Planar Systems, Inc. PLNR, a worldwide leader in specialty display
solutions, announced the sale of its electroluminescent (EL) display business
to Beneq Oy, a supplier of production and research equipment for advanced thin
film coatings. Under the terms of the transaction, consideration consists of a
$6.5 million base purchase price, of which $3.9 million was paid in cash at
closing and $2.6 million was paid in the form of a promissory note. The
transaction terms also provide for up to $3.5 million in possible additional
cash consideration which can be earned in calendar years 2013, 2014, 2015
based upon the EL business achieving certain financial results.
As a result of the sale of the EL business, the Company is updating its
forward looking estimates for the first quarter of fiscal 2013. The Company
currently anticipates revenue in the range of $41 to $44 million and a
Non-GAAP loss of $0.05 to a Non-GAAP profit of $0.01 in the first quarter of
2013, excluding the gain or loss recorded on the sale of the EL business.
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