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Planar Systems Inc.'s CEO Discusses F3Q11 Results Earnings Call Transcript

Stocks in this article: PLNR

The forward-looking statements we make today speak only as of today and we do not undertake any obligation to update any such statements to reflect events or circumstances occurring after today.

With that behind us, let me say that while our overall revenue growth 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.

Overall, revenue came in at $45.7 million, slightly below the low end of our guidance range and represented 2% growth when compared with the third quarter of 2010. However, sales of Digital Signage products increased 35% compared with the same period a year ago.

Sales of Digital Signage products were fueled by continued strong demand for our Matrix LCD Video Wall products, which more then tripled compared with the third quarter a year ago. Non-GAAP earnings per share also came in slightly below our guidance estimate finishing at a loss of $0.01.

Let me now talk a bit about the various product lines in our business. In our Custom and Embedded product line, the third quarter of fiscal 2011 was not a strong as we had expected, as we experience some softening of demand from some of our ongoing OEM customers as the quarter progressed.

Sales of our Custom and Embedded products for the third quarter were $13.2 million, which represented a decline of 17% compared with the third quarter last year. While we see some of the conditions continuing over the next few quarters, we do currently expect to see growth in our Custom and Embedded product line next fiscal year compared with this year.

We also saw a weaker then expected quarter in our Enterprise IT product line. As the quarter progressed, demand for desktop monitor softened and while we did experienced some modest growth in our touch monitor products, it was enough to make up for the slowdown in desktop monitors. We believe this slowdown occurred broadly across the entire industry in our reseller channels.

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