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Planar Announces Fiscal Third Quarter 2011 Financial Results

Stocks in this article: PLNR

Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, recorded sales of $45.7 million and GAAP loss per share of $0.10 in its third fiscal quarter ended July 1, 2011. On a Non-GAAP basis (see reconciliation table), loss per share was $0.01 in the third quarter of fiscal 2011.

“While our year-over-year revenue growth in the third quarter was a bit lower than we expected, I am pleased with the continued progress we have made in growing sales of our digital signage products and the potential implications for our longer term growth prospects,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “Specifically, we continue to experience very strong demand for our Clarity™ Matrix LCD Video Wall System and we remain excited about our future growth potential in the broader, fast-growing, digital signage market.”

THIRD QUARTER BUSINESS HIGHLIGHTS

  • Revenue growth occurred in 2 of the 3 geographical regions compared with the third quarter of last year, with Americas declining 1%, EMEA up 5% and Asia Pacific up 19%
  • Sales of digital signage products totaled $10.9 million, and represented 24% of total revenue and 35% growth compared with the third quarter of the previous fiscal year, led by sales of Clarity Matrix (LCD Video Walls) which increased 228% compared to the same period in fiscal 2010
  • Rear Projection Video Wall Cube sales grew 16% compared with the third quarter of last year, with similar growth across all three geographies
  • Sales of High-end home products increased 21% compared with the same period a year ago, fueled by the first shipments, including demo orders, of the Runco® D-73d, the world’s only 3D projector for the home, with Constant Stereoscopic Video (CSV TM), utilizing passive glasses
  • Several new product and other announcements were made in the 3 rd quarter, aimed at the digital signage market:
    • 82” slim LCD Display, Planar d82L with AccessChoice™ (rack-mounted electronics ideal for public venues)
    • Multi-Touch LCD Video Walls, Ultra-thin 92”, 130”, and 138” Clarity Matrix Touch video walls
    • Launch of a new website showcasing Planar’s breadth of digital signage products ( www.planardigitalsignage.com)
    • Clarity Matrix LCD Video Wall System featured in a number of trade-shows, demo rooms, and applications:
      • Selected as New Media Display by renowned architect Juergen Mayer H.
      • Selected as the Title Exhibition Partner for New Media Display at NeoCon 2011
      • Selected by Cyviz for their Collaborative Telepresense (CTP) product portfolio
      • Selected by the NBA’s Portland Trail Blazers in the Rose Garden’s Rip City United Headquarters

THIRD QUARTER FISCAL 2011 RESULTS

The Company’s total sales for the third quarter of fiscal 2011 increased 2 percent compared with the same period a year ago. The increase was primarily driven by rising sales of Clarity Matrix LCD video wall products, rear projection video wall cubes and high-end home projection products, partially offset by declining sales of desktop monitors and custom AMLCD displays. The Company believes its desktop monitor decline was due to a broad slowdown in demand in the industry experienced during the quarter.

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