News

Planar announces first quarter fiscal 2005 results

January 20, 2005

BEAVERTON, Ore. - Sales in the first quarter of fiscal 2005 for Planar Systems, Inc. (NASDAQ:PLNR), a leader in flat-panel display systems, were $63.1 million, according to a news release. This figure is down 7 percent versus the prior quarter and approximately equal to last year's first quarter sales. The company reported no net income for the first quarter, ended Dec. 31. That compares to 19 cents in the prior quarter and 21 cents a year ago.

Sales in the company's commercial business unit were lower than expected at $28.2 million, down 10 percent sequentially and down 9 percent versus the first quarter a year ago.

Planar's medical business recorded quarterly sales of $20.6 million, down about 9 percent versus the prior quarter but up more than 16 percent over the first quarter a year ago. Compared to a year ago, Planar's unit volumes and market share for healthcare displays have increased substantially.

Industrial segment sales in the fourth quarter were $14.3 million, up slightly from both the prior and year-ago quarters.

Planar's first quarter sales outside the United States were 17 percent of the total, up from 13 percent in the previous quarter and 16 percent a year ago.

"During the quarter we strengthened our management team with the hiring of Scott Hildebrandt, our new CFO, and Patrick Herguth, the new general manager of our medical business," said Balaji Krishnamurthy, Planar's chairman, president and chief executive officer.

Krishnamurthy noted Hildebrandt's strong finance background and experience as a chief financial officer in both software and display hardware companies. He also commented on Herguth's experience working in the healthcare technology units of General Electric, Eastman Kodak and Hitachi.

"I'm confident both Scott and Patrick will make important contributions to Planar's leadership," said Krishnamurthy.