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Planar Announces Fiscal Fourth Quarter And Full Year 2012 Financial Results

Stocks in this article: PLNR

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, ‚ÄúCompensation-Stock Compensation‚ÄĚ. 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   Twelve months ended
Sept. 28, 2012   Sept. 30, 2011 Sept. 28, 2012   Sept. 30, 2011
   
Sales $ 41,400 $ 51,125 171,354 $ 186,504
Cost of Sales   34,291       37,453     136,718       134,365  
Gross Profit 7,109 13,672 34,636 52,139
 
Operating Expenses:
Research and development, net 2,787 2,780 10,592 10,748
Sales and marketing 5,180 7,040 24,842 25,929
General and administrative 3,040 4,197 13,987 16,836
Amortization of intangible assets 171 456 696 1,992
Impairment and restructuring charges   404       1,060     922       1,060  
Total Operating Expenses 11,582 15,533 51,039 56,565
 
Income (Loss) from operations (4,473 ) (1,861 ) (16,403 ) (4,426 )
 
Non-operating income (expense):
Interest, net (22 ) (1 ) (15 ) 22
Foreign exchange, net (44 ) 496 479 (334 )
Other, net   49       (92 )   499       130  
Net non-operating income (expense) (17 ) 403 963 (182 )
 
Income (loss) before taxes (4,490 ) (1,458 ) (15,440 ) (4,608 )
Provision (benefit) for income taxes   138       (48 )   742       98  
Net Income (loss) $ (4,628 )   $ (1,410 ) $ (16,182 )   $ (4,706 )
 
Net Income (loss) per share - basic ($0.23 ) ($0.07 ) ($0.81 ) ($0.24 )
Net Income (loss) per share - diluted ($0.23 ) ($0.07 ) ($0.81 ) ($0.24 )
 
Weighted average shares outstanding - basic 20,258 19,594 20,083 19,419
Weighted average shares outstanding - diluted 20,258 19,594 20,083 19,419
 
 
Planar Systems, Inc.Consolidated Balance Sheets(In thousands)(unaudited)
 
  Sept. 28, 2012   Sept. 30, 2011
ASSETS
Cash $ 17,768 $ 22,231
Accounts receivable, net 18,604 25,881
Inventories 31,984 42,967
Other current assets   2,829     4,587  
Total current assets 71,185 95,666
 
Property, plant and equipment, net 3,554 4,265
Intangible assets, net 565 1,261
Other assets   6,580     4,110  
$ 81,884   $ 105,302  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 11,686 15,549
Current portion of capital leases 449 -
Deferred revenue 1,659 2,339
Other current liabilities   15,915     18,485  
Total current liabilities 29,709 36,373
 
Other long-term liabilities   5,656     6,270  
Total liabilities 35,365 42,643
 
Common stock 184,556 182,826
Retained earnings (deficit) (134,751 ) (118,096 )
Accumulated other comprehensive loss   (3,286 )   (2,071 )
Total shareholders' equity   46,519     62,659  
$ 81,884   $ 105,302  
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, unaudited)
 
  For the three months ended
Sept. 28, 2012   Sept. 30, 2011
Gross Profit:
GAAP Gross Profit 7,109 13,672
 
Share-based compensation 34 15
Total Non-GAAP adjustments 34 15
   
NON-GAAP GROSS PROFIT 7,143 13,687
   
NON-GAAP GROSS PROFIT PERCENTAGE 17.3% 26.8%
 
Research and Development:
GAAP Research and development expense 2,787 2,780
 
Share-based compensation (45) (53)
Total Non-GAAP adjustments (45) (53)
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE 2,742 2,727
 
Sales and Marketing:
GAAP Sales and marketing expense 5,180 7,040
 
Share-based compensation (90) (154)
Total Non-GAAP adjustments (90) (154)
   
NON-GAAP SALES AND MARKETING EXPENSE 5,090 6,886
 
General and Administrative:
GAAP General and administrative Expense 3,040 4,197
 
Share-based compensation (370) (455)
Total Non-GAAP adjustments (370) (455)
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE 2,670 3,742
 
Operating Expenses:
GAAP Total Operating Expenses 11,582 15,533
 
Share-based compensation (505) (662)
Amortization of intangible assets (171) (456)
Impairment and restructuring charges (404) (1,060)
Total Non-GAAP adjustments (1,080) (2,178)
   
NON-GAAP TOTAL OPERATING EXPENSES 10,502 13,355
 
Income (Loss) from Operations:
GAAP income (loss) from operations (4,473) (1,861)
 
Share-based compensation 539 677
Amortization of intangible assets 171 456
Impairment and restructuring charges 404 1,060
Total Non-GAAP adjustments 1,114 2,193
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS (3,359) 332
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (4,490) (1,458)
 
