PLANAR SYSTEMS, INC. Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, reported financial results for the fiscal third quarter ended June 26, 2015.
Fiscal Q3 2015 Financial Highlights (compared to the same year-ago quarter)
- Digital Signage (DS) product sales up 19% to $25.3 million and 60% of total revenue.
- Non-GAAP gross profit up 7% to $11.4 million or 26.9% of revenue (see reconciliation to GAAP, below).
- Non-GAAP net income totaled $503,000 or $0.02 per diluted share (see reconciliation to GAAP, below).
- Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, and non-cash stock-based compensation) totaled $1.1 million (see reconciliation to GAAP, below).
| Fiscal Q3 2015 Key Financial Metrics | |||||||||||||||
| (in millions except per share data and percentages) | Q3 2015 | vs. Q3 2014 | Change | Change (%) | |||||||||||
| Revenue | $ | 42.5 | $ | 43.9 | $ | (1.4 | ) | -3 | % | ||||||
| Gross Profit | $ | 11.4 | $ | 10.7 | $ | 0.7 | 7 | % | |||||||
| GAAP Net Income (Loss) | $ | (0.3 | ) | $ | 0.7 | $ | (1.0 | ) | -142 | % | |||||
| GAAP EPS | $ | (0.01 | ) | $ | 0.03 | $ | (0.04 | ) | -136 | % | |||||
| Non-GAAP Gross Profit | $ | 11.4 | $ | 10.7 | $ | 0.7 | 7 | % | |||||||
| Non-GAAP Gross Profit (%) | 26.9 | % | 24.4 | % | 2.5 | % | 10 | % | |||||||
| Non-GAAP Net Income | $ | 0.5 | $ | 1.1 | $ | (0.6 | ) | -53 | % | ||||||
| Non-GAAP EPS | $ | 0.02 | $ | 0.05 | $ | (0.03 | ) | -60 | % | ||||||
| Non-GAAP EBITDA | $ | 1.1 | $ | 1.6 | $ | (0.5 | ) | -33 | % | ||||||
| Non-GAAP EBITDA (%) | 2.5 | % | 3.7 | % | -1.2 | % | -32 | % | |||||||
*For each of the non-GAAP figures above, please see the reconciliation to GAAP figures presented below.
Fiscal Q3 2015 Operational Highlights
- Planar® DirectLight™ LED Video Wall System won four industry awards at InfoComm 2015, including “Best Digital Signage Hardware.”
- Added more than 50 new resellers to Planar’s reseller network.
Fiscal Q3 2015 Financial Results
Total revenue decreased 3% to $42.5 million, compared to $43.9 million in the third quarter of fiscal 2014. The decrease was primarily due to a 24% decrease in sales of the company’s Commercial & Industrial (C&I) products, which totaled $17.2 million (or 40% of total revenue) compared to $22.5 million (or 51% of total revenue) in the same year-ago period. The decrease was partially offset by a 19% increase in sales of the company’s DS products, which totaled $25.3 million (or 60% of total revenue) compared to $21.4 million (or 49% of total revenue) in the same year-ago period.
Consolidated gross profit margin as a percentage of sales (on a non-GAAP basis) was 26.9%, an improvement from 24.4% in the third quarter of fiscal 2014 (see reconciliation to GAAP, below). The increase was due to a change in the mix of products sold towards higher margin DS products as well as higher gross profit rates on sales of DS products compared to the same quarter a year ago.
Non-GAAP operating expenses totaled $10.9 million, compared to $9.6 million in the same quarter last year (see reconciliation to GAAP, below). The increase was primarily due to higher sales and marketing expenses.
GAAP net loss totaled $293,000 or $(0.01) per diluted share, compared to GAAP net income of $706,000 or $0.03 per diluted share in the third quarter of fiscal 2014.
Non-GAAP net income totaled $503,000 or $0.02 per diluted share, compared to $1.1 million or $0.05 per diluted share in the same year-ago quarter (see reconciliation to GAAP, below).
