Planar Systems, Inc. PLNR, a global leader in display and digital signage technology, reported financial results for the fiscal fourth quarter and year ended September 26, 2014.
Fiscal Q4 2014 Highlights
- Digital Signage (DS) product sales increased 18% from the prior quarter and 42% from the same year-ago quarter to $25.2 million.
- Commercial and Industrial (C&I) product sales increased 26% from the prior quarter and 2% from the same year-ago quarter to $28.4 million.
- Non-GAAP net income totaled $3.1 million or $0.14 per diluted share, an improvement from $1.0 million or $0.05 per diluted share in the same year-ago quarter (see reconciliation table, below).
- EBITDA, a non-GAAP metric, increased 117% from the prior quarter and 116% from the same year-ago quarter to $3.5 million.
Fiscal Q4 2014 Financial Results
Total revenue increased 17% year on year to $53.6 million compared to the fourth quarter of fiscal 2013. Revenue was driven by a 42% increase in sales of DS products, which totaled $25.2 million in the fourth fiscal quarter of 2014, compared to $17.7 million in the same period a year ago. Sales of C&I products increased 2% to $28.4 million compared to $28.0 million in the fourth quarter of fiscal 2013.
Consolidated gross profit margin as a percentage of sales (on a non-GAAP basis) was 26%, an increase from 22% in the fourth quarter of 2013 (see reconciliation table, below). The improvement was due to an increase in sales of higher margin DS products, as well as higher gross profit rates on sales of DS products compared to the prior year-ago quarter.
Non-GAAP operating expenses were $10.7 million compared to $9.1 million in the same quarter last year (see reconciliation table, below), primarily due to higher sales and marketing expenses.
GAAP net income totaled $2.2 million or $0.10 per diluted share, an improvement from a GAAP net loss of $207,000 or $(0.01) in the fourth quarter of fiscal 2013.
Non-GAAP net income totaled $3.1 million or $0.14 per diluted share, an improvement from non-GAAP net income of $1.0 million or $0.05 per diluted share in the same year-ago quarter (see reconciliation table, below).
Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, and amortization of non-cash stock-based compensation) increased 116% to $3.5 million from $1.6 million in the fourth quarter of fiscal 2013 (see reconciliation table, below).
At quarter-end, the company's cash balance was $13.1 million, an increase of 13% compared to $11.5 million at June 27, 2014.
Fiscal 2014 Financial Results
Total revenue increased 7% to $179.0 million compared to fiscal 2013, driven by a 36% increase in the sale of DS products, which totaled $84.5 million compared to $62.1 million a year ago. The increase in total revenue was partially offset by a 10% decrease in sales of C&I products to $94.5 million compared to fiscal 2013. The anticipated decrease in C&I revenue was primarily due to lower sales of touch monitors and high-end home products, partially offset by higher sales of custom C&I displays.
Consolidated gross profit margin as a percentage of sales (on a non-GAAP basis) increased to 25% from 22% in the fiscal year of 2013 (see reconciliation table, below).
Non-GAAP operating expenses were $38.5 million compared to $37.6 million in fiscal 2013 (see reconciliation table, below). The increase was primarily due to higher sales and marketing expenditures.
GAAP net income totaled $3.8 million or $0.18 per diluted share, an improvement from a GAAP net loss of $6.5 million or $(0.31) in fiscal 2013.
Non-GAAP net income totaled $5.8 million or $0.27 per diluted share, a significant improvement from non-GAAP net income of $387,000 or $0.02 per diluted share in fiscal 2013 (see reconciliation table, below).
Non-GAAP EBITDA increased 305% to $7.9 million from $1.9 million in fiscal 2013 (see reconciliation table, below).
Management Commentary
“In fiscal 2014, we made significant progress on our strategic transformation into a higher-growth and more profitable company,” said Gerry Perkel, the company's president and chief executive officer. “This was evident from the several milestones we achieved for the year, including record digital signage product sales, significant gross profit improvement, and company-wide profitability.
“Looking ahead, our expectations for fiscal 2015 remain high as we build on the operational and financial momentum we achieved last year. We continue to expect strong growth in our digital signage products, which we believe will drive higher gross profits and EPS expansion.”
Business Outlook
Planar expects to see continued strong revenue growth from digital signage and custom C&I products in the fiscal first quarter of 2015. Therefore, the company anticipates revenue in the fiscal first quarter of 2015 to range between $55 million and $58 million, which would represent total revenue growth of 36% to 43% compared to the first fiscal quarter of 2014. Non-GAAP net income for the first fiscal quarter of 2015 is expected to range between $0.15 and $0.18 per share, compared to $0.05 per share in the first quarter of fiscal 2014.
