EX-99.1 2 d817464dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

  LOGO

Planar Reports Fiscal Fourth Quarter and Full Year 2014 Financial Results

36% Increase in Fiscal 2014 Digital Signage Product Sales Drives $0.27 in full year Non-GAAP EPS

BEAVERTON, Ore. – November 5, 2014 – Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital signage technology, reported financial results for the fiscal fourth quarter and year ended September 26, 2014.

Fiscal Q4 2014 Highlights

 

  •   Digital Signage (DS) product sales increased 18% from the prior quarter and 42% from the same year-ago quarter to $25.2 million.

 

  •   Commercial and Industrial (C&I) product sales increased 26% from the prior quarter and 2% from the same year-ago quarter to $28.4 million.

 

  •   Non-GAAP net income totaled $3.1 million or $0.14 per diluted share, an improvement from $1.0 million or $0.05 per diluted share in the same year-ago quarter (see reconciliation table, below).

 

  •   EBITDA, a non-GAAP metric, increased 117% from the prior quarter and 116% from the same year-ago quarter to $3.5 million.

Fiscal Q4 2014 Financial Results

Total revenue increased 17% year on year to $53.6 million compared to the fourth quarter of fiscal 2013. Revenue was driven by a 42% increase in sales of DS products, which totaled $25.2 million in the fourth fiscal quarter of 2014, compared to $17.7 million in the same period a year ago. Sales of C&I products increased 2% to $28.4 million compared to $28.0 million in the fourth quarter of fiscal 2013.

Consolidated gross profit margin as a percentage of sales (on a non-GAAP basis) was 26%, an increase from 22% in the fourth quarter of 2013 (see reconciliation table, below). The improvement was due to an increase in sales of higher margin DS products, as well as higher gross profit rates on sales of DS products compared to the prior year-ago quarter.

Non-GAAP operating expenses were $10.7 million compared to $9.1 million in the same quarter last year (see reconciliation table, below), primarily due to higher sales and marketing expenses.

GAAP net income totaled $2.2 million or $0.10 per diluted share, an improvement from a GAAP net loss of $207,000 or $(0.01) in the fourth quarter of fiscal 2013.

Non-GAAP net income totaled $3.1 million or $0.14 per diluted share, an improvement from non-GAAP net income of $1.0 million or $0.05 per diluted share in the same year-ago quarter (see reconciliation table, below).

Non-GAAP EBITDA (earnings before interest, taxes, depreciation, amortization, and amortization of non-cash stock-based compensation) increased 116% to $3.5 million from $1.6 million in the fourth quarter of fiscal 2013 (see reconciliation table, below).

At quarter-end, the company’s cash balance was $13.1 million, an increase of 13% compared to $11.5 million at June 27, 2014.

Fiscal 2014 Financial Results

Total revenue increased 7% to $179.0 million compared to fiscal 2013, driven by a 36% increase in the sale of DS products, which totaled $84.5 million compared to $62.1 million a year ago. The increase in total revenue was partially offset by a 10% decrease in sales of C&I products to $94.5 million compared to fiscal 2013. The anticipated decrease in C&I revenue was primarily due to lower sales of touch monitors and high-end home products, partially offset by higher sales of custom C&I displays.

Consolidated gross profit margin as a percentage of sales (on a non-GAAP basis) increased to 25% from 22% in the fiscal year of 2013 (see reconciliation table, below).

Non-GAAP operating expenses were $38.5 million compared to $37.6 million in fiscal 2013 (see reconciliation table, below). The increase was primarily due to higher sales and marketing expenditures.

GAAP net income totaled $3.8 million or $0.18 per diluted share, an improvement from a GAAP net loss of $6.5 million or $(0.31) in fiscal 2013.

Non-GAAP net income totaled $5.8 million or $0.27 per diluted share, a significant improvement from non-GAAP net income of $387,000 or $0.02 per diluted share in fiscal 2013 (see reconciliation table, below).

