The Company’s consolidated gross profits (on a Non-GAAP basis) were 22.1 percent in the first quarter of 2012, down from 28.0 percent in the first quarter of 2011 (see reconciliation table). The decrease in gross profit margin, as a percent of sales, from the previous year was primarily due to a specific reduction in the carrying value of inventory for certain end-of life-products. Total operating expenses (on a Non-GAAP basis) for the first quarter of 2012 increased approximately $1.4 million to $13.5 million compared with the same quarter a year ago, primarily driven by increased sales and marketing expenses. Consistent with prior quarters, the Company has increased sales and marketing headcount as well as marketing program spending as a part of the Company’s growth strategy, largely focused on pursuing increased sales of its growing digital signage products.BUSINESS OUTLOOK
Planar Announces Fiscal First Quarter 2012 Financial Results
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