Published: July 29, 2010
Planar Announces Fiscal Third Quarter 2010 Financial Results
BEAVERTON, Ore. - (BUSINESS WIRE) - Planar Systems, Inc. (NASDAQ: PLNR), a worldwide leader in specialty
display solutions, recorded sales of $44.7 million and GAAP net income
per share of $0.01 in the third fiscal quarter ended June 25, 2010. On a
Non-GAAP basis (see reconciliation table), net income per share was
$0.03 in the third quarter of fiscal 2010.
"I am pleased with our overall financial results this quarter, as we
were able to exceed our expectations, grow revenue and return to
profitability," said Gerry Perkel, Planar's President and Chief
Executive Officer. "We continue to be focused on driving revenue growth
and improved profitability."
SUMMARY OF KEY FINANCIAL INFORMATION
The following information summarizes some key financial measures for the
Company at the end of the third quarter of fiscal 2010:
-
Tangible Net Worth of $58.0 million, representing a tangible book
value of approximately $3 per share outstanding for the third quarter
-
Cash on hand totaled $32.3 million. The Company had no debt
outstanding at the end of the quarter
-
Positive Non-GAAP EBITDA of $1.3 million
-
Net working capital totaled $54.5 million
-
DSO of 48 days
-
Current Ratio of 2.4 times
THIRD QUARTER FISCAL 2010 RESULTS
The Company's total sales for the third quarter of fiscal 2010 increased
13 percent sequentially and 1 percent compared with the same period a
year ago. The increase from the previous year was primarily driven by
higher demand for the Company's custom digital signage and embedded
displays, LCD video wall systems and desktop monitors, partially offset
by lower sales of high-end home and rear projection cube products. The
Company experienced strong end-market demand, particularly from
retailers, for custom digital signage products used in both in-store
retail networks and outdoor kiosk applications. Conversely, poor
economic conditions continued to negatively impact sales of high-end
home products and demand for rear projection cubes has remained soft,
with sales cycles for rear projection cubes further impacted by a
continuing industry-wide transition from traditional lamp-based
solutions to LED illumination.
The Company's consolidated gross margins (on a Non-GAAP basis) were 27.8
percent in the third quarter of 2010 up over 4 percentage points
sequentially but down from 28.8 percent compared with the third quarter
of 2009 (see reconciliation table). The decrease in gross margin, as a
percent of sales, from the previous year was primarily due to a less
favorable product mix resulting from lower sales of higher margin
command and control room rear projection cubes. Total operating expenses
(on a Non-GAAP basis) increased 1 percent in the third quarter of 2010
compared with the same quarter a year ago (see reconciliation table).
Increases in research and development and sales and marketing expenses
were mostly offset by lower spending in general and administrative
areas. Additional expenses for the period were the result of efforts to
address new and emerging growth opportunities for the Company.
BUSINESS OUTLOOK
While some of the Company's end markets continue to be negatively
impacted by the macro economy and industry-wide product and technology
transitions, the Company believes the relatively strong demand for
custom signage and embedded displays will continue into the fourth
fiscal quarter. As a result, the Company currently anticipates revenue
in the range of $45-48 million in the fourth quarter of fiscal 2010 and
Non-GAAP income between $0.02 and $0.04 per share. Net cash should be in
the range of $30-$33 million at the end of the fiscal year. For fiscal
year 2011, the Company expects to see growth in revenue and improved
Non-GAAP EPS compared with fiscal 2010, with a seasonal pattern of
stronger financial performance in the second half of the fiscal year
when compared to the first half.
