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Planar Systems' CEO Discusses F3Q12 Results - Earnings Call Transcript

With that behind us, let me talk a bit about our financial results released earlier today. We are pleased that we saw a strong rebound in third fiscal quarter versus our performance in the second fiscal quarter of this year. We had expected to see a rebound in revenues over the second quarter, and at $44.7 million, we exceeded our third quarter sales expectations as total sales grew 19% sequentially.

Let me talk a bit about our various product lines. In the third quarter we experienced our highest quarterly sales of digital signage products to date. Digital signage product sales were $11.8 million, which represents 26% of total revenue for the quarter, 58% sequential growth and 9% year-on-year growth. Within our signage product portfolio we saw strong performance from our Matrix Tiled LCD offering which experienced year-on-year growth of 66%.

When looking at our year-on-year digital signage results, it is important to note the shift in the makeup of our digital signage product revenues. Our digital signage product revenues are made up of what we refer to as standard products and custom products. Custom products are just that. Customized versions of products designed for a specific customer, who typically will have large rollouts. Our standard products, while typically embodying a variety of innovative features are designed to be purchased and utilized by a variety of customers.

In the past 18 months or so, our strategy has shifted more towards building innovative differentiated standard products such as our Matrix product family where we can leverage our investments and drive volume cross larger customer sets. As a result our revenues become more and more standard product oriented in digital signage. When you look at the third quarter for instance, our 9% overall digital signage product signage product revenue year-on-year growth was made up over $4 million or 56% growth in our standard digital signage products, offset by a little over $3 million in decline, in custom digital signage products.

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