Planar Systems, Inc. (NASDAQ: PLNR), a global leader in digital display
technology, recorded sales of $39.4 million and GAAP loss per share of
$0.06 in its second fiscal quarter ended March 29, 2013. On a Non-GAAP
basis (see reconciliation table), loss per share was $0.03 in the second
quarter of fiscal 2013.
“I am pleased we were able to exceed our expectations for both revenue
and earnings for the second quarter of 2013,” said Gerry Perkel,
Planar’s President and Chief Executive Officer. “We were able to grow
revenue over 20 percent, excluding EL product line revenue, compared to
the second quarter of 2012, buoyed by 80 percent growth in sales of
Digital Signage products.”
SUMMARY OF BUSINESS HIGHLIGHTS
-
Sales of Digital Signage products and Touch Monitors totaled $18.7
million, representing 71 percent growth compared with the second
fiscal quarter of 2012
-
Unveiled an all new website optimized for wide-screen desktop, touch
and mobile devices for a better engagement and overall user experience
-
Announced Planar®
UltraRes™, a new line of Ultra HD resolution displays uniquely
designed to help professionals across industries reap value from
high-resolution information
-
Honored with Products of the Year, Best New Product Awards at Digital
Signage Expo 2013
-
Planar Mosaic and Planar UltraLux Series are recognized by Signage
Solutions Magazine and Digital Signage Magazine
-
Released 3D BIM Models of LCD Displays and Video Walls through
Autodesk Seek enabling architects, engineers and designers to easily
integrate 3D BIM models of Planar displays into building plans
SECOND QUARTER FISCAL 2013 RESULTS
The Company’s total revenue increased 5 percent compared to the second
quarter of fiscal 2012. As previously announced, the Company sold the
assets comprising its Electroluminescent (EL) product line during the
first quarter of 2013. Excluding revenue associated with EL products,
the Company’s total revenue increased 22 percent compared with the
second quarter of fiscal 2012. Sales of Digital Signage products totaled
$13.4 million in the second quarter of 2013, an 80 percent increase from
the same period a year ago. This increase was driven by higher sales of
tiled LCD systems and signage monitors, which increased 78 percent and
128 percent respectively compared with the same period a year ago. The
Company continues to experience increased demand for its digital signage
products as both the number of customers as well as the product
portfolio have expanded. Sales of Commercial and Industrial (C&I)
products declined 14 percent (increased 4 percent without EL) to $26.0
million compared with the same quarter a year ago. This decrease was
primarily driven by lower sales of EL displays and high-end home
products, partially offset by increased sales of rear-projection cubes
and touch monitors which grew 17 and 51 percent respectively compared to
the same period a year ago.
The Company’s consolidated gross profit margin, as a percentage of
sales, (on a Non-GAAP basis) was 20.4 percent in the second quarter of
2013, up from 19.3 percent in the second quarter of 2012 (see
reconciliation table). The increase in gross profit margin, as a percent
of sales, from the previous year was primarily due to a favorable mix of
product sales, with a greater portion of total revenue derived from
sales of higher margin tiled LCD systems and rear-projection cubes.
Total operating expenses (on a Non-GAAP basis) for the second quarter of
2013 decreased $3.4 million, or 27 percent, to $9.4 million compared
with the same quarter a year ago, as expenses declined in all functions
as a result of cost reduction measures implemented in fiscal 2012.
The Company’s cash balance decreased $6.4 million sequentially to $12.9
million at the end of the second fiscal quarter of 2013 compared to the
end of the first quarter of fiscal 2013. The decrease in cash was
primarily caused by a decrease in accounts payable and the loss incurred
in the quarter, partially offset by decreases in inventory and accounts
receivable.
BUSINESS OUTLOOK
Looking forward, the Company remains committed to transforming its
business to be more focused on becoming profitable and on markets that
are growing, such as digital signage. As part of the Company’s on-going
effort to improve efficiency, the Company recently completed the
consolidation of its US manufacturing operations into a single facility.
As a result, the Company expects to record a $2.4 million restructuring
charge in third quarter of 2013, comprised of a $0.3 million non-cash
charge for leasehold improvements and other property, plant and
equipment associated with the vacated facility and the remaining $2.1
million charge representing the estimated present value of future lease
payments, less an assumption for sub-lease income. Additionally, the
Company expects sequential growth in sales of Digital Signage and Touch
products in the third quarter of 2013, partially offset by sequential
decline in sales of various other Commercial and Industrial products.