Results of operations and the business outlook will be discussed in a
conference call today, July 29, 2010, 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 August 29, 2010. 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, shopping centers, 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 and
Non-GAAP income for the fourth quarter of fiscal 2010 and fiscal 2011
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; 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 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;
final settlement of various contractual liabilities; future production
variables impacting 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, 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
|
|
Nine months ended
|
|
|
|
June 25, 2010
|
|
June 26, 2009
|
|
June 25, 2010
|
|
June 26, 2009
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
|
44,739
|
|
|
$
|
44,087
|
|
|
$
|
127,475
|
|
|
$
|
129,725
|
|
|
Cost of Sales
|
|
|
32,330
|
|
|
|
31,456
|
|
|
|
95,793
|
|
|
|
95,548
|
|
|
Gross Profit
|
|
|
12,409
|
|
|
|
12,631
|
|
|
|
31,682
|
|
|
|
34,177
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
Research and development, net
|
|
|
2,418
|
|
|
|
2,330
|
|
|
|
7,454
|
|
|
|
7,415
|
|
|
Sales and marketing
|
|
|
6,081
|
|
|
|
5,894
|
|
|
|
17,179
|
|
|
|
18,409
|
|
|
General and administrative
|
|
|
3,901
|
|
|
|
4,736
|
|
|
|
12,281
|
|
|
|
15,338
|
|
|
Amortization of intangible assets
|
|
|
622
|
|
|
|
622
|
|
|
|
1,866
|
|
|
|
2,064
|
|
|
Impairment and restructuring charges
|
|
|
-
|
|
|
|
-
|
|
|
|
3,388
|
|
|
|
1,867
|
|
|
Gain on sale of assets
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(8,361
|
)
|
|
Total Operating Expenses
|
|
|
13,022
|
|
|
|
13,582
|
|
|
|
42,168
|
|
|
|
36,732
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations
|
|
|
(613
|
)
|
|
|
(951
|
)
|
|
|
(10,486
|
)
|
|
|
(2,555
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense):
|
|
|
|
|
|
|
|
|
|
Interest, net
|
|
|
3
|
|
|
|
(13
|
)
|
|
|
(7
|
)
|
|
|
(61
|
)
|
|
Foreign exchange, net
|
|
|
1,138
|
|
|
|
(493
|
)
|
|
|
2,362
|
|
|
|
428
|
|
|
Other, net
|
|
|
200
|
|
|
|
78
|
|
|
|
211
|
|
|
|
177
|
|
|
Net non-operating income (expense)
|
|
|
1,341
|
|
|
|
(428
|
)
|
|
|
2,566
|
|
|
|
544
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before taxes
|
|
|
728
|
|
|
|
(1,379
|
)
|
|
|
(7,920
|
)
|
|
|
(2,011
|
)
|
|
Provision (benefit) for income taxes
|
|
|
601
|
|
|
|
(45
|
)
|
|
|
(1,739
|
)
|
|
|
1,124
|
|
|
Net Income (loss)
|
|
$
|
127
|
|
|
$
|
(1,334
|
)
|
|
$
|
(6,181
|
)
|
|
$
|
(3,135
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) per share - basic
|
|
$
|
0.01
|
|
|
|
($0.07
|
)
|
|
|
($0.33
|
)
|
|
|
($0.17
|
)
|
|
Weighted average shares outstanding - basic
|
|
|
19,079
|
|
|
|
18,516
|
|
|
|
18,898
|
|
|
|
18,348
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) per share - diluted
|
|
$
|
0.01
|
|
|
|
($0.07
|
)
|
|
|
($0.33
|
)
|
|
|
($0.17
|
)
|
|
Weighted average shares outstanding - diluted
|
|
|
19,436
|
|
|
|
18,516
|
|
|
|
18,898
|
|
|
|
18,348
|
|
|
|
|
Planar Systems, Inc.
