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Planar Announces Fiscal Third Quarter 2012 Financial Results

Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, recorded sales of $44.7 million and GAAP loss per share of $0.08 in its third fiscal quarter ended June 29, 2012. On a Non-GAAP basis (see reconciliation table), loss per share was $0.04 in the third quarter of fiscal 2012.

“Our fiscal third quarter financial results were better than our expectations, driven by our highest quarterly sales of digital signage products to date,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “We also announced a number of new digital signage products during the quarter as we look to broaden our differentiated digital signage product portfolio.”

THIRD QUARTER BUSINESS SUMMARY

  • Announced the Planar® UltraLux™ Series, a family of 60", 70" and 80" LCD displays that feature a unique industrial design and forward-thinking engineering which bring current consumer electronics styling to the commercial digital signage market
  • Announced Planar® LookThru™, a unique digital display box that incorporates a transparent display to create a first-of-its-kind merchandising and exhibition solution
  • Launched Planar Mosaic Project Designer™, developed in conjunction with the Planar® Mosaic™ video wall system; this free, online application lets users create individualized designs for the recently introduced architectural video wall system
  • Planar® Mosaic™ video wall received industry recognition with Commercial Integrator's BEST Award and AV Technology’s Best New Video Wall Product Award

THIRD QUARTER FISCAL 2012 RESULTS

The Company’s total revenues increased 19 percent compared to the second quarter of fiscal 2012 and declined 2 percent compared to the third quarter of fiscal 2011. Geographic results (in terms of quarterly revenue compared with the third quarter of fiscal 2011) were mixed, with Asia Pacific increasing 6 percent, the Americas decreasing 4 percent, and Europe, the Middle East and Africa (EMEA) being approximately equal to the third quarter of last year. Sales of Digital Signage products totaled $11.8 million in the third quarter of 2012, a 9 percent increase from the same period a year ago. This increase was driven by higher sales of Clarity® Matrix™ tiled LCD systems, which increased 66 percent compared with the same period a year ago, partially offset by a decline in sales of custom digital signage displays due to large shipments in the prior year which did not repeat in the third quarter of fiscal 2012. Sales of Commercial and Industrial (C&I) products declined 5 percent to $32.9 million compared with the same quarter a year ago. This decrease was primarily driven by lower sales of Electroluminescent (EL) displays and high-end home products, partially offset by increased sales of desktop, touch, and custom monitors.

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