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Planar reports second fiscal quarter financial results for 2007
May 8, 2007
BEAVERTON, Ore. — Planar Systems Inc. recorded sales of $54.6 million and a GAAP loss per share of $0.22, in the second quarter ended March 30, 2007. On a Non-GAAP basis net loss per share was $0.11 in the second quarter of 2007.
Sales of the company's Control Room and Signage segment, formerly Clarity Visual Systems, were $12.1 million in the second quarter, down 36 percent sequentially and flat compared with the year ago period, based upon the historical results of Clarity pre-acquisition. This segment followed its normal seasonal pattern of historical downturns in the calendar first quarter. In addition, sales of Control Room rear projection cubes were negatively impacted by delays in anticipated customer orders and delivery schedules at the end of the second fiscal quarter of 2007.
Planar ended the second quarter with cash and short term investments of $40.6 million, approximately flat with the end of the first quarter. Improvements in receivables and payables were offset by increases in inventory necessary to support the expected shipment requirements at quarter end that did not materialize.
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