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May 13, 2011

Plantronics Stock Reaches 52-Week High

By Ed Silverstein, TMCnet Contributor

Plantronics (News - Alert) stock reached a 52-week high during trading Tuesday when it hit $38.75, according to media reports. The earlier 52-week high was $38.55.

TheStreet reports that the company’s shares increased 0.9% year-to-date as of the close of the previous trading day.

Earlier this month, Plantronics said its fourth quarter 2011 fiscal year net revenues were $173.1 million, a 7% increase compared with net revenues of $162.3 million during the fourth quarter of the 2010 fiscal year.

“Our financial performance in fiscal year 2011 was excellent. Highlights include record annual earnings per share and record generation of cash flow from operations, while we achieved gross and operating margins above our long-term objective,” Ken Kannappan (News - Alert), Plantronics president & CEO, said in a company statement. “As we celebrate our 50th anniversary this year, we believe that our best long-term revenue and profit opportunities are in front of us and that we are well positioned for them.”

Improvements in the economy and more Unified Communications (News - Alert) (UC) helped lead to an 18% increase in net revenues of Office and Contact Center (OCC) products during the recent fourth quarter compared to the same quarter in 2010, according to the company statement.

OCC net revenues were $132.0 million during the recent fourth quarter compared with $111.9 million in the fourth quarter of the 2010 fiscal year, the company adds.

Plantronics designs, builds and markets lightweight headsets, telephone headsets, and accessories for businesses and consumers.

In other recent company news, TMCnet reports that Plantronics’ Savor M1100 Bluetooth Earpiece was chosen as a finalist in the telecommunications category for TechAmerica Foundation's American Technology (News - Alert) Awards, called "The Termans."  The Termans are national awards that recognize all technology products and services across the technology industry. The winners will be recognized on June 15 at the TechAmerica Foundation's Ninth Technology and Government Dinner in Washington, D.C.

In addition, Plantronics was selected recently by Avaya (News - Alert) as its preferred headset provider to support contact center and unified communications products, TMCnet adds.

Ed Silverstein is a TMCnet contributor. To read more of his articles, please visit his columnist page.

Edited by Chris DiMarco

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