Therefore, the Company currently anticipates revenue and Non-GAAP
earnings, excluding the restructuring charge mentioned above, in the
third quarter of fiscal 2013 to be similar to the second quarter of
fiscal 2013. The Company also continues to expect the second half and
full fiscal year of 2013 to be profitable on a Non-GAAP basis.
Results of operations and the business outlook will be discussed in a
conference call today, May 6, 2013, beginning at 2:00 PM Pacific Time.
The call can be heard via the Internet through a link on Planar’s
website, www.planar.com,
or through numerous other investor sites, and will be available for
replay until June 6, 2013. The Company intends to post on its website a
transcript of the prepared management commentary from the conference
call shortly after the conclusion of the call.
ABOUT PLANAR
Planar Systems Inc. (NASDAQ: 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 relating to the Company’s expected levels of revenue, revenue
growth, restructuring charges and Non-GAAP earnings/profitability for
the third quarter, second half, and full fiscal year in 2013 and the
other statements made under the heading “Business Outlook,”. 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 further weakened domestic and international business
and economic conditions; changes or continued 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 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 like the recent earthquakes and tsunami in Japan; 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
share-based compensation and the requirements of Topic 718 of the FASB
Accounting Standards CodificationTM, “Compensation-Stock
Compensation”. The Non-GAAP financial measures also exclude impairment
and restructuring charges, gains or losses on the sale of assets, the
amortization of intangible assets related to previous acquisitions,
various tax charges including the valuation allowance against deferred
tax assets, the gain or loss on foreign currency due to the non-cash
nature of the charge, and various other adjustments. 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
|
|
Six months ended
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
39,441
|
|
|
$
|
37,542
|
|
|
$
|
83,616
|
|
|
$
|
85,250
|
|
Cost of Sales
|
|
|
31,429
|
|
|
|
30,335
|
|
|
|
64,595
|
|
|
|
67,532
|
|
Gross Profit
|
|
|
8,012
|
|
|
|
7,207
|
|
|
|
19,021
|
|
|
|
17,718
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
1,828
|
|
|
|
2,767
|
|
|
|
3,855
|
|
|
|
5,486
|
|
|
Sales and marketing
|
|
|
5,044
|
|
|
|
6,706
|
|
|
|
10,104
|
|
|
|
13,643
|
|
|
General and administrative
|
|
|
2,913
|
|
|
|
3,701
|
|
|
|
6,326
|
|
|
|
7,780
|
|
|
Amortization of intangible assets
|
|
|
148
|
|
|
|
175
|
|
|
|
295
|
|
|
|
350
|
|
|
Restructuring
|
|
|
-
|
|
|
|
518
|
|
|
|
194
|
|
|
|
518
|
|
|
Loss (gain) on sale of assets
|
|
|
(177
|
)
|
|
|
-
|
|
|
|
1,314
|
|
|
|
-
|
|
|
Total Operating Expenses
|
|
|
9,756
|
|
|
|
13,867
|
|
|
|
22,088
|
|
|
|
27,777
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from operations
|
|
|
(1,744
|
)
|
|
|
(6,660
|
)
|
|
|
(3,067
|
)
|
|
|
(10,059
|
)
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
Interest, net
|
|
|
48
|
|
|
|
6
|
|
|
|
65
|
|
|
|
6
|
|
|
Foreign exchange, net
|
|
|
95
|
|
|
|
(163
|
)
|
|
|
(13
|
)
|
|
|
263
|
|
|
Other, net
|
|
|
181
|
|
|
|
279
|
|
|
|
296
|
|
|
|
321
|
|
|
Net non-operating income (expense)
|
|
|
324
|
|
|
|
122
|
|
|
|
348
|
|
|
|
590
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
|
|
|
(1,420
|
)
|
|
|
(6,538
|
)
|
|
|
(2,719
|
)
|
|
|
(9,469
|
)
|
Provision (benefit) for income taxes
|
|
|
(140
|
)
|
|
|
127
|
|
|
|
43
|
|
|
|
392
|
|
Net Income (loss)
|
|
$
|
(1,280
|
)
|
|
$
|
(6,665
|
)
|
|
$
|
(2,762
|
)
|
|
$
|
(9,861
|
)
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) per share - basic
|
|
|
($0.06
|
)
|
|
|
($0.33
|
)
|
|
|
($0.13
|
)
|
|
|
($0.49
|
)
|
Net Income (loss) per share - diluted
|
|
|
($0.06
|
)
|
|
|
($0.33
|
)
|
|
|
($0.13
|
)
|
|
|
($0.49
|
)
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic
|
|
|
20,643
|
|
|
|
20,031
|
|
|
|
20,558
|
|
|
|
19,927
|
|
Weighted average shares outstanding - diluted
|
|
|
20,643
|
|
|
|
20,031
|
|
|
|
20,558
|
|
|
|
19,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Planar Systems, Inc.
