Planar Systems, Inc., Beaverton, Ore., said sales in the fiscal fourth quarter ended September 28 were $50.6 million, a 6% increase over the same period a year ago.
Sales for the full fiscal year were $208 million, up 19% over fiscal 2000 results. Net income was $3.4 million for the fourth quarter and a record $14.5 million for the year. Net income per fully diluted share was 26 cents for the fourth quarter and a record $1.13 for the fiscal year 2001.
The display maker said its results met previous guidance, but at the same time it is revising downward its expectations for fiscal 2002 from the guidance first issued last July, responding to an economic situation that has worsened in recent months.
"Our updated sales target for fiscal year 2002 represents confidence in delivering more than 12 percent growth over the fiscal 2001 results from continuing business. Furthermore, through increased efficiency in our operations, we intend to leverage that top line to maintain net income per share performance in line with 2001 results."
The company said it expects sales of $200 million in fiscal 2002, with sales increasing in the last two quarters.
Gross margins are expected to be approximately 31% of sales for fiscal 2002. Operating expenses are anticipated to be about 20% of sales and remain consistent in dollar terms throughout the four quarters of the year.
The company expects net income of approximately $1.10 per fully diluted share.