- Published: 01 August 2014
- Written by Editor
Planar Reports Fiscal Third Quarter 2014 Financial Results
Company Reports 53 Percent Year-Over-Year Growth in Quarterly Sales of Digital Signage Products
BEAVERTON, Ore.-- Planar Systems, Inc. (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.
The Company’s consolidated gross profit margin, as a percentage of sales (on a non-GAAP basis), was 24.4 percent in the third quarter of 2014, up from 21.7 percent in the third quarter of 2013 (see reconciliation table). The improvement in gross profit rate is the result of both an increase in sales of higher margin digital signage products relative to lower margin C&I products as well as higher gross profit rates on sales of digital signage products compared with the prior year.
Total operating expenses (on a non-GAAP basis) for the third quarter of 2014 were $9.6 million compared with $9.0 million in the same quarter last year (see reconciliation table), primarily driven by increases in sales and marketing expenditures.
The Company’s cash balance decreased $1.5 million sequentially to $11.5 million at the end of the third fiscal quarter of 2014 compared to the end of the second quarter of fiscal 2014. The primary drivers of working capital remained flat with the second fiscal quarter as reductions in inventory, which improved inventory turns to 5.1, and a small increase in accounts payable were roughly offset by an increase in accounts receivable. Cash declined in the quarter primarily as a result of payments made to a third party for certain components related to the EL business for which the buyer of the EL business, Beneq Products Oy, has agreed to repay the Company over time.
MANAGEMENT COMMENTARY
“Our third quarter results came in above our expectations for both revenue and profits, bolstered by strong growth in sales of our strategic focus area of digital signage products,” said Gerry Perkel, Planar’s president and chief executive officer. “As a result of the strong performance in the third quarter, coupled with a favorable outlook for the fourth quarter, we are increasing our estimates for revenue and non-GAAP EPS for the full fiscal year.”
BUSINESS OUTLOOK
Looking forward, the Company currently expects to see continued strong revenue for digital signage and custom C&I products in the fourth fiscal quarter of 2014, and therefore anticipates revenue in the range of $48 million to $50 million and non-GAAP income per share of $0.08 to $0.10. As a result, the Company has raised its estimates for the full fiscal year 2014, and currently expects revenue in the range of $173.4 million to $175.4 million and non-GAAP income per share of $0.21 to $0.23.
CONFERENCE CALL
Management will discuss the results of operations and the business outlook in a conference call later today, July 31, 2014, beginning at 2:00 p.m. Pacific time. The call can be heard via the Internet through a link on Planar’s website at www.planar.com and will be available for replay until August 31, 2014. The Company will post on its website management’s prepared remarks shortly after the call.
ABOUT PLANAR
Planar Systems, Inc. (PLNR) is a global leader in display and digital signage technology, providing premier solutions for the world's most demanding environments. Retailers, educational institutions, government agencies, businesses, utilities and energy firms, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Planar video walls, large format LCD displays, interactive touch screen monitors and many other solutions are used by the world’s leading organizations in applications ranging from digital signage to simulation and from interactive kiosks to large-scale data visualization. Founded in 1983, Planar is headquartered in Oregon, USA, with offices, manufacturing partners and customers worldwide. For more information, visit www.planar.