Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display systems, today announced preliminary financial results for the fiscal second quarter ending March 30 th, 2012 and updated expectations for certain financial results for the full fiscal year ending September 28 th, 2012.
- For the fiscal second quarter of 2012, the Company now expects revenue of approximately $38 million, a Non-GAAP loss between $0.15 and $0.20 per share (see reconciliation table), and an ending net cash balance of approximately $15 million.
- The Company intends to record a restructuring charge in the fiscal second quarter of 2012 of approximately $0.6 million relating to a cost reduction plan designed to lower the on-going expense level to correspond with the lower level of revenue expected over the next few quarters. The Company expects the restructuring plan, and other cost reduction actions, will reduce on-going expenses, on a Non-GAAP basis, by approximately $2.0 to $2.5 million per quarter.
- For the full fiscal year 2012, the Company now expects revenue in the range of $175 to $185 million and a Non-GAAP loss between $0.28 and $0.33 per share.
The Company issued a press release on February 7, 2012 which reported that the Company expected sales in the second fiscal quarter to be between $45 and $48 million. However, the Company has experienced a weaker than expected order rate for a number of its products over the past month. Given this updated revenue expectation for the fiscal second quarter and full fiscal year, the Company is taking actions to reduce on-going expenses to allow for a lower break-even level. The Company continues to see opportunities to grow sales of its digital signage products and does expect sales to be higher in the second half of fiscal year 2012 compared with the first half. Based on this higher revenue level, combined with lower expenses as a result of the cost reduction actions, the Company believes it will report a slight profit on a Non-GAAP basis in the fiscal fourth quarter of fiscal 2012.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV