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Planar Announces Fiscal Third 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   Nine months ended
Jun. 29, 2012   Jul. 1, 2011 Jun. 29, 2012   Jul. 1, 2011
   
Sales $ 44,704 $ 45,659 $ 129,954 $ 135,379
Cost of Sales   34,895       32,835     102,427       96,912  
Gross Profit 9,809 12,824 27,527 38,467
 
Operating Expenses:
Research and development, net 2,319 2,781 7,805 7,968
Sales and marketing 6,019 6,892 19,662 18,889
General and administrative 3,167 4,200 10,947 12,639
Amortization of intangible assets 175 512 525 1,536
Restructuring   -       -     518       -  
Total Operating Expenses 11,680 14,385 39,457 41,032
 
Income (Loss) from operations (1,871 ) (1,561 ) (11,930 ) (2,565 )
 
Non-operating income (expense):
Interest, net 1 9 7 23
Foreign exchange, net 260 (208 ) 523 (830 )
Other, net   129       (10 )   450       222  
Net non-operating income (expense) 390 (209 ) 980 (585 )
 
Income (loss) before taxes (1,481 ) (1,770 ) (10,950 ) (3,150 )
Provision (benefit) for income taxes   212       127     604       146  
Net Income (loss) $ (1,693 )   $ (1,897 ) $ (11,554 )   $ (3,296 )
 
Net Income (loss) per share - basic ($0.08 ) ($0.10 ) ($0.58 ) ($0.17 )
Net Income (loss) per share - diluted ($0.08 ) ($0.10 ) ($0.58 ) ($0.17 )
 
Weighted average shares outstanding - basic 20,219 19,506 20,024 19,362
Weighted average shares outstanding - diluted 20,219 19,506 20,024 19,362
 
 
Planar Systems, Inc.Consolidated Balance Sheets(In thousands)(unaudited)
 
  Jun. 29, 2012   Sept. 30, 2011
ASSETS
Cash $ 16,247 $ 22,231
Accounts receivable, net 21,902 25,881
Inventories 36,806 42,967
Other current assets   2,990     4,587  
Total current assets 77,945 95,666
 
Property, plant and equipment, net 3,605 4,265
Intangible assets, net 735 1,261
Other assets   5,835     4,110  
$ 88,120   $ 105,302  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 13,415 15,549
Current portion of capital leases 219 -
Deferred revenue 1,952 2,339
Other current liabilities   16,581     18,485  
Total current liabilities 32,167 36,373
 
Long-term portion of capital leases 327 -
Other long-term liabilities   5,166     6,270  
Total liabilities 37,660 42,643
 
Common stock 184,021 182,826
Retained earnings (deficit) (130,036 ) (118,096 )
Accumulated other comprehensive loss   (3,525 )   (2,071 )
Total shareholders' equity   50,460     62,659  
$ 88,120   $ 105,302  
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, unaudited)
 
  For the three months ended
Jun. 29, 2012   Jul. 1, 2011
Gross Profit:
GAAP Gross Profit 9,809 12,824
 
Share-based Compensation 32 14
Total Non-GAAP adjustments 32 14
   
NON-GAAP GROSS PROFIT 9,841 12,838
   
NON-GAAP GROSS PROFIT PERCENTAGE 22.0% 28.1%
 
Research and Development:
GAAP research and development expense 2,319 2,781
 
Share-based Compensation (36) (56)
Total Non-GAAP adjustments (36) (56)
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE 2,283 2,725
 
Sales and Marketing:
GAAP sales and marketing expense 6,019 6,892
 
Share-based Compensation (58) (148)
Total Non-GAAP adjustments (58) (148)
   
NON-GAAP SALES AND MARKETING EXPENSE 5,961 6,744
 
General and Administrative:
GAAP General and Administrative Expense 3,167 4,200
 
Share-based Compensation (286) (479)
Total Non-GAAP adjustments (286) (479)
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE 2,881 3,721
 
Operating Expenses:
GAAP Total Operating Expenses 11,680 14,385
 
Share-based Compensation (380) (683)
Amortization of intangible assets (175) (512)
Total Non-GAAP adjustments (555) (1,195)
   
NON-GAAP TOTAL OPERATING EXPENSES 11,125 13,190
 
Income (Loss) from Operations:
GAAP income (loss) from operations (1,871) (1,561)
 
Share-based Compensation 412 697
Amortization of intangible assets 175 512
Total Non-GAAP adjustments 587 1,209
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS (1,284) (352)
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (1,481) (1,770)
 
Share-based Compensation 412 697
Amortization of intangible assets 175 512
Foreign Exchange, net (260) 208
Total Non-GAAP adjustments 327 1,417
   
NON-GAAP INCOME (LOSS) BEFORE TAXES (1,154) (353)
Depreciation 505 528
NON-GAAP EBITDA (649) 175
 
Net Income (Loss):
GAAP Net Income (loss) (1,693) (1,897)
Share-based Compensation 412 697
Amortization of intangible assets 175 512
Foreign Exchange, net (260) 208
Income tax effect of reconciling items 645 259
Total Non-GAAP adjustments 972 1,676
   
NON-GAAP NET INCOME (LOSS) (721) (221)
 
GAAP weighted average shares outstanding--basic 20,219 19,506
NON-GAAP weighted average shares outstanding--diluted 20,219 19,506
 
GAAP Net Income (Loss) per share - basic ($0.08) ($0.10)
Non-GAAP adjustments detailed above 0.04 0.09
NON-GAAP NET INCOME PER SHARE (basic) ($0.04) ($0.01)
 
GAAP Net Income (Loss) per share - diluted ($0.08) ($0.10)
Non-GAAP adjustments detailed above 0.04 0.09
NON-GAAP NET INCOME PER SHARE (diluted) ($0.04) ($0.01)
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, unaudited)
 
  For the nine months ended
Jun. 29, 2012   Jul. 1, 2011
Gross Profit:
GAAP Gross Profit 27,527 38,467
 
Share-based Compensation 68 44
Total Non-GAAP adjustments 68 44
   
NON-GAAP GROSS PROFIT 27,595 38,511
   
NON-GAAP GROSS PROFIT PERCENTAGE 21.2% 28.4%
 
Research and Development:
GAAP research and development expense 7,805 7,968
 
Share-based Compensation (99) (159)
Total Non-GAAP adjustments (99) (159)
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE 7,706 7,809
 
Sales and Marketing:
GAAP sales and marketing expense 19,662 18,889
 
Share-based Compensation (113) (380)
Total Non-GAAP adjustments (113) (380)
   
NON-GAAP SALES AND MARKETING EXPENSE 19,549 18,509
 
General and Administrative:
GAAP General and Administrative Expense 10,947 12,639
 
Share-based Compensation (785) (1,003)
Total Non-GAAP adjustments (785) (1,003)
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE 10,162 11,636
 
Operating Expenses:
GAAP Total Operating Expenses 39,457 41,032
 
Share-based Compensation (997) (1,542)
Amortization of intangible assets (525) (1,536)
Restructuring charges (518) -
Total Non-GAAP adjustments (2,040) (3,078)
   
NON-GAAP TOTAL OPERATING EXPENSES 37,417 37,954
 
Income (Loss) from Operations:
GAAP income (loss) from operations (11,930) (2,565)
 
Share-based Compensation 1,065 1,586
Amortization of intangible assets 525 1,536
Restructuring charges 518 -
Total Non-GAAP adjustments 2,108 3,122
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS (9,822) 557
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (10,950) (3,150)
 
Share-based Compensation 1,065 1,586
Amortization of intangible assets 525 1,536
Restructuring charges 518 -
Foreign Exchange, net (523) 830
Total Non-GAAP adjustments 1,585 3,952
   
NON-GAAP INCOME (LOSS) BEFORE TAXES (9,365) 802
Depreciation 1,594 1,603
NON-GAAP EBITDA (7,771) 2,405
 
Net Income (Loss):
GAAP Net Income (loss) (11,554) (3,296)
 
Share-based Compensation 1,065 1,586
Amortization of intangible assets 525 1,536
Restructuring charges 518 -
Foreign Exchange, net (523) 830
Income tax effect of reconciling items 4,116 (155)
Total Non-GAAP adjustments 5,701 3,797
   
NON-GAAP NET INCOME (LOSS) (5,853) 501
 
GAAP weighted average shares outstanding--basic 20,024 19,362
NON-GAAP weighted average shares outstanding--diluted 20,024 19,728
 
GAAP Net Income (Loss) per share - basic ($0.58) ($0.17)
Non-GAAP adjustments detailed above 0.29 0.20
NON-GAAP NET INCOME PER SHARE (basic) ($0.29) $0.03
 
GAAP Net Income (Loss) per share - diluted ($0.58) ($0.17)
Non-GAAP adjustments detailed above 0.29 0.20
NON-GAAP NET INCOME PER SHARE (diluted) ($0.29) $0.03
 




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