Attached files

file filename
8-K - FORM 8-K - PLANAR SYSTEMS INCd922539d8k.htm

Exhibit 99.1

 

LOGO

Planar Reports Fiscal Second Quarter 2015 Financial Results

Digital Signage Product Sales up 32% to $24.9 Million, Driving $0.08 Non-GAAP EPS

BEAVERTON, Ore. – May 7, 2015 – Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, reported financial results for the fiscal second quarter ended March 27, 2015.

Fiscal Q2 2015 Financial Highlights (compared to the same-year-ago quarter)

 

    Digital Signage (DS) product sales up 32% to $24.9 million.

 

    Commercial and Industrial (C&I) product sales up 10% to $24.2 million.

 

    Non-GAAP net income up $1.3 million to $1.9 million or $0.08 per diluted share (see reconciliation to GAAP, below).

 

    GAAP net income up 607% to $1.6 million or $0.07 per diluted share.

 

    Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, and non-cash stock-based compensation) increased 90% to $2.1 million (see reconciliation to GAAP, below).

Fiscal Q2 2015 Key Financial Metrics

 

(in millions except per share data and percentages)    Q2 2015     vs. Q2 2014     Change     Change (%)  

Revenue

   $ 49.1      $ 41.1      $ 8.0        20

Gross Profit

   $ 12.2      $ 9.7      $ 2.5        26

GAAP Net Income

   $ 1.6      $ 0.2      $ 1.4        607

GAAP EPS

   $ 0.07      $ 0.01      $ 0.06        577

Non-GAAP Gross Profit

   $ 12.3      $ 9.7      $ 2.6        27

Non-GAAP Gross Profit (%)

     25.0     23.6     1.4  

Non-GAAP Net Income

   $ 1.9      $ 0.6      $ 1.3        204

Non-GAAP EPS

   $ 0.08      $ 0.03      $ 0.05        191

Non-GAAP EBITDA

   $ 2.1      $ 1.1      $ 1.0        90

Non-GAAP EBIDTA (%)

     4.3     2.7     1.6  

 

*For each of the non-GAAP figures above, please see the reconciliation to GAAP figures presented below.

Fiscal Q2 2015 Operational Highlights

 

    Debuted the Planar® DirectLight™ LED Video Wall System, which provides exceptional visual performance, thin mounting depth, precise alignment, reliability and adaptability to different customer uses.

 

    DirectLight LED Video Wall System was named “Best New Indoor Display” by rAVe Publications.


    Previewed next-generation transparent OLED technology with improved transparency of see-through displays, creating new opportunities for design while overcoming a major hurdle to transparent display adoption.

 

    Launched a new iOS app that can manage multiple sources on Planar® UltraRes™ Series 4K LCD displays using an iPhone® or iPad®.

 

    Added nearly 60 new value-added resellers to Planar’s reseller network, bringing the total to over 2,000 globally.

Fiscal Q2 2015 Financial Results

Total revenue increased 20% to $49.1 million from $41.1 million in the second quarter of fiscal 2014. The improvement was driven by a 32% increase in sales of the company’s DS products, which totaled $24.9 million (or 51% of total revenue) compared to $19.0 million (or 46% of total revenue) in the same year-ago period. Sales of C&I products increased 10% to $24.2 million (or 49% of total revenue) compared to $22.1 million (or 54% of total revenue) in the same year-ago quarter.

Consolidated gross profit margin as a percentage of sales (on a non-GAAP basis) was 25.0%, an improvement from 23.6% in the second quarter of fiscal 2014 (see reconciliation to GAAP, below). The increase was due to lower labor and overhead expenses related to improved capacity utilization, as well as a change in the mix of products sold towards higher margin DS products.

Non-GAAP operating expenses totaled $10.8 million compared to $9.4 million in the same quarter last year (see reconciliation to GAAP, below). The increase was primarily due to higher sales and marketing expenses.

GAAP net income totaled $1.6 million or $0.07 per diluted share, an increase of 607% or $0.06 per diluted share from $228,000 or $0.01 per diluted share in the second quarter of fiscal 2014.

Non-GAAP net income totaled $1.9 million or $0.08 per diluted share, an increase of 204% or $0.05 per diluted share from $612,000 or $0.03 per diluted share in the same year-ago quarter (see reconciliation to GAAP, below).

