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Planar Announces Fiscal First Quarter 2013 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, ‚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
Dec. 28, 2012 Dec. 30, 2011
 
Sales $ 44,175 $ 47,708
Cost of Sales   33,166     37,197  
Gross Profit 11,009 10,511
 
Operating Expenses:
Research and development, net 2,027 2,719
Sales and marketing 5,060 6,937
General and administrative 3,413 4,079
Amortization of intangible assets 147 175
Restructuring 194 -
Loss on sale of assets   1,491     -  
Total Operating Expenses 12,332 13,910
 
Income (Loss) from operations (1,323 ) (3,399 )
 
Non-operating income (expense):
Interest, net 17 -
Foreign exchange, net (108 ) 426
Other, net   115     42  
Net non-operating income (expense) 24 468
 
Income (loss) before taxes (1,299 ) (2,931 )
Provision (benefit) for income taxes   183     265  
Net Income (loss) $ (1,482 ) $ (3,196 )
 
Net Income (loss) per share - basic ($0.07 ) ($0.16 )
Net Income (loss) per share - diluted ($0.07 ) ($0.16 )
 
Weighted average shares outstanding - basic 20,473 19,822
Weighted average shares outstanding - diluted 20,473 19,822
 
 
Planar Systems, Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)
   
Dec. 28, 2012 Sept. 28, 2012
ASSETS
Cash $ 19,255 $ 17,768
Accounts receivable, net 21,392 18,604
Inventories 33,643 31,984
Other current assets   3,595     2,829  
Total current assets 77,885 71,185
 
Property, plant and equipment, net 2,649 3,554
Intangible assets, net 417 565
Other assets   10,057     6,580  
$ 91,008   $ 81,884  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable 22,274 11,686
Current portion of capital leases 646 449
Deferred revenue 1,941 1,659
Other current liabilities   14,546     15,915  
Total current liabilities 39,407 29,709
 
Capital leases, less current portion 756 545
Other long-term liabilities   4,973     5,111  
Total liabilities 45,136 35,365
 
Common stock 185,109 184,556
Retained earnings (deficit) (136,313 ) (134,751 )
Accumulated other comprehensive loss   (2,924 )   (3,286 )
Total shareholders' equity   45,872     46,519  
$ 91,008   $ 81,884  
 
 
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
         
For the three months ended
Dec. 28, 2012 Dec. 30, 2011
Gross Profit:
GAAP Gross Profit   11,009   10,511  
 
Share-based Compensation   25   13  
Total Non-GAAP adjustments   25   13  
   
NON-GAAP GROSS PROFIT   11,034   10,524  
   
NON-GAAP GROSS PROFIT PERCENTAGE   25.0 % 22.1 %
 
Research and Development:
GAAP research and development expense   2,027   2,719  
 
Share-based Compensation   (47 ) (39 )
Total Non-GAAP adjustments   (47 ) (39 )
   
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE   1,980   2,680  
 
Sales and Marketing:
GAAP sales and marketing expense   5,060   6,937  
 
Share-based Compensation   (69 ) (25 )
Total Non-GAAP adjustments   (69 ) (25 )
   
NON-GAAP SALES AND MARKETING EXPENSE   4,991   6,912  
 
General and Administrative:
GAAP General and Administrative Expense 3,413 4,079
 
Share-based Compensation   (304 ) (205 )
Total Non-GAAP adjustments   (304 ) (205 )
   
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE   3,109   3,874  
 
Operating Expenses:
GAAP Total Operating Expenses 12,332 13,910
 
Share-based Compensation (420 ) (269 )
Amortization of intangible assets (147 ) (175 )
Restructuring charges (194 ) -
Loss on sale of assets   (1,491 ) -  
Total Non-GAAP adjustments   (2,252 ) (444 )
   
NON-GAAP TOTAL OPERATING EXPENSES   10,080   13,466  
 
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
(In thousands, unaudited)
For the three months ended
Dec. 28, 2012 Dec. 30, 2011
 
Income (Loss) from Operations:
GAAP income (loss) from operations (1,323 ) (3,399 )
 
Share-based Compensation 445 282
Amortization of intangible assets 147 175
Restructuring charges 194 -
Loss on sale of assets   1,491   -  
Total Non-GAAP adjustments   2,277   457  
   
NON-GAAP INCOME (LOSS) FROM OPERATIONS   954   (2,942 )
 
Income (Loss) before taxes & EBITDA:
GAAP income (loss) before taxes (1,299 ) (2,931 )
 
Share-based Compensation 445 282
Amortization of intangible assets 147 175
Loss on sale of assets 1,491 -
Restructuring charges 194 -
Foreign Exchange, net   108   (426 )
Total Non-GAAP adjustments   2,385   31  
   
NON-GAAP INCOME (LOSS) BEFORE TAXES   1,086   (2,900 )
Depreciation   310   564  
NON-GAAP EBITDA   1,396   (2,336 )
 
Net Income (Loss):
GAAP Net Income (loss) (1,482 ) (3,196 )
 
Share-based Compensation 445 282
Amortization of intangible assets 147 175
Loss on sale of assets 1,491 -
Restructuring charges 194 -
Foreign Exchange, net 108 (426 )
Income tax effect of reconciling items   73   1,353  
Total Non-GAAP adjustments   2,458   1,384  
   
NON-GAAP NET INCOME (LOSS)   976   (1,812 )
 
GAAP weighted average shares outstanding--basic 20,473 19,822
NON-GAAP weighted average shares outstanding--diluted 20,679 19,822
 
GAAP Net Income (Loss) per share - basic ($0.07 ) ($0.16 )
Non-GAAP adjustments detailed above 0.12 0.07
NON-GAAP NET INCOME PER SHARE (basic) $ 0.05 ($0.09 )
 
GAAP Net Income (Loss) per share - diluted ($0.07 ) ($0.16 )
Non-GAAP adjustments detailed above 0.12 0.07
NON-GAAP NET INCOME PER SHARE (diluted) $ 0.05 ($0.09 )
 
 
Planar Systems, Inc.
Revenue by Product Line
(In millions)
(unaudited)
           
Three months ended % Change vs.
Dec. 28, 2012 Dec. 30, 2011 Sep. 28, 2012 Prior Year Prior Quarter
 
Digital Signage Sales $ 16.9 $ 10.9 $ 13.6 55 % 24 %
 
Commercial & Industrial Sales 27.3 36.8 27.8 -26 % -2 %
Desktop Monitors 8.7 9.6 7.8 -9 % 11 %
Rear Projection Cubes 6.1 9.0 4.2 -32 % 44 %
Touch Monitors 4.9 3.5 5.2 38 % -5 %
High-end Home 3.0 5.3 3.2 -43 % -6 %
Custom Commercial & Industrial 2.0 3.0 2.3 -34 % -13 %
Electroluminescent (1) 2.3 5.7 4.5 -60 % -49 %
Other 0.3 0.7 0.6 -52 % -38 %
         
Total Sales $ 44.2 $ 47.7 $ 41.4 -7 % 7 %
Electroluminescent (1)   2.3   5.7   4.5 -60 % -49 %
Total Sales without Electroluminescent $ 41.9 $ 42.0 $ 36.9 0 % 14 %
 
(1) In the first quarter of 2013, the Company sold the assets and liabilities related to the Electroluminescent product line.
 




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