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| [August 04, 2009] |
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Planar Announces Fiscal Third Quarter 2009 Financial Results
BEAVERTON, Ore. --(Business Wire)--
Planar Systems (News - Alert), Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, recorded sales of $44.1 million and GAAP loss per share of $0.07 in the third quarter ended June 26, 2009. On a Non-GAAP basis (see reconciliation table), income per share was $0.04 in the third quarter of fiscal 2009.
"I am pleased with our sequential sales growth and return to Non-GAAP profitability in the third quarter, especially considering the continued general weakness in the global economic environment," said Gerry Perkel, Planar's President and Chief Executive Officer. "We have begun to see improved order funnels and deal opportunities in our Industrial business compared to earlier this fiscal year, which is an encouraging sign. In addition, our continued focus on strengthening the balance sheet and improving business profitability has yielded solid results as we generated cash from both working capital and operations during the third quarter."
SUMMARY OF KEY FINANCIAL METRICS
The following information summarizes some key financial measures for the Company at the end of the third quarter of fiscal 2009:
The Company ended the quarter with Tangible Net Worth of $59.9 million, representing a tangible book value of approximately $3.20 per diluted share outstanding for the third quarter.
Cash increased $2.0 million from the end of the second quarter to $25.5 million (approximately $1.36 per diluted share outstanding for the third quarter). The Company had no debt outstanding at the end of the quarter.
Net cash has increased over $39 million since the end of the third quarter one year ago.
Net working capital increased to $54.7 million.
Current Ratio improved to 2.53.
Consolidated Non-GAAP effective tax rate has been lowered to approximately 10 percent.
SUMMARY OF FISCAL THIRD QUARTER 2009 BUSINESS SEGMENT FINANCIAL PERFORMANCE
The following table presents a breakdown of the Company's Non-GAAP financial performance by major business unit for the third quarter of fiscal 2009. Additional comparative segment financial information, along with reconciliations to GAAP and information regarding the use of Non-GAAP financial measures, are presented in supplementary tables and notes included with this release.
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Total
Net Sales
13,472
12,157
12,117
6,341
44,087
- Y/Y Growth %
-18%
-41%
-16%
-52%
-32%
- Qtr/Qtr Growth %
24%
28%
35%
-12%
21%
Business Unit Operating Income (loss)
2,822
2,469
454
(581)
5,164
Corporate Expense Allocation
(1,239)
(634)
(1,607)
(929)
(4,409)
Non-GAAP Operating Income (loss)
1,583
1,835
(1,153)
(1,510)
755
Depreciation
562
44
282
243
1,131
Non-GAAP EBITDA
2,145
1,879
(871)
(1,267)
1,886
- EBITDA % of Sales
16%
15%
-7%
-20%
4%
Notes: Corporate Expense Allocation includes primarily G&A expense along with Corporate R&D and Sales & Marketing Expense
SUMMARY OF THIRD QUARTER RESULTS
Sales in the Company's Industrial Business Unit (IBU) increased 24 percent to $13.5 million in the third quarter compared to the second quarter in fiscal 2009. The Industrial segment experienced renewed demand for customized digital display solutions compared to earlier this fiscal year. Orders were especially strong related to certain specific specialty retail display applications. In addition to a robust sequential sales increase, the IBU also had a strong design win quarter, successfully landing a number of new design wins which offer the opportunity to deliver up to approximately $7 million in revenue over the next 18 to 24 months. These wins included customized solutions for outdoor digital signage applications, special ruggedized and hardened displays, a new EL application in a radio communication system as well as displays to support new versions of the now popular DVD rental Kiosks. Additionally the IBU is working on new opportunities for its transparent EL display technology. Based in part on these new design wins and new opportunities, the Company expects year-over-year revenue growth in the Industrial segment in fiscal 2010.
Sales in the Commercial Business Unit (CBU) increased 28 percent sequentially, and included a favorable mix of higher margin touch and other monitors vs. pure commercial grade displays. In addition, unique conditions were favorable to overall CBU gross profit for the third quarter as the Company was able to sell certain inventory prior to increases in industry-wide product costs. The Commercial segment continues to be focused on opportunities to offer and sell higher margin products in its portfolio and contribute positive earnings and return on invested capital to the Company.
