Attached files
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| 8-K - FORM 8-K - PLANAR SYSTEMS INC | d722653d8k.htm |
Exhibit 99.1
Planar Announces Fiscal Second Quarter 2014 Financial Results
Company reports 41 percent year-over-year growth in quarterly sales of Digital Signage products
BEAVERTON, Ore. – May 6, 2014 – Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, recorded sales of $41.1 million and GAAP income per share of $0.01 in its second fiscal quarter ended March 28, 2014. On a Non-GAAP basis (see reconciliation table), income per share was $0.03 in the second quarter of fiscal 2014.
“I am pleased with our second quarter results,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “The strong growth in digital signage product sales combined with profitability in the second quarter, keeps us in a position to achieve our goals of growing sales of digital signage products in excess of 20 percent for the full fiscal year, being profitable every quarter of the fiscal year, and expanding profitability in fiscal year 2014 compared to fiscal 2013.”
SUMMARY OF BUSINESS HIGHLIGHTS
| • | Quarterly sales of digital signage products totaled $19.0 million in the fiscal second quarter of 2014, representing 41 percent growth compared with the second fiscal quarter of 2013 |
| • | Recorded Non-GAAP EBITDA of $1.1 million in the second quarter of 2014 (see reconciliation table), resulting in $2.8 million of Non-GAAP EBITDA in the first half of fiscal 2014 |
| • | Introduced the new 46” and 55” Simplicity Series digital signage displays to round out the Planar Simplicity Series, which offers a broad range of choices for deploying simple, sleek and affordable digital signage displays |
| • | Showcased the industry’s largest interactive display with Corning® Gorilla® Glass, the 84” 4K Planar® UltraRes™ Touch with ERO™ at Digital Signage Expo 2014 in Las Vegas |
| • | Began shipping Clarity™ Matrix LCD Video Wall Systems with G2 Architecture, which deliver a new level of visual performance as the next generation of Planar’s award-winning family of LCD video wall solutions |
SECOND QUARTER FISCAL 2014 RESULTS
Sales of digital signage products totaled $19.0 million in the second fiscal quarter of 2014, a 41 percent increase from the same period a year ago. Total revenue increased 4 percent compared to the second 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 15 percent to $22.1 million compared with the same quarter a year ago. This decrease was primarily driven by lower sales of touch monitors, desktop monitors, rear projection cubes, and high-end home products, partially offset by higher sales of custom C&I displays.
The Company’s consolidated gross profit margin, as a percentage of sales (on a Non-GAAP basis), was 23.6 percent in the second quarter of 2014, up from 20.4 percent in the second quarter of 2013 (see reconciliation table). The improvement in gross profit rate is the result of both a higher concentration of
higher margin digital signage product sales 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. The Company has been expanding its differentiated line of digital signage products and leveraging higher volumes to improve overall gross profit rates on sales of digital signage products.
Total operating expenses (on a Non-GAAP basis) for the second quarter of 2014 were flat with the same quarter last year at $9.4 million (see reconciliation table), as the Company has been working to grow revenue at faster rate than expenses, leveraging its existing expense base as much as possible.
The Company’s cash balance decreased $0.2 million sequentially to $13.0 million at the end of the second fiscal quarter of 2014 compared to the end of the first quarter of fiscal 2014, as reductions in inventory, which improved inventory turns to 4.4, were roughly offset by an increase in accounts receivable and a decrease in accounts payable.
BUSINESS OUTLOOK
Looking forward, for the full fiscal year 2014, the Company continues to believe it can achieve between 20 and 30 percent revenue growth for sales of digital signage products compared with fiscal year 2013. As a result, the Company expects revenue in the range of $165-175 million and is increasing its forward looking estimate for full fiscal year 2014 Non-GAAP income per share to $0.15 to $0.20. In the short-term, the Company expects to see continued strong revenue growth for digital signage products in the third quarter, driving overall revenue growth for the third quarter in excess of 10 percent compared with the third quarter of 2013. As a result, the Company currently anticipates revenue in the range of $41.5-43.5 million and Non-GAAP income per share of $0.01 to $0.03 in the third fiscal quarter of 2014.