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to Planar’s business operations and prospects, including statements under the “Business Outlook” heading relating to the Company’s expected revenue growth, revenue range and non-GAAP income per share range for fiscal 2014, and the Company’s expected revenue growth, total revenue range and non-GAAP income per share range for the fourth quarter of fiscal 2014. These statements are made pursuant to the safe harbor provisions of the federal securities laws. These and other forward-looking statements, which may be identified by the inclusion of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “goal” and variations of such words and other similar expressions, are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements: poor or weakened domestic and international business and economic conditions; changes or reductions in the demand for products in the various display markets served by the Company; any delay in the timing of customer orders or the Company’s ability to ship product upon receipt of a customer order; the extent and timing of any additional expenditures by the Company to address business growth opportunities; any inability to reduce costs or to do so quickly enough, in either case, in response to reductions in revenue; adverse impacts on the Company or its operations relating to or arising from any inability to fund desired expenditures, including due to difficulties in obtaining necessary financing; changes in the flat-panel monitor industry; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures, increased commoditization or the ability to keep pace with technological changes; technological advances; shortages of manufacturing capacity from the Company’s third-party manufacturing partners or other interruptions in the supply of components the Company incorporates in its finished goods including as a result of natural disasters; future production variables resulting in excess inventory and other risk factors listed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Note Regarding the Use of non-GAAP Financial Measures:
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains non-GAAP financial measures that exclude certain items set forth in the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The exclusions relate primarily to charges of a non-cash nature. Management uses the non-GAAP financial measures for internal managerial purposes, including as a means to compare period-to-period results on a consolidated basis and as a means to evaluate the Company’s results on a consolidated basis compared to those of other companies. In addition, management uses certain of these measures when publicly providing forward-looking statements on expectations regarding future consolidated basis financial results. The Company discloses this information to the public to enable investors to be able to more easily assess the Company’s performance on the same basis applied by management. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
| Planar Systems, Inc. | |||||||||||||||||
| Consolidated Statement of Operations | |||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | Jun. 27, 2014 | Jun. 28, 2013 | ||||||||||||||
| Sales | $ | 43,853 | $ | 37,485 | $ | 125,385 | $ | 121,101 | |||||||||
| Cost of Sales | 33,188 | 29,359 | 95,325 | 93,954 | |||||||||||||
| Gross Profit | 10,665 | 8,126 | 30,060 | 27,147 | |||||||||||||
| Operating Expenses: | |||||||||||||||||
| Research and development, net | 1,560 | 1,620 | 4,273 | 5,475 | |||||||||||||
| Sales and marketing | 5,187 | 4,819 | 14,914 | 14,923 | |||||||||||||
| General and administrative | 3,158 | 2,833 | 9,614 | 9,159 | |||||||||||||
| Amortization of intangible assets | - | 147 | - | 442 | |||||||||||||
| Restructuring | 10 | 2,407 | 31 | 2,601 | |||||||||||||
| Loss on sale of assets | - | - | - | 1,314 | |||||||||||||
| Total Operating Expenses | 9,915 | 11,826 | 28,832 | 33,914 | |||||||||||||
| Income (Loss) from operations | 750 | (3,700 | ) | 1,228 | (6,767 | ) | |||||||||||
| Non-operating income (expense): | |||||||||||||||||
| Interest, net | 99 | 39 | 234 | 104 | |||||||||||||
| Foreign exchange, net | (1 | ) | (1 | ) | (54 | ) | (14 | ) | |||||||||
| Other, net | (27 | ) | 166 | 422 | 462 | ||||||||||||
| Net non-operating income | 71 | 204 | 602 | 552 | |||||||||||||
