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Planar Systems CEO Discusses F4Q11 Results - Earnings Call Transcript

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 I am pleased with the results we were able to deliver for the quarter and for the full fiscal year. We were able to exceed our expectations for the fourth quarter for both revenue and non-GAAP earnings.

During the quarter we experienced 6% total revenue growth, including 15% growth for digital signage products and 1% or $0.01 of non-GAAP earnings per share. For the full fiscal year, we also delivered both revenue growth and non-GAAP profitability.

Full year revenue growth of 6% represented the highest level of non-acquisition aided growth in eight years for the company. For the year, we were able to grow sales of our digital signage products by 32%. Also, non-GAAP earnings per share of $0.05 for fiscal 2011, represented the highest level of annual non-GAAP profitability since 2006.

Let me talk now a bit more about the results in some of our products lines. As we have discussed in previous calls, digital signage product lines will be key to our growth strategy. As I just mentioned, we did see nice growth in our digital signage product lines for both Q4 and for the full fiscal year.

Sales of our digital signage products totaled $11.4 million for the quarter and $39.5 million for the year, representing 15% and 32% growth respectively. The $39.5 million in digital signage sales represented 21% of our total revenues for the year, up from 17% a year ago.

In particular, our Clarity Matrix LCD video wall solution grew tremendously, as we ship more in the fourth quarter than in all of fiscal 2010 and provides a strong platform for growth going forward for the company. We are seeing a wide variety of applications for this product line from retail to airports, to corporate to sports arenas.

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