Results of operations and the business outlook will be discussed in a conference call today, May 6, 2014, 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, 2014. 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 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 third 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.
| MEDIA CONTACTS: Kim Brown Planar Systems, Inc. 503.748.6724 kim.brown@planar.com |
INVESTOR CONTACTS: Ryan Gray Planar Systems, Inc. 503.748.8911 ryan.gray@planar.com |
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 | Six months ended | |||||||||||||||
| Mar. 28,2014 | Mar. 29, 2013 | Mar. 28, 2014 | Mar. 29, 2013 | |||||||||||||
| Sales |
$ | 41,077 | $ | 39,441 | $ | 81,532 | $ | 83,616 | ||||||||
| Cost of Sales |
31,414 | 31,429 | 62,137 | 64,595 | ||||||||||||
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|
|||||||||
| Gross Profit |
9,663 | 8,012 | 19,395 | 19,021 | ||||||||||||
| Operating Expenses: |
||||||||||||||||
| Research and development, net |
1,469 | 1,828 | 2,713 | 3,855 | ||||||||||||
| Sales and marketing |
5,054 | 5,044 | 9,727 | 10,104 | ||||||||||||
| General and administrative |
3,189 | 2,913 | 6,456 | 6,326 | ||||||||||||
| Amortization of intangible assets |
— | 148 | — | 295 | ||||||||||||
| Restructuring |
10 | — | 21 | 194 | ||||||||||||
| Loss (gain) on sale of assets |
— | (177 | ) | — | 1,314 | |||||||||||
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|
|||||||||
| Total Operating Expenses |
9,722 | 9,756 | 18,917 | 22,088 | ||||||||||||
| Income (Loss) from operations |
(59 | ) | (1,744 | ) | 478 | (3,067 | ) | |||||||||
| Non-operating income (expense): |
||||||||||||||||
| Interest, net |
82 | 48 | 135 | 65 | ||||||||||||
| Foreign exchange, net |
(10 | ) | 95 | (53 | ) | (13 | ) | |||||||||
| Other, net |
274 | 181 | 449 | 296 | ||||||||||||
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| Net non-operating income |
346 | 324 | 531 | 348 | ||||||||||||
| Income (loss) before taxes |
287 | (1,420 | ) | 1,009 | (2,719 | ) | ||||||||||
| Provision (benefit) for income taxes |
59 | (140 | ) | 151 | 43 | |||||||||||
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| Net Income (loss) |
$ | 228 | $ | (1,280 | ) | $ | 858 | $ | (2,762 | ) | ||||||
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| Net Income (loss) per share - basic |
$ | 0.01 | ($ | 0.06 | ) | $ | 0.04 | ($ | 0.13 | ) | ||||||
| Net Income (loss) per share - diluted |
$ | 0.01 | ($ | 0.06 | ) | $ | 0.04 | ($ | 0.13 | ) | ||||||
| Weighted average shares outstanding - basic |
21,302 | 20,643 | 21,207 | 20,558 | ||||||||||||
| Weighted average shares outstanding - diluted |
21,458 | 20,643 | 21,424 | 20,558 | ||||||||||||
Planar Systems, Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)
| Mar. 28, 2014 | Sept. 27, 2013 | |||||||
| ASSETS |
||||||||
| Cash |
$ | 13,000 | $ | 11,971 | ||||
| Accounts receivable, net |
22,605 | 22,821 | ||||||
| Inventories |
28,421 | 30,003 | ||||||
| Other current assets |
4,110 | 2,426 | ||||||
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|||||
| Total current assets |
68,136 | 67,221 | ||||||
| Property, plant and equipment, net |
5,683 | 6,434 | ||||||
| Other assets |
4,513 | 6,230 | ||||||
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| $ | 78,332 | $ | 79,885 | |||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Accounts payable |
$ | 15,830 | $ | 17,042 | ||||
| Current portion of capital leases |
850 | 759 | ||||||
| Deferred revenue |
1,738 | 1,685 | ||||||
| Other current liabilities |
11,746 | 12,848 | ||||||
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| Total current liabilities |
30,164 | 32,334 | ||||||
| Long-term portion of capital leases |
41 | 394 | ||||||
| Other long-term liabilities |
4,721 | 5,390 | ||||||
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| Total liabilities |
34,926 | 38,118 | ||||||
| Common stock |
187,074 | 186,202 | ||||||
| Retained deficit |
(141,232 | ) | (141,735 | ) | ||||
| Accumulated other comprehensive loss |
(2,436 | ) | (2,700 | ) | ||||
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| Total shareholders’ equity |
43,406 | 41,767 | ||||||
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| $ | 78,332 | $ | 79,885 | |||||