| Income (loss) before taxes | 821 | (3,496 | ) | 1,830 | (6,215 | ) | |||||||||||
| Provision for income taxes | 115 | 71 |
266 |
114 | |||||||||||||
| Net Income (loss) | $ | 706 | $ | (3,567 | ) | $ | 1,564 | $ | (6,329 | ) | |||||||
| Net Income (loss) per share - basic | $ | 0.03 | ($0.17 | ) | $ | 0.07 | ($0.31 | ) | |||||||||
| Net Income (loss) per share - diluted | $ | 0.03 | ($0.17 | ) | $ | 0.07 | ($0.31 | ) | |||||||||
| Weighted average shares outstanding - basic | 21,491 | 20,899 | 21,302 | 20,672 | |||||||||||||
| Weighted average shares outstanding - diluted | 21,623 | 20,899 | 21,506 | 20,672 | |||||||||||||
| Planar Systems, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (unaudited) | ||||||||
| Jun. 27, 2014 | Sept. 27, 2013 | |||||||
| ASSETS | ||||||||
| Cash | $ | 11,517 | $ | 11,971 | ||||
| Accounts receivable, net | 25,175 | 22,821 | ||||||
| Inventories | 26,247 | 30,003 | ||||||
| Other current assets | 4,602 | 2,426 | ||||||
| Total current assets | 67,541 | 67,221 | ||||||
| Property, plant and equipment, net | 5,313 | 6,434 | ||||||
| Other assets | 7,582 | 6,230 | ||||||
| $ | 80,436 | $ | 79,885 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 16,156 | $ | 17,042 | ||||
| Current portion of capital leases | 443 | 759 | ||||||
| Deferred revenue | 1,638 | 1,685 | ||||||
| Other current liabilities | 13,455 | 12,848 | ||||||
| Total current liabilities | 31,692 | 32,334 | ||||||
| Long-term portion of capital leases | - | 394 | ||||||
| Other long-term liabilities | 4,396 | 5,390 | ||||||
| Total liabilities | 36,088 | 38,118 | ||||||
| Common stock | 187,517 | 186,202 | ||||||
| Retained deficit | (140,612 | ) | (141,735 | ) | ||||
| Accumulated other comprehensive loss | (2,557 | ) | (2,700 | ) | ||||
| Total shareholders' equity | 44,348 | 41,767 | ||||||
| $ | 80,436 | $ | 79,885 | |||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||
| (In thousands, unaudited) | ||||||||||
| For the three months ended | ||||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | |||||||||
| Gross Profit: | ||||||||||
| GAAP Gross Profit | 10,665 | 8,126 | ||||||||
| Share-based compensation | 27 | 22 | ||||||||
| Total Non-GAAP adjustments | 27 | 22 | ||||||||
| NON-GAAP GROSS PROFIT | 10,692 | 8,148 | ||||||||
| NON-GAAP GROSS PROFIT PERCENTAGE | 24.4 | % | 21.7 | % | ||||||
| Research and Development: | ||||||||||
| GAAP research and development expense | 1,560 | 1,620 | ||||||||
| Share-based compensation | (15 | ) | - | |||||||
| Total Non-GAAP adjustments | (15 | ) | - | |||||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 1,545 | 1,620 | ||||||||
| Sales and Marketing: | ||||||||||
| GAAP sales and marketing expense | 5,187 | 4,819 | ||||||||
| Share-based compensation | (55 | ) | (61 | ) | ||||||
| Total Non-GAAP adjustments | (55 | ) | (61 | ) | ||||||
| NON-GAAP SALES AND MARKETING EXPENSE | 5,132 | 4,758 | ||||||||
| General and Administrative: | ||||||||||
| GAAP General and Administrative Expense | 3,158 | 2,833 | ||||||||
| Share-based compensation | (259 | ) | (208 | ) | ||||||
| Total Non-GAAP adjustments | (259 | ) | (208 | ) | ||||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 2,899 | 2,625 | ||||||||
| Operating Expenses: | ||||||||||
| GAAP Total Operating Expenses | 9,915 | 11,826 | ||||||||
| Share-based compensation | (329 | ) | (269 | ) | ||||||
| Amortization of intangible assets | - | (147 | ) | |||||||
| Restructuring charges | (10 | ) | (2,407 | ) | ||||||
| Total Non-GAAP adjustments | (339 | ) | (2,823 | ) | ||||||
| NON-GAAP TOTAL OPERATING EXPENSES | 9,576 | 9,003 | ||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures Continued | |||||||||||
| (In thousands, unaudited) | |||||||||||
| For the three months ended | |||||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | ||||||||||
| Income (Loss) from Operations: | |||||||||||
| GAAP income (loss) from operations | 750 | (3,700 | ) | ||||||||
| Share-based compensation | 356 | 291 | |||||||||
| Amortization of intangible assets | - | 147 | |||||||||
| Restructuring charges | 10 | 2,407 | |||||||||
| Total Non-GAAP adjustments | 366 | 2,845 | |||||||||
