Plantronics Inc. (PLT, Financial) filed Quarterly Report for the period ended 2012-09-29.
Plantronics has a market cap of $1.39 billion; its shares were traded at around $33.29 with a P/E ratio of 13.7 and P/S ratio of 2. The dividend yield of Plantronics stocks is 1.2%. Plantronics had an annual average earning growth of 6.2% over the past 10 years.
In the six months ended September 30, 2012, compared to the same period a year ago, selling, general and administrative expenses increased slightly primarily as a result of higher compensation costs of $3.8 million primarily as a result of increased headcount in our field sales functions to support UC and growth in emerging markets, partially offset by lower professional service fees.
For the six months ended September 30, 2012, the primary source of our $60.0 million net cash provided by operating activities was net income of $49.5 million, increased by the effect of non-cash expenses of $17.4 million associated with depreciation and amortization and stock-based compensation, and a $2.7 million income tax benefit associated with stock option exercises, offset in part by a $3.7 million benefit from the change in deferred income taxes. In addition, net cash flows provided by changes in operating assets and liabilities was $7.4 million. The primary sources of cash from changes in operating assets and liabilities related to a decrease in accounts receivable from customer payments and an increase in income taxes payable due to the timing of payments remitted to tax authorities. The primary uses of cash from changes in operating assets and liabilities were for payments of our accounts payable and increased inventory levels. Our days sales outstanding ("DSO") as of September 30, 2012 increased to 54 days from 52 days in September 30, 2011 due primarily to the impact of foreign currency fluctuations. Inventory turns increased to 5.3 as of September 30, 2012 from 5.1 in the same period in the prior year due primarily to increased cost of revenues in line with our increased revenues, partly driven by new product launches.
Net cash flows used for investing activities for the six months ended September 30, 2012 consisted primarily of $65.4 million and $34.0 million for the purchase of short-term and long-term investments, respectively, along with capital expenditures of $21.5 million related primarily to the purchase of a new manufacturing facility in Tijuana, Mexico, building improvements, IT projects and tooling. These uses of cash were offset in part by proceeds of $85.9 million from the sales and maturities of short-term investments and $2.0 million from sales of long-term investments.
Net cash flows used for investing activities for the six months ended September 30, 2011 consisted primarily of $88.8 million and $45.2 million for the purchase of short-term and long-term investments, respectively, along with capital expenditures of $10.0 million related primarily to building improvements, IT projects and tooling. These uses of cash were offset in part by proceeds of $149.2 million from sales and maturities of short-term investments and $4.9 million from sales of long-term investments.
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Plantronics has a market cap of $1.39 billion; its shares were traded at around $33.29 with a P/E ratio of 13.7 and P/S ratio of 2. The dividend yield of Plantronics stocks is 1.2%. Plantronics had an annual average earning growth of 6.2% over the past 10 years.
Highlight of Business Operations:
U.S. net revenues increased in the three and six months ended September 30, 2012, as compared to the same periods in the prior year, due primarily to growth in OCC and Mobile product revenues.In the six months ended September 30, 2012, compared to the same period a year ago, selling, general and administrative expenses increased slightly primarily as a result of higher compensation costs of $3.8 million primarily as a result of increased headcount in our field sales functions to support UC and growth in emerging markets, partially offset by lower professional service fees.
For the six months ended September 30, 2012, the primary source of our $60.0 million net cash provided by operating activities was net income of $49.5 million, increased by the effect of non-cash expenses of $17.4 million associated with depreciation and amortization and stock-based compensation, and a $2.7 million income tax benefit associated with stock option exercises, offset in part by a $3.7 million benefit from the change in deferred income taxes. In addition, net cash flows provided by changes in operating assets and liabilities was $7.4 million. The primary sources of cash from changes in operating assets and liabilities related to a decrease in accounts receivable from customer payments and an increase in income taxes payable due to the timing of payments remitted to tax authorities. The primary uses of cash from changes in operating assets and liabilities were for payments of our accounts payable and increased inventory levels. Our days sales outstanding ("DSO") as of September 30, 2012 increased to 54 days from 52 days in September 30, 2011 due primarily to the impact of foreign currency fluctuations. Inventory turns increased to 5.3 as of September 30, 2012 from 5.1 in the same period in the prior year due primarily to increased cost of revenues in line with our increased revenues, partly driven by new product launches.
Net cash flows used for investing activities for the six months ended September 30, 2012 consisted primarily of $65.4 million and $34.0 million for the purchase of short-term and long-term investments, respectively, along with capital expenditures of $21.5 million related primarily to the purchase of a new manufacturing facility in Tijuana, Mexico, building improvements, IT projects and tooling. These uses of cash were offset in part by proceeds of $85.9 million from the sales and maturities of short-term investments and $2.0 million from sales of long-term investments.
Net cash flows used for investing activities for the six months ended September 30, 2011 consisted primarily of $88.8 million and $45.2 million for the purchase of short-term and long-term investments, respectively, along with capital expenditures of $10.0 million related primarily to building improvements, IT projects and tooling. These uses of cash were offset in part by proceeds of $149.2 million from sales and maturities of short-term investments and $4.9 million from sales of long-term investments.
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