Non-GAAP EBITDA increased 305% to $7.9 million from $1.9 million in fiscal 2013 (see reconciliation table, below).

Management Commentary

“In fiscal 2014, we made significant progress on our strategic transformation into a higher-growth and more profitable company,” said Gerry Perkel, the company’s president and chief executive officer. “This was evident from the several milestones we achieved for the year, including record digital signage product sales, significant gross profit improvement, and company-wide profitability.

“Looking ahead, our expectations for fiscal 2015 remain high as we build on the operational and financial momentum we achieved last year. We continue to expect strong growth in our digital signage products, which we believe will drive higher gross profits and EPS expansion.”

Business Outlook

Planar expects to see continued strong revenue growth from digital signage and custom C&I products in the fiscal first quarter of 2015. Therefore, the company anticipates revenue in the fiscal first quarter of 2015 to range between $55 million and $58 million, which would represent total revenue growth of 36% to 43% compared to the first fiscal quarter of 2014. Non-GAAP net income for the first fiscal quarter of 2015 is expected to range between $0.15 and $0.18 per share, compared to $0.05 per share in the first quarter of fiscal 2014.

Conference Call

Management will discuss the results of operations and the business outlook on a conference call later today (November 5, 2014) at 5:00 p.m. Eastern time (2:00 p.m. Pacific time).

Planar’s CEO Gerry Perkel and CFO Ryan Gray will host the call, followed by a question and answer period.

U.S. dial-in: (888) 713-4215

International dial-in: (617) 213-4867

Passcode: 71631544

The conference call will be broadcast simultaneously and available for replay via the investor section of the company’s website at www.planar.com.

Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at (949) 574-3860.

A replay of the call will be available after 9:00 p.m. Eastern time on the same day through December 4, 2014.

U.S. replay dial-in: (888) 286-8010

International replay dial-in: (617) 801-6888

Replay ID: 22259781

About Planar Systems

Planar Systems, Inc. (NASDAQ: PLNR) is a global leader in display and digital signage technology, providing premier solutions for the world’s most demanding environments. Retailers, educational institutions, government agencies, businesses, utilities and energy firms, and home theater enthusiasts all depend on Planar to provide superior performance when image experience is of the highest importance. Planar video walls, large format LCD displays, interactive touch screen monitors and many other solutions are used by the world’s leading organizations in applications ranging from digital signage to simulation and from interactive kiosks to large-scale data visualization. Founded in 1983, Planar is headquartered in Oregon, USA, with offices, manufacturing partners and customers worldwide. For more information, visit www.planar.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 relating to Planar’s business operations and prospects, including statements under the “Business Outlook” heading relating to the Company’s expected revenue growth, revenue range and non-GAAP income per share range for the first quarter of fiscal 2015. These statements are made pursuant to the safe harbor provisions of the federal securities laws. These and other forward-looking statements, which may be identified by the inclusion of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “goal” and variations of such words and other similar expressions, are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements. These statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Many factors, including the following, could cause actual results to differ materially from the forward-looking statements: poor or weakened domestic and international business and economic conditions; changes or reductions in the demand for products in the various display

markets served by the Company; any delay in the timing of customer orders or the Company’s ability to ship product upon receipt of a customer order; the extent and timing of any additional expenditures by the Company to address business growth opportunities; any inability to reduce costs or to do so quickly enough, in either case, in response to reductions in revenue; adverse impacts on the Company or its operations relating to or arising from any inability to fund desired expenditures, including due to difficulties in obtaining necessary financing; changes in the flat-panel monitor industry; changes in customer demand or ordering patterns; changes in the competitive environment including pricing pressures, increased commoditization or the ability to keep pace with technological changes; technological advances; shortages of manufacturing capacity from the Company’s third-party manufacturing partners or other interruptions in the supply of components the Company incorporates in its finished goods including as a result of natural disasters; future production variables resulting in excess inventory and other risk factors listed from time to time in the Company’s periodic filings with the Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

 

MEDIA CONTACTS:

Kim Brown

Planar Systems, Inc.

