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Plantronics Posts Higher Fiscal Q1 Sales

7/26/2006 09:20:00 AM Eastern

Santa Cruz, Calif. — Plantronics reported first-quarter revenues of $195.1 million, an increase of 31 percent from $148.9 million in the first quarter of fiscal 2006.

In its un-audited consolidated statement of operations Plantronics said it had net income of $12.3 million, down from the previous first quarter’s $21.7 million.

Of the $46 million in revenue growth, $31.3 million was derived from Altec Lansing products whose revenues are included in its audio entertainment group (AEG) segment.

In the AEG segment first-quarter revenues of about $31.3 million were down 17 percent from $37.8 million in the March quarter.

For the audio communications group (ACG), first-quarter revenues of $163.7 million were up 10 percent in comparison with the year-ago quarter. Revenue growth was driven by headsets for mobile phones, up $8.9 million, or 33 percent, due to the success of its Plantronics-branded Bluetooth headsets.

Also in the un-audited statement in the first quarter, AEG reported an operating loss of $5.69 million while ACG’s operating income was $20.8 million, down from the previous year’s $29.5 million.

Ken Kannappan, president/CEO, noted, “We remain confident in our long-term market opportunities, though near-term conditions have weakened. We believe the weaker demand is primarily the result of macroeconomic factors contributing to a slowdown in the markets we serve. In light of the current environment, we reduced the level of marketing expenditures otherwise planned for our first quarter. We believe these weak demand trends are likely to continue, and we are focusing on improving effectiveness and reducing cost broadly.”

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