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SignageWirePlanar records deep loss, sells medical imaging businessAuthor: WireSpring on 2008-08-07 22:15:37 According to this article at Bizjournals:Planar Systems Inc. announced that it is selling its medical imaging business, as the company recorded a huge impairment charge that took its third-quarter loss to $62 million.
Beaverton-based Planar (NASDAQ: PLNR) reported third-quarter revenue of $75 million, up from $68.2 million a year earlier. The increase is largely due to the acquisition of Runco International Inc., a California supplier of upmarket home theater systems. Planar's loss of $62 million, or $3.46 per share, would have been significantly smaller without a $58.4 million charge for impairment of goodwill and other intangible assets. Besides Runco, which has not performed as well as expected due to internal execution issues, Planar's control room and signage business -- the former Clarity Visual Systems Inc. of Wilsonville, which Planar acquired two years ago for $56.1 million -- has also been running at a loss, with sales declining compared to last year's third quarter. Our take: It's generally bad to spend more than you make, so Planar's executive team must be spitting bullets right now. Their acquisition of Clarity hasn't gone as well as they had hoped, and while the expected $34M generated from the pending sale of Planar's medical imaging unit will let them keep making payrolls, that can only last so long. The good news is that Planar is continuing to work their offerings into a more cohesive lineup, so they should have a stronger market position going forward. We're still not sure what they plan to do with the Coolsign digital signage software they got when they acquired Clarity, but it must be tough running a software operation inside of a company dominated by hardware sales objectives. Comments (0)
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Leave a CommentPrevious Article: LevelVision and Met|Hodder Launch Best Practices Website for Advertisers and Retailers Next Article: Venco Intros Audience Measurement Screens LEGAL STUFF: SignageWire is written by the WireSpring staff but may periodically include articles by guest authors. The author of each article is clearly identified at the start of the article. The opinions expressed in each article are solely those of the author, and do not reflect the official opinions of WireSpring Technologies, Inc. All SignageWire articles are copyright © 2008-2010 WireSpring Technologies, Inc. or the guest author, as appropriate. All content besides the actual article text, e.g. surrounding branding and informational content, is copyright © 2000-2010 WireSpring Technologies, Inc. All rights reserved. Except as provided in WireSpring's Republishing and Syndication Policy, no SignageWire content may be reproduced, in whole or in part, without WireSpring's express written consent.
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