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Planar Announces Fiscal Fourth Quarter And Full Year 2011 Financial Results

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.

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