Planar reports Q4 and FY04 results, announces executive appointment

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Revenues dipped 6 percent at Planar Systems Inc. in the fourth fiscal quarter of FY04, ending September 24.

The company reported sales of $68 million, compared with $72.2 million in the fourth quarter of FY04. Net income totaled $2.78 million, compared with $4.55 million in the year-ago quarter.

For the year, Planar reported sales of $256.2 million, versus $251.9 million in FY03. The company's net income dipped to $9.28 million, compared with $15.02 million in FY03.

"The company rebounded from unprecedented challenges in fiscal 2004, grew market share in key markets and delivered another string of four profitable quarters," said Balaji Krishnamurthy, chairman, president/CEO. "Most importantly for the future, the company remains well positioned in its core markets and we're working on seizing additional market opportunities to build profitable growth over the long run."

Planar's medical business delivered quarterly sales of $22.7 million, up about 6 percent over a year ago and up more than 12 percent over the previous quarter.

In related news, Planar appointed Vice President and CFO Steve Buhaly to the additional role of COO, to set and refine the company's long-term strategy and running its entrepreneurial initiatives.

Buhaly will remain Planar's CFO until the naming of a replacement, who will report directly to Krishnamurthy.