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Planar Announces Fiscal First Quarter 2012 Financial Results

Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, recorded sales of $47.7 million and GAAP loss per share of $0.16 in its first fiscal quarter ended December 30, 2011. On a Non-GAAP basis (see reconciliation table), loss per share was $0.09 in the first quarter of fiscal 2012.

“I am pleased that we continued to make good progress growing revenue, especially related to our digital signage product offerings,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “In addition, we are very excited about our new Planar Mosaic offering, and the opportunity it presents for future sales growth as we look to penetrate an entirely new market space for digital signage.” The Company announced its entry into the architectural design market earlier today with its Planar® Mosaic™ line of display products. This unique display system will focus on new and emerging applications for digital display signage used in creative design installations and will begin shipping in the Company’s third fiscal quarter.

FIRST QUARTER BUSINESS HIGHLIGHTS

  • Revenue grew 14% compared to the first quarter of last year, with the Americas increasing 18%, Europe, the Middle East and Africa (EMEA) declining 5% and Asia Pacific increasing 18%
  • Sales of Planar digital signage products totaled $10.9 million, and represented 23% of total revenue and 85% growth compared with the first quarter of the previous fiscal year, led by sales of Clarity™ Matrix (LCD video wall systems) which increased 140% compared to the same period in fiscal 2011
  • Rear projection cube sales grew 17% compared with the first quarter of last year, with the majority of the growth coming from the Americas and Asia Pacific regions
  • Sales of Planar’s PT Series™ touch monitors increased 10% compared with the first quarter of 2011
  • Announced Planar Silhouette™, a new product offering consisting of a set of free-standing digital signage displays for electronic sculpture and architectural applications

FIRST QUARTER FISCAL 2012 RESULTS

The Company’s total sales for the first quarter of fiscal 2012 increased 14 percent compared with the same period a year ago. The increase was primarily driven by increased sales of Clarity Matrix LCD video wall products, rear projection cubes and desktop and touch monitors, partially offset by declining sales of Electroluminescent (EL) displays due primarily to the timing of planned customer rollouts.

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