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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Planar Announces Fiscal Fourth Quarter And Full Year 2013 Financial Results

Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, recorded sales of $45.7 million and a GAAP loss per share of $0.01 in its fourth fiscal quarter ended September 27, 2013. On a Non-GAAP basis (see reconciliation table), income per share was $0.05 in the fourth quarter of fiscal 2013. Sales for fiscal year 2013 were $166.8 million and GAAP loss per share was $0.31. On a Non-GAAP basis (see reconciliation table) income per share was $0.02 in fiscal 2013.

“I am pleased with the improvement in our top and bottom line performance in the fourth quarter of 2013, which included a new high point for quarterly sales of digital signage products,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “In addition, we were able to achieve our goal of Non-GAAP profitability for fiscal year 2013 and, as a result, I believe we are well positioned to continue to improve our performance as we enter fiscal year 2014.”

SUMMARY OF BUSINESS HIGHLIGHTS

  • Achieved record quarterly sales of digital signage products totaling $17.7 million in the fiscal fourth quarter of 2013, representing 30 percent growth compared with the fourth fiscal quarter of 2012
  • Recorded Non-GAAP EBITDA of $1.6 million in the fourth quarter of 2013, a $4.6 million improvement compared to the fourth quarter of 2012 (see reconciliation table)
  • Launched the Planar® Simplicity™ Series line of digital signage monitors which incorporate media playing and commercial-grade features into a sleek and affordable digital signage solution
  • Achieved record annual sales of digital signage products for fiscal year 2013 of $62.1 million, representing 42 percent growth compared with fiscal year 2012
  • Recorded Non-GAAP EBIDTA of $1.9 million in fiscal year 2013, a $12.7 million improvement compared with fiscal year 2012 (see reconciliation table)

FOURTH QUARTER FISCAL 2013 RESULTS

The Company’s total revenue increased 10 percent compared to the fourth quarter of fiscal 2012. As previously announced, the Company sold the assets comprising its Electroluminescent (EL) product line during the first quarter of fiscal 2013. Excluding revenue associated with EL products, the Company’s total revenue increased 24 percent compared with the fourth quarter of fiscal 2012. Sales of digital signage products totaled $17.7 million in the fourth fiscal quarter of 2013, a 30 percent increase from the same period a year ago. Sales of Commercial and Industrial (C&I) products increased 1 percent (20 percent without EL) to $28.0 million compared with the same quarter a year ago. This increase was primarily driven by higher sales of custom C&I displays, desktop monitors, and rear-projection cubes, offset by declines in sales of high-end home products, touch monitors and the elimination of the EL display product line.

Stock quotes in this article: PLNR 

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.
DOW 16,379.19 +116.63 0.72%
S&P 500 1,857.30 +14.32 0.78%
NASDAQ 4,075.7370 +41.5760 1.03%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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