|
|
Consolidated Balance Sheets
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
June 25, 2010
|
|
Sept. 25, 2009
|
|
ASSETS
|
|
(unaudited)
|
|
|
|
Cash
|
|
$
|
32,278
|
|
|
$
|
30,722
|
|
|
Accounts receivable, net
|
|
|
23,709
|
|
|
|
26,561
|
|
|
Inventories
|
|
|
33,250
|
|
|
|
30,399
|
|
|
Other current assets
|
|
|
4,192
|
|
|
|
4,484
|
|
|
Total current assets
|
|
|
93,429
|
|
|
|
92,166
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
5,443
|
|
|
|
7,237
|
|
|
Goodwill
|
|
|
-
|
|
|
|
3,428
|
|
|
Intangible assets, net
|
|
|
3,857
|
|
|
|
5,723
|
|
|
Other assets
|
|
|
2,204
|
|
|
|
2,408
|
|
|
|
|
$
|
104,933
|
|
|
$
|
110,962
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Accounts payable
|
|
|
16,332
|
|
|
|
9,837
|
|
|
Current portion of capital leases
|
|
|
10
|
|
|
|
115
|
|
|
Deferred revenue
|
|
|
2,167
|
|
|
|
1,571
|
|
|
Other current liabilities
|
|
|
20,440
|
|
|
|
22,576
|
|
|
Total current liabilities
|
|
|
38,949
|
|
|
|
34,099
|
|
|
|
|
|
|
|
|
Other long-term liabilities
|
|
|
4,082
|
|
|
|
5,452
|
|
|
Total liabilities
|
|
|
43,031
|
|
|
|
39,551
|
|
|
|
|
|
|
|
|
Common stock
|
|
|
179,962
|
|
|
|
178,644
|
|
|
Retained earnings
|
|
|
(113,910
|
)
|
|
|
(107,210
|
)
|
|
Accumulated other comprehensive loss
|
|
|
(4,150
|
)
|
|
|
(23
|
)
|
|
Total shareholders' equity
|
|
|
61,902
|
|
|
|
71,411
|
|
|
|
|
$
|
104,933
|
|
|
$
|
110,962
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
June 25, 2010
|
|
June 26, 2009
|
|
Gross Profit:
|
|
|
|
|
|
GAAP Gross Profit
|
|
12,409
|
|
|
12,631
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
33
|
|
|
73
|
|
|
Total Non-GAAP adjustments
|
|
33
|
|
|
73
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT
|
|
12,442
|
|
|
12,704
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT PERCENTAGE
|
|
27.8
|
%
|
|
28.8
|
%
|
|
|
|
|
|
|
|
Research and Development:
|
|
|
|
|
|
GAAP research and development expense
|
|
2,418
|
|
|
2,330
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(47
|
)
|
|
(65
|
)
|
|
Total Non-GAAP adjustments
|
|
(47
|
)
|
|
(65
|
)
|
|
|
|
|
|
|
|
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE
|
|
2,371
|
|
|
2,265
|
|
|
|
|
|
|
|
|
Sales and Marketing:
|
|
|
|
|
|
GAAP sales and marketing expense
|
|
6,081
|
|
|
5,894
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(105
|
)
|
|
(344
|
)
|
|
Total Non-GAAP adjustments
|
|
(105
|
)
|
|
(344
|
)
|
|
|
|
|
|
|
|
NON-GAAP SALES AND MARKETING EXPENSE
|
|
5,976
|
|
|
5,550
|
|
|
|
|
|
|
|
|
General and Administrative:
|
|
|
|
|
|
GAAP General and Administrative Expense
|
|
3,901
|
|
|
4,736
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(188
|
)
|
|
(602
|
)
|
|
Total Non-GAAP adjustments
|
|
(188
|
)
|
|
(602
|
)
|
|
|
|
|
|
|
|
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE
|
|
3,713
|
|
|
4,134
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
GAAP Total Operating Expenses
|
|
13,022
|
|
|
13,582
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(340
|
)
|
|
(1,011
|
)
|
|
Amortization of intangible assets
|
|
(622
|
)
|
|
(622
|
)
|
|
Total Non-GAAP adjustments
|
|
(962
|
)
|
|
(1,633
|
)
|
|
|
|
|
|
|
|
NON-GAAP TOTAL OPERATING EXPENSES
|
|
12,060
|
|
|
11,949
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
|
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
For the three months ended
