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Planar Announces Fiscal Second Quarter 2012 Financial Results

Note Regarding the Use of Non-GAAP Financial Measures:

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures that exclude share-based compensation and the requirements of Topic 718 of the FASB Accounting Standards Codification TM, “Compensation-Stock Compensation”. The Non-GAAP financial measures also exclude impairment and restructuring charges, the amortization of intangible assets related to previous acquisitions, various tax charges including the valuation allowance against deferred tax assets, the gain or loss on foreign currency due to the non-cash nature of the charge, and various other adjustments. The Non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the Non-GAAP financial measures to the most directly comparable GAAP financial measures.
 
Planar Systems, Inc.Consolidated Statement of Operations(In thousands, except per share amounts)(unaudited)
 
  Three months ended   Six months ended
Mar. 30, 2012   Apr. 1, 2011 Mar. 30, 2012   Apr. 1, 2011
   
Sales $ 37,542 $ 47,957 $ 85,250 $ 89,720
Cost of Sales   30,335       33,972     67,532       64,077  
Gross Profit 7,207 13,985 17,718 25,643
 
Operating Expenses:
Research and development, net 2,767 2,423 5,486 5,187
Sales and marketing 6,706 6,502 13,643 11,997
General and administrative 3,701 4,211 7,780 8,439
Amortization of intangible assets 175 512 350 1,024
Restructuring   518       -     518       -  
Total Operating Expenses 13,867 13,648 27,777 26,647
 
Income (Loss) from operations (6,660 ) 337 (10,059 ) (1,004 )
 
Non-operating income (expense):
Interest, net 6 16 6 14
Foreign exchange, net (163 ) (694 ) 263 (622 )
Other, net   279       164     321       232  
Net non-operating income (expense) 122 (514 ) 590 (376 )
 
Income (loss) before taxes (6,538 ) (177 ) (9,469 ) (1,380 )
Provision (benefit) for income taxes   127       (81 )   392       19  
Net Income (loss) $ (6,665 )   $ (96 ) $ (9,861 )   $ (1,399 )
 
Net Income (loss) per share - basic ($0.33 ) ($0.00 ) ($0.49 ) ($0.07 )
Net Income (loss) per share - diluted ($0.33 ) ($0.00 ) ($0.49 ) ($0.07 )
 
Weighted average shares outstanding - basic 20,031 19,365 19,927 19,293
Weighted average shares outstanding - diluted 20,031 19,365 19,927 19,293
 
 
Planar Systems, Inc.Consolidated Balance Sheets(In thousands)(unaudited)
 
  Mar. 30, 2012   Sept. 30, 2011
ASSETS
Cash $ 15,119 $ 22,231
Accounts receivable, net 20,315 25,881
Inventories 43,734 42,967
Other current assets   3,480     4,587  
Total current assets 82,648 95,666
 
Property, plant and equipment, net 4,015 4,265
Intangible assets, net 911 1,261
Other assets   4,900     4,110  
$ 92,474   $ 105,302  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 15,531 15,549
Current portion of capital leases 188 -
Deferred revenue 1,745 2,339
Other current liabilities   16,928     18,485  
Total current liabilities 34,392 36,373
 
Long-term portion of capital leases 271 -
Other long-term liabilities   5,305     6,270  
Total liabilities 39,968 42,643
 
Common stock 183,479 182,826
Retained earnings (deficit) (128,306 ) (118,096 )
Accumulated other comprehensive loss   (2,667 )   (2,071 )
Total shareholders' equity   52,506     62,659  
$ 92,474   $ 105,302  
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures    
(In thousands, unaudited)
 
For the three months ended
Mar. 30, 2012 Apr. 1, 2011
Gross Profit:
GAAP Gross Profit 7,207 13,985
 
Share-based Compensation 23 13
Total Non-GAAP adjustments 23 13
   
NON-GAAP GROSS PROFIT 7,230 13,998
   
NON-GAAP GROSS PROFIT PERCENTAGE 19.3% 29.2%
 
Research and Development:
GAAP research and development expense 2,767 2,423
 
Share-based Compensation (24) (52)
Total Non-GAAP adjustments (24) (52)
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE 2,743 2,371
 
Sales and Marketing:
GAAP sales and marketing expense 6,706 6,502
 
Share-based Compensation (30) (113)
Total Non-GAAP adjustments (30) (113)
   
NON-GAAP SALES AND MARKETING EXPENSE 6,676 6,389
 
General and Administrative:
GAAP General and Administrative Expense 3,701 4,211
 
Share-based Compensation (294) (247)
Total Non-GAAP adjustments (294) (247)
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE 3,407 3,964
 
Operating Expenses:
GAAP Total Operating Expenses 13,867 13,648
 
Share-based Compensation (348) (412)
Amortization of intangible assets (175) (512)
Restructuring charges (518) -
Total Non-GAAP adjustments (1,041) (924)
   
