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Planar Systems' CEO Discusses F2Q2012 Results - Earnings Call Transcript

Stocks in this article: PLNR

That behind us, let me move on and talk a little bit about our results. We are obviously disappointed in the revenue levels and resulting loss the company generated last quarter. We have been expecting to see orders at a slightly lower level than we had seen in the previous two quarters, but our order rate came in much softer in our second quarter than in the previous two quarters and below our expectations.

We have typically seen some seasonality to our revenues with the second quarter typically being our softest quarter, and while we expected some softness the order rate simply came in much lower than we expected.

There were several drivers to the lower order rate. First, we saw average order size in some product areas to be smaller than we have previously experienced as a number of larger transactions slipped outside the quarter. We also experienced some softer demand from some of our OEM customers as they saw softness or changes in their businesses. We also built a bit of backlog this quarter as some of the new orders we did received were scheduled out beyond the end of our quarter based on the customer’s requirements.

Finally, we saw some loss of productivity as we made some changes in our sales organization as part of our continued work to transform our company to be better positioned to access the digital signage and growth opportunity.

Now let me talk a bit about our various product lines. In a digital signage area, we saw growth in our standard digital signage product offset by a decline in our custom digital signage products. Overall, sales of digital signage products were $7.5 million which is down 3.9 million from the second quarter of last year with custom digital signage products being down approximately $4.8 million as two of our larger signage customer did not reorder this year after having purchased large amounts last year during the second quarter.

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