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Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
| For the three months ended | ||||||||
| Mar. 28, 2014 | Mar. 29, 2013 | |||||||
| Gross Profit: |
||||||||
| GAAP Gross Profit |
9,663 | 8,012 | ||||||
| Share-based compensation |
21 | 28 | ||||||
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| Total Non-GAAP adjustments |
21 | 28 | ||||||
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| NON-GAAP GROSS PROFIT |
9,684 | 8,040 | ||||||
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| NON-GAAP GROSS PROFIT PERCENTAGE |
23.6 | % | 20.4 | % | ||||
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| Research and Development: |
||||||||
| GAAP research and development expense |
1,469 | 1,828 | ||||||
| Share-based compensation |
(10 | ) | (35 | ) | ||||
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| Total Non-GAAP adjustments |
(10 | ) | (35 | ) | ||||
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| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE |
1,459 | 1,793 | ||||||
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| Sales and Marketing: |
||||||||
| GAAP sales and marketing expense |
5,054 | 5,044 | ||||||
| Share-based compensation |
(49 | ) | (82 | ) | ||||
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|||||
| Total Non-GAAP adjustments |
(49 | ) | (82 | ) | ||||
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| NON-GAAP SALES AND MARKETING EXPENSE |
5,005 | 4,962 | ||||||
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| General and Administrative: |
||||||||
| GAAP General and Administrative Expense |
3,189 | 2,913 | ||||||
| Share-based compensation |
(294 | ) | (279 | ) | ||||
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|||||
| Total Non-GAAP adjustments |
(294 | ) | (279 | ) | ||||
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| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE |
2,895 | 2,634 | ||||||
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| Operating Expenses: |
||||||||
| GAAP Total Operating Expenses |
9,722 | 9,756 | ||||||
| Share-based compensation |
(353 | ) | (396 | ) | ||||
| Amortization of intangible assets |
— | (148 | ) | |||||
| Restructuring charges |
(10 | ) | — | |||||
| Loss (gain) on sale of assets |
— | 177 | ||||||
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| Total Non-GAAP adjustments |
(363 | ) | (367 | ) | ||||
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| NON-GAAP TOTAL OPERATING EXPENSES |
9,359 | 9,389 | ||||||
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Reconciliation of GAAP to Non-GAAP Financial Measures Continued
(In thousands, unaudited)
| For the three months ended | ||||||||
| Mar. 28, 2014 | Mar. 29, 2013 | |||||||
| Income (Loss) from Operations: |
||||||||
| GAAP income (loss) from operations |
(59 | ) | (1,744 | ) | ||||
| Share-based compensation |
374 | 424 | ||||||
| Amortization of intangible assets |
— | 148 | ||||||
| Restructuring charges |
10 | — | ||||||
| Loss (gain) on sale of assets |
— | (177 | ) | |||||
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|||||
| Total Non-GAAP adjustments |
384 | 395 | ||||||
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| NON-GAAP INCOME (LOSS) FROM OPERATIONS |
325 | (1,349 | ) | |||||
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| Income (Loss) before taxes & EBITDA: |
||||||||
| GAAP income (loss) before taxes |
287 | (1,420 | ) | |||||
| Share-based compensation |
374 | 424 | ||||||
| Amortization of intangible assets |
— | 148 | ||||||
| Restructuring charges |
10 | — | ||||||
| Loss (gain) on sale of assets |
— | (177 | ) | |||||
| Foreign exchange, net |
10 | (95 | ) | |||||
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| Total Non-GAAP adjustments |
394 | 300 | ||||||
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| NON-GAAP INCOME (LOSS) BEFORE TAXES |
681 | (1,120 | ) | |||||
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| Depreciation |
437 | 374 | ||||||
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| NON-GAAP EBITDA |
1,118 | (746 | ) | |||||
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| Net Income (Loss): |
||||||||
| GAAP Net Income (loss) |
228 | (1,280 | ) | |||||
| Share-based compensation |
374 | 424 | ||||||
| Amortization of intangible assets |
