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Plantronics’ Q1 Sales, Income Increase

Santa Cruz, Calif. – Communications headset maker Plantronics increased sales and income for its first fiscal quarter ended June 30.

First quarter sales totaled $80.3 million, up about 3 percent from the $77.8 million recorded in the same quarter last year. Net income reached $10.2 million, up from $8.1 million in the year-ago three months.

‘Profitability was better than planned primarily due to factors that enabled our gross margins to increase on a sequential basis,’ said Ken Kannappan, president/CEO.

Operating margin in the first quarter was 16.9 percent, compared with 13.8 percent in the same quarter a year ago and 14.1 percent in the fourth quarter of last year.

‘The sequential revenue growth for the quarter was primarily attributable to some rebound in our mobile communications products business, which grew 20 percent sequentially to about $10 million,’ said Kannappan.

Sales in the fourth quarter of the previous fiscal year were $78.2 million.

Plantronics, which claims its business continues to be impacted by the slow U.S. economy and by the slowdown in global telecom and IT spending, said the overall economic environment remains uncertain, and, therefore, the company remains uncertain concerning overall demand for its products.

It does expect revenue for the second fiscal quarter of 2003 to be in the range of $80 million to $84 million, with sequential revenue growth coming from mobile and computer products.