PLNR JSUT BEAT THE ESTIMATE BY 23C&REV BY 22%.WOW!NEXT RUNNER TO 5+ TOMORROW
Company reports 21 percent sequential revenue growth and EBITDA in excess of $1.8M BEAVERTON, Ore.--(BUSINESS WIRE)--Aug. 4, 2009-- Planar Systems, Inc. (NASDAQ:PLNR), a worldwide leader in specialty display solutions, recorded sales of $44.1 million and GAAP loss per share of $0.07 in the third quarter ended June 26, 2009. On a Non-GAAP basis (see reconciliation table), income per share was $0.04 in the third quarter of fiscal 2009.
“I am pleased with our sequential sales growth and return to Non-GAAP profitability in the third quarter, especially considering the continued general weakness in the global economic environment,” said Gerry Perkel, Planar’s President and Chief Executive Officer. “We have begun to see improved order funnels and deal opportunities in our Industrial business compared to earlier this fiscal year, which is an encouraging sign. In addition, our continued focus on strengthening the balance sheet and improving business profitability has yielded solid results as we generated cash from both working capital and operations during the third quarter.”
SUMMARY OF KEY FINANCIAL METRICS
The following information summarizes some key financial measures for the Company at the end of the third quarter of fiscal 2009:
The Company ended the quarter with Tangible Net Worth of $59.9 million, representing a tangible book value of approximately $3.20 per diluted share outstanding for the third quarter. Cash increased $2.0 million from the end of the second quarter to $25.5 million (approximately $1.36 per diluted share outstanding for the third quarter). The Company had no debt outstanding at the end of the quarter. Net cash has increased over $39 million since the end of the third quarter one year ago. Net working capital increased to $54.7 million. Current Ratio improved to 2.53. Consolidated Non-GAAP effective tax rate has been lowered to approximately 10 percent.