— | 148 | ||||||
| Restructuring charges |
10 | — | ||||||
| Loss (gain) on sale of assets |
— | (177 | ) | |||||
| Foreign exchange, net |
10 | (95 | ) | |||||
| Income tax effect of reconciling items |
(10 | ) | 280 | |||||
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| Total Non-GAAP adjustments |
384 | 580 | ||||||
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| NON-GAAP NET INCOME (LOSS) |
612 | (700 | ) | |||||
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| GAAP weighted average shares outstanding - basic |
21,302 | 20,643 | ||||||
| NON-GAAP weighted average shares outstanding - diluted |
21,458 | 20,643 | ||||||
| GAAP Net Income (Loss) per share - basic |
$ | 0.01 | ($ | 0.06 | ) | |||
| Non-GAAP adjustments detailed above |
0.02 | 0.03 | ||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (basic) |
$ | 0.03 | ($ | 0.03 | ) | |||
| GAAP Net Income (Loss) per share - diluted |
$ | 0.01 | ($ | 0.06 | ) | |||
| Non-GAAP adjustments detailed above |
0.02 | 0.03 | ||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (diluted) |
$ | 0.03 | ($ | 0.03 | ) | |||
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
| For the six months ended | ||||||||
| Mar. 28, 2014 | Mar. 29, 2013 | |||||||
| Gross Profit: |
||||||||
| GAAP Gross Profit |
19,395 | 19,021 | ||||||
| Share-based compensation |
46 | 53 | ||||||
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|
|||||
| Total Non-GAAP adjustments |
46 | 53 | ||||||
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| NON-GAAP GROSS PROFIT |
19,441 | 19,074 | ||||||
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| NON-GAAP GROSS PROFIT PERCENTAGE |
23.8 | % | 22.8 | % | ||||
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| Research and Development: |
||||||||
| GAAP research and development expense |
2,713 | 3,855 | ||||||
| Share-based compensation |
(19 | ) | (82 | ) | ||||
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| Total Non-GAAP adjustments |
(19 | ) | (82 | ) | ||||
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| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE |
2,694 | 3,773 | ||||||
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| Sales and Marketing: |
||||||||
| GAAP sales and marketing expense |
9,727 | 10,104 | ||||||
| Share-based compensation |
(86 | ) | (151 | ) | ||||
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| Total Non-GAAP adjustments |
(86 | ) | (151 | ) | ||||
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| NON-GAAP SALES AND MARKETING EXPENSE |
9,641 | 9,953 | ||||||
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| General and Administrative: |
||||||||
| GAAP General and Administrative Expense |
6,456 | 6,326 | ||||||
| Share-based compensation |
(637 | ) | (583 | ) | ||||
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| Total Non-GAAP adjustments |
(637 | ) | (583 | ) | ||||
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| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE |
5,819 | 5,743 | ||||||
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| Operating Expenses: |
||||||||
| GAAP Total Operating Expenses |
18,917 | 22,088 | ||||||
| Share-based compensation |
(742 | ) | (816 | ) | ||||
| Amortization of intangible assets |
— | (295 | ) | |||||
| Restructuring charges |
(21 | ) | (194 | ) | ||||
| Loss (gain) on sale of assets |
— | (1,314 | ) | |||||
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| Total Non-GAAP adjustments |
(763 | ) | (2,619 | ) | ||||
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| NON-GAAP TOTAL OPERATING EXPENSES |
18,154 | 19,469 | ||||||
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Reconciliation of GAAP to Non-GAAP Financial Measures Continued
(In thousands, unaudited)
| For the six months ended | ||||||||
| Mar. 28, 2014 | Mar. 29, 2013 | |||||||
| Income (Loss) from Operations: |
||||||||
| GAAP income (loss) from operations |
478 | (3,067 | ) | |||||
| Share-based compensation |
788 | 869 | ||||||
| Amortization of intangible assets |
— | 295 | ||||||
| Restructuring charges |
21 | 194 | ||||||
| Loss (gain) on sale of assets |
— | 1,314 | ||||||
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|
|||||
| Total Non-GAAP adjustments |
809 | 2,672 | ||||||
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| NON-GAAP INCOME (LOSS) FROM OPERATIONS |