Sales for the Control Room & Signage Business Unit (CSBU) increased 35 percent compared to the second quarter of 2009 due to the stronger seasonal trend combined with improved demand in the government and utilities sectors for rear projection "video wall" installations. In addition, the CSBU announced a new category of LCD based "Clarity (News - Alert) Matrix" video wall displays that leverage the very latest in super narrow bezel LCD technology, a unique mounting system, centralized outboard electronics and simplified configuration and management software. The Company's plan is for this new technology to open up additional opportunities for Video Walls where rear projection technology may not fully satisfy the specific application.
Sales for the Home Theater Business Unit (HTBU) declined 12 percent compared to the second quarter of 2009 as demand for high-end home theater equipment continued to be negatively impacted by the slumping luxury home construction and remodeling markets. The Company is continuing to review and act on opportunities to improve the financial performance of this unit in the future, both through further cost reductions, and through commencing the offering of a number of new, higher margin products under the "Runco" brand.
Overall Company gross margins were approximately 29 percent in the third quarter, driven by a favorable mix of higher margin products in most of the Company's business units, some unique market conditions in the Commercial business and the impact of continued company-wide actions to enhance operational efficiencies and implement cost reductions. Sales and Marketing, R&D, as well as General and Administrative expenses have been reduced significantly compared to the previous year, and should continue to decline into fiscal 2010 as the Company's expected restructuring activities are fully implemented. Finally, the Company's consolidated Non-GAAP effective tax rate has been reduced to approximately 10 percent for the third and fourth quarter of fiscal 2009. This lowered Non-GAAP effective tax rate should remain at similar levels in fiscal 2010.
BUSINESS OUTLOOK
While the Company believes its markets are still being negatively impacted by the global economic situation, the Company is beginning to see renewed order activity in the Industrial business and experienced sequential sales growth in all of its businesses during the third quarter with the exception of the Home Theater Unit. Overall Company financial results were improved in the third quarter and the Company believes additional opportunities to increase cash and profitability exist. In addition, the Company remains committed to its strategy of supporting the Business Units that are achieving their financial goals and aggressively working to improve or divest the segments that are unable to contribute positively to the Company's financial performance.
Looking forward, the Company currently believes it will experience similar levels of revenue in the fourth quarter compared to the third quarter of 2009 which should result in positive Non-GAAP earnings and EBITDA for the fourth quarter. In addition, the Company believes that sales, Non-GAAP profitability and EBITDA will improve for the full year of fiscal 2010 compared to fiscal 2009, with a similar pattern to fiscal 2009 in terms of the expectation for higher revenues and profits in the second half of the fiscal year than in the first half.
Results of operations and the business outlook will be discussed in a conference call today, August 4, 2009, beginning at 2:00 PM Pacific Time. The call can be heard via the Internet through a link on Planar's Web site, www.planar.com, or through numerous other investor sites, and will be available for replay until September 4, 2009. The Company intends to post on its Web site a transcript of the prepared management commentary from the conference call shortly after the conclusion of the call.
