Planar Announces Fiscal Fourth Quarter And Full Year 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								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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