BEAVERTON, Ore.--(BUSINESS WIRE)--Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, recorded sales of $45.7 million and a GAAP loss per share of $0.01 in its fourth fiscal quarter ended September 27, 2013. On a Non-GAAP basis (see reconciliation table), income per share was $0.05 in the fourth quarter of fiscal 2013. Sales for fiscal year 2013 were $166.8 million and GAAP loss per share was $0.31. On a Non-GAAP basis (see reconciliation table) income per share was $0.02 in fiscal 2013.
“I am pleased with the improvement in our top and bottom line performance in the fourth quarter of 2013, which included a new high point for quarterly sales of digital signage products,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “In addition, we were able to achieve our goal of Non-GAAP profitability for fiscal year 2013 and, as a result, I believe we are well positioned to continue to improve our performance as we enter fiscal year 2014.”
SUMMARY OF BUSINESS HIGHLIGHTS
- Achieved record quarterly sales of digital signage products totaling $17.7 million in the fiscal fourth quarter of 2013, representing 30 percent growth compared with the fourth fiscal quarter of 2012
- Recorded Non-GAAP EBITDA of $1.6 million in the fourth quarter of 2013, a $4.6 million improvement compared to the fourth quarter of 2012 (see reconciliation table)
- Launched the Planar® Simplicity™ Series line of digital signage monitors which incorporate media playing and commercial-grade features into a sleek and affordable digital signage solution
- Achieved record annual sales of digital signage products for fiscal year 2013 of $62.1 million, representing 42 percent growth compared with fiscal year 2012
- Recorded Non-GAAP EBIDTA of $1.9 million in fiscal year 2013, a $12.7 million improvement compared with fiscal year 2012 (see reconciliation table)
FOURTH QUARTER FISCAL 2013 RESULTS
The Company’s total revenue increased 10 percent compared to the fourth quarter of fiscal 2012. As previously announced, the Company sold the assets comprising its Electroluminescent (EL) product line during the first quarter of fiscal 2013. Excluding revenue associated with EL products, the Company’s total revenue increased 24 percent compared with the fourth quarter of fiscal 2012. Sales of digital signage products totaled $17.7 million in the fourth fiscal quarter of 2013, a 30 percent increase from the same period a year ago. Sales of Commercial and Industrial (C&I) products increased 1 percent (20 percent without EL) to $28.0 million compared with the same quarter a year ago. This increase was primarily driven by higher sales of custom C&I displays, desktop monitors, and rear-projection cubes, offset by declines in sales of high-end home products, touch monitors and the elimination of the EL display product line.
The Company’s consolidated gross profit margin, as a percentage of sales (on a Non-GAAP basis), was 22.4 percent in the fourth quarter of 2013, up from 17.3 percent in the fourth quarter of 2012 (see reconciliation table). On a sequential basis, the Company’s Non-GAAP gross profit margin increased 0.7 percentage points as an improved mix and margin rates on sales of digital signage products and better absorption of fixed manufacturing expenses more than offset lower margins on sales of desktop monitors.
Total operating expenses (on a Non-GAAP basis) for the fourth quarter of 2013 decreased $1.4 million, or 13 percent, to $9.1 million compared with the same quarter a year ago (see reconciliation table), as expenses declined as a result of previously implemented cost reduction measures and the divestiture of the EL product line. Also, the Company recorded a $0.7 million restructuring charge in the fourth fiscal quarter of 2013 related to the consolidation of some of its European administrative functions.
The Company’s cash balance decreased $1.4 million sequentially to $12.0 million at the end of the fourth fiscal quarter of 2013 compared to the end of the third quarter of fiscal 2013. The decrease in cash was primarily caused by an increase in accounts receivable as result of strong sequential sales growth, partially offset by the quarterly Non-GAAP profit, increases in accounts payable and decreases in inventory.
BUSINESS OUTLOOK
As the Company looks out into fiscal year 2014, its goals remain unchanged; continue to grow sales of digital signage products in an effort to drive overall revenue growth for the Company and improved profitability. As a result, the Company currently anticipates revenue in the range of $41-43 million and Non-GAAP income per share of $0.02 to $0.04 in the first fiscal quarter of 2014. For the full fiscal year, the Company expects revenue in the range of $170-180 million and Non-GAAP income per share of $0.10 to $0.15.
Results of operations and the business outlook will be discussed in a conference call today, November 20, 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 December 20, 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 improved performance in fiscal 2014 and statements under the “Business Outlook” heading relating to expected levels of revenue, and Non-GAAP earnings/profitability for the first quarter and full fiscal year in 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.
