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Planar Announces Fiscal Fourth Quarter and Full Year 2013 Financial Results



  Planar Announces Fiscal Fourth Quarter and Full Year 2013 Financial Results

    Company reports record quarterly sales of Digital Signage products and
                  Non-GAAP profitability for the fiscal year

Business Wire

BEAVERTON, Ore. -- November 20, 2013

Planar Systems, Inc. (NASDAQ: PLNR), a global leader in display and digital
signage technology, recorded sales of $45.7 million and a GAAP loss per share
of $0.01 in its fourth fiscal quarter ended September 27, 2013. On a Non-GAAP
basis (see reconciliation table), income per share was $0.05 in the fourth
quarter of fiscal 2013. Sales for fiscal year 2013 were $166.8 million and
GAAP loss per share was $0.31. On a Non-GAAP basis (see reconciliation table)
income per share was $0.02 in fiscal 2013.

“I am pleased with the improvement in our top and bottom line performance in
the fourth quarter of 2013, which included a new high point for quarterly
sales of digital signage products,” said Gerry Perkel, Planar’s President and
Chief Executive Officer. “In addition, we were able to achieve our goal of
Non-GAAP profitability for fiscal year 2013 and, as a result, I believe we are
well positioned to continue to improve our performance as we enter fiscal year
2014.”

SUMMARY OF BUSINESS HIGHLIGHTS

  * Achieved record quarterly sales of digital signage products totaling $17.7
    million in the fiscal fourth quarter of 2013, representing 30 percent
    growth compared with the fourth fiscal quarter of 2012
  * Recorded Non-GAAP EBITDA of $1.6 million in the fourth quarter of 2013, a
    $4.6 million improvement compared to the fourth quarter of 2012 (see
    reconciliation table)
  * Launched the Planar® Simplicity™ Series line of digital signage monitors
    which incorporate media playing and commercial-grade features into a sleek
    and affordable digital signage solution
  * Achieved record annual sales of digital signage products for fiscal year
    2013 of $62.1 million, representing 42 percent growth compared with fiscal
    year 2012
  * Recorded Non-GAAP EBIDTA of $1.9 million in fiscal year 2013, a $12.7
    million improvement compared with fiscal year 2012 (see reconciliation
    table)

FOURTH QUARTER FISCAL 2013 RESULTS

The Company’s total revenue increased 10 percent compared to the fourth
quarter of fiscal 2012. As previously announced, the Company sold the assets
comprising its Electroluminescent (EL) product line during the first quarter
of fiscal 2013. Excluding revenue associated with EL products, the Company’s
total revenue increased 24 percent compared with the fourth quarter of fiscal
2012. Sales of digital signage products totaled $17.7 million in the fourth
fiscal quarter of 2013, a 30 percent increase from the same period a year ago.
Sales of Commercial and Industrial (C&I) products increased 1 percent (20
percent without EL) to $28.0 million compared with the same quarter a year
ago. This increase was primarily driven by higher sales of custom C&I
displays, desktop monitors, and rear-projection cubes, offset by declines in
sales of high-end home products, touch monitors and the elimination of the EL
display product line.

The Company’s consolidated gross profit margin, as a percentage of sales (on a
Non-GAAP basis), was 22.4 percent in the fourth quarter of 2013, up from 17.3
percent in the fourth quarter of 2012 (see reconciliation table). On a
sequential basis, the Company’s Non-GAAP gross profit margin increased 0.7
percentage points as an improved mix and margin rates on sales of digital
signage products and better absorption of fixed manufacturing expenses more
than offset lower margins on sales of desktop monitors.

Total operating expenses (on a Non-GAAP basis) for the fourth quarter of 2013
decreased $1.4 million, or 13 percent, to $9.1 million compared with the same
quarter a year ago (see reconciliation table), as expenses declined as a
result of previously implemented cost reduction measures and the divestiture
of the EL product line. Also, the Company recorded a $0.7 million
restructuring charge in the fourth fiscal quarter of 2013 related to the
consolidation of some of its European administrative functions.