Non-GAAP EBITDA increased 90% to $2.1 million from $1.1 million in the second quarter of fiscal 2014 (see reconciliation to GAAP, below).

At quarter end, the company’s cash balance totaled $16.2 million, up 9% from $14.9 million at December 26, 2014.

Management Commentary

“Our second quarter was consistent with our expectations for strong year-over-year revenue growth, driven by sales of our industry-leading digital signage products and custom C&I displays,” said Gerry Perkel, Planar’s president and CEO. “These results also reflected meaningful progress in our transition from selling lower-margin products in mature, highly-competitive markets to delivering state-of-the-art solutions to the fast growing, multi-billion dollar market for digital signage.

“This progress was evident in the stronger performance of our DS product line, which produced a 69% increase in signage monitor sales and a 14% increase in sales of tiled LCD systems when compared to the second quarter of 2014. Q2 also marked the second straight quarter that DS product sales exceeded 50% of total revenues.


“Our positive momentum has been supported by the strategic expansion of our sales and marketing resources, which has enabled us to better capitalize on new opportunities and deepen our relationships with key resellers. During the quarter we added nearly 60 new reseller relationships and our total network of value-added resellers is over 2,000 globally.

“It was also a great quarter for new product announcements for Planar, highlighted by the introduction of our new DirectLight LED Video Wall System at the Digital Signage Expo in March. This innovative approach to video walls was well received by the industry and won the award for ‘Best New Indoor Display’ by rAVe Publications. Based upon what we see in the market, we believe there exists the potential for strong, long-term growth for indoor LED video walls.

“DirectLight complements our highly successful Clarity Matrix LCD Video Wall System, and addresses the increasing demand by customers for a seamless, high-quality video walls that meet mission-critical requirements. The unique features and functionality of DirectLight meets these demands head-on and further extends Planar’s leadership in video wall innovation. The initial customer response to this offering has been very strong, and we have been experiencing a strong level of quoting activity. We expect to begin shipping this product in fiscal Q4.”

Financial Outlook

“Our custom C&I product line has been benefitting from recurring orders from a large customer in the oil field services industry,” said Perkel. “Looking ahead, we see C&I revenue declining in the near-term as this customer delays purchasing decisions in light of low crude oil prices and correlating reduction in drilling activity. Meanwhile, some digital signage buyers are continuing to order our Clarity Matrix LCD Video Wall System and others are considering our new DirectLight System, which we will begin shipping in fiscal Q4 2015. Despite these factors, we expect fiscal 2015 to be another growth year, with increasing Digital Signage product revenues and total revenues leading to improved profitability compared to fiscal 2014. We expect this improved financial performance along with an expanding product portfolio and sales pipeline to set the stage for further improvement in fiscal 2016.”

For the fiscal third quarter ending June 26, 2015, the company expects modest year-over-year growth in DS product sales, along with a decline in custom C&I display sales, due to the factors mentioned above. Accordingly, the company anticipates revenue in the fiscal third quarter of 2015 to range between $43 million and $45 million, with non-GAAP net income at around breakeven. This compares to $43.9 million in revenue and non-GAAP net income of $0.05 per share in the third quarter of fiscal 2014.

Given the company’s current orders and sales pipeline, management expects fiscal Q4 to offer sequential improvement in revenue and profit performance compared to fiscal Q3 and fiscal 2015 revenue to be between $196 million and $202 million, which would represent an increase of 9% to 13% compared to fiscal 2014. Non-GAAP net income for fiscal 2015 is expected to range between $0.32 and $0.36 per diluted share, improving from $0.27 per diluted share in fiscal 2014.

Conference Call

Management will discuss the results of operations and business outlook on a conference call later today (May 7, 2015) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time).

Planar President and CEO Gerry Perkel and CFO Ryan Gray will host the call, followed by a question and answer period.


U.S. dial-in: (888) 680-0869

International dial-in: (617) 213-4854

Participant Passcode: 60709033

The conference call will be broadcast simultaneously and available for replay via the investor section of the company’s website at http://investor.planar.com/phoenix.zhtml?c=111133&p=irol-irhome.

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 June 6, 2015.