Conference Call
Management will discuss the results of operations and the business outlook on a conference call later today (November 5, 2014) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time).
Planar's CEO Gerry Perkel and CFO Ryan Gray will host the call, followed by a question and answer period.
U.S. dial-in: (888) 713-4215
International dial-in:
(617) 213-4867
Passcode: 71631544
The conference call will be broadcast simultaneously and available for replay via the investor section of the company's website at www.planar.com.
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at (949) 574-3860.
A replay of the call will be available after 9:00 p.m. Eastern time on the same day through December 4, 2014.
U.S. replay dial-in: (888) 286-8010
International replay
dial-in: (617) 801-6888
Replay ID: 22259781
About Planar Systems
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 the first quarter of fiscal 2015. 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 | Twelve months ended | |||||||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | Sep. 26, 2014 | Sep. 27, 2013 | |||||||||||
| Sales | $ | 53,618 | $ | 45,708 | $ | 179,003 | $ | 166,809 | ||||||
| Cost of Sales | 39,953 | 35,500 | 135,278 | 129,454 | ||||||||||
| Gross Profit | 13,665 | 10,208 | 43,725 | 37,355 | ||||||||||
| Operating Expenses: | ||||||||||||||
| Research and development, net | 1,610 | 1,502 | 5,883 | 6,977 | ||||||||||
| Sales and marketing | 5,825 | 4,672 | 20,739 | 19,595 | ||||||||||
| General and administrative | 3,778 | 3,253 | 13,392 | 12,412 | ||||||||||
| Amortization of intangible assets | - | 123 | - | 565 | ||||||||||
| Restructuring | 631 | 732 | 662 | 3,333 | ||||||||||
| Loss on sale of assets | - | - | - | 1,314 | ||||||||||
| Total Operating Expenses | 11,844 | 10,282 | 40,676 | 44,196 | ||||||||||
| Income (loss) from operations | 1,821 | (74 | ) | 3,049 | (6,841 | ) | ||||||||
| Non-operating income (expense): | ||||||||||||||
| Interest, net | 139 | 53 | 373 | 157 | ||||||||||
| Foreign exchange, net | 367 | (236 | ) | 313 | (250 | ) | ||||||||
| Other, net | (20 | ) | (22 | ) | 402 | 440 | ||||||||
| Net non-operating income (expense) | 486 | (205 | ) | 1,088 | 347 | |||||||||
| Income (loss) before taxes | 2,307 | (279 | ) | 4,137 | (6,494 | ) | ||||||||
| Provision for income taxes | 71 | (72 | ) | 337 | 42 | |||||||||
| Net Income (loss) | $ | 2,236 | $ | (207 | ) | $ | 3,800 | $ | (6,536 | ) | ||||
| Net Income (loss) per share - basic | $ | 0.10 | ($0.01 | ) | $ | 0.18 | ($0.31 | ) | ||||||
| Net Income (loss) per share - diluted | $ | 0.10 | ($0.01 | ) | $ | 0.18 | ($0.31 | ) | ||||||
| Weighted average shares outstanding - basic | 21,598 | 21,010 | 21,376 | 20,757 | ||||||||||
| Weighted average shares outstanding - diluted | 21,971 | 21,010 | 21,667 | 20,757 | ||||||||||
| Planar Systems, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (unaudited) | ||||||||
| Sep. 26, 2014 | Sept. 27, 2013 | |||||||
| ASSETS | ||||||||
| Cash | $ | 13,068 | $ | 11,971 | ||||
| Accounts receivable, net | 28,333 | 22,821 | ||||||
| Inventories | 26,805 | 30,003 | ||||||
| Other current assets | 3,909 | 2,426 | ||||||
| Total current assets | 72,115 | 67,221 | ||||||
| Property, plant and equipment, net | 5,039 | 6,434 | ||||||
| Other assets | 7,250 | 6,230 | ||||||
| $ | 84,404 | $ | 79,885 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 18,176 | $ | 17,042 | ||||
| Current portion of capital leases | 394 | 759 | ||||||
| Deferred revenue | 1,637 | 1,685 | ||||||
| Other current liabilities | 12,974 | 12,848 | ||||||
| Total current liabilities | 33,181 | 32,334 | ||||||