|
Consolidated Balance Sheets
|
(In thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Mar. 29, 2013
|
|
Sep. 28, 2013
|
ASSETS
|
|
|
|
|
Cash
|
|
$
|
12,914
|
|
|
$
|
17,768
|
|
Accounts receivable, net
|
|
|
18,825
|
|
|
|
18,604
|
|
Inventories
|
|
|
29,866
|
|
|
|
31,984
|
|
Other current assets
|
|
|
2,948
|
|
|
|
2,829
|
|
Total current assets
|
|
|
64,553
|
|
|
|
71,185
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
2,948
|
|
|
|
3,554
|
|
Intangible assets, net
|
|
|
270
|
|
|
|
565
|
|
Other assets
|
|
|
10,081
|
|
|
|
6,580
|
|
|
|
$
|
77,852
|
|
|
$
|
81,884
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
Accounts payable
|
|
|
13,463
|
|
|
|
11,686
|
|
Current portion of capital leases
|
|
|
759
|
|
|
|
449
|
|
Deferred revenue
|
|
|
1,619
|
|
|
|
1,659
|
|
Other current liabilities
|
|
|
12,073
|
|
|
|
15,915
|
|
Total current liabilities
|
|
|
27,914
|
|
|
|
29,709
|
|
|
|
|
|
|
Long-term portion of capital leases
|
|
|
807
|
|
|
|
545
|
|
Other long-term liabilities
|
|
|
4,674
|
|
|
|
5,111
|
|
Total liabilities
|
|
|
33,395
|
|
|
|
35,365
|
|
|
|
|
|
|
Common stock
|
|
|
185,532
|
|
|
|
184,556
|
|
Retained earnings (deficit)
|
|
|
(137,718
|
)
|
|
|
(134,751
|
)
|
Accumulated other comprehensive loss
|
|
|
(3,357
|
)
|
|
|
(3,286
|
)
|
Total shareholders' equity
|
|
|
44,457
|
|
|
|
46,519
|
|
|
|
$
|
77,852
|
|
|
$
|
81,884
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
Gross Profit:
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
8,012
|
|
|
|
7,207
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
28
|
|
|
|
23
|
|
|
Total Non-GAAP adjustments
|
|
28
|
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT
|
|
8,040
|
|
|
|
7,230
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT PERCENTAGE
|
|
20.4
|
%
|
|
|
19.3
|
%
|
|
|
|
|
|
|
|
|
|
Research and Development:
|
|
|
|
|
|
|
GAAP research and development expense
|
|
1,828
|
|
|
|
2,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(35
|
)
|
|
|
(24
|
)
|
|
Total Non-GAAP adjustments
|
|
(35
|
)
|
|
|
(24
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE
|
|
1,793
|
|
|
|
2,743
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing:
|
|
|
|
|
|
|
GAAP sales and marketing expense
|
|
5,044
|
|
|
|
6,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(82
|
)
|
|
|
(30
|
)
|
|
Total Non-GAAP adjustments
|
|
(82
|
)
|
|
|
(30
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP SALES AND MARKETING EXPENSE
|
|
4,962
|
|
|
|
6,676
|
|
|
|
|
|
|
|
|
|
|
General and Administrative:
|
|
|
|
|
|
|
GAAP General and Administrative Expense
|
|
2,913
|
|
|
|
3,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(279
|
)
|
|
|
(294
|
)
|
|
Total Non-GAAP adjustments
|
|
(279
|
)
|
|
|
(294
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE
|
|
2,634
|
|
|
|
3,407
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
GAAP Total Operating Expenses
|
|
9,756
|
|
|
|
13,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(396
|
)
|
|
|
(348
|
)
|
|
|
|
Amortization of intangible assets
|
|
(148
|
)
|
|
|
(175
|
)
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
(518
|
)
|
|
|
|
Loss (gain) on sale of assets
|
|
177
|
|
|
|
-
|
|
|
Total Non-GAAP adjustments
|
|
(367
|
)
|
|
|
(1,041
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP TOTAL OPERATING EXPENSES
|
|
9,389
|
|
|
|
12,826
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
(1,744
|
)
|
|
|
(6,660
|
)
|
|
|
|
Share-based compensation
|
|
424
|
|
|
|
