This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Planar Announces Fiscal First Quarter 2013 Financial Results

Stocks in this article: PLNR

The Company’s consolidated gross profit margin, as a percentage of sales, (on a Non-GAAP basis) was 25.0 percent in the first quarter of 2013, up from 22.1 percent in the first quarter of 2012 (see reconciliation table). The increase in gross profit margin, as a percent of sales, from the previous year was primarily due to an inventory charge for certain end-of-life-products recorded in the prior year which did not repeat in the first quarter of 2013.

Total operating expenses (on a Non-GAAP basis) for the first quarter of 2013 decreased $3.4 million, or 25 percent, to $10.1 million compared with the same quarter a year ago, as expenses declined in all functions as a result of cost reduction measures implemented in fiscal 2012 intended to lower the overall breakeven point for the Company.

The Company’s cash balance increased $1.5 million sequentially to $19.3 million at the end of the first fiscal quarter of 2013 compared to the end of the fourth quarter of fiscal 2012. The increase in cash was primarily caused by the proceeds received as a result of the EL product line asset sale and an increase in accounts payable, partially offset by increases in inventory and accounts receivable.

BUSINESS OUTLOOK

Looking forward, the Company remains committed to transforming its business to be more focused on markets that are growing, such as digital signage, and becoming profitable. The Company has taken actions over the last 12 months to reduce overall expense levels (and thus lower the breakeven point), shed a non-strategic product line and, generally, focus more of its resources on growing products/markets. Moving forward, the Company expects to see revenue growth in Digital Signage and Touch products more than offset declines in more mature product lines. As a result, the Company expects overall revenue growth of 5 to 10 percent for fiscal year 2013, excluding EL product line revenue. Additionally, the Company expects to achieve Non-GAAP profitability in the second half of fiscal 2013, as well as, for the full fiscal year of 2013. However, in the near term, the Company expects to follow its normal seasonal pattern of lower sequential revenue in the second quarter of fiscal 2013. As a result, the Company currently anticipates revenue in the range of $34 to $37 million and a Non-GAAP loss of $0.09 to $0.04 in the second fiscal quarter of 2013. Total Company revenue, excluding EL product line revenue, was $32.4 million in the second fiscal quarter of 2012.

2 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs