The Company’s consolidated gross profit margin (on a Non-GAAP basis) was 17.3 percent in the fourth quarter of 2012, down from 26.8 percent in the fourth quarter of 2011 (see reconciliation table). The decrease in gross profit margin, as a percent of sales, from the previous year was primarily due to the under-absorption of expenses in certain production areas with a relatively higher fixed cost basis, such as EL production facilities, and an unfavorable product mix with a smaller proportion of total revenue derived from sales of relatively higher margin products such as rear-projection cubes.Total operating expenses (on a Non-GAAP basis) for the fourth quarter of 2012 decreased $2.9 million, or 21 percent, to $10.5 million compared with the same quarter a year ago, as expenses declined in all functions as a result of cost reduction measures implemented earlier in fiscal 2012, partially offset by increased project related expenses in research and development.
Planar Announces Fiscal Fourth Quarter And Full Year 2012 Financial Results
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