Exhibit 99.1

Planar Announces Fiscal Second Quarter 2011 Financial Results

Company reports 21 percent year over year revenue growth driven by Digital Signage product sales

BEAVERTON, Ore. – May 3, 2011 – Planar Systems, Inc. (NASDAQ: PLNR), a worldwide leader in specialty display solutions, recorded sales of $48.0 million and approximately breakeven GAAP income/loss per share in its second fiscal quarter ended April 1, 2011. On a Non-GAAP basis (see reconciliation table), income per share was $0.07 in the second quarter of fiscal 2011.

“I am very pleased with our financial results this quarter as both revenue and earnings came in above our expectations,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “We experienced very strong sales of our digital signage products, especially LCD Video Wall systems. Digital signage market opportunities will continue to be an area of emphasis for us as we look for more growth in the future.”

SECOND QUARTER BUSINESS HIGHLIGHTS

SECOND QUARTER FISCAL 2011 RESULTS

The Company’s total sales for the second quarter of fiscal 2011 increased 21 percent compared with the same period a year ago. The increase was primarily driven by rising sales of digital signage products, rear projection video wall cubes and touch monitors, partially offset by declining sales of high-end home products.

The Company’s consolidated gross margins (on a Non-GAAP basis) were 29.2 percent in the second quarter of 2011 up from 23.7 percent compared with the second quarter of 2010 (see reconciliation table). The increase in gross margin, as a percent of sales, from the previous year was primarily due to a more favorable product mix, driven by increased sales of higher margin products including digital signage displays, rear projection cubes, and touch monitors. In addition, gross margins were favorably impacted by better absorption of fixed labor and overhead expenses and reduced inventory obsolescence charges when compared to the second quarter of 2010. Total operating expenses (on a Non-GAAP basis) for the second quarter of 2011 increased approximately $0.5 million to $12.7 million compared with the same quarter a year ago, primarily driven by increased sales and marketing expenses. The Company has continued to add sales and marketing resources over the past 18 months in an effort to increase the Company’s go-to-market capabilities, particularly aimed at driving future revenue growth in digital signage opportunities.

The Company’s cash balance was $27.6 million at the end of the second quarter, with no debt, a decline of $4.2 million from the end of the first quarter. The cash decline was caused by growth in receivables as a result of strong sequential revenue growth and also due to increases in inventory to support upcoming product launches and increased revenue opportunities.

BUSINESS OUTLOOK

Looking forward, the Company believes that it can continue to increase year-over-year revenues over the next several years, with most of the growth expected from a variety of digital signage opportunities. As such, the Company plans to continue to add resources, primarily in sales and marketing to help drive this growth. The Company has already seen strong growth and adoption of its Clarity Matrix LCD digital signage video wall system for use in retail, sports arenas, airports, and other venues where large format digital signage is required. While many of these, and other digital signage opportunities the Company is pursuing, represent multi-million dollar projects, predicting the timing of the initial roll-out and timeframe to complete the projects will be difficult and could cause the Company’s revenue growth rates and profitability to fluctuate from quarter to quarter.

More specifically, the Company currently expects to see annual revenue growth in excess of 10 percent for next fiscal year (fiscal 2012), with an increasing percent of total revenue derived from sales of digital signage products. However, profitability is more difficult to predict in fiscal 2012 as the Company ramps its spending directed at fueling these higher levels of revenue growth. In addition, the Company expects to use $5 to $7 million of its current cash balance to fund working capital requirements associated with projected revenue growth over the course of the next year. In the short-term, the Company currently anticipates revenue in the range of $46-48 million and Non-GAAP income between $0.00 and $0.02 per share for the third quarter of 2011.

Results of operations and the business outlook will be discussed in a conference call today, May 3, 2011, beginning at 2:00 PM Pacific Time. The call can be heard via the Internet through a link on Planar’s Web site, www.planar.com, or through numerous other investor sites, and will be available for replay until June 3, 2011. The Company intends to post on its Web site 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 of specialty display technology providing solutions for the world’s most demanding environments. Hospitals, space and military programs, utility and transportation hubs, retailers, banks, government agencies, businesses, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. 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, EBITDA, and Non-GAAP income for the third quarter of fiscal 2011, fiscal 2011, and fiscal 2012 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 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 Codification^TM, “Compensation-Stock Compensation”. The Non-GAAP financial measures also exclude impairment and restructuring charges, 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)

Planar Systems, Inc.

Consolidated Balance Sheets

(In thousands)

(unaudited)

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, unaudited)

Reconciliation of GAAP to Non-GAAP Financial Measures Continued

(In thousands, unaudited)

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, unaudited)

Reconciliation of GAAP to Non-GAAP Financial Measures Continued

(In thousands, unaudited)