued advertising and sales and marketing Accrued other $ $ $ 8,630 64,693...

  • Page 70
    ... Warranty obligation at March 31, 2007 Warranty provision relating to products shipped during the year Deductions for warranty claims processed Warranty obligation at March 31, 2008 $ $ 6,276 15,946 (14,982) 7,240 22,095 (18,894) 10,441 6. ACQUISITIONS Octiv, Inc. On April 4, 2005, Plantronics...

  • Page 71
    ... a 12% discount rate. The inMotion trade name is relatively new and relates to specific niches of the Docking Audio market. Based on product life cycles, history relating to the category of products for which the inMotion brand is utilized, and similar product trademarks within the retail industry...

  • Page 72
    use of the Altec Lansing trade name applying a 12% discount rate. Considering the recognition of the brand, its long history, and management's intent to use the brand indefinitely, the remaining useful life of the Altec Lansing name was determined to be indefinite and is being treated as an ...

  • Page 73
    ...of the Altec branded headsets from the AEG segment to the ACG segment; as a result, the related goodwill of $2.9 million was transferred from AEG to ACG. During fiscal 2008, the Company adjusted deferred tax account balances and long-term tax payable accounts related to the purchase of Altec Lansing...

  • Page 74
    ... assets representing anticipated license revenue had no remaining value and wrote off the remaining carrying value of $0.8 million in cost of revenues. During the second quarter of fiscal 2008, the Company made a decision to terminate AEG's Professional Audio product line in order 68

  • Page 75
    ... the Company announced plans to close AEG's manufacturing facility in Dongguan, China, to shut down a related Hong Kong research and development, sales and procurement office and to consolidate procurement, research and development activities for AEG in the Shenzhen, China site. The selling, general...

  • Page 76
    ... of Texas. The complaint alleges that the Company infringed certain patents owned by Clear With Computers, LLC. These patents involve various business practices commonly used on Websites such as supply chain and sales methods, sales and marketing systems, and inventory systems. The complaint seeks...

  • Page 77
    ... may be entitled to purchase the Company's stock or stock of an acquirer of the Company at a discounted price in the event of certain efforts to acquire control of the Company. The rights expire on the earliest of (a) April 12, 2012, or (b) the exchange or redemption of the rights pursuant...

  • Page 78
    ...per share of the Company's common stock, payable on June 10, 2008 to stockholders of record on May 9, 2008. Stock Option Plans Employee Stock Plan In June 2003, the Board of Directors and stockholders approved the Plantronics Inc. Parent Corporation 2003 Stock Plan (the "2003 Stock Plan"). Under the...

  • Page 79
    ...plan. The plan qualifies under Section 423 of the Internal Revenue Code. Under the 2002 ESPP, which is effective through June 2012, the purchase price of Plantronics' common stock is equal to 85% of the lesser of the fair market value of Plantronics' common stock on (i) the first day of the offering...

  • Page 80
    ... 31, 2006 had the Company applied the fair value recognition provisions under SFAS 123 to account for stock-based awards was as follows: Fiscal Year Ended March 31, 2006 (in thousands, except per share data) Net income - as reported Add stock-based employee compensation expense included in net...

  • Page 81
    ... risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The dividend yield assumption is based on our current dividend and the market price of our common stock at the date of grant. 13. EMPLOYEE...

  • Page 82
    ... and $0.9 million in fiscal 2007 and 2008, respectively. Cash Flow Hedges The Company's hedging activities include a hedging program to hedge the economic exposure from anticipated Euro and Great British Pound denominated sales from ACG. The Company hedges a portion of these forecasted foreign...

  • Page 83
    ... liabilities for financial reporting and income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: March 31, 2007 2008 Accruals and other reserves Deferred state tax Deferred foreign tax Net operating loss carryover Stock compensation Other deferred tax...

  • Page 84
    ... reduction could be impacted by other changes in unrecognized tax benefits. The Company and its subsidiaries are subject to taxation in various foreign and state jurisdictions as well as in the U.S. The Company's U.S. federal and state income tax returns are generally not subject to examination by...

  • Page 85
    ... product line information. Plantronics has two reportable operating segments, ACG and AEG. ACG represents the original Plantronics business as operated prior to the acquisition of Altec Lansing in the second quarter of fiscal 2006, except as described below. AEG represents the Altec Lansing business...

