News

Planar pleased with first quarter earnings

February 17, 2004

BEAVERTON, Ore. - Despite experiencing declines in revenue and net income in the first quarter of fiscal year 2002, officials from flat panel display manufacturer Planar Systems Inc. (NASDAQ:PLNR) said they were optimistic that the company was weathering the recent economic decline.

For the first quarter ending Dec. 28, 2001, the company reported net income of $2,440,000, down 26.3 percent from the profit of $3,314,000 reported in the first quarter of 2000. Sales were also down, from $50,395,000 in 2000 to $40,785,000, a decline of 19.1 percent.

The declines were caused by soft sales and Planar's departure from military markets at the end of fiscal year 2001, company officials said. But Planar's numbers still met company expectations.

"I'm pleased with the operating efficiency we've demonstrated this past quarter," Balaji Krishnamurthy, company president and chief executive officer, said in a news release. "Performance in lean times is at least as important a measure of a company's quality as results during boom times, and I could not be more proud of how this organization has responded to the current economic challenges."

The company cited increased demand in the medical business field and new bookings in the retail petroleum, ATM, and kiosk markets, as signs for optimism in 2002.

"We continue to see the market opportunities expand in our core custom display business due to three key forces," Krishnamurthy said. "Flat panels are taking over in applications traditionally served by CRTs, display complexity and value are increasing as the demand for full color and rich graphics grows, and manufacturers continue to outsource display sub-systems to experts."