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

Stocks in this article: PLNR

Enterprise IT sales were $11.4 million for the third quarter of fiscal 2011, down 17% from the year before quarter. Our outlook for the fourth quarter of fiscal 2011 indicates some significant improvement sequentially in this product area.

The Video Wall product line was a real star of this past quarter from a performance point of view. Sales for video wall products reached $14.9 million, which represents 60% growth over the third quarter of the last fiscal year, a particular strength was our Clarity Matrix LCD Video Wall product line as I mentioned earlier.

We are seeing broad adoption for this innovative product as customers in a wide variety of industries are looking at us for large format indoor video wall applications. We began shipping the 55-inch LCD panel version of this product in the third quarter and orders have been strong. As we look forward, we see video wall product sales as a strong source of growth for the company.

Sales for high-end home products totaled $6.5 million in the third quarter, which represent 21% growth over the third quarter last year. We began shipping our award winning Runco D-73d, 3D LED projector as well the Vistage Series of Runco plasma products. Many of these products were shift as demo units to our dealer partners to help drive end user demand looking forward.

In addition, we plan to launch some additional new products at the upcoming CEDIA trade show in September. End user demand for high-end home offerings are still being somewhat negatively impacted by the weak housing market.

In summary, driving growth in our Digital Signage offering is a key part of our strategy to achieve growth overall for Planar. With the growing momentum in this category, new products we are working on, and additional sales and marketing resources focused on this area, we expect solid growth will continue in fiscal 2012 for these products.

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