Planar Systems Inc. (PLNR: Quote) said that it now expects revenue of approximately $38 million, a Non-GAAP loss between $0.15 and $0.20 per share for the second-quarter. Analysts polled by Thomson Reuters expect the company to report a loss of $0.14 per share on revenues of $46.75 million for the second-quarter. Analysts' estimates typically exclude special items.
Previously, the company had expected revenue in the range of $45 million - $48 million and a Non-GAAP loss between $0.06 and $0.08 per share for the second quarter of fiscal 2012.
The company said that it intends to record a restructuring charge in the fiscal second quarter of 2012 of approximately $0.6 million relating to a cost reduction plan designed to lower the on-going expense level to correspond with the lower level of revenue expected over the next few quarters.
The company said that it has experienced a weaker than expected order rate for a number of its products over the past month.
Given this updated revenue expectation for the fiscal second quarter and full fiscal year, the Company stated that it is taking actions to reduce on-going expenses to allow for a lower break-even level.
The company said that it continues to see opportunities to grow sales of its digital signage products and does expect sales to be higher in the second half of fiscal year 2012 compared with the first half. The company believes it will report a slight profit on a Non-GAAP basis in the fiscal fourth quarter of fiscal 2012.
For the full fiscal year 2012, the company now expects revenue in the range of $175 to $185 million and a Non-GAAP loss between $0.28 and $0.33 per share. Analysts expect the company to report a loss of $0.44 per share on revenues of $197.96 million for fiscal 2012.
Earlier, the company expected total revenue to increase approximately 10 percent in fiscal 2012 compared to fiscal 2011.
PLNR is currently trading at $1.95, down $0.36 or 15.58 percent.
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by RTT Staff Writer
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