Non-GAAP EBITDA totaled $1.1 million, compared to $1.6 million in the third quarter of fiscal 2014 (see reconciliation to GAAP, below).
At quarter end, the company’s cash balance totaled $16.4 million, up from $16.2 million at March 27, 2015.
Management Commentary
“We are pleased that our third quarter results were somewhat better than our expectations in terms of profits and that once again we achieved double digit growth in our digital signage product lines,” said Gerry Perkel, Planar’s president and CEO. “Our performance during the third quarter reflected our continued progress in transforming our business model enabling a more profitable and higher-growth company. In fact, revenue generated by digital signage product sales accounted for 60% of total revenue. This record mix of DS product sales drove a 250 basis point improvement in our non-GAAP gross profit margins to its highest level since we shifted our focus to digital signage in 2011.
“Our success in growing sales of our digital signage products is the result of our go-to-market strategy that includes a steady flow of innovative new products. Along those lines, our new DirectLight LED Video Wall System continues to garner industrywide acclaim and customer interest for its exquisite visual performance in mission-critical, 24/7 environments.
“We entered the final quarter of our fiscal year achieving another milestone, as we began shipping DirectLight to initial customers. We expect to continue to convert the growing interest in DirectLight into meaningful customer orders through the remainder of the year and onward. We believe there exists the potential for strong, long-term growth for indoor LED video walls, and we are well positioned to capitalize on that growth.”
Financial Outlook
“Looking ahead, fiscal 2015 remains on track to be a year of significant profit improvement, with the growth in Digital Signage revenue supporting improved profitability,” said Perkel. “We expect our expanding product portfolio and strong sales pipeline to drive further improvement in fiscal 2016.”
Given the company’s current orders and sales pipeline, management expects fiscal fourth quarter 2015 revenue to be between $49 million and $51 million, and non-GAAP net income is expected to range between $0.10 and $0.12 per diluted share. For the full fiscal year 2015, revenue is expected to be between $196 million and $198 million, which would represent an increase of 10% to 11% compared to fiscal 2014. Non-GAAP net income for fiscal 2015 is expected to range between $0.37 and $0.39 per diluted share, which would represent an increase of 37% to 44% compared to $0.27 per diluted share in fiscal 2014.
Conference Call
Management will discuss the results of operations and business outlook on a conference call later today (August 6, 2015) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time).
Planar President and CEO Gerry Perkel and CFO Ryan Gray will host the call, followed by a question and answer period.
U.S. dial-in: (888) 680-0890
International dial-in: (617) 213-4857
Participant
Passcode: 11570324
The conference call will be broadcasted live and available for replay via the investor section of the company’s website here.
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at (949) 574-3860.
A replay of the call will be available after 9:00 p.m. Eastern time on the same day through September 5, 2015.
U.S. replay dial-in: (888) 286-8010
International replay dial-in:
(617) 801-6888
Replay ID: 98459831
About Planar Systems
Planar Systems, Inc. (NASDAQ: PLNR) is a global leader in display and digital signage technology, providing premier solutions for the world's most demanding environments. Retailers, educational institutions, government agencies, businesses, utilities and energy firms, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Planar video walls, large format LCD displays, interactive touch screen monitors and many other solutions are used by the world’s leading organizations in applications ranging from digital signage to simulation and from interactive kiosks to large-scale data visualization. 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 under the “Management Commentary” and “Financial Outlook” heading relating to continued progress in transforming our business model, growing interest in our DirectLight product and resulting customer orders, growth in the markets for the Company’s products, expected revenue growth, revenue range and non-GAAP income per share range for the fourth quarter of fiscal 2015 and fiscal year 2015 and sales and earnings growth for fiscal 2016. 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 weakened domestic and international business and economic conditions; changes or reductions in the demand for products in the various display markets served by the Company; any delay in the timing of customer orders or the Company’s ability to ship product upon receipt of a customer order; the extent and timing of any additional expenditures by the Company to address business growth opportunities; any inability to reduce costs or to do so quickly enough, in either case, in response to reductions in revenue; adverse impacts on the Company or its operations relating to or arising from any inability to fund desired expenditures, including due to difficulties in obtaining necessary financing; changes in the flat-panel monitor industry; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures, increased commoditization or the ability to keep pace with technological changes; technological advances; shortages of manufacturing capacity from the Company’s third-party manufacturing partners or other interruptions in the supply of components the Company incorporates in its finished goods including as a result of labor unrest (including the present work slowdowns and certain west coast ports) or natural disasters; future production variables resulting in excess inventory and other risk factors listed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (SEC). 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 certain items set forth in the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The exclusions relate primarily to charges of a non-cash nature. Management uses the non-GAAP financial measures for internal managerial purposes, including as a means to compare period-to-period results on a consolidated basis and as a means to evaluate the Company’s results on a consolidated basis compared to those of other companies. In addition, management uses certain of these measures when publicly providing forward-looking statements on expectations regarding future consolidated basis financial results. The Company discloses this information to the public to enable investors to be able to more easily assess the Company’s performance on the same basis applied by management. 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.