The Company’s cash balance decreased $1.4 million sequentially to $12.0
million at the end of the fourth fiscal quarter of 2013 compared to the end of
the third quarter of fiscal 2013. The decrease in cash was primarily caused by
an increase in accounts receivable as result of strong sequential sales
growth, partially offset by the quarterly Non-GAAP profit, increases in
accounts payable and decreases in inventory.

BUSINESS OUTLOOK

As the Company looks out into fiscal year 2014, its goals remain unchanged;
continue to grow sales of digital signage products in an effort to drive
overall revenue growth for the Company and improved profitability. As a
result, the Company currently anticipates revenue in the range of $41-43
million and Non-GAAP income per share of $0.02 to $0.04 in the first fiscal
quarter of 2014. For the full fiscal year, the Company expects revenue in the
range of $170-180 million and Non-GAAP income per share of $0.10 to $0.15.

Results of operations and the business outlook will be discussed in a
conference call today, November 20, 2013, beginning at 2:00 PM Pacific Time.
The call can be heard via the Internet through a link on Planar’s website,
www.planar.com, or through numerous other investor sites, and will be
available for replay until December 20, 2013. The Company intends to post on
its website a transcript of the prepared management commentary from the
conference call shortly after the conclusion of the call.

ABOUT PLANAR

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 relating to the
Company’s improved performance in fiscal 2014 and statements under the
“Business Outlook” heading relating to expected levels of revenue, and
Non-GAAP earnings/profitability for the first quarter and full fiscal year in
2014. 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.

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 share-based
compensation and the requirements of Topic 718 of the FASB Accounting
Standards Codification^TM, “Compensation-Stock Compensation”. The Non-GAAP
financial measures also exclude impairment and restructuring charges, gains or
losses on the sale of assets, 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 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
                     Sept. 27,       Sept. 28,       Sept. 27,     Sept. 28,
                     2013            2012            2013          2012
                                                                    
Sales                $  45,708       $  41,400         166,809       171,354
Cost of Sales           35,500          34,291         129,454       136,718  
Gross Profit            10,208          7,109          37,355        34,636
                                                                    
Operating
Expenses:
   Research and
   development,         1,502           2,787          6,977         10,592
   net
   Sales and            4,672           5,180          19,595        24,842
   marketing
   General and          3,253           3,040          12,412        13,987
   administrative
   Amortization of
   intangible           123             171            565           696
   assets
   Restructuring        732             404            3,333         922
   Loss (gain) on       -               -              1,314         -        
   sale of assets
   Total Operating      10,282          11,582         44,196        51,039
   Expenses
                                                                    
Income (Loss) from      (74     )       (4,473  )      (6,841  )     (16,403 )
operations
                                                                    
Non-operating
income (expense):
   Interest, net        53              (22     )      157           (15     )
   Foreign              (236    )       (44     )      (250    )     479
   exchange, net
   Other, net           (22     )       49             440           499      
   Net
   non-operating        (205    )       (17     )      347           963
   income
   (expense)
                                                                    
Income (loss)           (279    )       (4,490  )      (6,494  )     (15,440 )
before taxes
Provision
(benefit) for           (72     )       138            42            742      
income taxes
Net Income (loss)    $  (207    )    $  (4,628  )    $ (6,536  )   $ (16,182 )
                                                                    
Net Income (loss)       ($0.01  )       ($0.23  )      ($0.31  )     ($0.81  )
per share - basic
Net Income (loss)
per share -             ($0.01  )       ($0.23  )      ($0.31  )     ($0.81  )
diluted
                                                                    
Weighted average
shares outstanding      21,010          20,258         20,757        20,083
- basic
Weighted average
shares outstanding      21,010          20,258         20,757        20,083
- diluted
                                                                              

 
Planar Systems, Inc.
Consolidated Balance Sheets
(In thousands)
(unaudited)
                                                       
