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TheStreet Open House

Planar Announces Fiscal Third Quarter 2013 Financial Results

Planar Systems, Inc. (NASDAQ:PLNR), a global leader in display and digital signage technology, recorded sales of $37.5 million and a GAAP loss per share of $0.17 in its third fiscal quarter ended June 28, 2013. On a Non-GAAP basis (see reconciliation table), loss per share was $0.02 in the third quarter of fiscal 2013.

“I am pleased we were able to continue to grow in our focus areas of digital signage and touch display products,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “I am equally pleased we were able to achieve that growth while we continued to lower our overall cost structure to position us for Non-GAAP profitability in the fourth quarter of fiscal 2013 and for fiscal 2014.”

SUMMARY OF BUSINESS HIGHLIGHTS

  • Sales of digital signage products and touch monitors totaled $19.1 million, representing 22 percent growth compared with the third fiscal quarter of 2012
  • Unveiled the Planar® PS5580, a narrow bezel LCD video wall display aimed at budget-conscious customers who want to create high-impact video walls
  • Began shipping the Planar UltraRes 84-inch 4k display and announced the upcoming availability of a touch-enabled version which continues Planar’s leadership in the UltraHD resolution category with best-in-class, large format, multi-touch display capabilities
  • Launched a new 24-inch version, the Planar PCT2485, of the Planar Helium Series of Windows 8 ready touch monitors and the new 22-inch Planar PT2245PW, a dual-touch, zero bezel, HD resolution, projected capacitive touch monitor

THIRD QUARTER FISCAL 2013 RESULTS

The Company’s total revenue decreased 16 percent compared to the third quarter of fiscal 2012. As previously announced, the Company sold the assets comprising its Electroluminescent (EL) product line during the first quarter of 2013. Excluding revenue associated with EL products, the Company’s total revenue decreased 6 percent compared with the third quarter of fiscal 2012. Sales of digital signage products totaled $14.1 million in the third quarter of 2013, a 19 percent increase from the same period a year ago. Continuing to expand the go-to-market capability and product portfolio remain key success factors for driving growth for digital signage products sales and overall sales. Sales of Commercial and Industrial (C&I) products declined 29 percent (17 percent without EL) to $23.4 million compared with the same quarter a year ago. This decrease was primarily driven by the elimination of the EL display product line, and lower sales of rear projection cubes, high-end home products, and custom products, partially offset by increased sales of desktop and touch monitors which grew 10 and 30 percent respectively compared to the same period a year ago.

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