Planar Systems, Inc. (PLNR)

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Planar Systems, Inc. (PLNR)

F4Q12 Earnings Call

November 20, 2012 5:00 PM ET


Gerry Perkel – President and CEO

Scott Hildebrandt – VP and CFO

Ryan Gray – VP


Jim Ricchiuti – Needham & Company

Jeff Martin – ROTH Capital Partners

Kelly Cardwell – Central Square Management

Dan Weston – WestCap Management



Good day ladies and gentlemen, and welcome to the Fourth Quarter 2012 Planar Systems Earnings Conference Call. My name is Chanelle, and I will be your operator for today. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to Mr. Gerry Perkel, Planar President and CEO.

Gerry Perkel

Good afternoon and thank you for joining us for Planar’s fourth quarter earnings conference call. With me this afternoon is Scott Hildebrandt, Planar’s Chief Financial Officer and Ryan Gray, Planar’s Vice President of Finance and incoming CFO. As previously announced, we’re implementing a succession plan in which Ryan will transition to the CFO role effective January 1, 2013. And from this point forward, he’ll be playing a role in our quarterly earnings conference calls.

Before I begin I do need to say that the press release we issued today contain forward-looking statements. On this conference call we will comment on our strategic business and financial outlook and make other forward-looking statements based on our current expectations, estimates, assumptions and projections. Words such as expects, anticipates, intends, plans, believes, sees, estimates and variations of such words and similar expressions are intended to identify such forward-looking statements.

All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. I refer you to the earning’s press release we issued earlier today and to our periodic filings with the SEC for a description of factors that could cause actual results to differ materially from the results described in the forward-looking statements. Forward-looking statements we make today speak only as of today and we do not undertake any obligation to update any such statements to reflect events or circumstances occurring after today.

With that behind us, let me move on to talk about our financial results. We were disappointed in our revenue performance in Q4, as we had expected revenue fairly similar to our Q3 levels. Q4 revenue was $41.4 million compared to $44.7 million level we had seen in Q3.

The key drivers of our shortfall were three-fold. First, we had a couple of customers push delivery dates out on a few large orders late in the fourth quarter. Secondly, it’s a minor material shortfalls and finally we did see somewhat slower shippable order rates in the second half of the quarter than we had seen in the first half of the quarter.

Also, we did see in Q4, customers being less confident about spending levels, particularly our OEMs that serve the US Military market. The resulting revenue shortfall creates some additional challenges on the gross profit line due to absorption and as a result we also delivered a larger loss than we had expected.

Let me now comment on some of the performance across our various product lines. Sales our digital signage products finished the quarter at $13.6 million, which is our largest quarter of digital signage product sales ever, that level of digital signage product sales represent a 20% year-on-year growth and 15% sequential growth. Our strategies for growing digital signage product revenues are working well and we expect some strong growth in these product lines for the first quarter and in FY13 in total.

Within our digital signage product portfolio, there were some no-worthy developments. Our Tiled LCD products which include our Matrix and Mosaic product lines experienced their highest revenue ever at $9.9 million which represented 18% year-on-year growth and 9% sequential growth. We expect to see strong growth continuing in the Tiled LCD system part of our digital signage product portfolio as we move forward into FY13 and for that growth to be from both our continued growth and Matrix product sales as well as from the addition of our Mosaic product line to the digital signage portfolio.

Additionally, our signage monitor product line experienced a strong quarter and nice growth, a $3.1 million of signage monitor sales in Q4 represented 57% growth on a year-on-year basis and 17% sequential growth. We began shipping our UltraLux offerings which helped to drive that growth.

In our commercial and industrial product lines, the performance was somewhat mixed. Overall commercial and industrial revenues for Q4 were $27.8 million, which represented a 30% decline on a year-on-year basis and a 16% sequential decline.

EL sales of $4.5 million for the quarter represented a 40% decline on a year-on-year basis, as we saw lower demand from a number of customer segments. We also saw sequential declines in our Rear Projection cube, desktop monitor and Runco product lines. While Runco branded revenues were $3.2 million down 36% year-on-year, we did begin to see some significant contribution from our Runco resellers in selling our digital signage product lines as those resellers began to expand their focus to include more commercial projects.

The most positive result in our commercial and industrial product lines was our touch monitor product lines. Touch-monitor revenues were $5.2 million representing 42% growth year-on-year and 35% sequential growth. We launched a new product in this category which offers some additional potential for growth as we look forward. Our Helium product was launched in September and we began delivering in October. This 27-inch touch monitor was specifically designed to meet the needs of Windows 8 users.

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