| Long-term portion of capital leases | - | 394 | ||||||
| Other long-term liabilities | 5,189 | 5,390 | ||||||
| Total liabilities | 38,370 | 38,118 | ||||||
| Common stock | 188,127 | 186,202 | ||||||
| Retained deficit | (138,508 | ) | (141,735 | ) | ||||
| Accumulated other comprehensive loss | (3,585 | ) | (2,700 | ) | ||||
| Total shareholders' equity | 46,034 | 41,767 | ||||||
| $ | 84,404 | $ | 79,885 | |||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||
| (In thousands, unaudited) | |||||||||
| For the three months ended | |||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | ||||||||
| Gross Profit: | |||||||||
| GAAP Gross Profit | 13,665 | 10,208 | |||||||
| Share-based compensation | 41 | 9 | |||||||
| Total Non-GAAP adjustments | 41 | 9 | |||||||
| NON-GAAP GROSS PROFIT | 13,706 | 10,217 | |||||||
| NON-GAAP GROSS PROFIT PERCENTAGE | 25.6 | % | 22.4 | % | |||||
| Research and Development: | |||||||||
| GAAP research and development expense | 1,610 | 1,502 | |||||||
| Share-based compensation | (24 | ) | (9 | ) | |||||
| Total Non-GAAP adjustments | (24 | ) | (9 | ) | |||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 1,586 | 1,493 | |||||||
| Sales and Marketing: | |||||||||
| GAAP sales and marketing expense | 5,825 | 4,672 | |||||||
| Share-based compensation | (72 | ) | (39 | ) | |||||
| Total Non-GAAP adjustments | (72 | ) | (39 | ) | |||||
| NON-GAAP SALES AND MARKETING EXPENSE | 5,753 | 4,633 | |||||||
| General and Administrative: | |||||||||
| GAAP General and Administrative Expense | 3,778 | 3,253 | |||||||
| Share-based compensation | (378 | ) | (245 | ) | |||||
| Total Non-GAAP adjustments | (378 | ) | (245 | ) | |||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 3,400 | 3,008 | |||||||
| Operating Expenses: | |||||||||
| GAAP Total Operating Expenses | 11,844 | 10,282 | |||||||
| Share-based compensation | (474 | ) | (293 | ) | |||||
| Amortization of intangible assets | - | (123 | ) | ||||||
| Restructuring charges | (631 | ) | (732 | ) | |||||
| Total Non-GAAP adjustments | (1,105 | ) | (1,148 | ) | |||||
| NON-GAAP TOTAL OPERATING EXPENSES | 10,739 | 9,134 | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures Continued | |||||||||||
| (In thousands, unaudited) | |||||||||||
| For the three months ended | |||||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | ||||||||||
| Income (Loss) from Operations: | |||||||||||
| GAAP income (loss) from operations | 1,821 | (74 | ) | ||||||||
| Share-based compensation | 515 | 302 | |||||||||
| Amortization of intangible assets | - | 123 | |||||||||
| Restructuring charges | 631 | 732 | |||||||||
| Total Non-GAAP adjustments | 1,146 | 1,157 | |||||||||
| NON-GAAP INCOME FROM OPERATIONS | 2,967 | 1,083 | |||||||||
| Income (Loss) before taxes & EBITDA: | |||||||||||
| GAAP income (loss) before taxes | 2,307 | (279 | ) | ||||||||
| Share-based compensation | 515 | 302 | |||||||||
| Amortization of intangible assets | - | 123 | |||||||||
| Restructuring charges | 631 | 732 | |||||||||
| Foreign exchange, net | (367 | ) | 236 | ||||||||
| Total Non-GAAP adjustments | 779 | 1,393 | |||||||||
| NON-GAAP INCOME BEFORE TAXES | 3,086 | 1,114 | |||||||||
| Depreciation | 393 | 500 | |||||||||
| NON-GAAP EBITDA | 3,479 | 1,614 | |||||||||
| Net Income (Loss): | |||||||||||
| GAAP Net Income (loss) | 2,236 | (207 | ) | ||||||||
| Share-based compensation | 515 | 302 | |||||||||
| Amortization of intangible assets | - | 123 | |||||||||
| Restructuring charges | 631 | 732 | |||||||||
| Foreign exchange, net | (367 | ) | 236 | ||||||||
| Income tax effect of reconciling items | 43 | (185 | ) | ||||||||
