Plantronics Posts $92M Q3 Loss
By TWICE Staff -- TWICE, 1/28/2009
Santa Cruz, Calif. – Plantronics reported lower net revenues and a loss of $92.0 million for its fiscal third quarter that ended Dec. 31.
During the previous year’s third quarter Plantronics posted a $19.1 million net income. Sales were also down from $232.8 million in the previous year’s third quarter to $182.8 million in this fiscal year.
In its audio communications group (ACG) fiscal third-quarter 2009 net revenue of $152.6 million was down 22.1 percent compared with $196.0 million, with weakness in all geographies and product groups other than its Clarity products.
Operating income fro the group was $4.9 million for the third quarter, down from the previous year’s $31.1 million.
In the audio entertainment group (AEG) net revenues were $30.2 million, down from the previous third quarter’s $36.9 million. And AEG’s operating loss was $124.4 million for the quarter, up from $7.9 million in the previous fiscal year’s third quarter.
For the nine months ended Dec. 31, net revenues were down to $546.5 million compared to the previous year’s $562.6 million. And operating income slipped for the period from $89.7 million to this year’s $67.4 million.
As announced Jan. 14, Plantronics’ restructuring plan includes a reduction of its worldwide workforce by approximately 18 percent in comparison to Sept. 30, 2008, along with other cost cutting measures including management salary reductions and decreases in other operating expenses. Annualized savings from the cost reductions are expected to be over $50 million. In addition, the company plans an approximate 50 percent reduction in capital expenditures for fiscal year 2010.
Plantronics’ brands include Plantronics, Altec Lansing, Clarity, and Volume Logic, among others.
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