Plantronics, Inc., (NYSE: PLT) today announced that its Board of
Directors has authorized a new 1,000,000 share repurchase program to
follow the nearly completed program announced in November 2009. Under
the repurchase program, Plantronics will, from time to time, purchase
shares of its common stock, depending upon market conditions, in open
market or privately negotiated transactions.
“We have a consistent record of share repurchases, with over 22 million
shares repurchased since fiscal 1997. We believe that our future cash
flows will provide sufficient liquidity to support an additional
1,000,000 share repurchase program. In addition, our cash, cash
equivalents and marketable securities position of over $316 million as
of December 31, 2009 combined with no debt places Plantronics in a very
strong financial position,” stated Barbara Scherer, Senior Vice
President and Chief Financial Officer of Plantronics. “We purchase
shares when we believe it will be strongly accretive to earnings per
share to do so in comparison to alternative investment choices. Our
Board of Directors believes that Plantronics’ stock presents an
attractive investment for the Company and its stockholders,” she
continued.
Safe Harbor
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Exchange Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements that the Company will generate future cash flow,
repurchase of Company stock constitutes an opportunity to increase
shareholder value, future cash flows should provide sufficient liquidity
to support another share repurchase program, and the repurchase of our
stock represents an attractive investment. There are important factors
that could cause actual results to differ materially from those
anticipated by any such statements. These risks include, but are not
limited to: (1) failure to achieve the anticipated levels of cash
generation due to lower sales, increased costs, higher inventories, slow
collection of accounts receivable or other factors; (2) increases in the
yield which could be obtained from alternative investment of the funds
used to repurchase stock; and (3) an increased need for cash reserves
beyond the levels presently anticipated, as well as other matters
discussed in this press release that are not purely historical data.
Plantronics does not assume any obligation to update or revise any such
forward-looking statements, whether as the result of new developments or
otherwise.
For more information concerning these and other possible risks, please
refer to the Company’s Annual Report on Form 10-K filed May 26, 2009,
quarterly reports filed on Form 10-Q and other filings with the
Securities and Exchange Commission as well as recent press releases.
These filings can be accessed over the Internet at http://www.sec.gov/edgar/searchedgar/companysearch.html.
About Plantronics
Plantronics is a world leader in personal audio communications for
professionals and consumers. From unified communication solutions to
Bluetooth headsets, Plantronics delivers unparalleled audio experiences
and quality that reflect our nearly 50 years of innovation and customer
commitment. Plantronics is used by every company in the Fortune 100 and
is the headset of choice for air traffic control, 911 dispatch and the
New York Stock Exchange. For more information, please visit www.plantronics.com
or call (800) 544-4660.
