Planar Announces Fiscal Second Quarter 2012 Financial Results

Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, recorded sales of $37.5 million and GAAP loss per share of $0.33 in its second fiscal quarter ended March 30, 2012. On a Non-GAAP basis (see reconciliation table), loss per share was $0.17 in the second quarter of fiscal 2012.

“Our second quarter financial results came in below our expectations as we experienced a weaker than expected order rate and had several large transactions push out of the quarter,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “Based on these results we took actions to reduce our expenses, aimed at lowering our breakeven point. We continue to believe we have a good opportunity to grow sales in fiscal 2013 and beyond, focused on increasing our digital signage revenues.”

SECOND QUARTER BUSINESS SUMMARY

• Announced Planar® Mosaic™, a unique digital signage architectural design focused video wall solution targeting the large and growing global wall covering market
• Announced the industry’s brightest LCD video wall solution, the Clarity™ Matrix HX60
• Announced a new Clarity Matrix 3D LCD view wall system which utilizes passive (shutter free) glasses; ideal for large format stereoscopic visualization
• Announced the new Planar® WeatherBright™ series of outdoor digital signage displays featuring a very high level of brightness and superior weather protection; ideal for quick service restaurants, outdoor malls, and other businesses which use outdoor signage to attract customers
• Announced and began shipping a new 46" full-HD, LED video wall system, the Clarity Matrix MX46HD
• Announced the PS4670, one of the lowest priced 46” high-brightness flat digital signage displays on the market

SECOND QUARTER FISCAL 2012 RESULTS

The Company’s total revenues declined 22 percent compared to the second quarter a year ago. All geographical regions declined, with the Americas decreasing 18 percent, Europe, the Middle East and Africa (EMEA) declining 37 percent and Asia Pacific decreasing 23 percent. Sales of Commercial and Industrial (C&I) products declined 18 percent to $30.0 million compared with the same quarter a year ago. This decrease was primarily driven by lower sales of rear-projection cubes, Electroluminescent (EL) displays and high-end home products, partially offset by increased sales of desktop and touch monitors. Sales of Digital Signage products totaled $7.5 million, a 34 percent reduction from the same period a year ago. This decrease was driven by large shipments of custom digital signage displays in the prior year which did not repeat in the second quarter of fiscal 2012. The decline in custom digital signage displays was partially offset by increased sales of Clarity Matrix LCD video wall digital signage systems, which increased 33 percent compared with the second quarter of fiscal 2011.

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