BEAVERTON, Ore. — Planar Systems lowered its sales and earnings expectations for the second quarter which ended March 30, 2007, the company announced in a news release. Planar now expects sales to be $53-$54 million and Non-GAAP net loss per share to be $0.07 to $0.09, which excludes share-based compensation expense and acquisition-related GAAP charges such as amortization of identifiable intangible assets. Adjusting for these GAAP charges, the company believes second quarter 2007 GAAP net loss per share will range from $0.20 to $0.22. Planar provided second quarter guidance on February 6 for sales of $57-$61 million and Non-GAAP net income per diluted share of $0.04 to $0.07 and GAAP net loss per share of $0.06 to $0.09.
The change in expectations is primarily the result of lower than previously anticipated sales of control room rear projection cubes and various home theater products. Sales of control room rear projection cubes were negatively impacted by delays in anticipated customer orders and delivery schedules. Sales of home theater products were negatively impacted by schedule delays of planned new product offerings. The company continues to believe it will see growth in the second half of the year in both revenue and Non-GAAP earnings, compared to the first half of the year, which the company expects will provide a foundation for improved profitability in fiscal year 2008.
Final results for the quarter are scheduled to be disclosed May 8.