                                       Sept. 27, 2013   Sept. 28, 2012
ASSETS
Cash                                   $  11,971        $  17,768
Accounts receivable, net                  22,821           18,604
Inventories                               30,003           31,984
Other current assets                      2,426            2,829      
Total current assets                      67,221           71,185
                                                         
Property, plant and equipment, net        6,434            3,554
Intangible assets, net                    -                565
Other assets                              6,230            6,580      
                                       $  79,885        $  81,884     
                                                         
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable                          17,042           11,686
Current portion of capital leases         759              449
Deferred revenue                          1,685            1,659
Other current liabilities                 12,848           15,915     
Total current liabilities                 32,334           29,709
                                                         
Long-term portion of capital leases       394              545
Other long-term liabilities               5,390            5,111      
Total liabilities                         38,118           35,365
                                                         
Common stock                              186,202          184,556
Retained earnings (deficit)               (141,735  )      (134,751  )
Accumulated other comprehensive loss      (2,700    )      (3,286    )
Total shareholders' equity                41,767           46,519     
                                       $  79,885        $  81,884     
                                                                      

 
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
                                                               
                                               For the three months ended
                                               Sept. 27, 2013   Sept. 28, 2012
Gross Profit:
  GAAP gross profit                            10,208           7,109
                                                                 
          Share-based compensation             9                34         
  Total Non-GAAP adjustments                   9                34         
                                                                 
  NON-GAAP GROSS PROFIT                        10,217           7,143      
                                                                 
  NON-GAAP GROSS PROFIT PERCENTAGE             22.4      %      17.3      %
                                                                 
Research and Development:
  GAAP research and development expense        1,502            2,787
                                                                 
          Share-based compensation             (9        )      (45       )
  Total Non-GAAP adjustments                   (9        )      (45       )
                                                                 
  NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE    1,493            2,742      
                                                                 
Sales and Marketing:
  GAAP sales and marketing expense             4,672            5,180
                                                                 
          Share-based compensation             (39       )      (90       )
  Total Non-GAAP adjustments                   (39       )      (90       )
                                                                 
  NON-GAAP SALES AND MARKETING EXPENSE         4,633            5,090      
                                                                 
General and Administrative:
  GAAP general and administrative expense      3,253            3,040
                                                                 
          Share-based compensation             (245      )      (370      )
  Total Non-GAAP adjustments                   (245      )      (370      )
                                                                 
  NON-GAAP GENERAL AND ADMINISTRATIVE          3,008            2,670      
  EXPENSE
                                                                 
Operating Expenses:
  GAAP total operating expenses                10,282           11,582
                                                                 
          Share-based compensation             (293      )      (505      )
          Amortization of intangible assets    (123      )      (171      )
          Restructuring charges                (732      )      (404      )
  Total Non-GAAP adjustments                   (1,148    )      (1,080    )
                                                                 
  NON-GAAP TOTAL OPERATING EXPENSES            9,134            10,502     
                                                                           

 
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
(In thousands, unaudited)
                                                               
                                               For the three months ended
                                               Sept. 27, 2013   Sept. 28, 2012
                                                                 
Income (Loss) from Operations:
     GAAP income (loss) from operations            (74     )    (4,473    )
                                                                 
               Share-based compensation            302          539
               Amortization of intangible          123          171
               assets
               Restructuring charges               732          404        
     Total Non-GAAP adjustments                    1,157        1,114      
                                                                 
     NON-GAAP INCOME (LOSS) FROM OPERATIONS        1,083        (3,359    )
                                                                 
Income (Loss) before taxes & EBITDA:
     GAAP income (loss) before taxes               (279    )    (4,490    )
                                                                 
               Share-based compensation            302          539
               Amortization of intangible          123          171
               assets
               Restructuring charges               732          404
               Foreign exchange, net               236          44         
     Total Non-GAAP adjustments                    1,393        1,158      
                                                                 
     NON-GAAP INCOME (LOSS) BEFORE TAXES           1,114        (3,332    )
               Depreciation                        500          383        
     NON-GAAP EBITDA                               1,614        (2,949    )
                                                                 