371
|
|
|
|
|
Amortization of intangible assets
|
|
148
|
|
|
|
175
|
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
518
|
|
|
|
|
Loss (gain) on sale of assets
|
|
(177
|
)
|
|
|
-
|
|
|
Total Non-GAAP adjustments
|
|
395
|
|
|
|
1,064
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) FROM OPERATIONS
|
|
(1,349
|
)
|
|
|
(5,596
|
)
|
|
|
|
|
|
|
|
|
|
Income (Loss) before taxes & EBITDA:
|
|
|
|
|
|
|
GAAP income (loss) before taxes
|
|
(1,420
|
)
|
|
|
(6,538
|
)
|
|
|
|
Share-based compensation
|
|
424
|
|
|
|
371
|
|
|
|
|
Amortization of intangible assets
|
|
148
|
|
|
|
175
|
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
518
|
|
|
|
|
Loss (gain) on sale of assets
|
|
(177
|
)
|
|
|
-
|
|
|
|
|
Foreign exchange, net
|
|
(95
|
)
|
|
|
163
|
|
|
Total Non-GAAP adjustments
|
|
300
|
|
|
|
1,227
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) BEFORE TAXES
|
|
(1,120
|
)
|
|
|
(5,311
|
)
|
|
|
|
Depreciation
|
|
374
|
|
|
|
525
|
|
|
NON-GAAP EBITDA
|
|
(746
|
)
|
|
|
(4,786
|
)
|
|
|
|
|
|
|
|
|
|
Net Income (Loss):
|
|
|
|
|
|
|
GAAP Net Income (loss)
|
|
(1,280
|
)
|
|
|
(6,665
|
)
|
|
|
|
Share-based compensation
|
|
424
|
|
|
|
371
|
|
|
|
|
Amortization of intangible assets
|
|
148
|
|
|
|
175
|
|
|
|
|
Restructuring charges
|
|
-
|
|
|
|
518
|
|
|
|
|
Loss (gain) on sale of assets
|
|
(177
|
)
|
|
|
-
|
|
|
|
|
Foreign exchange, net
|
|
(95
|
)
|
|
|
163
|
|
|
|
|
Income tax effect of reconciling items
|
|
280
|
|
|
|
2,119
|
|
|
Total Non-GAAP adjustments
|
|
580
|
|
|
|
3,346
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP NET INCOME (LOSS)
|
|
(700
|
)
|
|
|
(3,319
|
)
|
|
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding--basic
|
|
20,643
|
|
|
|
20,031
|
|
NON-GAAP weighted average shares outstanding--diluted
|
|
20,643
|
|
|
|
20,031
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) per share - basic
|
|
($0.06
|
)
|
|
|
($0.33
|
)
|
|
Non-GAAP adjustments detailed above
|
|
0.03
|
|
|
|
0.16
|
|
|
NON-GAAP NET INCOME PER SHARE (basic)
|
|
($0.03
|
)
|
|
|
($0.17
|
)
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) per share - diluted
|
|
($0.06
|
)
|
|
|
($0.33
|
)
|
|
Non-GAAP adjustments detailed above
|
|
0.03
|
|
|
|
0.16
|
|
|
NON-GAAP NET INCOME PER SHARE (diluted)
|
|
($0.03
|
)
|
|
|
($0.17
|
)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended
|
|
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
Gross Profit:
|
|
|
|
|
|
|
GAAP Gross Profit
|
|
19,021
|
|
|
|
17,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
53
|
|
|
|
36
|
|
|
Total Non-GAAP adjustments
|
|
53
|
|
|
|
36
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT
|
|
19,074
|
|
|
|
17,754
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT PERCENTAGE
|
|
22.8
|
%
|
|
|
20.8
|
%
|
|
|
|
|
|
|
|
|
|
Research and Development:
|
|
|
|
|
|
|
GAAP research and development expense
|
|
3,855
|
|
|
|
5,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(82
|
)
|
|
|
(63
|
)
|
|
Total Non-GAAP adjustments
|
|
(82
|
)
|
|
|
(63
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE
|
|
3,773
|
|
|
|
5,423
|
|
|
|
|
|
|
|
|
|
|
Sales and Marketing:
|
|
|
|
|
|
|
GAAP sales and marketing expense
|
|
10,104
|
|
|
|
13,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(151
|
)
|
|
|
(55
|
)
|
|
Total Non-GAAP adjustments
|
|
(151
|
)
|
|
|
(55
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP SALES AND MARKETING EXPENSE
|
|
9,953
|
|
|
|
13,588
|
|
|
|
|
|
|
|
|
|
|
