Plantronics, Inc. (PLT), a provider of audio communication solutions, Tuesday reported a loss for the second quarter of fiscal 2010, hurt by charges and lower revenues from audio communications group.
Net loss for the second quarter was $0.75 million or $0.02 per share, compared to a net profit of $17.65 million or $0.36 per share in the previous year. Results for the recent quarter include a $15.6 million impairment charge on Audio Entertainment Group long-lived assets, restructuring and other related costs, purchase accounting amortization and the cost of stock-based compensation.
On a non-GAAP basis, net income was $20.00 million or $0.40 per share, compared to $21.56 million or $0.44 per share last year.
On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share. Analysts estimates typically exclude special items.
The Santa Cruz, California-based company's net revenues for the quarter declined to $167.41 million from $216.86 million a year ago, yet above the company's prior guidance of $155 million - $160 million as well as analysts' projection of $155.12 million for the second quarter.
Audio communications group reported net revenues of $144.46 million, down 26% from $195.35 million last year. Net revenues from audio entertainment group rose to $22.96 million from $21.51 million a year ago.
Total operating expenses for the quarter increased to $78.67 million from $66.45 million in the previous year. For the quarter, the company's impairment charge of long-lived asset amounted to $25.19 million and restructuring charge totaled $0.86 million.
For the six-month period, net income declined to $9.90 million or $0.20 per share from $38.14 million or $0.77 per share in the same period of the previous year. Net revenues for the period declined to $327.54 million from $436.02 million last year.
Looking forward, the company anticipates third-quarter earnings in the range of $0.38 to $0.42 per share, on revenues of $155 million - $160 million. Analysts currently expect earnings of $0.37 per share, on revenues of $164.16 million for the next quarter.
Plantronics also declared a quarterly dividend of $0.05 per share, payable on December 10, 2009 to stockholders of record at the close of business on November 20, 2009.
PLT closed Tuesday's regular trading at $24.87, down 0.40 or 1.58%, on a volume of 575K shares on the NYSE. In after hours, the stock gained 0.19 or 0.76%, trading at $25.06.
For comments and feedback: editorial@rttnews.com