ABOUT PLANAR
Planar Systems, Inc (NASDAQ:PLNR) is a global leader of specialty display technology providing solutions for the world's most demanding environments. Hospitals, space and military programs, utility and transportation hubs, shopping centers, banks, government agencies, businesses, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Founded in 1983, Planar is headquartered in Oregon, USA, with offices, manufacturing partners, and customers worldwide. For more information, visit www.planar.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to Planar's business operations and prospects, including statements relating to expectations of future orders and revenue from recent design wins and year-over-year revenue growth in the Industrial segment, actions taken to improve future financial performance, Sales and Marketing, R&D and General and Administrative expense levels for fiscal year 2010, the expected non-GAAP effective tax rate for fiscal year 2010 and the statements made under the heading "Business Outlook." These statements are made pursuant to the safe harbor provisions of the federal securities laws. These and other forward-looking statements, which may be identified by the inclusion of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "goal" and variations of such words and other similar expressions, are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements: poor or further weakened domestic and international business and economic conditions; changes or continued reductions in the demand for products in the various display markets served by the Company; further inability to realize expected benefits and synergies of the Clarity and Runco acquisitions; any delay in the timing of customer orders or the Company's ability to ship product upon receipt of a customer order; any inability to reduce costs quickly enough in response to unanticipated reductions in revenue; adverse impacts on the Company or its operations relating to or arising from Company indebtedness and difficulties in obtaining necessary financing, changes in the flat-panel monitor industry; changes in customer demand or ordering patterns; the Company's inability to complete intended dispositions of underperforming or non-strategic assets; changes in the competitive environment including pricing pressures or technological changes; technological advances; shortages of manufacturing capacity from the Company's third-party manufacturing partners; final settlement of various contractual liabilities; future production variables impacting excess inventory and other risk factors listed from time to time in the Company's periodic filings with the Securities and Exchange Commission (SEC (News - Alert)). The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
Note Regarding the Use of Non-GAAP Financial Measures:
In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company's earnings release contains Non-GAAP financial measures that exclude the income statement effects of the acquisitions of Clarity Visual Systems and Runco International, share-based compensation and the requirements of SFAS No. 123R, "Share-based Payment" ("123R"). The Non-GAAP financial measures also exclude impairment and restructuring charges, the amortization of intangible assets related to previous acquisitions, various tax charges including the valuation allowance against deferred tax assets and, new this quarter, excludes the gain or loss on foreign currency due to the non-cash nature of the charge. The earnings release also contains a calculation of Non-GAAP earnings before interest, taxes, depreciation, and amortization (Non-GAAP EBITDA), which, in addition to excluding the effects of the Clarity and Runco acquisitions, share based compensation, and other adjustments, includes an allocation of Corporate expenses to the Company's business segments in order to calculate Non-GAAP EBITDA by business segment. Such corporate expenses include Corporate General and Administrative (primarily), Research and Development, and Sales and Marketing which are not specifically identified as related to each business segment in the information provided to the Chief Operating Decision Maker, rather are estimated for the purpose of presenting fully burdened lines of business. The Non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The Non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
Planar Systems, Inc.
Consolidated Statement of Operations
(In thousands, except per share amounts)
(unaudited)
Three months ended
Nine months ended
June 26, 2009
June 27, 2008
June 26, 2009
June 27, 2008
Sales
$
44,087
$
64,542
$
129,725
$
192,834
Cost of Sales
31,456
50,809
95,548
148,603
Gross Profit
12,631
13,733
34,177
44,231
Operating Expenses:
Research and development, net
2,330
3,123
7,415
8,858
Sales and marketing
5,894
8,303
18,409
26,147
General and administrative
4,736
5,590
15,338
17,594
Amortization of intangible assets
622
1,830
2,064
5,425
Acquisition related costs
-
210
-
1,639
Impairment and restructuring charges
-
58,664
1,867
58,167
Gain on sale of assets
-
-
(8,361
)
-
Total Operating Expenses
13,582
77,720
36,732
117,830
Loss from operations
(951
)
(63,987
)
(2,555
)
(73,599
)
Non-operating income (expense):
Interest, net
(13
)
(203
)
(61
)
(809
)
Foreign exchange, net
(493
)
(168
)
428
(243
)
Other, net
78
43
177
(64
)
Net non-operating income (expense)
(428
)
(328
)
544
(1,116
)
Loss from continuing operations before taxes
(1,379
)
(64,315
)
(2,011
)
(74,715
)
Provision (benefit) for income taxes
(45
)
(135
)
1,124
244
Loss from continuing operations
(1,334
)
(64,180
)
(3,135
)
(74,959
)
Income from discontinued operations, net of income taxes
-
2,161
-
4,213
Net loss
$
(1,334
)
$
(62,019
)
$
(3,135
)
$
(70,746
)
Loss per share from continuing operations - basic and diluted
($0.07
)
($3.58
)
($0.17
)
($4.22
)
Income per share from discontinued operations - basic and diluted
$
0.00
$
0.12
$
0.00
$
0.24
Net loss per share - basic and diluted
($0.07
)
($3.46
)
($0.17
)
($3.99
)
Weighted average shares outstanding - basic and diluted
18,516
17,928
18,348
17,750
Planar Systems, Inc.
