News

Planar introduces new product, announces quarterly earnings

May 21, 2004

BEAVERTON, Ore. -- Seeking depth in its line of point-of-sale and kiosk products, flat-panel display manufacturer Planar Systems Inc. (NASDAQ:PLNR) has introduced a 12.1-inch touchscreen flat-panel display.

The 12.1-inch model joins Planar's 15- and 17.4-inch touchscreen products that are marketed specifically for hospitality, food service, and retail sectors. The new model supports SVGA (800 x 600) resolution and can connect to PCs and Macintosh computers.

"The 12.1-inch product deepens our product line and furthers our ability to serve the growing market for point-of-sale displays and information kiosks," Erick Petersen, Planar director of desktop monitor business, said in a news release.

The product addition comes at a time when Planar is attempting to shore up its business in the wake of a weakened economy. For the three months ending March 29, Planar recorded net income of $2,405,000 on revenue of $48,857,000. That represents a decrease of 37.8 percent and 10.3 percent, respectively, over net income of $3,865,000 and sales of $54,463,000 recorded in the same period of 2001.

Planar officials blamed a nearly $16 million drop in revenue in its industrial and transportation sectors for its second-quarter drop. In the first quarter ending Dec. 28, 2001, the company reported net income of $2,440,000, down 26.3 percent from the first quarter of fiscal year 2001. Soft sales and the departure from military markets were blamed at the time, but company officials said the figures met expectations (See story: Planar pleased with first quarter earnings).

Based in Beaverton, Ore., Planar Systems develops and markets electronic information display systems, specializing in the flat-panel display market.