Share-based compensation 539 677
Amortization of intangible assets 171 456
Impairment and restructuring charges 404 1,060
Foreign exchange, net 44 (496)
Total Non-GAAP adjustments 1,158 1,697
   
NON-GAAP INCOME (LOSS) BEFORE TAXES (3,332) 239
Depreciation 383 560
NON-GAAP EBITDA (2,949) 799
 
Net Income (Loss):
GAAP Net Income (loss) (4,628) (1,410)
 
Share-based compensation 539 677
Amortization of intangible assets 171 456
Impairment and restructuring charges 404 1,060
Foreign exchange, net 44 (496)
Income tax effect of reconciling items 1,388 (72)
Total Non-GAAP adjustments 2,546 1,625
   
NON-GAAP NET INCOME (LOSS) (2,082) 215
 
GAAP weighted average shares outstanding--basic 20,258 19,594
NON-GAAP weighted average shares outstanding--diluted 20,258 19,979
 
GAAP Net Income (Loss) per share - basic ($0.23) ($0.07)
Non-GAAP adjustments detailed above 0.13 0.08
NON-GAAP NET INCOME PER SHARE (basic) ($0.10) $0.01
 
GAAP Net Income (Loss) per share - diluted ($0.23) ($0.07)
Non-GAAP adjustments detailed above 0.13 0.08
NON-GAAP NET INCOME PER SHARE (diluted) ($0.10) $0.01
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures(In thousands, unaudited)
 
  For the twelve months ended
Sept. 28, 2012   Sept. 30, 2011
Gross Profit:
GAAP Gross Profit 34,636 52,139
 
Share-based compensation 102 59
Total Non-GAAP adjustments 102 59
   
NON-GAAP GROSS PROFIT 34,738 52,198
   
NON-GAAP GROSS PROFIT PERCENTAGE 20.3% 28.0%
 
Research and Development:
GAAP Research and development expense 10,592 10,748
 
Share-based compensation (144) (212)
Total Non-GAAP adjustments (144) (212)
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE 10,448 10,536
 
Sales and Marketing:
GAAP Sales and marketing expense 24,842 25,929
 
Share-based compensation (203) (534)
Total Non-GAAP adjustments (203) (534)
   
NON-GAAP SALES AND MARKETING EXPENSE 24,639 25,395
 
General and Administrative:
GAAP General and administrative Expense 13,987 16,836
 
Share-based compensation (1,155) (1,458)
Total Non-GAAP adjustments (1,155) (1,458)
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE 12,832 15,378
 
Operating Expenses:
GAAP Total Operating Expenses 51,039 56,565
 
Share-based compensation (1,502) (2,204)
Amortization of intangible assets (696) (1,992)
Impairment and restructuring charges (922) (1,060)
Total Non-GAAP adjustments (3,120) (5,256)
   
NON-GAAP TOTAL OPERATING EXPENSES 47,919 51,309
 
Income (Loss) from Operations:
GAAP income (loss) from operations (16,403) (4,426)
 
Share-based compensation 1,604 2,263
Amortization of intangible assets 696 1,992
Impairment and restructuring charges 922 1,060
Total Non-GAAP adjustments 3,222 5,315
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS (13,181) 889
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (15,440) (4,608)
 
Share-based compensation 1,604 2,263
Amortization of intangible assets 696 1,992
Impairment and restructuring charges 922 1,060
Foreign exchange, net (479) 334
Total Non-GAAP adjustments 2,743 5,649
   
NON-GAAP INCOME (LOSS) BEFORE TAXES (12,697) 1,041
Depreciation 1,977 2,163
NON-GAAP EBITDA (10,720) 3,204
 
Income (loss) from continuing operations:
GAAP net income (loss) (16,182) (4,706)
 
Share-based compensation 1,604 2,263
Amortization of intangible assets 696 1,992
Impairment and restructuring charges 922 1,060
Foreign exchange, net (479) 334
Income tax effect of reconciling items 5,503 (7)
Total Non-GAAP adjustments 8,246 5,642
   
NON-GAAP NET INCOME (LOSS) (7,936) 936
 
GAAP weighted average shares outstanding--basic 20,083 19,419
NON-GAAP weighted average shares outstanding--diluted 20,083 19,793
 
GAAP Net Income (Loss) per share - basic ($0.81) ($0.24)
Non-GAAP adjustments detailed above 0.41 0.29
NON-GAAP NET INCOME (LOSS) PER SHARE (basic) ($0.40) $0.05
 
GAAP Net Income (Loss) per share - diluted ($0.81) ($0.24)
Non-GAAP adjustments detailed above $0.41 $0.29
NON-GAAP NET INCOME (LOSS) PER SHARE (diluted) ($0.40) $0.05
 




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