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 | Twelve months ended | ||||||||||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | Sept. 27, 2013 | Sept. 28, 2012 | ||||||||||||||
| Sales | $ | 45,708 | $ | 41,400 | 166,809 | 171,354 | |||||||||||
| Cost of Sales | 35,500 | 34,291 | 129,454 | 136,718 | |||||||||||||
| Gross Profit | 10,208 | 7,109 | 37,355 | 34,636 | |||||||||||||
| Operating Expenses: | |||||||||||||||||
| Research and development, net | 1,502 | 2,787 | 6,977 | 10,592 | |||||||||||||
| Sales and marketing | 4,672 | 5,180 | 19,595 | 24,842 | |||||||||||||
| General and administrative | 3,253 | 3,040 | 12,412 | 13,987 | |||||||||||||
| Amortization of intangible assets | 123 | 171 | 565 | 696 | |||||||||||||
| Restructuring | 732 | 404 | 3,333 | 922 | |||||||||||||
| Loss (gain) on sale of assets | - | - | 1,314 | - | |||||||||||||
| Total Operating Expenses | 10,282 | 11,582 | 44,196 | 51,039 | |||||||||||||
| Income (Loss) from operations | (74 | ) | (4,473 | ) | (6,841 | ) | (16,403 | ) | |||||||||
| Non-operating income (expense): | |||||||||||||||||
| Interest, net | 53 | (22 | ) | 157 | (15 | ) | |||||||||||
| Foreign exchange, net | (236 | ) | (44 | ) | (250 | ) | 479 | ||||||||||
| Other, net | (22 | ) | 49 | 440 | 499 | ||||||||||||
| Net non-operating income (expense) | (205 | ) | (17 | ) | 347 | 963 | |||||||||||
| Income (loss) before taxes | (279 | ) | (4,490 | ) | (6,494 | ) | (15,440 | ) | |||||||||
| Provision (benefit) for income taxes | (72 | ) | 138 | 42 | 742 | ||||||||||||
| Net Income (loss) | $ | (207 | ) | $ | (4,628 | ) | $ | (6,536 | ) | $ | (16,182 | ) | |||||
| Net Income (loss) per share - basic | ($0.01 | ) | ($0.23 | ) | ($0.31 | ) | ($0.81 | ) | |||||||||
| Net Income (loss) per share - diluted | ($0.01 | ) | ($0.23 | ) | ($0.31 | ) | ($0.81 | ) | |||||||||
| Weighted average shares outstanding - basic | 21,010 | 20,258 | 20,757 | 20,083 | |||||||||||||
| Weighted average shares outstanding - diluted | 21,010 | 20,258 | 20,757 | 20,083 | |||||||||||||
| Planar Systems, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| (unaudited) | ||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | |||||||
| ASSETS | ||||||||
| Cash | $ | 11,971 | $ | 17,768 | ||||
| Accounts receivable, net | 22,821 | 18,604 | ||||||
| Inventories | 30,003 | 31,984 | ||||||
| Other current assets | 2,426 | 2,829 | ||||||
| Total current assets | 67,221 | 71,185 | ||||||
| Property, plant and equipment, net | 6,434 | 3,554 | ||||||
| Intangible assets, net | - | 565 | ||||||
| Other assets | 6,230 | 6,580 | ||||||
| $ | 79,885 | $ | 81,884 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Accounts payable | 17,042 | 11,686 | ||||||
| Current portion of capital leases | 759 | 449 | ||||||
| Deferred revenue | 1,685 | 1,659 | ||||||
| Other current liabilities | 12,848 | 15,915 | ||||||
| Total current liabilities | 32,334 | 29,709 | ||||||
| Long-term portion of capital leases | 394 | 545 | ||||||
| Other long-term liabilities | 5,390 | 5,111 | ||||||
| Total liabilities | 38,118 | 35,365 | ||||||
| Common stock | 186,202 | 184,556 | ||||||
| Retained earnings (deficit) | (141,735 | ) | (134,751 | ) | ||||
| Accumulated other comprehensive loss | (2,700 | ) | (3,286 | ) | ||||
| Total shareholders' equity | 41,767 | 46,519 | ||||||
| $ | 79,885 | $ | 81,884 | |||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||
| (In thousands, unaudited) | |||||||||
| For the three months ended | |||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | ||||||||