General and Administrative:
|
|
|
|
|
|
|
GAAP General and Administrative Expense
|
|
6,326
|
|
|
|
7,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(583
|
)
|
|
|
(499
|
)
|
|
Total Non-GAAP adjustments
|
|
(583
|
)
|
|
|
(499
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE
|
|
5,743
|
|
|
|
7,281
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
GAAP Total Operating Expenses
|
|
22,088
|
|
|
|
27,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
(816
|
)
|
|
|
(617
|
)
|
|
|
|
Amortization of intangible assets
|
|
(295
|
)
|
|
|
(350
|
)
|
|
|
|
Restructuring charges
|
|
(194
|
)
|
|
|
(518
|
)
|
|
|
|
Loss (gain) on sale of assets
|
|
(1,314
|
)
|
|
|
-
|
|
|
Total Non-GAAP adjustments
|
|
(2,619
|
)
|
|
|
(1,485
|
)
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP TOTAL OPERATING EXPENSES
|
|
19,469
|
|
|
|
26,292
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended
|
|
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
|
(3,067
|
)
|
|
|
(10,059
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
869
|
|
|
|
653
|
|
|
|
|
Amortization of intangible assets
|
|
|
295
|
|
|
|
350
|
|
|
|
|
Restructuring charges
|
|
|
194
|
|
|
|
518
|
|
|
|
|
Loss (gain) on sale of assets
|
|
|
1,314
|
|
|
|
-
|
|
|
Total Non-GAAP adjustments
|
|
|
2,672
|
|
|
|
1,521
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) FROM OPERATIONS
|
|
|
(395
|
)
|
|
|
(8,538
|
)
|
|
|
|
|
|
|
|
|
|
Income (Loss) before taxes & EBITDA:
|
|
|
|
|
|
|
GAAP income (loss) before taxes
|
|
|
(2,719
|
)
|
|
|
(9,469
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
869
|
|
|
|
653
|
|
|
|
|
Amortization of intangible assets
|
|
|
295
|
|
|
|
350
|
|
|
|
|
Restructuring charges
|
|
|
194
|
|
|
|
518
|
|
|
|
|
Loss (gain) on sale of assets
|
|
|
1,314
|
|
|
|
|
|
|
|
Foreign exchange, net
|
|
|
13
|
|
|
|
(263
|
)
|
|
Total Non-GAAP adjustments
|
|
|
2,685
|
|
|
|
1,258
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) BEFORE TAXES
|
|
|
(34
|
)
|
|
|
(8,211
|
)
|
|
|
|
Depreciation
|
|
|
685
|
|
|
|
1,089
|
|
|
NON-GAAP EBITDA
|
|
|
651
|
|
|
|
(7,122
|
)
|
|
|
|
|
|
|
|
|
|
Net Income (Loss):
|
|
|
|
|
|
|
GAAP Net Income (loss)
|
|
|
(2,762
|
)
|
|
|
(9,861
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
869
|
|
|
|
653
|
|
|
|
|
Amortization of intangible assets
|
|
|
295
|
|
|
|
350
|
|
|
|
|
Restructuring charges
|
|
|
194
|
|
|
|
518
|
|
|
|
|
Loss (gain) on sale of assets
|
|
|
1,314
|
|
|
|
-
|
|
|
|
|
Foreign exchange, net
|
|
|
13
|
|
|
|
(263
|
)
|
|
|
|
Income tax effect of reconciling items
|
|
|
56
|
|
|
|
3,471
|
|
|
Total Non-GAAP adjustments
|
|
|
2,741
|
|
|
|
4,729
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP NET INCOME (LOSS)
|
|
|
(21
|
)
|
|
|
(5,132
|
)
|
|
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding--basic
|
|
|
20,558
|
|
|
|
19,927
|
|
NON-GAAP weighted average shares outstanding--diluted
|
|
|
20,558
|
|
|
|
19,927
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) per share - basic
|
|
|
($0.13
|
)
|
|
|
($0.49
|
)
|
|
Non-GAAP adjustments detailed above
|
|
|
0.13
|
|
|
|
0.23
|
|
|
NON-GAAP NET INCOME PER SHARE (basic)
|
|
$
|
0.00
|
|
|
|
($0.26
|
)
|
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) per share - diluted
|
|
|
($0.13
|
)
|
|
|
($0.49
|
)
|
|
Non-GAAP adjustments detailed above
|
|
|
0.13
|
|
|
|
0.23
|
|
|
NON-GAAP NET INCOME PER SHARE (diluted)
|
|
$
|
0.00
|
|
|
|
($0.26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Planar Systems, Inc.