|
|
|
|
June 25, 2010
|
|
June 26, 2009
|
|
|
|
|
|
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
|
(613
|
)
|
|
|
(951
|
)
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
|
373
|
|
|
|
1,084
|
|
|
Amortization of intangible assets
|
|
|
622
|
|
|
|
622
|
|
|
Total Non-GAAP adjustments
|
|
|
995
|
|
|
|
1,706
|
|
|
|
|
|
|
|
|
NON-GAAP INCOME FROM OPERATIONS
|
|
|
382
|
|
|
|
755
|
|
|
|
|
|
|
|
|
Income (Loss) before taxes & EBITDA:
|
|
|
|
|
|
GAAP income (loss) before taxes
|
|
|
728
|
|
|
|
(1,379
|
)
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
|
373
|
|
|
|
1,084
|
|
|
Amortization of intangible assets
|
|
|
622
|
|
|
|
622
|
|
|
Foreign Exchange, net
|
|
|
(1,138
|
)
|
|
|
493
|
|
|
Total Non-GAAP adjustments
|
|
|
(143
|
)
|
|
|
2,199
|
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) BEFORE TAXES
|
|
|
585
|
|
|
|
820
|
|
|
Depreciation
|
|
|
695
|
|
|
|
1,131
|
|
|
NON-GAAP EBITDA
|
|
|
1,280
|
|
|
|
1,951
|
|
|
|
|
|
|
|
|
Net Income (Loss):
|
|
|
|
|
|
GAAP Net Income (loss)
|
|
|
127
|
|
|
|
(1,334
|
)
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
|
373
|
|
|
|
1,084
|
|
|
Amortization of intangible assets
|
|
|
622
|
|
|
|
622
|
|
|
Foreign Exchange, net
|
|
|
(1,138
|
)
|
|
|
493
|
|
|
Income tax effect of reconciling items
|
|
|
542
|
|
|
|
(128
|
)
|
|
Total Non-GAAP adjustments
|
|
|
399
|
|
|
|
2,071
|
|
|
|
|
|
|
|
|
NON-GAAP NET INCOME
|
|
|
526
|
|
|
|
737
|
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding--basic
|
|
|
19,079
|
|
|
|
18,516
|
|
|
GAAP weighted average shares outstanding--diluted
|
|
|
19,436
|
|
|
|
18,729
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) per share - basic
|
|
$
|
0.01
|
|
|
|
($0.07
|
)
|
|
Non-GAAP adjustments detailed above
|
|
|
0.02
|
|
|
|
0.11
|
|
|
NON-GAAP NET INCOME PER SHARE (basic)
|
|
$
|
0.03
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
GAAP Net Income (Loss) per share - diluted
|
|
$
|
0.01
|
|
|
|
($0.07
|
)
|
|
Non-GAAP adjustments detailed above
|
|
|
0.02
|
|
|
|
0.11
|
|
|
NON-GAAP NET INCOME PER SHARE (diluted)
|
|
$
|
0.03
|
|
|
$
|
0.04
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the nine months ended
|
|
|
|
June 25, 2010
|
|
June 26, 2009
|
|
Gross Profit:
|
|
|
|
|
|
GAAP Gross Profit
|
|
31,682
|
|
|
34,177
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
141
|
|
|
105
|
|
|
Total Non-GAAP adjustments
|
|
141
|
|
|
105
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT
|
|
31,823
|
|
|
34,282
|
|
|
|
|
|
|
|
|
NON-GAAP GROSS PROFIT PERCENTAGE
|
|
25.0
|
%
|
|
26.4
|
%
|
|
|
|
|
|
|
|
Research and Development:
|
|
|
|
|
|
GAAP research and development expense
|
|
7,454
|
|
|
7,415
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(177
|
)
|
|
(209
|
)
|
|
Total Non-GAAP adjustments
|
|
(177
|
)
|
|
(209
|
)
|
|
|
|
|
|
|
|
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE
|
|
7,277
|
|
|
7,206
|
|
|
|
|
|
|
|
|
Sales and Marketing:
|
|
|
|
|
|
GAAP sales and marketing expense
|
|
17,179
|
|
|
18,409
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(409
|
)
|
|
(1,260
|
)
|
|
Total Non-GAAP adjustments
|
|
(409
|
)
|
|
(1,260
|
)
|
|
|
|
|
|
|
|
NON-GAAP SALES AND MARKETING EXPENSE
|
|
16,770
|
|
|
17,149
|
|
|
|
|
|
|
|
|
General and Administrative:
|
|
|
|
|
|
GAAP General and Administrative Expense
|
|
12,281
