Planar Reports Fiscal Third Quarter 2014 Financial Results

Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, recorded sales of $43.9 million and GAAP income per share of $0.03 in its third fiscal quarter ended June 27, 2014. On a non-GAAP basis (see reconciliation table below), income per share was $0.05 in the third quarter of fiscal 2014.

FISCAL Q3 2014 OPERATIONAL HIGHLIGHTS
  • Quarterly sales of digital signage products increased 53 percent to $21.4 million, compared to the third fiscal quarter of 2013.
  • Non-GAAP EBITDA totaled $1.6 million (see reconciliation table), resulting in $4.4 million in non-GAAP EBITDA fiscal year to-date.
  • Rolled out the Clarity™ Matrix Video Wall Calculator, a first-of-its-kind, free online tool that makes it easier, faster and more accurate to design and install video walls.
  • Advanced the adoption of Ultra HD with the introduction of four new 4K displays: Planar UltraRes 98", Planar EP-Series 58" and 65", and Planar IX-Series 28" UHD displays.
  • Honored with Most Innovative Video Display and Best of Show Awards at InfoComm 2014. Planar UltraRes Series and Clarity Matrix LCD Video Wall System recognized by Systems Contractor News and Digital Signage Magazine.

FISCAL Q3 2014 FINANCIAL RESULTS

Sales of digital signage products totaled $21.4 million in the third fiscal quarter of 2014, a 53 percent increase over the same period a year ago. Total revenue increased 17 percent compared to the third 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 4 percent to $22.5 million compared with the same quarter a year ago. This decrease was primarily driven by lower sales of touch monitors and high-end home products, partially offset by higher sales of custom C&I displays and rear projection cubes.

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