Consolidated Balance Sheets
(In thousands)
June 26, 2009
Sept. 26, 2008
ASSETS
(unaudited)
Cash
$
25,511
$
14,915
Accounts receivable, net
28,670
41,741
Inventories
32,393
38,782
Other current assets
3,833
5,063
Total current assets
90,407
100,501
Property, plant and equipment, net
7,797
10,657
Goodwill
3,428
3,428
Intangible assets, net
6,345
9,390
Other assets
2,113
5,148
$
110,090
$
129,124
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable
10,196
21,962
Current portion of capital leases
186
198
Deferred revenue
1,929
1,704
Other current liabilities
23,440
28,213
Total current liabilities
35,751
52,077
Other long-term liabilities
4,696
6,615
Total liabilities
40,447
58,692
Common stock
177,851
173,519
Retained earnings
(106,792
)
(103,497
)
Accumulated other comprehensive income (loss)
(1,416
)
410
Total shareholders' equity
69,643
70,432
$
110,090
$
129,124
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
For the three months ended
June 26, 2009
June 27, 2008
Gross Profit:
GAAP Gross Profit
12,631
13,733
Share-based Compensation
73
151
Total Non-GAAP adjustments
73
151
NON-GAAP GROSS PROFIT
12,704
13,884
Research and Development:
GAAP research and development expense
2,330
3,123
Share-based Compensation
(65
)
(127
)
Total Non-GAAP adjustments
(65
)
(127
)
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE
2,265
2,996
Sales and Marketing:
GAAP sales and marketing expense
5,894
8,303
Share-based Compensation
(344
)
(281
)
Total Non-GAAP adjustments
(344
)
(281
)
NON-GAAP SALES AND MARKETING EXPENSE
5,550
8,022
General and Administrative:
GAAP General and Administrative Expense
4,736
5,590
Share-based Compensation
(602
)
(637
)
Total Non-GAAP adjustments
(602
)
(637
)
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE
4,134
4,953
Income (Loss) from Operations:
GAAP loss from operations
(951
)
(63,987
)
Share-based Compensation
1,084
1,196
Amortization of intangible assets
622
1,830
Acquisition related costs
-
210
Restructuring charges
-
58,664
Total Non-GAAP adjustments
1,706
61,900
NON-GAAP INCOME (LOSS) FROM OPERATIONS
755
(2,087
)
Income (Loss) from continuing operations:
GAAP loss from continuing operations
(1,334
)
(64,180
)
Share-based Compensation
1,084
1,196
Amortization of intangible assets
622
1,830
Acquisition related costs
-
210
Restructuring charges
-
58,664
Foreign Exchange, net
493
168
Income tax effect of reconciling items
(128
)
708
Total Non-GAAP adjustments
2,071
62,776
NON-GAAP INCOME (LOSS) FROM CONTINUING OPERATIONS
737
(1,404
)
GAAP weighted average shares outstanding--basic
18,516
17,928
GAAP weighted average shares outstanding--diluted
18,729
17,928
GAAP net loss per share from continuing operations (basic)
($0.07
)
($3.58
)
Non-GAAP adjustments detailed above
0.11
3.50
NON-GAAP NET (News - Alert) INCOME (LOSS) PER SHARE (basic)
$
0.04
($0.08
)
GAAP net loss per share from continuing operations (diluted)
($0.07
)
$
0.00
Non-GAAP adjustments detailed above
0.11
3.50
NON-GAAP NET INCOME (LOSS) PER SHARE (diluted)
$
0.04
($0.08
)
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
For the nine months ended
June 26, 2009
June 27, 2008
Gross Profit:
GAAP Gross Profit
34,177
44,231
Share-based Compensation
105
387
Total Non-GAAP adjustments
105
387
NON-GAAP GROSS PROFIT
34,282
44,618
Research and Development:
GAAP research and development expense
7,415
8,858
Share-based Compensation
(209
)
(319
)
Total Non-GAAP adjustments
(209
)
(319
)
NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE
7,206
8,539
Sales and Marketing:
GAAP sales and marketing expense
18,409
26,147
Share-based Compensation
(1,260
)
(961
)
Total Non-GAAP adjustments
