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Planar Announces Fiscal First Quarter 2012 Financial Results

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

The Company expects total revenue to increase approximately 10 percent in fiscal 2012 compared to fiscal 2011, primarily driven by increases in its digital signage product sales and expected new design wins for custom industrial displays. The rate of year over year revenue growth will fluctuate from quarter to quarter depending on a number of factors including the timing, nature and size of design wins and related scheduled deliveries. For fiscal 2012 the Company anticipates second half revenues will increase over 10 percent compared to the first half of fiscal 2012 and the fourth quarter to be profitable on a Non-GAAP basis. As previously communicated, the Company continues to target 10 percent total revenue growth per year over the next 3 to 4 years, including 30 percent growth for sales of digital signage products and a longer term (FY15) business model of 4 to 6 percent operating income as a percent of total revenue.

For the second quarter of fiscal 2012, the Company expects sequential improvement in overall gross profit margin, as a percent of sales, offset by some increase in operating expenses intended to support ongoing execution of the strategy to drive sales growth. As a result, the Company currently anticipates revenue in the range of $45-48 million and a Non-GAAP loss between $0.06 and $0.08 per share for the second quarter of fiscal 2012.

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