This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Planar Announces Fiscal Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: PLNR

Planar Systems, Inc. (NASDAQ: PLNR), a worldwide leader in specialty display solutions, recorded sales of $51.1 million and GAAP loss per share of $0.07 in its fourth fiscal quarter ended September 30, 2011. On a Non-GAAP basis (see reconciliation table), income per share was $0.01 in the fourth quarter of fiscal 2011. Sales for fiscal year 2011 were $186.5 million and GAAP loss per share was $0.24. On a Non-GAAP basis income per share was $0.05 in fiscal 2011.

“I am pleased that we were able to deliver sales growth and Non-GAAP profits for the full fiscal year as well as exceed our revenue and Non-GAAP profit expectations for the fourth quarter,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “Our fastest growing product line, the Clarity Matrix super narrow bezel LCD video wall offering, is making significant inroads in a number of digital signage applications in a variety of large market segments such as retail, corporate, higher education, sports arenas and stadiums, and hospitality. Customers value our unique approach as well as our innovative architecture and we believe this product line will continue to grow significantly in fiscal 2012.”

FOURTH QUARTER BUSINESS HIGHLIGHTS

  • Sales of Planar digital signage products totaled $11.4 million, and represented 22% of total revenue and 15% growth compared with the fourth quarter of the previous fiscal year, led by sales of Clarity Matrix (LCD video wall systems) which increased 290% compared to the same period in fiscal 2010
  • Revenue growth occurred in 2 of the 3 geographical regions compared with the fourth quarter of last year, with the Americas declining 8%, Europe, the Middle East and Africa (EMEA) up 63% and Asia Pacific up 61%
  • The Clarity™-brand rear projection video wall cube sales grew 31% compared with the fourth quarter of last year, with the majority of the growth coming from the EMEA and Asia Pacific regions
  • Sales of Runco® high-end home products increased 24% compared with the same period a year ago, with growth coming from both projection and flat panel offerings
  • Sales of Planar’s PT Series™ touch monitors increased 36% compared with the fourth quarter of 2010, due in part to weaker sales in the year ago period
  • Launched the PS Series™; a new line of low-cost commercial LCD displays for digital signage applications

FISCAL YEAR 2011 BUSINESS HIGHLIGHTS

  • Overall sales growth of 6.2% to $186.5 million, the highest level of annual organic sales growth in 8 years
  • Sales of Planar digital signage products totaled $39.5 million, and represented 21% of total revenue and 32% growth compared with the previous fiscal year, led by sales of Clarity Matrix (LCD video walls) which increased 180% compared to fiscal 2010
  • Revenue growth occurred in all 3 geographical regions compared with last year, with the Americas up slightly, EMEA up 12% and Asia Pacific up 49%
  • Rear-projection video wall cube sales, including Clarity LED series and Indisys™ processing, grew 23% compared with fiscal 2010, with especially strong growth in the Asia Pacific region
  • Sales of touch monitors increased 13% compared with fiscal 2010
  • Achieved the highest level of Non-GAAP EPS, $0.05, in 5 years
  • Recorded $3.2 million of Non-GAAP EBITDA for the full fiscal year

FOURTH QUARTER FISCAL 2011 RESULTS

The Company’s total sales for the fourth quarter of fiscal 2011 increased 6 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, touch monitors and high-end home products, partially offset by declining sales of custom AMLCD displays, due primarily to the timing of customer rollouts and requests to push out planned deliveries into future quarters.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs