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Planar Announces Fiscal First Quarter 2013 Financial Results

Stocks in this article: PLNR

Planar Systems, Inc. (NASDAQ: PLNR), a worldwide leader in specialty display solutions, recorded sales of $44.2 million and GAAP loss per share of $0.07 in its first fiscal quarter ended December 28, 2012. On a Non-GAAP basis (see reconciliation table), income per share was $0.05 in the first quarter of fiscal 2013.

“The first quarter of 2013 represented a significant step forward in our strategic transformation,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “Not only were we able to successfully close the sale our EL product line, but we also experienced record sales levels of digital signage products as well as our highest level of quarterly Non-GAAP profitability in almost 2 years.”

SUMMARY OF BUSINESS HIGHLIGHTS

  • Closed the sale of the Electroluminescent (EL) product line to Beneq Products OY for a $6.5 million base purchase price, of which $3.9 million was paid in cash at closing and $2.6 million was paid in the form of a promissory note. The transaction terms also provide for up to $3.5 million in possible additional cash consideration which can be earned in calendar years 2013, 2014, 2015 based upon the EL product line achieving certain financial results
  • Began shipping the Planar® Helium™ Series, a family of multi-touch desktop monitors designed to bring the touch experience alive when paired with a Microsoft® Windows® 8 device such as an Ultrabook™, tablet or desktop PC
  • Sales of Digital Signage products and Touch Monitors totaled $21.8 million and represented 49% of total revenue (52% excluding EL product revenues) for the first fiscal quarter of 2013
  • Signed the contract and received purchase orders for a new custom commercial and industrial design win with revenue totaling approximately $10 million over 2 years, and the potential for additional follow-on business, with production expected to begin in the second half of fiscal 2013

FIRST QUARTER FISCAL 2013 RESULTS

The Company’s total revenues increased 7 percent compared to the fourth quarter of fiscal 2012 and declined 7 percent compared to the first quarter of fiscal 2012. As previously announced, the Company sold the assets comprising its Electroluminescent (EL) product line during the quarter. Excluding revenue associated with EL products, the Company’s total revenue increased 14 percent compared to the fourth quarter of fiscal 2012 and was approximately flat with the first quarter of fiscal 2012. Sales of Digital Signage products totaled $16.9 million in the first quarter of 2013, a 55 percent increase from the same period a year ago. This increase was driven by higher sales of tiled LCD systems and signage monitors, which increased 45 percent and 123 percent respectively compared with the same period a year ago. The Company continues to experience increased demand for its digital signage products as both the number of customers as well as the product portfolio have expanded. Sales of Commercial and Industrial (C&I) products declined 26 percent (20 percent without EL) to $27.3 million ($25.0 million without EL) compared with the same quarter a year ago. This decrease was primarily driven by lower sales of EL displays, rear-projection cubes, custom commercial and industrial displays, and high-end home products, partially offset by increased sales of touch monitors which grew 38 percent compared to the same period a year ago.

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