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Planar Systems, Inc. Consolidated Statement of Operations (In thousands, except per share amounts) (unaudited) | |||||||||||||||
| Three months ended | Nine months ended | ||||||||||||||
| Jun. 26, 2015 | Jun. 27, 2014 | Jun. 26, 2015 | Jun. 27, 2014 | ||||||||||||
| Sales | $ | 42,484 | $ | 43,853 | $ | 147,433 | $ | 125,385 | |||||||
| Cost of Sales | 31,120 | 33,188 | 109,440 | 95,325 | |||||||||||
| Gross Profit | 11,364 | 10,665 | 37,993 | 30,060 | |||||||||||
| Operating Expenses: | |||||||||||||||
| Research and development, net | 1,897 | 1,560 | 5,135 | 4,273 | |||||||||||
| Sales and marketing | 6,195 | 5,187 | 18,453 | 14,914 | |||||||||||
| General and administrative | 3,377 | 3,158 | 11,083 | 9,614 | |||||||||||
| Restructuring | 11 | 10 | 64 | 31 | |||||||||||
| Total Operating Expenses | 11,480 | 9,915 | 34,735 | 28,832 | |||||||||||
| Income (Loss) from operations | (116 | ) | 750 | 3,258 | 1,228 | ||||||||||
| Non-operating income (expense): | |||||||||||||||
| Interest, net | 127 | 99 | 400 | 234 | |||||||||||
| Foreign exchange, net | (160 | ) | (1 | ) | 695 | (54 | ) | ||||||||
| Other, net | (15 | ) | (27 | ) | 155 | 422 | |||||||||
| Net non-operating income (expense) | (48 | ) | 71 | 1,250 | 602 | ||||||||||
| Income (Loss) before taxes | (164 | ) | 821 | 4,508 | 1,830 | ||||||||||
| Provision for income taxes | 129 | 115 | 100 | 266 | |||||||||||
| Net Income (Loss) | $ | (293 | ) | $ | 706 | $ | 4,408 | $ | 1,564 | ||||||
| Net Income (Loss) per share - basic | ($0.01 | ) | $ | 0.03 | $ | 0.20 | $ | 0.07 | |||||||
| Net Income (Loss) per share - diluted | ($0.01 | ) | $ | 0.03 | $ | 0.20 | $ | 0.07 | |||||||
| Weighted average shares outstanding - basic | 22,273 | 21,491 | 22,031 | 21,302 | |||||||||||
| Weighted average shares outstanding - diluted | 22,273 | 21,623 | 22,333 | 21,506 | |||||||||||
|
Planar Systems, Inc. Consolidated Balance Sheets (In thousands) (unaudited) | ||||||||
| Jun. 26, 2015 | Sept. 26, 2014 | |||||||
| ASSETS | ||||||||
| Cash | $ | 16,365 | $ | 13,068 | ||||
| Accounts receivable, net | 18,777 | 28,333 | ||||||
| Inventories | 33,233 | 26,805 | ||||||
| Other current assets | 4,556 | 3,909 | ||||||
| Total current assets | 72,931 | 72,115 | ||||||
| Property, plant and equipment, net | 4,167 | 5,039 | ||||||
| Other assets | 4,717 | 7,250 | ||||||
| $ | 81,815 | $ | 84,404 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Accounts payable | $ | 15,951 | $ | 18,176 | ||||
| Current portion of capital leases | - | 394 | ||||||
| Deferred revenue | 1,321 | 1,637 | ||||||
| Other current liabilities | 11,267 | 12,974 | ||||||
| Total current liabilities | 28,539 | 33,181 | ||||||
| Other long-term liabilities | 4,189 | 5,189 | ||||||
