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Planar Announces Fiscal First Quarter 2014 Financial Results

Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, recorded sales of $40.5 million and GAAP income per share of $0.03 in its first fiscal quarter ended December 27, 2013. On a Non-GAAP basis (see reconciliation table), income per share was $0.05 in the first quarter of fiscal 2014.

“I am pleased with our start to fiscal 2014,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “Specifically, I am pleased we were able to achieve profitability and accomplish our strategic objective of growing digital signage product revenue year-over-year, despite a difficult comparison to our first quarter of last year.”

SUMMARY OF BUSINESS HIGHLIGHTS

  • Achieved record quarterly sales of digital signage products totaling $19.0 million in the fiscal first quarter of 2014, representing 12 percent growth compared with the first fiscal quarter of 2013
  • Recorded Non-GAAP EBITDA of $1.7 million in the first quarter of 2014 (see reconciliation table), the highest level of quarterly Non-GAAP EBITDA in almost 3 years
  • Recently announced the next-generation Clarity™ Matrix LCD Video Wall System with G2 Architecture, which delivers a new level of visual performance for Planar’s award-winning family of LCD video wall solutions

FIRST QUARTER FISCAL 2014 RESULTS

Sales of digital signage products totaled $19.0 million in the first fiscal quarter of 2014, a 12 percent increase from the same period a year ago. Total Company revenue decreased 8 percent compared to the first quarter of fiscal 2013. 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 decreased 3 percent compared with the first quarter of fiscal 2013. Sales of Commercial and Industrial (C&I) products decreased 21 percent (14 percent without EL) to $21.5 million compared with the same quarter a year ago. This decrease was primarily driven by lower sales of touch monitors, desktop monitors, rear projection cubes, high-end home products, and the elimination of the EL display product line, partially offset by higher sales of custom C&I displays.

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