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Planar Systems, Inc. (PLNR)
F4Q11 (Qtr End 09/30/2011) Earnings Call
November 3, 2011 5:00 pm ET
Gerry Perkel - President and CEO
Scott Hildebrandt - CFO
Jim Ricchiuti - Needham & Company
Omid Eftekhari - ROTH Capital Partners
Steve Spence - RBC Wealth Management
Previous Statements by PLNR
» Planar Systems Inc.'s CEO Discusses F3Q11 Results Earnings Call Transcript
» Planar Systems' CEO Discusses Q2 2011 Results - Earnings Call Transcript
» Planar Systems CEO Discusses F1Q2011 Results - Earnings Call Transcript
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.
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 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 say that I am pleased with the results we were able to deliver for the quarter and for the full fiscal year. We were able to exceed our expectations for the fourth quarter for both revenue and non-GAAP earnings.
During the quarter we experienced 6% total revenue growth, including 15% growth for digital signage products and 1% or $0.01 of non-GAAP earnings per share. For the full fiscal year, we also delivered both revenue growth and non-GAAP profitability.
Full year revenue growth of 6% represented the highest level of non-acquisition aided growth in eight years for the company. For the year, we were able to grow sales of our digital signage products by 32%. Also, non-GAAP earnings per share of $0.05 for fiscal 2011, represented the highest level of annual non-GAAP profitability since 2006.
Let me talk now a bit more about the results in some of our products lines. As we have discussed in previous calls, digital signage product lines will be key to our growth strategy. As I just mentioned, we did see nice growth in our digital signage product lines for both Q4 and for the full fiscal year.
Sales of our digital signage products totaled $11.4 million for the quarter and $39.5 million for the year, representing 15% and 32% growth respectively. The $39.5 million in digital signage sales represented 21% of our total revenues for the year, up from 17% a year ago.
In particular, our Clarity Matrix LCD video wall solution grew tremendously, as we ship more in the fourth quarter than in all of fiscal 2010 and provides a strong platform for growth going forward for the company. We are seeing a wide variety of applications for this product line from retail to airports, to corporate to sports arenas.
A particular note is that significant recent Matrix installation in the Gucci flagship retail store in Milan, Italy. This installation is indicative of kinds of opportunities we are seeing in retail, as many retailers look for ways to create new exciting environments to attract customers.
In addition to strong sales results, we have expanded our digital signage product portfolio with the introduction of the PS-Series of large format digital signage displays. These products offer us the opportunity to expand our reach into additional portions of the growing digital signage market.
In our non-digital signage product lines, we experienced 4% growth in Q4 and 1% growth for the full fiscal year. Our rear projection cube products grew 31% in the quarter with particular strength in our international markets. Our touch monitor products also had strong growth in the quarter at 36%. And our high-end home products grew 24% in the quarter. This was partially offset by decline in some mature product lines during the quarter.
In addition to the revenue results I have just described, we also continued our effort to expand our resources focused on the digital signage market. We've added sales capacity and marketing resources, as we continue to believe that the digital signage market offers us an excellent growth opportunity. All-in-all we are very pleased with the results of this quarter and the progress we are making towards transforming Planar into a consistent double-digit growth company.
With that, let me turn the call over to Scott to discuss our financial performance in a bit more detail.
Thanks, Gerry. Let me start with our income statement. As you are aware, we've reported GAAP loss per share of $0.07 and non-GAAP income per share of $0.01 earlier today for our fourth quarter of fiscal 2011. For the full fiscal year, GAAP loss per share totaled $0.24. However, non-GAAP income per share was a positive $0.05, as Gerry mentioned earlier.
Non-GAAP results exclude non-cash GAAP items, such as intangibles, amortization expense, foreign exchange gains or losses resulting from foreign based translation of U.S. denominated assets, share based compensation expense, some tax items and other non-recurring charges such as restructuring and impairment. For more detail on these items, a reconciliation is included in the supplementary tables within our press release.