| Total liabilities | 32,728 | 38,370 | ||||||
| Common stock | 190,512 | 188,127 | ||||||
| Retained deficit | (135,958 | ) | (138,508 | ) | ||||
| Accumulated other comprehensive loss | (5,467 | ) | (3,585 | ) | ||||
| Total shareholders' equity | 49,087 | 46,034 | ||||||
| $ | 81,815 | $ | 84,404 | |||||
|
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, unaudited) | ||||
| For the three months ended | ||||
| Jun. 26, 2015 | Jun. 27, 2014 | |||
| Gross Profit: | ||||
| GAAP Gross Profit | 11,364 | 10,665 | ||
| Share-based compensation | 55 | 27 | ||
| Total Non-GAAP adjustments | 55 | 27 | ||
| NON-GAAP GROSS PROFIT | 11,419 | 10,692 | ||
| NON-GAAP GROSS PROFIT PERCENTAGE | 26.9% | 24.4% | ||
| Research and Development: | ||||
| GAAP research and development expense | 1,897 | 1,560 | ||
| Share-based compensation | (76) | (15) | ||
| Total Non-GAAP adjustments | (76) | (15) | ||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 1,821 | 1,545 | ||
| Sales and Marketing: | ||||
| GAAP sales and marketing expense | 6,195 | 5,187 | ||
| Share-based compensation | (135) | (55) | ||
| Total Non-GAAP adjustments | (135) | (55) | ||
| NON-GAAP SALES AND MARKETING EXPENSE | 6,060 | 5,132 | ||
| General and Administrative: | ||||
| GAAP General and Administrative Expense | 3,377 | 3,158 | ||
| Share-based compensation | (359) | (259) | ||
| Total Non-GAAP adjustments | (359) | (259) | ||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 3,018 | 2,899 | ||
| Operating Expenses: | ||||
| GAAP Total Operating Expenses | 11,480 | 9,915 | ||
| Share-based compensation | (570) | (329) | ||
| Restructuring charges | (11) | (10) | ||
| Total Non-GAAP adjustments | (581) | (339) | ||
| NON-GAAP TOTAL OPERATING EXPENSES | 10,899 | 9,576 | ||
|
Reconciliation of GAAP to Non-GAAP Financial Measures Continued (In thousands, unaudited) | ||||
| For the three months ended | ||||
| Jun. 26, 2015 | Jun. 27, 2014 | |||
| Income (Loss) from Operations: | ||||
| GAAP income (loss) from operations | (116) | 750 | ||
| Share-based compensation | 625 | 356 | ||
| Restructuring charges | 11 | 10 | ||
| Total Non-GAAP adjustments | 636 | 366 | ||
| NON-GAAP INCOME FROM OPERATIONS | 520 | 1,116 | ||
| Income (Loss) before taxes & EBITDA: | ||||
| GAAP income (loss) before taxes | (164) | 821 | ||
| Share-based compensation | 625 | 356 | ||
| Restructuring charges | 11 | 10 | ||
| Foreign exchange, net | 160 | 1 | ||
| Total Non-GAAP adjustments | 796 | 367 | ||
| NON-GAAP INCOME BEFORE TAXES | 632 | 1,188 | ||
| Depreciation | 438 | 416 | ||
| NON-GAAP EBITDA | 1,070 | 1,604 | ||
| Net Income (Loss): | ||||
| GAAP Net Income (Loss) | (293) | 706 | ||
| Share-based compensation | 625 | 356 | ||
| Restructuring charges | 11 | 10 | ||
| Foreign exchange, net | 160 | 1 | ||
| Income tax effect of reconciling items | - | (5) | ||