| Gross Profit: | |||||||||
| GAAP gross profit | 10,208 | 7,109 | |||||||
| Share-based compensation | 9 | 34 | |||||||
| Total Non-GAAP adjustments | 9 | 34 | |||||||
| NON-GAAP GROSS PROFIT | 10,217 | 7,143 | |||||||
| NON-GAAP GROSS PROFIT PERCENTAGE | 22.4 | % | 17.3 | % | |||||
| Research and Development: | |||||||||
| GAAP research and development expense | 1,502 | 2,787 | |||||||
| Share-based compensation | (9 | ) | (45 | ) | |||||
| Total Non-GAAP adjustments | (9 | ) | (45 | ) | |||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 1,493 | 2,742 | |||||||
| Sales and Marketing: | |||||||||
| GAAP sales and marketing expense | 4,672 | 5,180 | |||||||
| Share-based compensation | (39 | ) | (90 | ) | |||||
| Total Non-GAAP adjustments | (39 | ) | (90 | ) | |||||
| NON-GAAP SALES AND MARKETING EXPENSE | 4,633 | 5,090 | |||||||
| General and Administrative: | |||||||||
| GAAP general and administrative expense | 3,253 | 3,040 | |||||||
| Share-based compensation | (245 | ) | (370 | ) | |||||
| Total Non-GAAP adjustments | (245 | ) | (370 | ) | |||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 3,008 | 2,670 | |||||||
| Operating Expenses: | |||||||||
| GAAP total operating expenses | 10,282 | 11,582 | |||||||
| Share-based compensation | (293 | ) | (505 | ) | |||||
| Amortization of intangible assets | (123 | ) | (171 | ) | |||||
| Restructuring charges | (732 | ) | (404 | ) | |||||
| Total Non-GAAP adjustments | (1,148 | ) | (1,080 | ) | |||||
| NON-GAAP TOTAL OPERATING EXPENSES | 9,134 | 10,502 | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures Continued | ||||||||||
| (In thousands, unaudited) | ||||||||||
| For the three months ended | ||||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | |||||||||
| Income (Loss) from Operations: | ||||||||||
| GAAP income (loss) from operations | (74 | ) | (4,473 | ) | ||||||
| Share-based compensation | 302 | 539 | ||||||||
| Amortization of intangible assets | 123 | 171 | ||||||||
| Restructuring charges | 732 | 404 | ||||||||
| Total Non-GAAP adjustments | 1,157 | 1,114 | ||||||||
| NON-GAAP INCOME (LOSS) FROM OPERATIONS | 1,083 | (3,359 | ) | |||||||
| Income (Loss) before taxes & EBITDA: | ||||||||||
| GAAP income (loss) before taxes | (279 | ) | (4,490 | ) | ||||||
| Share-based compensation | 302 | 539 | ||||||||
| Amortization of intangible assets | 123 | 171 | ||||||||
| Restructuring charges | 732 | 404 | ||||||||
| Foreign exchange, net | 236 | 44 | ||||||||
| Total Non-GAAP adjustments | 1,393 | 1,158 | ||||||||
| NON-GAAP INCOME (LOSS) BEFORE TAXES | 1,114 | (3,332 | ) | |||||||
| Depreciation | 500 | 383 | ||||||||
| NON-GAAP EBITDA | 1,614 | (2,949 | ) | |||||||
| Net Income (Loss): | ||||||||||
| GAAP net income (loss) | (207 | ) | (4,628 | ) | ||||||
| Share-based compensation | 302 | 539 | ||||||||
| Amortization of intangible assets | 123 | 171 | ||||||||
| Restructuring charges | 732 | 404 | ||||||||
| Foreign exchange, net | 236 | 44 | ||||||||
| Income tax effect of reconciling items | (185 | ) | 1,388 | |||||||
| Total Non-GAAP adjustments | 1,208 | 2,546 | ||||||||
| NON-GAAP NET INCOME (LOSS) | 1,001 | (2,082 | ) | |||||||
| GAAP weighted average shares outstanding--basic | 21,010 | 20,258 | ||||||||
| NON-GAAP weighted average shares outstanding--diluted | 21,708 | 20,258 | ||||||||
| GAAP Net Income (Loss) per share - basic | ($0.01 | ) | ($0.23 | ) | ||||||
| Non-GAAP adjustments detailed above | 0.06 | 0.13 | ||||||||
| NON-GAAP NET INCOME PER SHARE (basic) | $ | 0.05 | ($0.10 | ) | ||||||