1,287 | (395 | ) | |||||
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| Income (Loss) before taxes & EBITDA: |
||||||||
| GAAP income (loss) before taxes |
1,009 | (2,719 | ) | |||||
| Share-based compensation |
788 | 869 | ||||||
| Amortization of intangible assets |
— | 295 | ||||||
| Restructuring charges |
21 | 194 | ||||||
| Loss (gain) on sale of assets |
— | 1,314 | ||||||
| Foreign exchange, net |
53 | 13 | ||||||
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|
|||||
| Total Non-GAAP adjustments |
862 | 2,685 | ||||||
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| NON-GAAP INCOME (LOSS) BEFORE TAXES |
1,871 | (34 | ) | |||||
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| Depreciation |
915 | 685 | ||||||
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| NON-GAAP EBITDA |
2,786 | 651 | ||||||
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| Net Income (Loss): |
||||||||
| GAAP Net Income (loss) |
858 | (2,762 | ) | |||||
| Share-based compensation |
788 | 869 | ||||||
| Amortization of intangible assets |
— | 295 | ||||||
| Restructuring charges |
21 | 194 | ||||||
| Loss (gain) on sale of assets |
— | 1,314 | ||||||
| Foreign exchange, net |
53 | 13 | ||||||
| Income tax effect of reconciling items |
(38 | ) | 56 | |||||
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|
|||||
| Total Non-GAAP adjustments |
824 | 2,741 | ||||||
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| NON-GAAP NET INCOME (LOSS) |
1,682 | (21 | ) | |||||
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| GAAP weighted average shares outstanding - basic |
21,207 | 20,558 | ||||||
| NON-GAAP weighted average shares outstanding - diluted |
21,424 | 20,558 | ||||||
| GAAP Net Income (Loss) per share - basic |
$ | 0.04 | ($ | 0.13 | ) | |||
| Non-GAAP adjustments detailed above |
0.04 | 0.13 | ||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (basic) |
$ | 0.08 | $ | 0.00 | ||||
| GAAP Net Income (Loss) per share - diluted |
$ | 0.04 | ($ | 0.13 | ) | |||
| Non-GAAP adjustments detailed above |
0.04 | 0.13 | ||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (diluted) |
$ | 0.08 | $ | 0.00 | ||||
Planar Systems, Inc.
Revenue by Product Line
(In millions)
(unaudited)
| Three months ended | % Change | |||||||||||||||||||
| Mar. 28, 2014 | Mar. 29, 2013 | Dec. 27, 2013 | vs. Prior Year | vs. Prior Quarter | ||||||||||||||||
| Digital Signage Sales |
$ | 19.0 | $ | 13.4 | $ | 19.0 | 41 | % | 0 | % | ||||||||||
| Commercial & Industrial Sales |
22.1 | 26.0 | 21.5 | -15 | % | 3 | % | |||||||||||||
| Desktop Monitors |
7.7 | 9.0 | 8.1 | -14 | % | -5 | % | |||||||||||||
| Rear Projection Cubes |
4.1 | 6.3 | 5.0 | -34 | % | -18 | % | |||||||||||||
| Touch Monitors |
3.7 | 5.3 | 3.2 | -31 | % | 16 | % | |||||||||||||
| High-end Home |
1.7 | 2.5 | 1.7 | -35 | % | 0 | % | |||||||||||||
| Custom Commercial & Industrial |
4.7 | 2.6 | 3.3 | 81 | % | 42 | % | |||||||||||||
| Other |
0.2 | 0.3 | 0.2 | -24 | % | 0 | % | |||||||||||||
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| Total Sales |
$ | 41.1 | $ | 39.4 | $ | 40.5 | 4 | % | 1 | % | ||||||||||
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Planar Systems, Inc.
Revenue by Product Line
(In millions)
(unaudited)
| Six months ended | % Change | |||||||||||
| Mar. 28, 2014 | Mar. 29, 2013 | vs. Prior Year | ||||||||||
| Digital Signage Sales |
$ | 37.9 | $ | 30.3 | 25 | % | ||||||
| Commercial & Industrial Sales |
43.6 | 53.3 | -18 | % | ||||||||
| Desktop Monitors |
15.8 | 17.7 | -11 | % | ||||||||
| Rear Projection Cubes |
9.1 | 12.4 | -26 | % | ||||||||
| Touch Monitors |
6.9 | 10.2 | -32 | % | ||||||||
| High-end Home |
3.4 | 5.5 | -39 | % | ||||||||
| Custom Commercial & Industrial |
8.0 | 4.6 | 74 | % | ||||||||
| Electroluminescent(1) |
— | 2.3 | -100 | % | ||||||||
| Other |
0.4 | 0.6 | -35 | % | ||||||||
| Total Sales |
$ | 81.5 | $ | 83.6 | -3 | % | ||||||
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| Electroluminescent(1) |
— | 2.3 | -100 | % | ||||||||
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| Total Sales without Electroluminescent |
$ | 81.5 | $ | 81.3 | 0.2 | % | ||||||
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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. |