| Total Non-GAAP adjustments | 796 | 362 | ||
| NON-GAAP NET INCOME | 503 | 1,068 | ||
| GAAP weighted average shares outstanding--basic | 22,273 | 21,491 | ||
| GAAP weighted average shares outstanding--diluted | 22,273 | 21,623 | ||
| NON-GAAP weighted average shares outstanding--diluted | 22,469 | 21,623 | ||
| GAAP Net Income (Loss) per share - basic | ($0.01) | $0.03 | ||
| Non-GAAP adjustments detailed above | $0.03 | $0.02 | ||
| NON-GAAP NET INCOME PER SHARE (basic) | $0.02 | $0.05 | ||
| GAAP Net Income (Loss) per share - diluted | ($0.01) | $0.03 | ||
| Non-GAAP adjustments detailed above | $0.03 | $0.02 | ||
| NON-GAAP NET INCOME PER SHARE (diluted) | $0.02 | $0.05 | ||
|
Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, unaudited) | ||||
| For the nine months ended | ||||
| Jun. 26, 2015 | Jun. 27, 2014 | |||
| Gross Profit: | ||||
| GAAP Gross Profit | 37,993 | 30,060 | ||
| Share-based compensation | 198 | 73 | ||
| Total Non-GAAP adjustments | 198 | 73 | ||
| NON-GAAP GROSS PROFIT | 38,191 | 30,133 | ||
| NON-GAAP GROSS PROFIT PERCENTAGE | 25.9% | 24.0% | ||
| Research and Development: | ||||
| GAAP research and development expense | 5,135 | 4,273 | ||
| Share-based compensation | (165) | (34) | ||
| Total Non-GAAP adjustments | (165) | (34) | ||
| NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE | 4,970 | 4,239 | ||
| Sales and Marketing: | ||||
| GAAP sales and marketing expense | 18,453 | 14,914 | ||
| Share-based compensation | (487) | (141) | ||
| Total Non-GAAP adjustments | (487) | (141) | ||
| NON-GAAP SALES AND MARKETING EXPENSE | 17,966 | 14,773 | ||
| General and Administrative: | ||||
| GAAP General and Administrative Expense | 11,083 | 9,614 | ||
| Share-based compensation | (1,509) | (896) | ||
| Total Non-GAAP adjustments | (1,509) | (896) | ||
| NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE | 9,574 | 8,718 | ||
| Operating Expenses: | ||||
| GAAP Total Operating Expenses | 34,735 | 28,832 | ||
| Share-based compensation | (2,161) | (1,071) | ||
| Restructuring charges | (64) | (31) | ||
| Total Non-GAAP adjustments | (2,225) | (1,102) | ||
| NON-GAAP TOTAL OPERATING EXPENSES | 32,510 | 27,730 | ||
|
Reconciliation of GAAP to Non-GAAP Financial Measures Continued (In thousands, unaudited) | ||||
| For the nine months ended | ||||
| Jun. 26, 2015 | Jun. 27, 2014 | |||
| Income from Operations: | ||||
| GAAP income from operations | 3,258 | 1,228 | ||
| Share-based compensation | 2,359 | 1,144 | ||
| Restructuring charges | 64 | 31 | ||
| Total Non-GAAP adjustments | 2,423 | 1,175 | ||
| NON-GAAP INCOME FROM OPERATIONS | 5,681 | 2,403 | ||
| Income before taxes & EBITDA: | ||||
| GAAP income before taxes | 4,508 | 1,830 | ||
| Share-based compensation | 2,359 | 1,144 | ||
