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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.

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