| Total Non-GAAP adjustments | 822 | 1,208 | |||||||||
| NON-GAAP NET INCOME | 3,058 | 1,001 | |||||||||
| GAAP weighted average shares outstanding--basic | 21,598 | 21,010 | |||||||||
| GAAP weighted average shares outstanding--diluted | 21,971 | 21,010 | |||||||||
| NON-GAAP weighted average shares outstanding--diluted | 21,971 | 21,708 | |||||||||
| GAAP Net Income (Loss) per share - basic | $ | 0.10 | ($0.01 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.04 | 0.06 | |||||||||
| NON-GAAP NET INCOME PER SHARE (basic) | $ | 0.14 | $ | 0.05 | |||||||
| GAAP Net Income (Loss) per share - diluted | $ | 0.10 | ($0.01 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.04 | 0.06 | |||||||||
| NON-GAAP NET INCOME PER SHARE (diluted) | $ | 0.14 | $ | 0.05 | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||
| (In thousands, unaudited) | |||||||||
| For the twelve months ended | |||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | ||||||||
| Gross Profit: | |||||||||
| GAAP Gross Profit | 43,725 | 37,355 | |||||||
| Share-based compensation | 114 | 84 | |||||||
| Total Non-GAAP adjustments | 114 | 84 | |||||||
| NON-GAAP GROSS PROFIT | 43,839 | 37,439 | |||||||
| NON-GAAP GROSS PROFIT PERCENTAGE | 24.5 | % | 22.4 | % | |||||
| Research and Development: | |||||||||
| GAAP research and development expense | 5,883 | 6,977 | |||||||
| Share-based compensation | (58 | ) | (91 | ) | |||||
| Total Non-GAAP adjustments | (58 | ) | (91 | ) | |||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 5,825 | 6,886 | |||||||
| Sales and Marketing: | |||||||||
| GAAP sales and marketing expense | 20,739 | 19,595 | |||||||
| Share-based compensation | (213 | ) | (251 | ) | |||||
| Total Non-GAAP adjustments | (213 | ) | (251 | ) | |||||
| NON-GAAP SALES AND MARKETING EXPENSE | 20,526 | 19,344 | |||||||
| General and Administrative: | |||||||||
| GAAP General and Administrative Expense | 13,392 | 12,412 | |||||||
| Share-based compensation | (1,274 | ) | (1,036 | ) | |||||
| Total Non-GAAP adjustments | (1,274 | ) | (1,036 | ) | |||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 12,118 | 11,376 | |||||||
| Operating Expenses: | |||||||||
| GAAP Total Operating Expenses | 40,676 | 44,196 | |||||||
| Share-based compensation | (1,545 | ) | (1,378 | ) | |||||
| Amortization of intangible assets | - | (565 | ) | ||||||
| Restructuring charges | (662 | ) | (3,333 | ) | |||||
| Loss on sale of assets | - | (1,314 | ) | ||||||
| Total Non-GAAP adjustments | (2,207 | ) | (6,590 | ) | |||||
| NON-GAAP TOTAL OPERATING EXPENSES | 38,469 | 37,606 | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures Continued | |||||||||||
| (In thousands, unaudited) | |||||||||||
| For the twelve months ended | |||||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | ||||||||||
| Income (Loss) from Operations: | |||||||||||
| GAAP income (loss) from operations | 3,049 | (6,841 | ) | ||||||||
| Share-based compensation | 1,659 | 1,462 | |||||||||
| Amortization of intangible assets | - | 565 | |||||||||
| Restructuring charges | 662 | 3,333 | |||||||||
| Loss on sale of assets | - | 1,314 | |||||||||
| Total Non-GAAP adjustments | 2,321 | 6,674 | |||||||||
| NON-GAAP INCOME (LOSS) FROM OPERATIONS | 5,370 | (167 | ) | ||||||||
| Income (Loss) before taxes & EBITDA: | |||||||||||
| GAAP income (loss) before taxes | 4,137 | (6,494 | ) | ||||||||
| Share-based compensation | 1,659 | 1,462 | |||||||||
| Amortization of intangible assets | - | 565 | |||||||||
| Restructuring charges | 662 | 3,333 | |||||||||
| Loss on sale of assets | - | 1,314 | |||||||||
