Planar Systems Inc. reports first fiscal quarter financial results.

BEAVERTON, Ore.--(BUSINESS WIRE)--Jan. 24, 1995--Planar Systems Inc. (NASDAQ:PLNR) today reported results for the fiscal quarter ended Dec. 30, 1994.

Sales were $19 million, compared to $12.8 million for the same quarter last fiscal year, a 48 percent increase. Income from operations increased to just over $3 million from $1.7 million for the same quarter last fiscal year. Gross profits as a percentage of sales improved to 35.8 percent from 34.1 percent in the same quarter last fiscal year. The operations of Planar Advance, our recent avionics CRT acquisition, are included in this quarter's results.

Net income of $2.4 million or 22 cents per share increased from $1.5 million or 19 cents per share in the same period last fiscal year. This quarter's results include the dilutive impact of the additional 3 million shares sold through our public offering while the same quarter last year was only marginally affected.

"It is important to note the growth in our European markets in this first fiscal quarter of 1995; we showed an increase in sales of 66 percent over the same quarter last year," said Jim Hurd, president and CEO. "Additionally, we saw a 40 percent growth in sales to North America during the same period."

Planar announced a licensing agreement with the David Sarnoff Research Center whereby Planar will have broad access to Sarnoff's intellectual property for use in the development and sale of active matrix electroluminescent (AMEL) image devices. This will give Planar a strategic advantage in the developing market for small, high-resolution displays. Market opportunities include applications in defense, surgery, maintenance, computing and entertainment.

Sarnoff has long been a leader in the development of advanced display systems and has been our partner for the last several years in AMEL devices," said Chris King, Planar's chief technology officer. "With this agreement, Planar can begin to aggressively pursue new market opportunities for small, high-resolution image sources."

Planar Systems Inc. is a worldwide leader in the development, manufacture and marketing of high-performance flat panel and CRT-based display products. The primary market sectors that Planar serves today are medical, industrial, instrumentation, defense, communications, transportation and business/office. The company competes on a global basis with full development, manufacturing and marketing operations in both the United States and Europe. -0-

                    Three months ended
                   Dec 30,      Dec 25,
                    1994         1993

Revenue        $ 18,993,000 $ 12,842,000
Gross profit      6,791,000    4,379,000
Operating income  3,007,000    1,740,000
Net income        2,409,000    1,466,000
Net income per
 share             22 cents     19 cents

Weighted average
 number of common
  and common
   equivalent shares
    outstanding
     (000s)          10,750        7,744

Planar is a registered trademark of Planar Systems Inc.

CONTACT: Planar Systems Inc., Beaverton

Curt Stevens, 503/690-1100