Plantronics 2013 Annual Report Download - page 40

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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,
2013 12012 2011 2,3 2010 2,4 2009 2,4,5
($ in thousands, except per share data)
STATEMENT OF OPERATIONS DATA:
Net revenues $ 762,226 $ 713,368 $ 683,602 $ 613,837 $ 674,590
Operating income $ 138,097 $ 141,353 $ 140,712 $ 97,635 $ 61,461
Operating margin 18.1% 19.8% 20.6% 15.9% 9.1%
Income from continuing operations $ 138,425 $ 142,602 $ 140,656 $ 100,740 $ 57,917
Income from continuing operations, net of tax $ 106,402 $ 109,036 $ 109,243 $ 76,453 $ 45,342
Basic earnings per share - continuing operations $ 2.55 $ 2.48 $ 2.29 $ 1.58 $ 0.93
Diluted earnings per share - continuing operations $ 2.49 $ 2.41 $ 2.21 $ 1.55 $ 0.93
Loss on discontinued operations, net of tax $ — $ — $ — $ (19,075) $ (110,241)
Cash dividends declared per common share $ — $ 0.20 $ 0.20 $ 0.20 $ 0.20
Shares used in basic per share calculations 41,748 44,023 47,713 48,504 48,589
Shares used in diluted per share calculations 42,738 45,265 49,344 49,331 48,947
BALANCE SHEET DATA:
Cash, cash equivalents, and short-term investments $ 345,357 $ 334,512 $ 429,956 $ 369,192 $ 218,180
Total assets $ 764,605 $ 672,470 $ 744,647 $ 655,351 $ 633,120
Revolving line of credit $ — $ 37,000 $ — $ — $ —
Other long-term obligations $ 12,930 $ 13,360 $ 12,667 $ 13,850 $ 13,698
Total stockholders' equity $ 646,447 $ 527,244 $ 634,852 $ 571,334 $ 525,367
OTHER DATA:
Cash provided from operating activities $ 125,501 $ 140,448 $ 158,232 $ 143,729 $ 99,150
1 We initiated a restructuring plan during the third quarter of fiscal year 2013. Under the plan, we reallocated costs by eliminating certain positions in
the US., Mexico, China, and Europe, and transitioned some of these positions to lower cost locations. As part of this plan, we also plan to vacate a
portion of a leased facility at our corporate headquarters in the first quarter of fiscal year 2014. The pre-tax charges incurred during fiscal year 2013
included $1.9 million for severance and related benefits and an immaterial amount of accelerated amortization on leasehold assets with no alternative
future use. We expect to incur $1.0 million for lease termination costs to be recorded when we exit the facility in the first quarter of fiscal year 2014.
We anticipate the restructuring plan will be substantially complete by the end of the first quarter of fiscal year 2014.
2 During fiscal year 2009, we announced several restructuring plans that included reductions in force, including the planned closure of our Suzhou, China
Bluetooth manufacturing facility in fiscal year 2010. In fiscal year 2009, $11.0 million in restructuring and other related charges are included in our
consolidated income from continuing operations. 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 fiscal
year 2010, we recorded non-cash accelerated depreciation charges of $5.2 million 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.
3 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.
4 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.
5 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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