U.S. replay dial-in: (888) 286-8010

International replay dial-in: (617) 801-6888

Replay ID: 29109723

About Planar Systems

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 “Management Commentary” and “Financial Outlook” heading relating to the markets for the Company’s products, expected revenue growth, revenue range and non-GAAP income per share range for the third quarter of fiscal 2015 and fiscal year 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 labor unrest (including the present work slowdowns and certain west coast ports) or 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.

Company Contact

Planar Systems, Inc.

Ryan Gray

(503) 748-8911

ryan.gray@planar.com

Investor Contact

Liolios Group, Inc.

Matt Glover or Michael Koehler

(949) 574-3860

PLNR@liolios.com


Planar Systems, Inc.

Consolidated Statement of Operations

(In thousands, except per share amounts)

(unaudited)

 

     Three months ended     Six months ended  
     Mar. 27, 2015     Mar. 28, 2014     Mar. 27, 2015     Mar. 28, 2014  

Sales

   $ 49,169      $ 41,077      $ 104,949      $ 81,532   

Cost of Sales

     36,946        31,414        78,320        62,137   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross Profit

  12,223      9,663      26,629      19,395   

Operating Expenses:

Research and development, net

  1,606      1,469      3,238      2,713   

Sales and marketing

  6,170      5,054      12,258      9,727   

General and administrative

  3,721      3,189      7,706      6,456   

Restructuring

  43      10      53      21   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Operating Expenses

  11,540      9,722      23,255      18,917   

Income (Loss) from operations

  683      (59   3,374      478   

Non-operating income (expense):

Interest, net

  134      82      273      135   

Foreign exchange, net

  587      (10   855      (53

Other, net

  66      274      170      449   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net non-operating income

  787      346      1,298      531   

Income before taxes

  1,470      287      4,672      1,009   

Provision (benefit) for income taxes

  (142   59      (29   151   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income

$ 1,612    $ 228    $ 4,701    $ 858   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income per share - basic

$ 0.07    $ 0.01    $ 0.21    $ 0.04   

Net Income per share - diluted

$ 0.07    $ 0.01    $ 0.21    $ 0.04   

Weighted average shares outstanding - basic

  22,050      21,302      21,910      21,207   

Weighted average shares outstanding - diluted

  22,395      21,458      22,317      21,424   


Planar Systems, Inc.

Consolidated Balance Sheets

(In thousands)

(unaudited)

 

     Mar. 27, 2015     Sept. 26, 2014  

ASSETS

    

Cash

   $ 16,182      $ 13,068   

Accounts receivable, net

     24,341        28,333   

Inventories

     31,228        26,805   

Other current assets

     5,035        3,909   
  

 

 

   

 

 

 

Total current assets

  76,786      72,115   

Property, plant and equipment, net

  4,472      5,039   

Other assets

  4,865      7,250   
  

 

 

   

 

 

 
$ 86,123    $ 84,404   
  

 

 

   

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Accounts payable

$ 20,469    $ 18,176   

Current portion of capital leases

  42      394   

Deferred revenue

  1,479      1,637   

Other current liabilities

  10,870      12,974   
  

 

 

   

 

 

 

Total current liabilities

  32,860      33,181   

Other long-term liabilities

  4,484      5,189   
  

 

 

   

 

 

 

Total liabilities

  37,344      38,370   

Common stock

  189,887      188,127   

Retained deficit

  (135,321   (138,508

Accumulated other comprehensive loss

  (5,787   (3,585
  

 

 

   

 

 

 

Total shareholders’ equity

  48,779      46,034   
  

 

 

   

 

 

 
$ 86,123    $ 84,404   
  

 

 

   

 

 

 


Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, unaudited)

 

     For the three months ended  
     Mar. 27, 2015     Mar. 28, 2014  

Gross Profit:

    

GAAP Gross Profit

     12,223        9,663  

Share-based compensation

     66        21   
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  66      21   
  

 

 

   

 

 

 

NON-GAAP GROSS PROFIT

  12,289      9,684   
  

 

 

   

 

 

 

NON-GAAP GROSS PROFIT PERCENTAGE

  25.0   23.6
  

 

 

   

 

 

 

Research and Development:

GAAP research and development expense

  1,606      1,469   

Share-based compensation

  (67   (10
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (67   (10
  

 

 

   

 

 

 

NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE

  1,539      1,459   
  

 

 

   

 

 

 

Sales and Marketing:

GAAP sales and marketing expense

  6,170      5,054   

Share-based compensation

  (161   (49
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (161   (49
  

 

 

   

 

 

 

NON-GAAP SALES AND MARKETING EXPENSE

  6,009      5,005   
  

 

 

   

 

 

 

General and Administrative:

GAAP General and Administrative Expense

  3,721      3,189   

Share-based compensation

  (496   (294
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (496   (294
  

 

 

   

 

 

 

NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE

  3,225      2,895   
  

 

 

   

 

 

 

Operating Expenses:

GAAP Total Operating Expenses

  11,540      9,722   

Share-based compensation

  (724   (353

Restructuring charges

  (43   (10
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (767   (363
  

 

 

   

 

 

 

NON-GAAP TOTAL OPERATING EXPENSES

  10,773      9,359   
  

 

 

   

 

 

 


Reconciliation of GAAP to Non-GAAP Financial Measures Continued

(In thousands, unaudited)

 

     For the three months ended  
     Mar. 27, 2015     Mar. 28, 2014  

Income (Loss) from Operations:

    

GAAP income (loss) from operations

     683        (59

Share-based compensation

     790        374   

Restructuring charges

     43        10   
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  833      384   
  

 

 

   

 

 

 

NON-GAAP INCOME FROM OPERATIONS

  1,516      325   
  

 

 

   

 

 

 

Income before taxes & EBITDA:

GAAP income before taxes

  1,470      287   

Share-based compensation

  790      374   

Restructuring charges

  43      10   

Foreign exchange, net

  (587   10   
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  246      394   
  

 

 

   

 

 

 

NON-GAAP INCOME BEFORE TAXES

  1,716      681   
  

 

 

   

 

 

 

Depreciation

  411      437   
  

 

 

   

 

 

 

NON-GAAP EBITDA

  2,127      1,118   
  

 

 

   

 

 

 

Net Income:

GAAP Net Income

  1,612      228   

Share-based compensation

  790      374   

Restructuring charges

  43      10   

Foreign exchange, net

  (587   10   

Income tax effect of reconciling items

  —        (10
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  246      384   
  

 

 

   

 

 

 

NON-GAAP NET INCOME

  1,858      612   
  

 

 

   

 

 

 

GAAP weighted average shares outstanding—basic

  22,050      21,302   

GAAP weighted average shares outstanding—diluted

  22,395      21,458   

NON-GAAP weighted average shares outstanding—diluted

  22,395      21,458   

GAAP Net Income per share - basic

$ 0.07    $ 0.01   

Non-GAAP adjustments detailed above

  0.01      0.02   

NON-GAAP NET INCOME PER SHARE (basic)

$ 0.08    $ 0.03   

GAAP Net Income per share - diluted

$ 0.07    $ 0.01   

Non-GAAP adjustments detailed above

  0.01      0.02   

NON-GAAP NET INCOME PER SHARE (diluted)

$ 0.08    $ 0.03   


Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, unaudited)

 

     For the six months ended  
     Mar. 27, 2015     Mar. 28, 2014  

Gross Profit:

    

GAAP Gross Profit

     26,629        19,395   

Share-based compensation

     143        46   
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  143      46   
  

 

 

   

 

 

 

NON-GAAP GROSS PROFIT

  26,772      19,441   
  

 

 

   

 

 

 

NON-GAAP GROSS PROFIT PERCENTAGE

  25.5   23.8
  

 

 

   

 

 

 

Research and Development:

GAAP research and development expense

  3,238      2,713   

Share-based compensation

  (89   (19
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (89   (19
  

 

 

   

 

 

 

NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE

  3,149      2,694   
  

 

 

   

 

 

 

Sales and Marketing:

GAAP sales and marketing expense

  12,258      9,727   

Share-based compensation

  (352   (86
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (352   (86
  

 

 

   

 

 

 

NON-GAAP SALES AND MARKETING EXPENSE

  11,906      9,641   
  

 

 

   

 

 

 

General and Administrative:

GAAP General and Administrative Expense

  7,706      6,456   

Share-based compensation

  (1,150   (637
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (1,150   (637
  

 

 

   

 

 

 

NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE

  6,556      5,819   
  

 

