Tomahawk, WI 8/3/2011 (PennyPayDay) -- Plantronics, Inc. (NYSE: PLT) announced Monday, in a press release, first quarter fiscal year 2012 net revenues of $175.6 million compared with net revenues of $170.7 million in the first quarter of fiscal year 2011 and above the guidance range of $168 million - $173 million provided on May 3, 2011. Plantronics' GAAP diluted earnings per share was $0.56 in the first quarter of fiscal year 2012 compared with $0.52 in the same quarter of the prior year and guidance of $0.46 to $0.50. As I write, shares of PLT were up 2 percent at $35.61 per share on moderate volume of just under 300,000 shares.Non-GAAP diluted earnings per share for the first quarter of fiscal year 2012 was $0.62, up 7% compared with $0.58 in the same quarter of the prior year and higher than previously provided guidance of $0.52 to $0.56.
"We started fiscal 2012 with strong year over year growth in our Office and Contact Center ('OCC') business in all geographies, in part driven by Unified Communications ('UC')," stated Ken Kannappan, President & CEO. "Product revenues related to UC deployments grew by 91% compared with the prior year quarter and we remain very optimistic about the UC market and continue to invest accordingly."
"We finished the quarter with $386.3 million in cash, cash equivalents and short & long term investments after spending $110 million on repurchases of our common stock, inclusive of $100 million paid under the accelerated share repurchase program we announced in May. We generated approximately $19 million in cash flow from operations in the first quarter of fiscal year 2012 and continue to have a very strong financial position," stated Barbara Scherer, SVP Finance and Administration & CFO.
The Company expects the following range of financial results for the second quarter of fiscal year 2012:
Net revenues of $172 million - $177 million;
GAAP diluted earnings per share of $0.51 to $0.56;
Non-GAAP diluted earnings per share of $0.58 - $0.63; and
Plantronics also announced that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend will be payable on September 9, 2011 to stockholders of record at the close of business on August 19, 2011.
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