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Plantronics Q3 Revenue Rises 8%

1/15/2003 03:30:00 PM Eastern

Santa Cruz, Calif. - A strong showing in its European operations, in addition to solid growth in every major product category, helped boost fiscal third quarter revenue at headset maker Plantronics by 8 percent, to $86.8 million, up from $79.9 million in the year-ago period.

However, due to a 30 percent tax rate in the third quarter, compared with a 'very low' effective tax rate in the same three months in 2001, Plantronics net income dropped to $9.2 million, down from $10.5 million year over year.

Operating income in the third quarter, ended Dec. 31, climbed 18 percent, hitting $12.6 million, compared with $10.7 million in the same quarter in 2001.

Sequentially, revenue growth came from mobile and computer product lines, offset by a slight decline in call center and office products, said Plantronics. Call center and office products business rose 7 percent in the third quarter, reaching $58.6 million, compared with $54.6 million in the same quarter a year ago.

For the nine months, sales increased about 7 percent, to $249.4 million, up from $233 million in the same period in 2001. Net income climbed to $30.9 million for the nine months, compared with $25.5 million in the same nine months a year ago.

Looking ahead, Plantronics expects fiscal fourth quarter revenue in the range of $82 million to $87 million, as well as higher gross margin, compared with the third quarter, and relatively flat operating expenses in comparison to the third quarter.

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