Planar Systems' CEO Discusses F1Q12 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’m pleased with the 14% revenue growth we delivered in the first quarter and the progress we are making in growing our digital signage revenue base. Specifically on the digital signage products front, I’m very pleased that we were able to deliver 85% growth in revenues for these products compared with the first quarter of last year, as digital signage product revenues totaled $10.9 million.

As you know, for sometime, we’ve been focusing on driving digital signage growth and have set a target to achieve 30% or greater digital signage product revenue growth for this fiscal year. Quarterly growth rates will swing from quarter-to-quarter and obviously 85% was a very strong result.

The key driver of our growth was again, impressive results for our Clarity Matrix product line, where we saw growth of approximately 140%. We continue to experienced strong growth in the adoption of super narrow bezel technology and continue to find many customers across multiple markets they are seeing the value of our unique architecture.

In addition, we are seeing more and more of our digital signage product sales come from our standard products versus custom designs as we expand our standard product offerings. We began shipping additional models in our new PS line of large format standalone signage displays this quarter and expect to expand our standalone product offerings as we move forward.

We also continue to seek out opportunities for our outdoor LCD products for signage applications and now have products installed in some trials for outdoor deployments. While the adoption in outdoor LCD signage has been slower than we had hoped. We still see a good longer term opportunity as more customers such as quick-serve restaurants look to convert portions of their outdoor static signage to digital. All in all we are pleased with the progress we are making in our [quest] to aggressively grow our digital signage products.

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