| NON-GAAP INCOME (LOSS) FROM OPERATIONS | 1,116 | (855 | ) | ||||||||
| Income (Loss) before taxes & EBITDA: | |||||||||||
| GAAP income (loss) before taxes | 821 | (3,496 | ) | ||||||||
| Share-based compensation | 356 | 291 | |||||||||
| Amortization of intangible assets | - | 147 | |||||||||
| Restructuring charges | 10 | 2,407 | |||||||||
| Foreign exchange, net | 1 | 1 | |||||||||
| Total Non-GAAP adjustments | 367 | 2,846 | |||||||||
| NON-GAAP INCOME (LOSS) BEFORE TAXES | 1,188 | (650 | ) | ||||||||
| Depreciation | 416 | 330 | |||||||||
| NON-GAAP EBITDA | 1,604 | (320 | ) | ||||||||
| Net Income (Loss): | |||||||||||
| GAAP Net Income (loss) | 706 | (3,567 | ) | ||||||||
| Share-based compensation | 356 | 291 | |||||||||
| Amortization of intangible assets | - | 147 | |||||||||
| Restructuring charges | 10 | 2,407 | |||||||||
| Foreign exchange, net | 1 | 1 | |||||||||
| Income tax effect of reconciling items | (5 | ) | 315 | ||||||||
| Total Non-GAAP adjustments | 362 | 3,161 | |||||||||
| NON-GAAP NET INCOME (LOSS) | 1,068 | (406 | ) | ||||||||
| GAAP weighted average shares outstanding--basic | 21,491 | 20,899 | |||||||||
| GAAP weighted average shares outstanding--diluted | 21,623 | 20,899 | |||||||||
| GAAP Net Income (Loss) per share - basic | $ | 0.03 | ($0.17 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.02 | 0.15 | |||||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (basic) | $ | 0.05 | ($0.02 | ) | |||||||
| GAAP Net Income (Loss) per share - diluted | $ | 0.03 | ($0.17 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.02 | 0.15 | |||||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (diluted) | $ | 0.05 | ($0.02 | ) | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||
| (In thousands, unaudited) | |||||||||||
| For the nine months ended | |||||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | ||||||||||
| Gross Profit: | |||||||||||
| GAAP Gross Profit | 30,060 | 27,147 | |||||||||
| Share-based compensation | 73 | 75 | |||||||||
| Total Non-GAAP adjustments | 73 | 75 | |||||||||
| NON-GAAP GROSS PROFIT | 30,133 | 27,222 | |||||||||
| NON-GAAP GROSS PROFIT PERCENTAGE | 24.0 | % | 22.5 | % | |||||||
| Research and Development: | |||||||||||
| GAAP research and development expense | 4,273 | 5,475 | |||||||||
| Share-based compensation | (34 | ) | (82 | ) | |||||||
| Total Non-GAAP adjustments | (34 | ) | (82 | ) | |||||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 4,239 | 5,393 | |||||||||
| Sales and Marketing: | |||||||||||
| GAAP sales and marketing expense | 14,914 | 14,923 | |||||||||
| Share-based compensation | (141 | ) | (212 | ) | |||||||
| Total Non-GAAP adjustments | (141 | ) | (212 | ) | |||||||
| NON-GAAP SALES AND MARKETING EXPENSE | 14,773 | 14,711 | |||||||||
| General and Administrative: | |||||||||||
| GAAP General and Administrative Expense | 9,614 | 9,159 | |||||||||
| Share-based compensation | (896 | ) | (791 | ) | |||||||
| Total Non-GAAP adjustments | (896 | ) | (791 | ) | |||||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 8,718 | 8,368 | |||||||||
| Operating Expenses: | |||||||||||
| GAAP Total Operating Expenses | 28,832 | 33,914 | |||||||||
| Share-based compensation | (1,071 | ) | (1,085 | ) | |||||||
| Amortization of intangible assets | - | (442 | ) | ||||||||
| Restructuring charges | (31 | ) | (2,601 | ) | |||||||
| Loss on sale of assets | - | (1,314 | ) | ||||||||
| Total Non-GAAP adjustments | (1,102 | ) | (5,442 | ) | |||||||
| NON-GAAP TOTAL OPERATING EXPENSES | 27,730 | 28,472 | |||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures Continued | |||||||||||
| (In thousands, unaudited) | |||||||||||
| For the nine months ended | |||||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | ||||||||||
| Income (Loss) from Operations: | |||||||||||
| GAAP income (loss) from operations | 1,228 | (6,767 | ) | ||||||||
| Share-based compensation | 1,144 | 1,160 | |||||||||
| Amortization of intangible assets | - | 442 | |||||||||
| Restructuring charges | 31 | 2,601 | |||||||||
| Loss on sale of assets | - | 1,314 | |||||||||
| Total Non-GAAP adjustments | 1,175 | 5,517 | |||||||||