(1,260
)
(961
)
NON-GAAP SALES AND MARKETING EXPENSE
17,149
25,186
General and Administrative:
GAAP General and Administrative Expense
15,338
17,594
Share-based Compensation
(2,612
)
(1,876
)
Total Non-GAAP adjustments
(2,612
)
(1,876
)
NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE
12,726
15,718
Income (Loss) from Operations:
GAAP income (loss) from operations
(2,555
)
(73,599
)
Share-based Compensation
4,186
3,543
Amortization of intangible assets
2,064
5,425
Acquisition related costs
-
1,639
Restructuring charges
1,867
58,167
Gain on sale of assets
(8,361
)
-
Total Non-GAAP adjustments
(244
)
68,774
NON-GAAP INCOME (LOSS) FROM OPERATIONS
(2,799
)
(4,825
)
Income (Loss) from continuing operations:
GAAP loss from continuing operations
(3,135
)
(74,959
)
Share-based Compensation
4,186
3,543
Amortization of intangible assets
2,064
5,425
Acquisition related costs
-
1,639
Restructuring charges
1,867
58,167
Gain on sale of assets
(8,361
)
-
Foreign Exchange, net
(428
)
243
Income tax effect of reconciling items
2,130
2,381
Total Non-GAAP adjustments
1,458
71,398
NON-GAAP INCOME (LOSS) FROM CONTINUING OPERATIONS
(1,677
)
(3,561
)
GAAP weighted average shares outstanding--basic and diluted
18,348
17,750
GAAP net income (loss) per share from continuing operations (basic and diluted)
($0.17
)
($4.22
)
Non-GAAP adjustments detailed above
0.08
4.02
NON-GAAP NET INCOME (LOSS) PER SHARE (basic and diluted)
($0.09
)
($0.20
)
Planar Systems, Inc.
GAAP Operating Income (loss) to Non-GAAP EBITDA Reconciliation by Business Segment
For the three months ended June 26, 2009
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Corporate
Total
GAAP Operating Income (loss)
2,822
2,469
454
(581)
(6,115)
(951)
Corporate Expenses
4,409
4,409
Restructuring Charges
0
0
Intangibles Amortization
622
622
Share-based Compensation
1,084
1,084
Business Unit Operating Income
2,822
2,469
454
(581)
0
5,164
Corporate Expense Allocation
(1,239)
(634)
(1,607)
(929)
0
(4,409)
Non-GAAP Operating Income (loss)
1,583
1,835
(1,153)
(1,510)
0
755
Depreciation
562
44
282
243
0
1,131
Non-GAAP EBITDA
2,145
1,879
(871)
(1,267)
0
1,886
Planar Systems, Inc.
Non-GAAP EBITDA by Business Segment
For the three months ended June 27, 2008
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Total
Net Sales
16,428
20,432
14,500
13,182
64,542
- Y/Y Growth %
11%
7%
-15%
111%
13%
- Qtr/Qtr Growth %
-7%
19%
21%
16%
-17%
Business Unit Operating Income (loss)
3,577
1,678
935
(2,388)
3,802
Corporate Expense Allocation
(1,583)
(926)
(1,804)
(1,576)
(5,889)
Non-GAAP Operating Income (loss)
1,994
752
(869)
(3,964)
(2,087)
Depreciation
562
41
261
297
1,162
Non-GAAP EBITDA
2,556
793
(608)
(3,666)
(925)
- EBITDA % of Sales
16%
4%
-4%
-28%
-1%
Notes: Corporate Expense Allocation includes primarily G&A expense along with Corporate R&D and Sales & Marketing Expense
Planar Systems, Inc.
GAAP Operating Income (loss) to Non-GAAP EBITDA Reconciliation by Business Segment
For the three months ended June 27, 2008
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Corporate
Total
GAAP Operating Income (loss)
3,577
1,678
935
(2,388)
(67,789)
(63,987)
Corporate Expenses
5,889
5,889
Restructuring Charges
58,664
58,664
Intangibles Amortization
1,830
1,830
Share-based Compensation
1,196
1,196
Acquisition Related Costs
210
210
Business Unit Operating Income (loss)
3,577
1,678
935
(2,388)
0
3,802
Corporate Expense Allocation
(1,583)
(926)
(1,804)
(1,576)
0
(5,889)
Non-GAAP Operating Income (loss)
1,994
752
(869)
(3,964)
0
(2,087)
Depreciation
562
41
261
297
0
1,162
Non-GAAP EBITDA
2,556
793
(608)
(3,666)
0
(925)
Planar Systems, Inc.
