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Planar Announces Fiscal Second Quarter 2014 Financial Results

Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, recorded sales of $41.1 million and GAAP income per share of $0.01 in its second fiscal quarter ended March 28, 2014. On a Non-GAAP basis (see reconciliation table), income per share was $0.03 in the second quarter of fiscal 2014.

“I am pleased with our second quarter results,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “The strong growth in digital signage product sales, combined with profitability in the second quarter, keeps us in a position to achieve our goals of growing sales of digital signage products in excess of 20 percent for the full fiscal year, being profitable every quarter of the fiscal year, and expanding profitability in fiscal year 2014 compared to fiscal 2013.”

SUMMARY OF BUSINESS HIGHLIGHTS

  • Quarterly sales of digital signage products totaled $19.0 million in the fiscal second quarter of 2014, representing 41 percent growth compared with the second fiscal quarter of 2013
  • Recorded Non-GAAP EBITDA of $1.1 million in the second quarter of 2014 (see reconciliation table), resulting in $2.8 million of Non-GAAP EBITDA in the first half of fiscal 2014
  • Introduced the new 46” and 55” Simplicity Series digital signage displays to round out the Planar Simplicity Series, which offers a broad range of choices for deploying simple, sleek and affordable digital signage displays
  • Showcased the industry’s largest interactive display with Corning ® Gorilla ® Glass, the 84” 4K Planar ® UltraRes™ Touch with ERO™ at Digital Signage Expo 2014 in Las Vegas
  • Began shipping Clarity™ Matrix LCD Video Wall Systems with G2 Architecture, which deliver a new level of visual performance as the next generation of Planar’s award-winning family of LCD video wall solutions

SECOND QUARTER FISCAL 2014 RESULTS

Sales of digital signage products totaled $19.0 million in the second fiscal quarter of 2014, a 41 percent increase from the same period a year ago. Total revenue increased 4 percent compared to the second quarter of fiscal 2013 as increases in sales of digital signage products more than offset the decline in sales of Commercial and Industrial (C&I) products. Sales of C&I products decreased 15 percent to $22.1 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, and high-end home products, partially offset by higher sales of custom C&I displays.

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