| GAAP Net Income (Loss) per share - diluted | ($0.01 | ) | ($0.23 | ) | ||||||
| Non-GAAP adjustments detailed above | 0.06 | 0.13 | ||||||||
| NON-GAAP NET INCOME PER SHARE (diluted) | $ | 0.05 | ($0.10 | ) | ||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||
| (In thousands, unaudited) | |||||||||
| For the twelve months ended | |||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | ||||||||
| Gross Profit: | |||||||||
| GAAP gross profit | 37,355 | 34,636 | |||||||
| Share-based compensation | 84 | 102 | |||||||
| Total Non-GAAP adjustments | 84 | 102 | |||||||
| NON-GAAP GROSS PROFIT | 37,439 | 34,738 | |||||||
| NON-GAAP GROSS PROFIT PERCENTAGE | 22.4 | % | 20.3 | % | |||||
| Research and Development: | |||||||||
| GAAP research and development expense | 6,977 | 10,592 | |||||||
| Share-based compensation | (91 | ) | (144 | ) | |||||
| Total Non-GAAP adjustments | (91 | ) | (144 | ) | |||||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 6,886 | 10,448 | |||||||
| Sales and Marketing: | |||||||||
| GAAP sales and marketing expense | 19,595 | 24,842 | |||||||
| Share-based compensation | (251 | ) | (203 | ) | |||||
| Total Non-GAAP adjustments | (251 | ) | (203 | ) | |||||
| NON-GAAP SALES AND MARKETING EXPENSE | 19,344 | 24,639 | |||||||
| General and Administrative: | |||||||||
| GAAP general and administrative expense | 12,412 | 13,987 | |||||||
| Share-based compensation | (1,036 | ) | (1,155 | ) | |||||
| Total Non-GAAP adjustments | (1,036 | ) | (1,155 | ) | |||||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 11,376 | 12,832 | |||||||
| Operating Expenses: | |||||||||
| GAAP total operating expenses | 44,196 | 51,039 | |||||||
| Share-based compensation | (1,378 | ) | (1,502 | ) | |||||
| Amortization of intangible assets | (565 | ) | (696 | ) | |||||
| Restructuring charges | (3,333 | ) | (922 | ) | |||||
| Loss (gain) on sale of assets | (1,314 | ) | - | ||||||
| Total Non-GAAP adjustments | (6,590 | ) | (3,120 | ) | |||||
| NON-GAAP TOTAL OPERATING EXPENSES | 37,606 | 47,919 | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures Continued | ||||||||||
| (In thousands, unaudited) | ||||||||||
| For the twelve months ended | ||||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | |||||||||
| Income (Loss) from Operations: | ||||||||||
| GAAP income (loss) from operations | (6,841 | ) | (16,403 | ) | ||||||
| Share-based compensation | 1,462 | 1,604 | ||||||||
| Amortization of intangible assets | 565 | 696 | ||||||||
| Restructuring charges | 3,333 | 922 | ||||||||
| Loss (gain) on sale of assets | 1,314 | - | ||||||||
| Total Non-GAAP adjustments | 6,674 | 3,222 | ||||||||
| NON-GAAP INCOME (LOSS) FROM OPERATIONS | (167 | ) | (13,181 | ) | ||||||
| Income (Loss) before taxes & EBITDA: | ||||||||||
| GAAP income (loss) before taxes | (6,494 | ) | (15,440 | ) | ||||||
| Share-based compensation | 1,462 | 1,604 | ||||||||
| Amortization of intangible assets | 565 | 696 | ||||||||
| Restructuring charges | 3,333 | 922 | ||||||||
| Loss (gain) on sale of assets | 1,314 | - | ||||||||
| Foreign exchange, net | 250 | (479 | ) | |||||||
| Total Non-GAAP adjustments | 6,924 | 2,743 | ||||||||
| NON-GAAP INCOME (LOSS) BEFORE TAXES | 430 | (12,697 | ) | |||||||
| Depreciation | 1,515 | 1,977 | ||||||||
| NON-GAAP EBITDA | 1,945 | (10,720 | ) | |||||||
| Net Income (Loss): | ||||||||||
| GAAP net income (loss) | (6,536 | ) | (16,182 | ) | ||||||
| Share-based compensation | 1,462 | 1,604 | ||||||||