503.748.6724

kim.brown@planar.com

    INVESTOR CONTACTS:

Ryan Gray

Planar Systems, Inc.

503.748.8911

ryan.gray@planar.com

      

Note Regarding the Use of non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), the Company’s earnings release contains non-GAAP financial measures that exclude certain items set forth in the reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The exclusions relate primarily to charges of a non-cash nature. Management uses the non-GAAP financial measures for internal managerial purposes, including as a means to compare period-to-period results on a consolidated basis and as a means to evaluate the Company’s results on a consolidated basis compared to those of other companies. In addition, management uses certain of these measures when publicly providing forward-looking statements on expectations regarding future consolidated basis financial results. The Company discloses this information to the public to enable investors to be able to more easily assess the Company’s performance on the same basis applied by management. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Planar Systems, Inc.

Consolidated Statement of Operations

(In thousands, except per share amounts)

(unaudited)

 

     Three months ended     Twelve months ended  
     Sep. 26, 2014     Sep. 27, 2013     Sep. 26, 2014      Sep. 27, 2013  

Sales

    $ 53,618      $ 45,708      $ 179,003       $ 166,809   

Cost of Sales

      39,953        35,500        135,278         129,454   
  

 

 

    

 

 

    

 

 

     

 

 

  

Gross Profit

      13,665        10,208        43,725         37,355   

Operating Expenses:

          

Research and development, net

      1,610        1,502        5,883         6,977   

Sales and marketing

      5,825        4,672        20,739         19,595   

General and administrative

      3,778        3,253        13,392         12,412   

Amortization of intangible assets

      —          123        —           565   

Restructuring

      631        732        662         3,333   

Loss on sale of assets

      —          —          —           1,314   
  

 

 

    

 

 

    

 

 

     

 

 

  

Total Operating Expenses

      11,844        10,282        40,676         44,196   

Income (loss) from operations

      1,821        (74 )      3,049         (6,841 ) 

Non-operating income (expense):

          

Interest, net

      139        53        373         157   

Foreign exchange, net

      367        (236 )      313         (250 ) 

Other, net

      (20 )      (22 )      402         440   
  

 

 

    

 

 

    

 

 

     

 

 

  

Net non-operating income (expense)

      486        (205 )      1,088         347   

Income (loss) before taxes

      2,307        (279 )      4,137         (6,494 ) 

Provision for income taxes

      71        (72 )      337         42   
  

 

 

    

 

 

    

 

 

     

 

 

  

Net Income (loss)

    $ 2,236      $ (207 )    $ 3,800       $ (6,536 ) 
  

 

 

    

 

 

    

 

 

     

 

 

  

Net Income (loss) per share - basic

    $ 0.10      ($ 0.01 )    $ 0.18       ($ 0.31 ) 

Net Income (loss) per share - diluted

    $ 0.10      ($ 0.01 )    $ 0.18       ($ 0.31 ) 

Weighted average shares outstanding - basic

      21,598        21,010        21,376         20,757   

Weighted average shares outstanding - diluted

      21,971        21,010        21,667         20,757   

Planar Systems, Inc.

Consolidated Balance Sheets

(In thousands)

(unaudited)

 

     Sep. 26, 2014     Sept. 27, 2013  

ASSETS

     

Cash

    $ 13,068      $ 11,971   

Accounts receivable, net

      28,333        22,821   

Inventories

      26,805        30,003   

Other current assets

      3,909        2,426   
  

 

 

    

 

 

  

Total current assets

      72,115        67,221   

Property, plant and equipment, net

      5,039        6,434   

Other assets

      7,250        6,230   
  

 

 

    

 

 

  
   $ 84,404      $ 79,885   
  

 

 

    

 

 

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

     

Accounts payable

    $ 18,176      $ 17,042   

Current portion of capital leases

      394        759   

Deferred revenue

      1,637        1,685   

Other current liabilities

      12,974        12,848   
  

 

 

    

 

 

  