| Restructuring charges | 64 | 31 | ||
| Foreign exchange, net | (695) | 54 | ||
| Total Non-GAAP adjustments | 1,728 | 1,229 | ||
| NON-GAAP INCOME BEFORE TAXES | 6,236 | 3,059 | ||
| Depreciation | 1,247 | 1,331 | ||
| NON-GAAP EBITDA | 7,483 | 4,390 | ||
| Net Income: | ||||
| GAAP Net Income | 4,408 | 1,564 | ||
| Share-based compensation | 2,359 | 1,144 | ||
| Restructuring charges | 64 | 31 | ||
| Foreign exchange, net | (695) | 54 | ||
| Income tax effect of reconciling items | - | (43) | ||
| Total Non-GAAP adjustments | 1,728 | 1,186 | ||
| NON-GAAP NET INCOME | 6,136 | 2,750 | ||
| GAAP weighted average shares outstanding--basic | 22,031 | 21,302 | ||
| GAAP weighted average shares outstanding--diluted | 22,333 | 21,506 | ||
| NON-GAAP weighted average shares outstanding--diluted | 22,333 | 21,506 | ||
| GAAP Net Income per share - basic | $0.20 | $0.07 | ||
| Non-GAAP adjustments detailed above | $0.08 | $0.06 | ||
| NON-GAAP NET INCOME PER SHARE (basic) | $0.28 | $0.13 | ||
| GAAP Net Income per share - diluted | $0.20 | $0.07 | ||
| Non-GAAP adjustments detailed above | $0.07 | $0.06 | ||
| NON-GAAP NET INCOME PER SHARE (diluted) | $0.27 | $0.13 | ||
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Planar Systems, Inc. Revenue by Product Line (In millions) (unaudited) | |||||||||||||||
| Three months ended | % Change | ||||||||||||||
| Jun. 26, 2015 | Jun. 27, 2014 | Mar. 27, 2015 | vs. Prior Year | vs. Prior Quarter | |||||||||||
| Digital Signage Sales | $ | 25.3 | $ | 21.4 | $ | 24.9 | 19 | % | 2 | % | |||||
| Commercial & Industrial Sales | 17.2 | 22.5 | 24.2 | -24 | % | -29 | % | ||||||||
| Custom Commercial & Industrial | 1.6 | 4.2 | 7.0 | -63 | % | -77 | % | ||||||||
| Desktop Monitors | 9.2 | 9.3 | 9.2 | -1 | % | 0 | % | ||||||||
| Touch Monitors | 3.4 | 3.2 | 2.8 | 8 | % | 21 | % | ||||||||
| Rear Projection Cubes | 2.4 | 4.6 | 4.4 | -48 | % | -45 | % | ||||||||
| High-end Home | 0.6 | 1.2 | 0.8 | -52 | % | -25 | % | ||||||||
| Total Sales | $ | 42.5 | $ | 43.9 | $ | 49.1 | -3 | % | -13 | % | |||||
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Planar Systems, Inc. Revenue by Product Line (In millions) (unaudited) | |||||||||
| Nine months ended | % Change | ||||||||
| Jun. 26, 2015 | Jun. 27, 2014 | vs. Prior Year | |||||||
| Digital Signage Sales | $ | 80.0 | $ | 59.3 | 35 | % | |||
| Commercial & Industrial Sales | 67.4 | 66.1 | 2 | % | |||||
| Custom Commercial & Industrial | 16.9 | 12.2 | 38 | % | |||||
| Desktop Monitors | 27.6 | 25.1 | 10 | % | |||||
| Touch Monitors | 9.1 | 10.1 | -10 | % | |||||
| Rear Projection Cubes | 11.6 | 13.7 | -15 | % | |||||
| High-end Home | 2.2 | 4.6 | -51 | % | |||||
| Other | - | 0.4 | -93 | % | |||||
| Total Sales | $ | 147.4 | $ | 125.4 | 18 | % | |||
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