|
|
|
15,338
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(586
|
)
|
|
(2,612
|
)
|
|
Total Non-GAAP adjustments
|
|
(586
|
)
|
|
(2,612
|
)
|
|
|
|
|
|
|
|
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE
|
|
11,695
|
|
|
12,726
|
|
|
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
|
GAAP Total Operating Expenses
|
|
42,168
|
|
|
36,732
|
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
(1,172
|
)
|
|
(4,081
|
)
|
|
Amortization of intangible assets
|
|
(1,866
|
)
|
|
(2,064
|
)
|
|
Impairment and restructuring charges
|
|
(3,388
|
)
|
|
(1,867
|
)
|
|
Gain on sale of assets
|
|
-
|
|
|
8,361
|
|
|
Total Non-GAAP adjustments
|
|
(6,426
|
)
|
|
349
|
|
|
|
|
|
|
|
|
NON-GAAP TOTAL OPERATING EXPENSES
|
|
35,742
|
|
|
37,081
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
|
|
(In thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
For the nine months ended
|
|
|
|
June 25, 2010
|
|
June 26, 2009
|
|
|
|
|
|
|
|
Income (Loss) from Operations:
|
|
|
|
|
|
GAAP income (loss) from operations
|
|
|
(10,486
|
)
|
|
(2,555
|
)
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
|
1,313
|
|
|
4,186
|
|
|
Amortization of intangible assets
|
|
|
1,866
|
|
|
2,064
|
|
|
Impairment and restructuring charges
|
|
|
3,388
|
|
|
1,867
|
|
|
Gain on sale of assets
|
|
|
-
|
|
|
(8,361
|
)
|
|
Total Non-GAAP adjustments
|
|
|
6,567
|
|
|
(244
|
)
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) FROM OPERATIONS
|
|
|
(3,919
|
)
|
|
(2,799
|
)
|
|
|
|
|
|
|
|
Income (Loss) before taxes & EBITDA:
|
|
|
|
|
|
GAAP income (loss) before taxes
|
|
|
(7,920
|
)
|
|
(2,011
|
)
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
|
1,313
|
|
|
4,186
|
|
|
Amortization of intangible assets
|
|
|
1,866
|
|
|
2,064
|
|
|
Impairment and restructuring charges
|
|
|
3,388
|
|
|
1,867
|
|
|
Gain on sale of assets
|
|
|
-
|
|
|
(8,361
|
)
|
|
Foreign Exchange, net
|
|
|
(2,362
|
)
|
|
(428
|
)
|
|
Total Non-GAAP adjustments
|
|
|
4,205
|
|
|
(672
|
)
|
|
|
|
|
|
|
|
NON-GAAP INCOME (LOSS) BEFORE TAXES
|
|
|
(3,715
|
)
|
|
(2,683
|
)
|
|
Depreciation
|
|
|
2,290
|
|
|
3,074
|
|
|
NON-GAAP EBITDA
|
|
|
(1,425
|
)
|
|
391
|
|
|
|
|
|
|
|
|
Loss from continuing operations:
|
|
|
|
|
|
GAAP net loss
|
|
|
(6,181
|
)
|
|
(3,135
|
)
|
|
|
|
|
|
|
|
Share-based Compensation
|
|
|
1,313
|
|
|
4,186
|
|
|
Amortization of intangible assets
|
|
|
1,866
|
|
|
2,064
|
|
|
Impairment and restructuring charges
|
|
|
3,388
|
|
|
1,867
|
|
|
Gain on sale of assets
|
|
|
-
|
|
|
(8,361
|
)
|
|
Foreign Exchange, net
|
|
|
(2,362
|
)
|
|
(428
|
)
|
|
Income tax effect of reconciling items
|
|
|
(346
|
)
|
|
2,130
|
|
|
Total Non-GAAP adjustments
|
|
|
3,859
|
|
|
1,458
|
|
|
|
|
|
|
|
|
NON-GAAP NET LOSS
|
|
|
(2,322
|
)
|
|
(1,677
|
)
|
|
|
|
|
|
|
|
GAAP weighted average shares outstanding--basic and diluted
|
|
|
18,898
|
|
|
18,348
|
|
|
|
|
|
|
|
|
GAAP net loss per share (basic and diluted)
|
|
|
($0.33
|
)
|
|
($0.17
|
)
|
|
Non-GAAP adjustments detailed above
|
|
|
$0.21
|
|
|
0.08
|
|
|
NON-GAAP NET LOSS PER SHARE (basic and diluted)
|
|
|
($0.12
|
)
|
|
($0.09
|
)
|
Planar Systems, Inc.
Media Contact:
Pippa Edelen, 503-748-5868
pippa.edelen@planar.com
or
Investor
Contact:
Ryan Gray, 503-748-8911
ryan.gray@planar.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
Search News
Daily News