 

   

 

 

 

Operating Expenses:

GAAP Total Operating Expenses

  23,255      18,917   

Share-based compensation

  (1,591   (742

Restructuring charges

  (53   (21
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  (1,644   (763
  

 

 

   

 

 

 

NON-GAAP TOTAL OPERATING EXPENSES

  21,611      18,154   
  

 

 

   

 

 

 


Reconciliation of GAAP to Non-GAAP Financial Measures Continued

(In thousands, unaudited)

 

     For the six months ended  
     Mar. 27, 2015     Mar. 28, 2014  

Income from Operations:

    

GAAP income from operations

     3,374        478   

Share-based compensation

     1,734        788   

Restructuring charges

     53        21   
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  1,787      809   
  

 

 

   

 

 

 

NON-GAAP INCOME FROM OPERATIONS

  5,161      1,287   
  

 

 

   

 

 

 

Income before taxes & EBITDA:

GAAP income before taxes

  4,672      1,009   

Share-based compensation

  1,734      788   

Restructuring charges

  53      21   

Foreign exchange, net

  (855   53   
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  932      862   
  

 

 

   

 

 

 

NON-GAAP INCOME BEFORE TAXES

  5,604      1,871   
  

 

 

   

 

 

 

Depreciation

  809      915   
  

 

 

   

 

 

 

NON-GAAP EBITDA

  6,413      2,786   
  

 

 

   

 

 

 

Net Income:

GAAP Net Income

  4,701      858   

Share-based compensation

  1,734      788   

Restructuring charges

  53      21   

Foreign exchange, net

  (855   53   

Income tax effect of reconciling items

  —        (38
  

 

 

   

 

 

 

Total Non-GAAP adjustments

  932      824   
  

 

 

   

 

 

 

NON-GAAP NET INCOME

  5,633      1,682   
  

 

 

   

 

 

 

GAAP weighted average shares outstanding—basic

  21,910      21,207   

GAAP weighted average shares outstanding—diluted

  22,317      21,424   

NON-GAAP weighted average shares outstanding—diluted

  22,317      21,424   

GAAP Net Income per share - basic

$ 0.21    $ 0.04   

Non-GAAP adjustments detailed above

$ 0.05      0.04   

NON-GAAP NET INCOME PER SHARE (basic)

$ 0.26    $ 0.08   

GAAP Net Income per share - diluted

$ 0.21    $ 0.04   

Non-GAAP adjustments detailed above

  0.04      0.04   

NON-GAAP NET INCOME PER SHARE (diluted)

$ 0.25    $ 0.08   


Planar Systems, Inc.

Revenue by Product Line

(In millions)

(unaudited)

 

     Three months ended      % Change  
     Mar. 27, 2015      Mar. 28, 2014      Dec. 26, 2014      vs. Prior Year     vs. Prior Quarter  

Digital Signage Sales

   $ 24.9       $ 19.0       $ 29.8         32     -16

Commercial & Industrial Sales

     24.2         22.1         26.0         10     -7

Custom Commercial & Industrial

     7.0         4.7         8.3         48     -16

Desktop Monitors

     9.2         7.7         9.2         19     0

Touch Monitors

     2.8         3.7         2.9         -24     -3

Rear Projection Cubes

     4.4         4.1         4.8         6     -8

High-end Home

     0.8         1.7         0.8         -51     0

Other

     —           0.2         —           -85     0
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Total Sales

$ 49.1    $ 41.1    $ 55.8      20   -12
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Planar Systems, Inc.

Revenue by Product Line

(In millions)

(unaudited)

 

     Six months ended      % Change
vs. Prior Year
 
     Mar. 27, 2015      Mar. 28, 2014     

Digital Signage Sales

   $ 54.7       $ 37.9         44

Commercial & Industrial Sales

     50.2         43.6         15

Custom Commercial & Industrial

     15.3         8.0         91

Desktop Monitors

     18.4         15.8         17

Touch Monitors

     5.7         6.9         -18

Rear Projection Cubes

     9.2         9.1         1

High-end Home

     1.6         3.4         -51

Other

     —           0.4         -91
  

 

 

    

 

 

    

 

 

 

Total Sales

$ 104.9    $ 81.5      29
  

 

 

    

 

 

    

 

 

 

###