  • Page 86
    ... ACG designs, manufactures, markets and sells headsets for business and consumer applications, and other specialty products for the hearing impaired. With respect to headsets, it makes products for use in offices and contact centers, with mobile and cordless phones, and with computers and gaming...

  • Page 87
    ...Fiscal Year Ended March 31, 2007 2008 (in thousands) Net sales from unaffiliated customers: United States Europe, Middle East and Africa Asia Pacific Americas, excluding United States Total International Total consolidated net revenues 2006 $ 483,513 178,315 47,921 40,645 266,881 750,394 $ 490...

  • Page 88
    ... 2007, the Company announced plans to close AEG's manufacturing facility in Dongguan, China, to shut down a related Hong Kong research and development, sales and procurement office and to consolidate procurement, research and development activities for AEG in the Shenzhen, China site. As a result...

  • Page 89
    ...independent registered public accounting firm has issued an attestation report regarding its assessment of the Company's internal control over financial reporting as of March 29, 2008, which appears on page 84. /s/ Ken Kannappan Ken Kannappan President and Chief Executive Officer /s/ Barbara Scherer...

  • Page 90
    ... of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly...

  • Page 91
    ... under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and (ii) is accumulated and communicated to Plantronics' management, including our Chief Executive Officer and our...

  • Page 92
    ... granted to executive officers and directors, on this web site within five business days following the date of such amendment or waiver. Stockholders may request a free copy of the Code: Plantronics, Inc. 345 Encinal Street Santa Cruz, CA 95060 Attn: Investor Relations (831) 426-5858 Corporate...

  • Page 93
    ... INDEPENDENCE The information required by this item is included under the caption "Director Independence" in the 2008 Proxy Statement and is incorporated into this Item 13 by this reference. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required by this item is included under the...

  • Page 94
    ... STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS OF CASH FLOWS CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 51 52 53 54 55 83 84 88

  • Page 95
    .... PLANTRONICS, INC. SCHEDULE II: VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (in thousands) Charged Balance to at Expenses Beginning or Other of Year Accounts Deductions Allowance for doubtful accounts: Year ended March 31, 2006 Year ended March 31, 2007 Year ended March 31, 2008 Warranty...

  • Page 96
    ... 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PLANTRONICS, INC. May 27, 2008 By: /s/ Ken Kannappan Ken Kannappan Chief Executive Officer POWER OF ATTORNEY KNOW ALL PERSONS BY...

  • Page 97
    ... 29, 2002). Plantronics, Inc. Non-EMEA Quarterly Profit Sharing Plan (incorporated herein by reference from Exhibit (10.1) to the Registrant's Report on Form 10-K, filed on June 1, 2001). Form of Indemnification Agreement between the Registrant and certain directors and executives. (incorporated...

  • Page 98
    ... Registrant, for premises located in Tijuana, Mexico (translation from Spanish original) (incorporated herein by reference from Exhibit (10.5.4) of the Registrant's Quarterly Report on Form 10-Q, filed on August 6, 2004). Lease dated December 7, 1990 between Canyge Bicknell Limited and Plantronics...

  • Page 99
    ... as of April 2, 2000 (incorporated herein by reference from Exhibit (10.11) to the Registrant's Report on Form 10-K, filed on June 1, 2001). Resolutions of the Board of Directors of Plantronics, Inc. Concerning Executive Stock Purchase Plan (incorporated herein by reference from Exhibit (4.4) to the...

  • Page 100
    ... 23, 2005). Restricted Stock Award Agreement dated as of October 12, 2004, between Registrant and certain of its executive officers (incorporated herein by reference from Exhibit (10.1) of the Registrant's Current Report on Form 8-K, filed on October 14, 2004). Worldwide Code of Business Conduct and...

  • Page 101
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  • Page 103
    ... a line graph comparing the annual percentage change in the cumulative return to the stockholders of Plantronics common stock with the cumulative return of the NYSE Stock Market index and a peer group index for the period commencing on the morning of March 31, 2003 and ending on March 29, 2008. The...

  • Page 104
    ...quality docking audio products, computer and home entertainment sound systems, and a line of headphones for personal digital media under our Altec Lansing brand. In addition, we manufacture and market, under our Clarity brand, specialty telephone products, such as telephones for the hearing impaired...