Planar Systems, Inc. (PLNR)

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Planar Systems Inc. (PLNR)

F2Q2013 Results Earnings Call

May 6, 2013 5:00 PM ET


Gerald Perkel - President and Chief Executive Officer

Ryan Gray - Chief Financial Officer


Jim Ricchiuti - Needham & Company

Jeff Martin - Roth Capital



Good day, ladies and gentlemen. And welcome to the Second Quarter 2013 Planar Systems Earnings Conference Call. My name is Caris, and I will be your coordinator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions)

As a reminder, today’s call is being recorded for replay purposes. And I would now like to hand the call over to your host for today, Mr. Gerry Perkel, President and CEO. Please proceed.

Gerry Perkel

Good afternoon. And thank you for joining us for Planar’s second quarter earnings conference call. With me this afternoon is Ryan Gray, Planar’s Chief Financial Officer.

Before I begin I do need to say that the press release we issued today contains 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 earnings 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.

The 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 results. We are pleased that we were able to deliver revenue above our expectations for the quarter and as a result that the loss was less than expected.

Fiscal Q2 is tended to be our seasonally softest quarter in past years and while we did see a sequential decline it was not a severe as we have seen in the past. Our year-on-year performance showed some exceptional growth in key areas which is continuing evidence that our strategy is taking hold.

Total revenue for the quarter was $39.4 million, which is up 22% when compared with Q2 a year ago and eliminating EL revenue. As you may -- as you will recall, we sold our EL product line in Q1 and as a result, we do not expect to have any EL revenue going forward from that point.

Our Digital Signage Products revenue for Q2 totaled $13.4 million, which represents approximately 80% growth over Q2 a year ago. We continue to see very strong performance from our tiled LCD solutions as they grew 78% year-on-year.

We also saw a very strong performance in our signage monitor product families as they grew 128% over last year. This strong performance was linked to the expansion of this product line with the introduction of the UltraLux family of Digital Signage Monitors over the past several quarters.

We are continuing to invest in expanding our Digital Signage portfolio, in the past quarter we introduced the first of our 4K products, our 84-inch UltraRes product, which offers stunning visual performance. We also continue to invest in the evolution of our titled LCD solutions and we will look to offer new extensions and enhancement to this product area on a continual basis.

Our Touch Monitor revenues totaled $5.3 million which is a record quarter for us and represented 51% growth from Q2 a year ago. Our new Helium product, a Windows 8-ready 27-inch Touch product has been nicely in adding to our offering and helping to propel our growth. We plan to continue to enhance our Touch product family with new offerings as we move forward with the goal of driving more revenue growth.

Sales of our desktop monitor products were $9 million down approximately 3% from a year ago. Sales of our Runco product line were $2.5 million down 24% from a year ago. We continue to see soft market conditions in the high end home marketplace.

Sales of our rear-projection cube product line were up 17% from a year ago to $6.3 million as a large transaction contributed nicely this past quarter. We continue to see challenges in this product line as more customers look to flat panel solutions as a replacement to rear-projection cube solutions.

Sales of our custom products were $2.6 million, down 3% from a year ago. We do see some opportunity for growth in our custom product line as we get to the fourth quarter of this fiscal year, as some of our OEM customers see increase demand and as we begin to see shipments from a new design win that we have mentioned previously. All in all, from a revenue standpoint we are very pleased to see the 22% total year-on-year growth when excluding EL.

With the seasonal decline we did see revenues decline sequentially and with that decline we were below the break-even point and as such we did deliver a $0.03 per share loss on a non-GAAP basis. This was somewhat better than expectations based on the higher than expected revenue. While better than expected is still obviously not a satisfactory result, so we are taking additional actions to lower our break-even point.

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