Plantronics 2012 Annual Report Download - page 20

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1On March 1, 2011, the Board of Directors ("Board") authorized a program to repurchase 1,000,000 shares of common
stock. During the three months ended March 31, 2012, 390,900 shares were repurchased under this program and, as
of March 31, 2012, there were no remaining shares authorized for repurchase. On May 3, 2011, the Board authorized
the repurchase of up to 7,000,000 shares of our common stock through open market or privately negotiated transactions.
During the three months ended March 31, 2012, 394,181 shares were repurchased under this authorization and, as
of March 31, 2012, there were no remaining shares authorized for repurchase. On March 8, 2012, the Board authorized
a new program to repurchase 1,000,000 shares of common stock. As of March 31, 2012, there were 633,613 remaining
shares authorized for repurchase under this program.
2Includes 359,887 shares of our common stock received upon settlement of an accelerated share repurchase agreement
("ASR Agreement"). Refer to Note 13, Common Stock Repurchases, of our Notes to Consolidated Financial
Statements in this Form 10-K for more information regarding the ASR Agreement.
3
Includes 3,686 shares tendered to us in satisfaction of employee tax withholding obligations upon the vesting of
restricted stock granted under our stock plans.
4
The calculation of average price paid per share only includes amounts attributable to repurchases in the open market.
In the fourth quarter of fiscal year 2012, we received 359,887 shares of our common stock upon settlement of the
ASR Agreement, for a total of 1,496,251 shares at an average price per share of $33.42 based on the volume-weighted
average price of our common stock during the term of the ASR Agreement, less a discount. Refer to Note 13, Common
Stock Repurchases, of our Notes to Consolidated Financial Statements in this Form 10-K for more information
regarding the ASR Agreement.
5
"Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs" reflects the remaining shares
authorized for repurchase under the March 8, 2012 program for the repurchase of 1,000,000 shares.
Refer to Note 13, Common Stock Repurchases, of our Notes to Consolidated Financial Statements in this Annual Report on Form
10-K for more information regarding our stock repurchase programs.
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ITEM 6. SELECTED FINANCIAL DATA
SELECTED FINANCIAL DATA
The information set forth below is not necessarily indicative of results of future operations and should be read in conjunction with
Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial
Statements and notes thereto included in Item 8 of this Form 10-K in order to fully understand factors that may affect the
comparability of the information presented below. Fiscal year 2010 consisted of 53 weeks and all other fiscal years presented
consisted of 52 weeks.
Fiscal Year Ended March 31,
2012 2011 1, 2 2010 1,3 2009 1,3,4 2008 3
($ in thousands, except per share data)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 713,368 $ 683,602 $ 613,837 $ 674,590 $ 747,935
Operating income $ 141,353 $ 140,712 $ 97,635 $ 61,461 $ 115,166
Operating margin 19.8% 20.6% 15.9% 9.1% 15.4%
Income from continuing operations $ 142,602 $ 140,656 $ 100,740 $ 57,917 $ 121,020
Income from continuing operations, net of tax $ 109,036 $ 109,243 $ 76,453 $ 45,342 $ 92,012
Basic earnings per share - continuing operations $ 2.48 $ 2.29 $ 1.58 $ 0.93 $ 1.91
Diluted earnings per share - continuing operations $ 2.41 $ 2.21 $ 1.55 $ 0.93 $ 1.87
Loss on discontinued operations, net of tax $ — $ — $ (19,075) $ (110,241) $ (23,617)
Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20
Shares used in basic per share calculations 44,023 47,713 48,504 48,589 48,232
Shares used in diluted per share calculations 45,265 49,344 49,331 48,947 49,090
BALANCE SHEET DATA:
Cash, cash equivalents, and short-term investments $ 334,512 $ 429,956 $ 369,192 $ 218,180 $ 163,091
Total assets $ 672,470 $ 744,647 $ 655,351 $ 633,120 $ 741,393
Revolving line of credit $ 37,000 $ — $ — $ — $ —
Other long-term obligations $ 13,360 $ 12,667 $ 13,850 $ 13,698 $ 14,989
Total stockholders' equity $ 527,244 $ 634,852 $ 571,334 $ 525,367 $ 578,620
OTHER DATA:
Cash provided from operating activities $ 140,448 $ 158,232 $ 143,729 $ 99,150 $ 102,900
1 During fiscal year 2009, we announced several restructuring plans which included reductions in force including the planned closure of our Suzhou,
China Bluetooth manufacturing facility in fiscal year 2010. As a result of these activities, $11.0 million in restructuring and other related charges has
been included in our consolidated income from continuing operations for the year ended March 31, 2009. In fiscal year 2010, we recorded an additional
$1.9 million of Restructuring and other related charges consisting of $0.8 million of severance and benefits and $1.1 million of non-cash charges
including $0.7 million for the acceleration of depreciation on building and equipment associated with research and development and administrative
functions due to the change in the assets’ useful lives as a result of the assets being taken out of service prior to their original service period and $0.4
million of additional loss on Assets held for sale. In addition, in fiscal year 2010, we recorded non-cash charges of $5.2 million for accelerated
depreciation related to the building and equipment associated with manufacturing operations, which is included in Cost of revenues. There were no
charges in fiscal year 2011; however, we completed the sale of our Suzhou facility, resulting in an immaterial net gain recorded in Restructuring and
other related charges. See Note 9 of the Consolidated Financial Statements and related notes, included elsewhere, herein.
2 During fiscal year 2011, we recognized a gain of $5.1 million upon receiving payment from a competitor to dismiss litigation involving the alleged
theft of our trade secrets. In addition, we recorded $1.4 million in accelerated amortization expense to reflect the revised estimated life of an intangible
asset we deemed to be abandoned.
3 On December 1, 2009, we completed the sale of Altec Lansing, our AEG segment, and, therefore, its results are no longer included in continuing
operations for the periods presented. Accordingly, we have classified the AEG operating results, including the loss on sale, as discontinued operations
in the Consolidated statement of operations for all periods presented. See Note 4 of the Consolidated Financial Statements and related notes, included
elsewhere, herein.
4 As originally reported in fiscal year 2009, potentially dilutive common shares attributable to employee stock plans diluted shares were excluded from
the diluted share calculation as they would have been anti-dilutive and would have reduced the net loss per share; however, as a result of reporting our
AEG segment as discontinued operations, the anti-dilution of these potentially dilutive common shares is now based on income from continuing
operations as compared to net income (loss) and are now included in the shares used in diluted per share calculation.
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