Planar Systems Inc. reports first fiscal quarter financial results.BEAVERTON, Ore.--(BUSINESS WIRE)--Jan. 24, 1995--Planar Systems Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 (1) (C RunTime) See runtime library.
(2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. acquisition, are included in this quarter's results.
Net income of $2.4 million or 22 cents per share Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Additionally, we saw a 40 percent growth in sales to North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. during the same period."
Planar announced a licensing agreement with the David Sarnoff Noun 1. David Sarnoff - United States businessman who pioneered in radio and television broadcasting (1891-1971)
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 See electroluminescence and EL display. (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 For other persons named Chris King, see Chris King (disambiguation).
Christopher Donnell King (born July 24 1969 in Newton Grove, North Carolina) is an American professional basketball player, most notably for the NBA. , 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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