Planar HT Sees Q1 Sales Drop
By Greg Tarr -- TWICE, 2/6/2008
Beaverton, Ore. — Planar said sales from its home theater unit, including the Planar, Runco and Vidikron brands, dropped 3 percent from a year ago to $15.1 million for its fiscal first quarter, ended Dec. 31, 2007, and declined 1 percent from the pervious quarter.
Planar said the results included the historical results of Runco as represented to Planar in connection with the acquisition.
Sales for Runco- and Vidikron-branded products were $14.2 million, down 1 percent both sequentially and compared with the year-ago period, Planar reported. Sales for Planar-branded products were $0.9 million during the first quarter of 2008.
Planar said the company is “focusing on driving growth and improved operational efficiencies in this segment, including the consolidation of operations from Union City, Calif., to Planar’s other global facilities planned for March of 2008.”
Overall, the company, which also has businesses in commercial displays, medical monitors and control room and signage electronics, saw sales of $80.6 million, as revenue grew 24 percent compared with the first quarter of fiscal 2007.
However, Planar said its earnings loss increased due to interest expenses, losses on foreign exchange and other non-operating losses.
Planar lost nearly $3.5 million during the first quarter, which was higher than last year's first-quarter loss of $1.4 million.
The operating loss declined to $2.4 million from almost $3 million in the first quarter of 2007.
Planar said it expects second-quarter revenue to be $73 million to $77 million, due to softer economic conditions and historically slower business trends in some of its segments during the period.
In related news, Planar said it has named John Major, formerly of Tektronix, its new global supply chain and manufacturing VP. He had held a similar position at Tektronix.
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