| Amortization of intangible assets | 565 | 696 | ||||||||
| Restructuring charges | 3,333 | 922 | ||||||||
| Loss (gain) on sale of assets | 1,314 | - | ||||||||
| Foreign exchange, net | 250 | (479 | ) | |||||||
| Income tax effect of reconciling items | (1 | ) | 5,503 | |||||||
| Total Non-GAAP adjustments | 6,923 | 8,246 | ||||||||
| NON-GAAP NET INCOME (LOSS) | 387 | (7,936 | ) | |||||||
| GAAP weighted average shares outstanding--basic | 20,757 | 20,083 | ||||||||
| NON-GAAP weighted average shares outstanding--diluted | 21,282 | 20,083 | ||||||||
| GAAP Net Income (Loss) per share - basic | ($0.31 | ) | ($0.81 | ) | ||||||
| Non-GAAP adjustments detailed above | 0.33 | 0.41 | ||||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (basic) | $ | 0.02 | ($0.40 | ) | ||||||
| GAAP Net Income (Loss) per share - diluted | ($0.31 | ) | ($0.81 | ) | ||||||
| Non-GAAP adjustments detailed above | $ | 0.33 | 0.41 | |||||||
| NON-GAAP NET INCOME (LOSS) PER SHARE (diluted) | $ | 0.02 | ($0.40 | ) | ||||||
| Planar Systems, Inc. | |||||||||||||||||||||
| Revenue by Product Line | |||||||||||||||||||||
| (In millions) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Three months ended | % Change vs. | ||||||||||||||||||||
| Sept. 27, 2013 | Sept. 28, 2012 | Jun. 28, 2013 | Prior Year | Prior Quarter | |||||||||||||||||
| Digital Signage Sales | $ | 17.7 | $ | 13.6 | $ | 14.1 | 30 | % | 26 | % | |||||||||||
| Commercial & Industrial Sales | 28.0 | 27.8 | 23.4 | 1 | % | 20 | % | ||||||||||||||
| Desktop Monitors | 11.2 | 7.8 | 9.2 | 43 | % | 21 | % | ||||||||||||||
| Rear Projection Cubes | 4.9 | 4.2 | 3.5 | 17 | % | 42 | % | ||||||||||||||
| Touch Monitors | 4.6 | 5.2 | 5.0 | -12 | % | -9 | % | ||||||||||||||
| High-end Home | 2.0 | 3.2 | 2.2 | -38 | % | -10 | % | ||||||||||||||
| Custom Commercial & Industrial | 5.1 | 2.3 | 3.3 | 128 | % | 55 | % | ||||||||||||||
| Electroluminescent(1) | - | 4.3 | - | -100 | % | - | |||||||||||||||
| Other(1) | 0.2 | 0.8 | 0.2 | -61 | % | 24 | % | ||||||||||||||
| Total Sales | $ | 45.7 | $ | 41.4 | $ | 37.5 | 10 | % | 22 | % | |||||||||||
| Electroluminescent and custom glass(1) | - | 4.3 | - | -100 | % | - | |||||||||||||||
| Total Sales without Electroluminescent | $ | 45.7 | $ | 37.1 | $ | 37.5 | 24 | % | 22 | % | |||||||||||
|
(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. | |||||||||||||||||||
| Planar Systems, Inc. | |||||||||||
| Revenue by Product Line | |||||||||||
| (In millions) | |||||||||||
| (unaudited) | |||||||||||
| Twelve months ended | % Change | ||||||||||
| Sep. 27, 2013 | Sep. 28, 2012 | vs. Prior Year | |||||||||
| Digital Signage Sales | $ | 62.1 | $ | 43.8 | 42 | % | |||||
| Commercial & Industrial Sales | 104.7 | 127.6 | -18 | % | |||||||
| Desktop Monitors | 38.0 | 35.1 | 9 | % | |||||||
| Rear Projection Cubes | 20.8 | 26.2 | -21 | % | |||||||
| Touch Monitors | 19.8 | 16.1 | 23 | % | |||||||
| High-end Home | 9.7 | 15.6 | -38 | % | |||||||
| Custom Commercial & Industrial | 13.1 | 11.9 | 10 | % | |||||||
| Electroluminescent(1) | 2.3 | 19.8 | -88 | % | |||||||
| Other(1) | 1.0 | 2.9 | -65 | % | |||||||
| Total Sales | $ | 166.8 | $ | 171.4 | -3 | % | |||||
| Electroluminescent and custom glass(1) | 2.3 | 20.0 | -89 | % | |||||||
| Total Sales without Electroluminescent | $ | 164.5 | $ | 151.4 | 9 | % | |||||
|
(1) |
|
In the first quarter of 2013, the Company sold the assets and liabilities related to the Electroluminescent product line, including custom glass, which was included in other commercial & industrial sales. | |||||||||
