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PLNR > SEC Filings for PLNR > Form 8-K on 6-May-2013All Recent SEC Filings

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Form 8-K for PLANAR SYSTEMS INC


6-May-2013

Results of Operations and Financial Condition, Financial Statements and Exhibi


Item 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 6, 2013, Planar Systems, Inc. (the "Company") issued a press release announcing its financial results for the second quarter of fiscal 2013 ended March 29, 2013, and its expectations regarding certain financial results for the third quarter, second half and full year of fiscal 2013 (the "Earnings Release"). The Earnings Release contains forward-looking statements regarding the Company, and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. The Earnings Release is furnished herewith as Exhibit 99.1 to this Report, and shall not be deemed filed for purposes of Section 18 of the Exchange Act.

In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), the Earnings Release contains non-GAAP financial measures that exclude share-based compensation and the requirements of Topic 718 of the FASB Accounting Standards Codification, "Compensation-Stock Compensation." The non-GAAP financial measures also exclude impairment and restructuring charges, the amortization of intangible assets related to previous acquisitions, various tax charges including the valuation allowance against deferred tax assets, the gain or loss on foreign currency due to the non-cash nature of the charge, and various other adjustments. 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 results 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.

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 who wish to more easily assess the Company's performance on the same basis applied by management.

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Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1 Press release issued by Planar Systems, Inc. on May 6, 2013

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