Total current liabilities

      33,181        32,334   

Long-term portion of capital leases

      —          394   

Other long-term liabilities

      5,189        5,390   
  

 

 

    

 

 

  

Total liabilities

      38,370        38,118   

Common stock

      188,127        186,202   

Retained deficit

      (138,508 )      (141,735 ) 

Accumulated other comprehensive loss

      (3,585 )      (2,700 ) 
  

 

 

    

 

 

  

Total shareholders’ equity

      46,034        41,767   
  

 

 

    

 

 

  
   $ 84,404      $ 79,885   
  

 

 

    

 

 

  

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, unaudited)

 

     For the three months ended  
     Sep. 26, 2014     Sep. 27, 2013  

Gross Profit:

     

GAAP Gross Profit

      13,665        10,208   

Share-based compensation

      41        9   
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      41        9   
  

 

 

    

 

 

  

NON-GAAP GROSS PROFIT

      13,706        10,217   
  

 

 

    

 

 

  

NON-GAAP GROSS PROFIT PERCENTAGE

      25.6 %      22.4 % 
  

 

 

    

 

 

  

Research and Development:

     

GAAP research and development expense

      1,610        1,502   

Share-based compensation

      (24 )      (9 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (24 )      (9 ) 
  

 

 

    

 

 

  

NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE

      1,586        1,493   
  

 

 

    

 

 

  

Sales and Marketing:

     

GAAP sales and marketing expense

      5,825        4,672   

Share-based compensation

      (72 )      (39 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (72 )      (39 ) 
  

 

 

    

 

 

  

NON-GAAP SALES AND MARKETING EXPENSE

      5,753        4,633   
  

 

 

    

 

 

  

General and Administrative:

     

GAAP General and Administrative Expense

      3,778        3,253   

Share-based compensation

      (378 )      (245 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (378 )      (245 ) 
  

 

 

    

 

 

  

NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE

      3,400        3,008   
  

 

 

    

 

 

  

Operating Expenses:

     

GAAP Total Operating Expenses

      11,844        10,282   

Share-based compensation

      (474 )      (293 ) 

Amortization of intangible assets

      —          (123 ) 

Restructuring charges

      (631 )      (732 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (1,105 )      (1,148 ) 
  

 

 

    

 

 

  

NON-GAAP TOTAL OPERATING EXPENSES

      10,739        9,134   
  

 

 

    

 

 

  

Reconciliation of GAAP to Non-GAAP Financial Measures Continued

(In thousands, unaudited)

 

     For the three months ended  
     Sep. 26, 2014     Sep. 27, 2013  

Income (Loss) from Operations:

     

GAAP income (loss) from operations

      1,821        (74 ) 

Share-based compensation

      515        302   

Amortization of intangible assets

      —          123   

Restructuring charges

      631        732   
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      1,146        1,157   
  

 

 

    

 

 

  

NON-GAAP INCOME FROM OPERATIONS

      2,967        1,083   
  

 

 

    

 

 

  

Income (Loss) before taxes & EBITDA:

     

GAAP income (loss) before taxes

      2,307        (279 ) 

Share-based compensation

      515        302   

Amortization of intangible assets

      —          123   

Restructuring charges

      631        732   

Foreign exchange, net

      (367 )      236   
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      779        1,393   
  

 

 

    

 

 

  

NON-GAAP INCOME BEFORE TAXES

      3,086        1,114   
  

 

 

    

 

 

  

Depreciation

      393        500   
  

 

 

    

 

 

  

NON-GAAP EBITDA

      3,479        1,614   
  

 

 

    

 

 

  

Net Income (Loss):

     

GAAP Net Income (loss)

      2,236        (207 ) 

Share-based compensation

      515        302   

Amortization of intangible assets

      —          123   

Restructuring charges

      631        732   

Foreign exchange, net

      (367 )      236   

Income tax effect of reconciling items

      43        (185 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      822        1,208   
  

 

 

    

 

 

  

