Plantronics Inc. (PLT, Financial) filed Quarterly Report for the period ended 2012-06-30.
Plantronics, Inc. has a market cap of $1.41 billion; its shares were traded at around $37.27 with a P/E ratio of 13.7 and P/S ratio of 2. The dividend yield of Plantronics, Inc. stocks is 1.2%. Plantronics, Inc. had an annual average earning growth of 6.2% over the past 10 years.
In the three months ended June 30, 2012, compared to the same quarter a year ago, the increase in selling, general and administrative expenses was driven primarily by $3.6 million in higher compensation costs from increased headcount as well as additional promotional costs, both of which support our revenue growth and UC strategy.
Cash provided by operating activities for the three months ended June 30, 2012 consisted of net income of $23.6 million, non-cash charges of $8.7 million and working capital uses of cash of $4.0 million. Non-cash charges consisted primarily of $4.6 million of stock-based compensation, $3.8 million of depreciation and amortization and a $1.3 million income tax benefit associated with stock option exercises, offset in part by a $1.7 million use from the change in deferred income taxes. Working capital uses of cash consisted primarily of a decrease in accounts payable related to the timing of payments made to vendors, and an increase in inventory primarily for a last time buy of certain components to support our OCC product line. The working capital uses of cash were offset in part by working capital sources of cash primarily from an increase in income taxes payable due to the timing of tax payments and a decrease in accounts receivable. The days sales outstanding (“DSO”) as of June 30, 2012 decreased to 54 days from 56 days as of June 30, 2011 primarily as a result of higher net revenues and lower average accounts receivable in the three months ended June 30, 2012 than during the same period in the prior year. Inventory turns were 5.7 for both the three months ended June 30, 2012 and 2011.
Net cash used for investing activities for the three months ended June 30, 2012 consisted primarily of $35.1 million for the purchase of short-term and $8.4 million for the purchase of long-term investments, together with capital expenditures of $16.6 million, of which $11.0 million related to the acquisition of land and a new manufacturing facility in Mexico that will replace and consolidate our existing leased facilities, as well as building improvements, IT projects and tooling. These uses of cash were offset in part by proceeds of $43.5 million from sales and maturities of short-term investments.
Net cash used for investing activities for the three months ended June 30, 2011 consisted primarily of $68.1 million for the purchase of short-term and $35.1 million for the purchase of long-term investments, together with capital expenditures of $3.9 million related primarily to building improvements, IT projects and tooling. These uses of cash were offset in part by net proceeds of $106.2 million from sales and maturities of short-term and long-term investments.
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Plantronics, Inc. has a market cap of $1.41 billion; its shares were traded at around $37.27 with a P/E ratio of 13.7 and P/S ratio of 2. The dividend yield of Plantronics, Inc. stocks is 1.2%. Plantronics, Inc. had an annual average earning growth of 6.2% over the past 10 years.
Highlight of Business Operations:
U.S. net revenues as a percentage of total net revenues remained flat in the three months ended June 30, 2012, compared to the same period in the prior year. U.S. net revenues increased in the three months ended June 30, 2012, compared to the same period in the prior year, due primarily to an increase in OCC net revenues, primarily as a result of increased UC revenues, as well as an increase in Mobile net revenues due to increased product placements in U.S. retail markets. In the U.S. retail markets, the overall Bluetooth product category grew by only 1% compared to the same quarter a year ago.In the three months ended June 30, 2012, compared to the same quarter a year ago, the increase in selling, general and administrative expenses was driven primarily by $3.6 million in higher compensation costs from increased headcount as well as additional promotional costs, both of which support our revenue growth and UC strategy.
Cash provided by operating activities for the three months ended June 30, 2012 consisted of net income of $23.6 million, non-cash charges of $8.7 million and working capital uses of cash of $4.0 million. Non-cash charges consisted primarily of $4.6 million of stock-based compensation, $3.8 million of depreciation and amortization and a $1.3 million income tax benefit associated with stock option exercises, offset in part by a $1.7 million use from the change in deferred income taxes. Working capital uses of cash consisted primarily of a decrease in accounts payable related to the timing of payments made to vendors, and an increase in inventory primarily for a last time buy of certain components to support our OCC product line. The working capital uses of cash were offset in part by working capital sources of cash primarily from an increase in income taxes payable due to the timing of tax payments and a decrease in accounts receivable. The days sales outstanding (“DSO”) as of June 30, 2012 decreased to 54 days from 56 days as of June 30, 2011 primarily as a result of higher net revenues and lower average accounts receivable in the three months ended June 30, 2012 than during the same period in the prior year. Inventory turns were 5.7 for both the three months ended June 30, 2012 and 2011.
Net cash used for investing activities for the three months ended June 30, 2012 consisted primarily of $35.1 million for the purchase of short-term and $8.4 million for the purchase of long-term investments, together with capital expenditures of $16.6 million, of which $11.0 million related to the acquisition of land and a new manufacturing facility in Mexico that will replace and consolidate our existing leased facilities, as well as building improvements, IT projects and tooling. These uses of cash were offset in part by proceeds of $43.5 million from sales and maturities of short-term investments.
Net cash used for investing activities for the three months ended June 30, 2011 consisted primarily of $68.1 million for the purchase of short-term and $35.1 million for the purchase of long-term investments, together with capital expenditures of $3.9 million related primarily to building improvements, IT projects and tooling. These uses of cash were offset in part by net proceeds of $106.2 million from sales and maturities of short-term and long-term investments.
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