Planar Announces Fiscal First Quarter 2014 Financial Results
Gail Chiasson, North American Editor
Planar Systems Inc., Beaverton, Oregon, company in display and digital signage technology, recorded sales of $40.5 million in its first fiscal quarter ended Dec. 27/13.
“I am pleased with our start to fiscal 2014,” says Gerry Perkel, Planar’s president and CEO. “Specifically, I am pleased we were able to achieve profitability and accomplish our strategic objective of growing digital signage product revenue year-over-year, despite a difficult comparison to our first quarter of last year.”
Planar achieved record quarterly sales of digital signage products totaling $19.0 million in the fiscal first quarter of 2014, representing 12% growth compared with the first fiscal quarter of 2013. It recorded Non-GAAP EBITDA of $1.7 million in the first quarter of 2014, the highest level of quarterly Non-GAAP EBITDA in almost three years.
The company recently announced the next-generation Clarity Matrix LCD Video Wall System with G2 Architecture, which delivers a new level of visual performance for its family of LCD video wall solutions
Total Company revenue decreased 8% compared to the first quarter of fiscal 2013. The Company had sold the assets comprising its Electroluminescent (EL) product line during Q1 of fiscal 2013. Excluding revenue associated with EL products, the Company’s total revenue decreased 3% compared with the first quarter of fiscal 2013. The Company’s consolidated gross profit margin, as a percentage of sales (on a Non-GAAP basis), was 24.1% in the first quarter of 2014, down from 25.0 percent in the first quarter of 2013.
Looking towards the rest of fiscal year 2014, Planar management believes it can achieve 20%-to-30% revenue growth for sales of digital signage products for the full fiscal year and, as a result, grow overall revenue and improve profitability. For the full fiscal year, the Company expects revenue in the range of $165-175 million and Non-GAAP income per share of $0.11 to $0.16. In the short-term, the Company expects to see flat to slightly higher sales sequentially and also expects to follow its normal pattern of higher expenses in the second fiscal quarter related to the timing of product releases and trade shows. As a result, the Company currently anticipates revenue in the range of $40-42 million and Non-GAAP income per share of $0.00 to $0.02 in the second fiscal quarter of 2014.
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