NON-GAAP TOTAL OPERATING EXPENSES 12,826 12,724
 
Income (Loss) from Operations:
GAAP income (loss) from operations (6,660) 337
 
Share-based Compensation 371 425
Amortization of intangible assets 175 512
Restructuring charges 518 -
Total Non-GAAP adjustments 1,064 937
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS (5,596) 1,274
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (6,538) (177)
 
Share-based Compensation 371 425
Amortization of intangible assets 175 512
Restructuring charges 518 -
Foreign Exchange, net 163 694
Total Non-GAAP adjustments 1,227 1,631
   
NON-GAAP INCOME (LOSS) BEFORE TAXES (5,311) 1,454
Depreciation 525 522
NON-GAAP EBITDA (4,786) 1,976
 
Net Income (Loss):
GAAP Net Income (loss) (6,665) (96)
Share-based Compensation 371 425
Amortization of intangible assets 175 512
Restructuring charges 518 -
Foreign Exchange, net 163 694
Income tax effect of reconciling items 2,119 (228)
Total Non-GAAP adjustments 3,346 1,403
   
NON-GAAP NET INCOME (LOSS) (3,319) 1,307
 
GAAP weighted average shares outstanding--basic 20,031 19,365
NON-GAAP weighted average shares outstanding--diluted 20,031 19,689
 
GAAP Net Income (Loss) per share - basic ($0.33) ($0.00)
Non-GAAP adjustments detailed above 0.16 0.07
NON-GAAP NET INCOME PER SHARE (basic) ($0.17) $0.07
 
GAAP Net Income (Loss) per share - diluted ($0.33) ($0.00)
Non-GAAP adjustments detailed above 0.16 0.07
NON-GAAP NET INCOME PER SHARE (diluted) ($0.17) $0.07
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures    
(In thousands, unaudited)
 
For the six months ended
Mar. 30, 2012 Apr. 1, 2011
Gross Profit:
GAAP Gross Profit 17,718 25,643
 
Share-based Compensation 36 30
Total Non-GAAP adjustments 36 30
   
NON-GAAP GROSS PROFIT 17,754 25,673
   
NON-GAAP GROSS PROFIT PERCENTAGE 20.8% 28.6%
 
Research and Development:
GAAP research and development expense 5,486 5,187
 
Share-based Compensation (63) (103)
Total Non-GAAP adjustments (63) (103)
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE 5,423 5,084
 
Sales and Marketing:
GAAP sales and marketing expense 13,643 11,997
 
Share-based Compensation (55) (232)
Total Non-GAAP adjustments (55) (232)
   
NON-GAAP SALES AND MARKETING EXPENSE 13,588 11,765
 
General and Administrative:
GAAP General and Administrative Expense 7,780 8,439
 
Share-based Compensation (499) (524)
Total Non-GAAP adjustments (499) (524)
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE 7,281 7,915
 
Operating Expenses:
GAAP Total Operating Expenses 27,777 26,647
 
Share-based Compensation (617) (859)
Amortization of intangible assets (350) (1,024)
Restructuring charges (518) -
Total Non-GAAP adjustments (1,485) (1,883)
   
NON-GAAP TOTAL OPERATING EXPENSES 26,292 24,764
 
Income (Loss) from Operations:
GAAP income (loss) from operations (10,059) (1,004)
 
Share-based Compensation 653 889
Amortization of intangible assets 350 1,024
Restructuring charges 518 -
Total Non-GAAP adjustments 1,521 1,913
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS (8,538) 909
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (9,469) (1,380)
 
Share-based Compensation 653 889
Amortization of intangible assets 350 1,024
Restructuring charges 518 -
Foreign Exchange, net (263) 622
Total Non-GAAP adjustments 1,258 2,535
   
NON-GAAP INCOME (LOSS) BEFORE TAXES (8,211) 1,155
Depreciation 1,089 1,075
NON-GAAP EBITDA (7,122) 2,230
 
Net Income (Loss):
GAAP Net Income (loss) (9,861) (1,399)
 
Share-based Compensation 653 889
Amortization of intangible assets 350 1,024
Restructuring charges 518 -
Foreign Exchange, net (263) 622
Income tax effect of reconciling items 3,471 (98)
Total Non-GAAP adjustments 4,729 2,437
   
NON-GAAP NET INCOME (LOSS) (5,132) 1,038
 
GAAP weighted average shares outstanding--basic 19,927 19,293
NON-GAAP weighted average shares outstanding--diluted 19,927 19,580
 
GAAP Net Income (Loss) per share - basic ($0.49) ($0.07)
Non-GAAP adjustments detailed above 0.23 0.12
NON-GAAP NET INCOME PER SHARE (basic) ($0.26) $0.05
 
GAAP Net Income (Loss) per share - diluted ($0.49) ($0.07)
Non-GAAP adjustments detailed above 0.23 0.12
NON-GAAP NET INCOME PER SHARE (diluted) ($0.26) $0.05
 

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