Non-GAAP EBITDA by Business Segment
For the nine months ended June 26, 2009
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Total
Net Sales
38,206
35,085
32,642
23,792
129,725
- Y/Y Growth %
-25%
-39%
-26%
-40%
-33%
Business Unit Operating Income (loss)
7,090
3,666
1,490
(1,241)
11,005
Corporate Expense Allocation
(3,704)
(1,929)
(4,613)
(3,558)
(13,804)
Non-GAAP Operating Income (loss)
3,386
1,737
(3,123)
(4,799)
(2,799)
Depreciation
1,670
108
730
565
3,074
Non-GAAP EBITDA
5,056
1,845
(2,393)
(4,234)
275
- EBITDA % of Sales
13%
5%
-7%
-18%
0%
Notes: Corporate Expense Allocation includes primarily G&A expense along with Corporate R&D and Sales & Marketing Expense
Planar Systems, Inc.
GAAP Operating Income (loss) to Non-GAAP EBITDA Reconciliation by Business Segment
For the nine months ended June 26, 2009
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Corporate
Total
GAAP Operating Income (loss)
7,090
3,666
7,001
(1,241)
(19,071)
(2,555)
Corporate Expenses
13,804
13,804
Restructuring Charges
1,867
1,867
Intangibles Amortization
2,064
2,064
Share-based Compensation
4,186
4,186
Gain on Sale of Assets
(5,511)
(2,850)
(8,361)
Business Unit Operating Income
7,090
3,666
1,490
(1,241)
0
11,005
Corporate Expense Allocation
(3,704)
(1,929)
(4,613)
(3,558)
0
(13,804)
Non-GAAP Operating Income (loss)
3,386
1,737
(3,123)
(4,799)
0
(2,799)
Depreciation
1,670
108
730
565
0
3,074
Non-GAAP EBITDA
5,056
1,845
(2,393)
(4,234)
0
275
Planar Systems, Inc.
Non-GAAP EBITDA by Business Segment
For the nine months ended June 27, 2008
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Total
Net Sales
51,260
57,687
44,302
39,585
192,834
- Y/Y Growth %
13%
6%
-8%
374%
24%
Business Unit Operating Income (loss)
12,416
3,290
3,135
(6,627)
12,214
Corporate Expense Allocation
(4,154)
(2,053)
(5,622)
(5,210)
(17,039)
Non-GAAP Operating Income (loss)
8,262
1,237
(2,487)
(11,837)
(4,825)
Depreciation
1,987
179
1,067
1,160
4,392
Non-GAAP EBITDA
10,249
1,416
(1,420)
(10,677)
(433)
- EBITDA % of Sales
20%
2%
-3%
-27%
0%
Notes: Corporate Expense Allocation includes primarily G&A expense along with Corporate R&D and Sales & Marketing Expense
Planar Systems, Inc.
GAAP Operating Income (loss) to Non-GAAP EBITDA Reconciliation by Business Segment
For the nine months ended June 27, 2008
(in thousands, unaudited)
Business Segment (in $ thousands)
IBU
CBU
CSBU
HTBU
Corporate
Total
GAAP Operating Income (loss)
12,416
3,290
3,135
(6,627)
(85,813)
(73,599)
Corporate Expenses
17,039
17,039
Restructuring Charges
58,167
58,167
Intangibles Amortization
5,425
5,425
Share-based Compensation
3,543
3,543
Acquisition Related Costs
1,639
1,639
Gain on Sale of Assets
0
0
Business Unit Operating Income
12,416
3,290
3,135
(6,627)
0
12,214
Corporate Expense Allocation
(4,154)
(2,053)
(5,622)
(5,210)
0
(17,039)
Non-GAAP Operating Income (loss)
8,262
1,237
(2,487)
(11,837)
0
(4,825)
Depreciation
1,987
179
1,067
1,160
0
4,392
Non-GAAP EBITDA
10,249
1,416
(1,420)
(10,677)
0
(433)
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