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Planar Sees Sales Increase In Fiscal Q3

Beaverton, Ore. –
Planar Systems reported financial results for its fiscal third quarter, ended
June 25, including a sales increase of 13 percent sequentially and 1 percent
when compared with the prior-year period.

The company said
it recorded sales of $44.7 million and GAAP net income per share of $0.01 in
the third fiscal quarter. On a Non-GAAP basis, net income per share was $0.03.

Planar attributed
the sales increase to higher demand for its custom digital signage and embedded
displays, LCD video wall systems and desktop monitors, and said it was
partially offset by lower sales of high-end home and rear projection cube

Planar “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,” it said.  

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.

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, Planar said.