| NON-GAAP INCOME (LOSS) FROM OPERATIONS | 2,403 | (1,250 | ) | ||||||||
| Income (Loss) before taxes & EBITDA: | |||||||||||
| GAAP income (loss) before taxes | 1,830 | (6,215 | ) | ||||||||
| Share-based compensation | 1,144 | 1,160 | |||||||||
| Amortization of intangible assets | - | 442 | |||||||||
| Restructuring charges | 31 | 2,601 | |||||||||
| Loss on sale of assets | - | 1,314 | |||||||||
| Foreign exchange, net | 54 | 14 | |||||||||
| Total Non-GAAP adjustments | 1,229 | 5,531 | |||||||||
| NON-GAAP INCOME (LOSS) BEFORE TAXES | 3,059 | (684 | ) | ||||||||
| Depreciation | 1,331 | 1,015 | |||||||||
| NON-GAAP EBITDA | 4,390 | 331 | |||||||||
| Net Income (Loss): | |||||||||||
| GAAP Net Income (loss) | 1,564 | (6,329 | ) | ||||||||
| Share-based compensation | 1,144 | 1,160 | |||||||||
| Amortization of intangible assets | - | 442 | |||||||||
| Restructuring charges | 31 | 2,601 | |||||||||
| Loss on sale of assets | - | 1,314 | |||||||||
| Foreign exchange, net | 54 | 14 | |||||||||
| Income tax effect of reconciling items | (43 | ) | 371 | ||||||||
| Total Non-GAAP adjustments | 1,186 | 5,902 | |||||||||
| NON-GAAP NET INCOME (LOSS) | 2,750 | (427 | ) | ||||||||
| GAAP weighted average shares outstanding--basic | 21,302 | 20,672 | |||||||||
| GAAP weighted average shares outstanding--diluted | 21,506 | 20,672 | |||||||||
| GAAP Net Income (Loss) per share - basic | $ | 0.07 | ($0.31 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.06 | 0.29 | |||||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (basic) | $ | 0.13 | ($0.02 | ) | |||||||
| GAAP Net Income (Loss) per share - diluted | $ | 0.07 | ($0.31 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.06 | 0.29 | |||||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (diluted) | $ | 0.13 | ($0.02 | ) | |||||||
| Planar Systems, Inc. | ||||||||||||||||
| Revenue by Product Line | ||||||||||||||||
| (In millions) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three months ended | % Change | |||||||||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | Mar. 28, 2014 |
|
vs. Prior Year | vs. Prior Quarter | |||||||||||
| Digital Signage Sales | $ | 21.4 | $ | 14.1 | $ | 19.0 | 53 | % | 13 | % | ||||||
| Commercial & Industrial Sales | 22.5 | 23.4 | 22.1 | -4 | % | 2 | % | |||||||||
| Desktop Monitors | 9.3 | 9.2 | 7.7 | 1 | % | 21 | % | |||||||||
| Rear Projection Cubes | 4.6 | 3.5 | 4.1 | 29 | % | 12 | % | |||||||||
| Touch Monitors | 3.2 | 5.0 | 3.7 | -37 | % | -14 | % | |||||||||
| High-end Home | 1.2 | 2.2 | 1.7 | -44 | % | -29 | % | |||||||||
| Custom Commercial & Industrial | 4.2 | 3.3 | 4.7 | 27 | % | -11 | % | |||||||||
| Other | - | 0.2 | 0.2 | -100 | % | -100 | % | |||||||||
| Total Sales | $ | 43.9 | $ | 37.5 | $ | 41.1 | 17 | % | 7 | % | ||||||
| Planar Systems, Inc. | ||||||||||
| Revenue by Product Line | ||||||||||
| (In millions) | ||||||||||
| (unaudited) | ||||||||||
| Nine months ended |
% Change |
|||||||||
| Jun. 27, 2014 | Jun. 28, 2013 | vs. Prior Year | ||||||||
| Digital Signage Sales | $ | 59.3 | $ | 44.4 | 34 | % | ||||
| Commercial & Industrial Sales | 66.1 | 76.7 | -14 | % | ||||||
| Desktop Monitors | 25.1 | 26.9 | -7 | % | ||||||
| Rear Projection Cubes | 13.7 | 15.9 | -14 | % | ||||||
| Touch Monitors | 10.1 | 15.2 | -34 | % | ||||||
| High-end Home | 4.6 | 7.7 | -41 | % | ||||||
| Custom Commercial & Industrial | 12.2 | 7.9 | 54 | % | ||||||
| Electroluminescent(1) | - | 2.3 | -100 | % | ||||||
| Other | 0.4 | 0.8 | -45 | % | ||||||
| Total Sales | $ | 125.4 | $ | 121.1 | 4 | % | ||||
| Electroluminescent(1) | - | 2.3 | -100 | % | ||||||
| Total Sales without Electroluminescent | $ | 125.4 | $ | 118.8 | 6 | % | ||||
|
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(1) In the first quarter of 2013, the Company sold the assets and liabilities related to the Electroluminescent product line, including custom glass, which was included in other commercial & industrial sales.
Media:
Kim Brown, 503-748-6724
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or
Investors:
Ryan Gray, 503-748-8911
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