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, “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
			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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