|
Revenue by Product Line
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
% Change
|
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
|
Dec. 28, 2012
|
|
vs. Prior Year
|
|
vs. Prior Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital Signage Sales
|
|
$
|
13.4
|
|
$
|
7.5
|
|
$
|
16.9
|
|
80
|
%
|
|
-21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial & Industrial Sales
|
|
|
26.0
|
|
|
30.1
|
|
|
27.3
|
|
-14
|
%
|
|
-5
|
%
|
|
Desktop Monitors
|
|
|
9.0
|
|
|
9.3
|
|
|
8.7
|
|
-3
|
%
|
|
3
|
%
|
|
Rear Projection Cubes
|
|
|
6.3
|
|
|
5.4
|
|
|
6.1
|
|
17
|
%
|
|
3
|
%
|
|
Touch Monitors
|
|
|
5.3
|
|
|
3.6
|
|
|
4.9
|
|
51
|
%
|
|
8
|
%
|
|
High-end Home
|
|
|
2.5
|
|
|
3.2
|
|
|
3.0
|
|
-24
|
%
|
|
-17
|
%
|
|
Custom Commercial & Industrial
|
|
|
2.6
|
|
|
2.7
|
|
|
2.0
|
|
-3
|
%
|
|
30
|
%
|
|
Electroluminescent(1) |
|
|
-
|
|
|
5.2
|
|
|
2.3
|
|
-100
|
%
|
|
-100
|
%
|
|
Other
|
|
|
0.3
|
|
|
0.7
|
|
|
0.3
|
|
-68
|
%
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
|
39.4
|
|
$
|
37.6
|
|
$
|
44.2
|
|
5
|
%
|
|
-11
|
%
|
|
Electroluminescent(1) |
|
|
0.0
|
|
|
5.2
|
|
|
2.3
|
|
-100
|
%
|
|
-100
|
%
|
Total Sales without Electroluminescent
|
|
$
|
39.4
|
|
$
|
32.4
|
|
$
|
41.9
|
|
22
|
%
|
|
-6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In the first quarter of 2013, the Company sold the
assets and liabilities related to the Electroluminescent product
line.
|
|
|
Planar Systems, Inc.
|
Revenue by Product Line
|
(In millions)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended
|
|
% Change
|
|
|
|
|
Mar. 29, 2013
|
|
Mar. 30, 2012
|
|
vs. Prior Year
|
|
|
|
|
|
|
|
|
Digital Signage Sales
|
|
$
|
30.3
|
|
$
|
18.4
|
|
65
|
%
|
|
|
|
|
|
|
|
|
Commercial & Industrial Sales
|
|
|
53.3
|
|
|
66.9
|
|
-20
|
%
|
|
Desktop Monitors
|
|
|
17.7
|
|
|
18.9
|
|
-6
|
%
|
|
Rear Projection Cubes
|
|
|
12.4
|
|
|
14.4
|
|
-14
|
%
|
|
Touch Monitors
|
|
|
10.2
|
|
|
7.1
|
|
45
|
%
|
|
High-end Home
|
|
|
5.5
|
|
|
8.5
|
|
-36
|
%
|
|
Custom Commercial & Industrial
|
|
|
4.6
|
|
|
5.7
|
|
-19
|
%
|
|
Electroluminescent(1) |
|
|
2.3
|
|
|
10.9
|
|
-79
|
%
|
|
Other
|
|
|
0.6
|
|
|
1.4
|
|
-59
|
%
|
|
|
|
|
|
|
|
|
Total Sales
|
|
$
|
83.6
|
|
$
|
85.3
|
|
-2
|
%
|
|
Electroluminescent(1) |
|
|
2.3
|
|
|
10.9
|
|
-79
|
%
|
Total Sales without Electroluminescent
|
|
$
|
81.3
|
|
$
|
74.4
|
|
9
|
%
|
|
|
|
|
|
|
|
|
(1) In the first quarter of 2013, the Company sold the
assets and liabilities related to the Electroluminescent product
line.
|
|
![](http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130506006278r1&sid=ntxv4&distro=nx)