| Foreign exchange, net | (313 | ) | 250 | ||||||||
| Total Non-GAAP adjustments | 2,008 | 6,924 | |||||||||
| NON-GAAP INCOME BEFORE TAXES | 6,145 | 430 | |||||||||
| Depreciation | 1,724 | 1,515 | |||||||||
| NON-GAAP EBITDA | 7,869 | 1,945 | |||||||||
| Net Income (Loss): | |||||||||||
| GAAP Net Income (loss) | 3,800 | (6,536 | ) | ||||||||
| Share-based compensation | 1,659 | 1,462 | |||||||||
| Amortization of intangible assets | - | 565 | |||||||||
| Restructuring charges | 662 | 3,333 | |||||||||
| Loss on sale of assets | - | 1,314 | |||||||||
| Foreign exchange, net | (313 | ) | 250 | ||||||||
| Income tax effect of reconciling items | - | (1 | ) | ||||||||
| Total Non-GAAP adjustments | 2,008 | 6,923 | |||||||||
| NON-GAAP NET INCOME | 5,808 | 387 | |||||||||
| GAAP weighted average shares outstanding--basic | 21,376 | 20,757 | |||||||||
| GAAP weighted average shares outstanding--diluted | 21,667 | 20,757 | |||||||||
| NON-GAAP weighted average shares outstanding--diluted | 21,667 | 21,282 | |||||||||
| GAAP Net Income (Loss) per share - basic | $ | 0.18 | ($0.31 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.09 | 0.33 | |||||||||
| NON-GAAP NET INCOME PER SHARE (basic) | $ | 0.27 | $ | 0.02 | |||||||
| GAAP Net Income (Loss) per share - diluted | $ | 0.18 | ($0.31 | ) | |||||||
| Non-GAAP adjustments detailed above | 0.09 | 0.33 | |||||||||
| NON-GAAP NET INCOME PER SHARE (diluted) | $ | 0.27 | $ | 0.02 | |||||||
| Planar Systems, Inc. | ||||||||||||||||
| Revenue by Product Line | ||||||||||||||||
| (In millions) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three months ended | % Change | |||||||||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | Jun. 27, 2014 | vs. Prior Year | vs. Prior Quarter | ||||||||||||
| Digital Signage Sales | $ | 25.2 | $ | 17.7 | $ | 21.4 | 42 | % | 18 | % | ||||||
| Commercial & Industrial Sales | 28.4 | 28.0 | 22.5 | 2 | % | 26 | % | |||||||||
| Desktop Monitors | 11.4 | 11.2 | 9.3 | 2 | % | 23 | % | |||||||||
| Rear Projection Cubes | 5.1 | 4.9 | 4.6 | 3 | % | 11 | % | |||||||||
| Touch Monitors | 3.6 | 4.6 | 3.2 | -21 | % | 13 | % | |||||||||
| High-end Home | 1.1 | 2.0 | 1.2 | -42 | % | -8 | % | |||||||||
| Custom Commercial & Industrial | 7.2 | 5.1 | 4.2 | 40 | % | 71 | % | |||||||||
| Other | - | 0.2 | - | -100 | % | 0 | % | |||||||||
| Total Sales | $ | 53.6 | $ | 45.7 | $ | 43.9 | 17 | % | 22 | % | ||||||
| Planar Systems, Inc. | ||||||||||||
| Revenue by Product Line | ||||||||||||
| (In millions) | ||||||||||||
| (unaudited) | ||||||||||||
| Twelve months ended | % Change | |||||||||||
| Sep. 26, 2014 | Sep. 27, 2013 | vs. Prior Year | ||||||||||
| Digital Signage Sales | $ | 84.5 | $ | 62.1 | 36 | % | ||||||
| Commercial & Industrial Sales | 94.5 | 104.7 | -10 | % | ||||||||
| Desktop Monitors | 36.5 | 38.0 | -4 | % | ||||||||
| Rear Projection Cubes | 18.8 | 20.8 | -10 | % | ||||||||
| Touch Monitors | 13.7 | 19.8 | -31 | % | ||||||||
| High-end Home | 5.7 | 9.7 | -41 | % | ||||||||
| Custom Commercial & Industrial | 19.4 | 13.1 | 49 | % | ||||||||
| Electroluminescent(1) | - | 2.3 | -100 | % | ||||||||
| Other | 0.4 | 1.0 | -59 | % | ||||||||
| Total Sales | $ | 179.0 | $ | 166.8 | 7 | % | ||||||
| Electroluminescent(1) | - | 2.3 | -100 | % | ||||||||
| Total Sales without Electroluminescent | $ | 179.0 | $ | 164.5 | 9 | % | ||||||
| (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 CONTACTS:
Planar Systems, Inc.
Kim Brown, 503-748-6724
kim.brown@planar.com
or
INVESTOR
CONTACTS:
Planar Systems, Inc.
Ryan Gray, 503-748-8911
ryan.gray@planar.com
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