NON-GAAP NET INCOME

      3,058        1,001   
  

 

 

    

 

 

  

GAAP weighted average shares outstanding - basic

      21,598        21,010   

GAAP weighted average shares outstanding - diluted

      21,971        21,010   

NON-GAAP weighted average shares outstanding - diluted

      21,971        21,708   

GAAP Net Income (Loss) per share - basic

    $ 0.10      ($ 0.01 ) 

Non-GAAP adjustments detailed above

      0.04        0.06   

NON-GAAP NET INCOME PER SHARE (basic)

    $ 0.14      $ 0.05   

GAAP Net Income (Loss) per share - diluted

    $ 0.10      ($ 0.01 ) 

Non-GAAP adjustments detailed above

      0.04        0.06   

NON-GAAP NET INCOME PER SHARE (diluted)

    $ 0.14      $ 0.05   

Reconciliation of GAAP to Non-GAAP Financial Measures

(In thousands, unaudited)

 

     For the twelve months ended  
     Sep. 26, 2014     Sep. 27, 2013  

Gross Profit:

     

GAAP Gross Profit

      43,725        37,355   

Share-based compensation

      114        84   
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      114        84   
  

 

 

    

 

 

  

NON-GAAP GROSS PROFIT

      43,839        37,439   
  

 

 

    

 

 

  

NON-GAAP GROSS PROFIT PERCENTAGE

      24.5 %      22.4 % 
  

 

 

    

 

 

  

Research and Development:

     

GAAP research and development expense

      5,883        6,977   

Share-based compensation

      (58 )      (91 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (58 )      (91 ) 
  

 

 

    

 

 

  

NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE

      5,825        6,886   
  

 

 

    

 

 

  

Sales and Marketing:

     

GAAP sales and marketing expense

      20,739        19,595   

Share-based compensation

      (213 )      (251 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (213 )      (251 ) 
  

 

 

    

 

 

  

NON-GAAP SALES AND MARKETING EXPENSE

      20,526        19,344   
  

 

 

    

 

 

  

General and Administrative:

     

GAAP General and Administrative Expense

      13,392        12,412   

Share-based compensation

      (1,274 )      (1,036 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (1,274 )      (1,036 ) 
  

 

 

    

 

 

  

NON-GAAP GENERAL AND ADMINISTRATIVE EXPENSE

      12,118        11,376   
  

 

 

    

 

 

  

Operating Expenses:

     

GAAP Total Operating Expenses

      40,676        44,196   

Share-based compensation

      (1,545 )      (1,378 ) 

Amortization of intangible assets

      —          (565 ) 

Restructuring charges

      (662 )      (3,333 ) 

Loss on sale of assets

      —          (1,314 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      (2,207 )      (6,590 ) 
  

 

 

    

 

 

  

NON-GAAP TOTAL OPERATING EXPENSES

      38,469        37,606   
  

 

 

    

 

 

  

Reconciliation of GAAP to Non-GAAP Financial Measures Continued

(In thousands, unaudited)

 

     For the twelve months ended  
     Sep. 26, 2014     Sep. 27, 2013  

Income (Loss) from Operations:

     

GAAP income (loss) from operations

      3,049        (6,841 ) 

Share-based compensation

      1,659        1,462   

Amortization of intangible assets

      —          565   

Restructuring charges

      662        3,333   

Loss on sale of assets

      —          1,314   
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      2,321        6,674   
  

 

 

    

 

 

  

NON-GAAP INCOME (LOSS) FROM OPERATIONS

      5,370        (167 ) 
  

 

 

    

 

 

  

Income (Loss) before taxes & EBITDA:

     

GAAP income (loss) before taxes

      4,137        (6,494 ) 

Share-based compensation

      1,659        1,462   

Amortization of intangible assets

      —          565   

Restructuring charges

      662        3,333   

Loss on sale of assets

      —          1,314   

Foreign exchange, net

      (313 )      250   
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      2,008        6,924   
  

 

 

    

 

 

  

NON-GAAP INCOME BEFORE TAXES

      6,145        430   
  

 

 

    

 

 

  

Depreciation

      1,724        1,515   
  

 

 

    

 

 

  

NON-GAAP EBITDA

      7,869        1,945   
  

 

 

    

 

 

  

Net Income (Loss):

     

GAAP Net Income (loss)

      3,800        (6,536 ) 

Share-based compensation

      1,659        1,462   

Amortization of intangible assets

      —          565   

Restructuring charges

      662        3,333   

Loss on sale of assets

      —          1,314   

Foreign exchange, net

      (313 )      250   

Income tax effect of reconciling items

      —          (1 ) 
  

 

 

    

 

 

  

Total Non-GAAP adjustments

      2,008        6,923   
  

 

 

    

 

 

  

NON-GAAP NET INCOME

      5,808        387   
  

 

 

    

 

 

  

GAAP weighted average shares outstanding - basic

      21,376        20,757   

GAAP weighted average shares outstanding - diluted

      21,667        20,757   

NON-GAAP weighted average shares outstanding - diluted

      21,667        21,282   

GAAP Net Income (Loss) per share - basic

    $ 0.18      ($ 0.31 ) 

Non-GAAP adjustments detailed above

      0.09        0.33   

NON-GAAP NET INCOME PER SHARE (basic)

    $ 0.27      $ 0.02   

GAAP Net Income (Loss) per share - diluted

    $ 0.18      ($ 0.31 ) 

Non-GAAP adjustments detailed above

      0.09        0.33   

NON-GAAP NET INCOME PER SHARE (diluted)

    $ 0.27      $ 0.02   

Planar Systems, Inc.

Revenue by Product Line

(In millions)

(unaudited)

 

     Three months ended      % Change  
     Sep. 26, 2014      Sep. 27, 2013      Jun. 27, 2014      vs. Prior Year     vs. Prior Quarter  

Digital Signage Sales

    $ 25.2       $ 17.7       $ 21.4         42 %      18 % 

Commercial & Industrial Sales

      28.4         28.0         22.5         2 %      26 % 

Desktop Monitors

      11.4         11.2         9.3         2 %      23 % 

Rear Projection Cubes

      5.1         4.9         4.6         3 %      11 % 

Touch Monitors

      3.6         4.6         3.2         -21 %      13 % 

High-end Home

      1.1         2.0         1.2         -42 %      -8 % 

Custom Commercial & Industrial

      7.2         5.1         4.2         40 %      71 % 

Other

      —           0.2         —           -100 %      0 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Total Sales

    $ 53.6       $ 45.7       $ 43.9         17 %      22 % 
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

  

Planar Systems, Inc.

Revenue by Product Line

(In millions)

(unaudited)

 

     Twelve months ended      % Change  
     Sep. 26, 2014      Sep. 27, 2013      vs. Prior Year  

Digital Signage Sales

    $ 84.5       $ 62.1         36 % 

Commercial & Industrial Sales

      94.5         104.7         -10 % 

Desktop Monitors

      36.5         38.0         -4 % 

Rear Projection Cubes

      18.8         20.8         -10 % 

Touch Monitors

      13.7         19.8         -31 % 

High-end Home

      5.7         9.7         -41 % 

Custom Commercial & Industrial

      19.4         13.1         49 % 

Electroluminescent(1)

      —           2.3         -100 % 

Other

      0.4         1.0         -59 % 
  

 

 

     

 

 

     

 

 

  

Total Sales

    $ 179.0       $ 166.8         7 % 
  

 

 

     

 

 

     

 

 

  

Electroluminescent(1)

      —           2.3         -100 % 
  

 

 

     

 

 

     

 

 

  

Total Sales without Electroluminescent

    $ 179.0       $ 164.5         9 % 
  

 

 

     

 

 

     

 

 

  

 

(1)  In the first quarter of 2013, the Company sold the assets and liabilities related to the Electroluminescent product line, including custom glass, which was included in other commercial & industrial sales.