Net Income (Loss):
     GAAP net income (loss)                        (207    )    (4,628    )
                                                                 
               Share-based compensation            302          539
               Amortization of intangible          123          171
               assets
               Restructuring charges               732          404
               Foreign exchange, net               236          44
               Income tax effect of                (185    )    1,388      
               reconciling items
     Total Non-GAAP adjustments                    1,208        2,546      
                                                                 
     NON-GAAP NET INCOME (LOSS)                    1,001        (2,082    )
                                                                 
GAAP weighted average shares                       21,010       20,258
outstanding--basic
NON-GAAP weighted average shares                   21,708       20,258
outstanding--diluted
                                                                 
GAAP Net Income (Loss) per share - basic           ($0.01  )    ($0.23    )
     Non-GAAP adjustments detailed above           0.06         0.13
     NON-GAAP NET INCOME PER SHARE (basic)     $   0.05         ($0.10    )
                                                                 
GAAP Net Income (Loss) per share - diluted         ($0.01  )    ($0.23    )
     Non-GAAP adjustments detailed above           0.06         0.13
     NON-GAAP NET INCOME PER SHARE (diluted)   $   0.05         ($0.10    )
                                                                           

 
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, unaudited)
                                                               
                                               For the twelve months ended
                                               Sept. 27, 2013   Sept. 28, 2012
Gross Profit:
  GAAP gross profit                            37,355           34,636
                                                                 
          Share-based compensation             84               102        
  Total Non-GAAP adjustments                   84               102        
                                                                 
  NON-GAAP GROSS PROFIT                        37,439           34,738     
                                                                 
  NON-GAAP GROSS PROFIT PERCENTAGE             22.4      %      20.3      %
                                                                 
Research and Development:
  GAAP research and development expense        6,977            10,592
                                                                 
          Share-based compensation             (91       )      (144      )
  Total Non-GAAP adjustments                   (91       )      (144      )
                                                                 
  NON-GAAP RESEARCH AND DEVELOPMENT EXPENSE    6,886            10,448     
                                                                 
Sales and Marketing:
  GAAP sales and marketing expense             19,595           24,842
                                                                 
          Share-based compensation             (251      )      (203      )
  Total Non-GAAP adjustments                   (251      )      (203      )
                                                                 
  NON-GAAP SALES AND MARKETING EXPENSE         19,344           24,639     
                                                                 
General and Administrative:
  GAAP general and administrative expense      12,412           13,987
                                                                 
          Share-based compensation             (1,036    )      (1,155    )
  Total Non-GAAP adjustments                   (1,036    )      (1,155    )
                                                                 
  NON-GAAP GENERAL AND ADMINISTRATIVE          11,376           12,832     
  EXPENSE
                                                                 
Operating Expenses:
  GAAP total operating expenses                44,196           51,039
                                                                 
          Share-based compensation             (1,378    )      (1,502    )
          Amortization of intangible assets    (565      )      (696      )
          Restructuring charges                (3,333    )      (922      )
          Loss (gain) on sale of assets        (1,314    )      -          
  Total Non-GAAP adjustments                   (6,590    )      (3,120    )
                                                                 
  NON-GAAP TOTAL OPERATING EXPENSES            37,606           47,919     
                                                                           

 
Reconciliation of GAAP to Non-GAAP Financial Measures Continued
(In thousands, unaudited)
                                                               
                                               For the twelve months ended
                                               Sept. 27, 2013   Sept. 28, 2012
                                                                 
Income (Loss) from Operations:
    GAAP income (loss) from operations             (6,841  )    (16,403    )
                                                                 
            Share-based compensation               1,462        1,604
            Amortization of intangible             565          696
            assets
            Restructuring charges                  3,333        922
            Loss (gain) on sale of assets          1,314        -           
    Total Non-GAAP adjustments                     6,674        3,222       
                                                                 
    NON-GAAP INCOME (LOSS) FROM OPERATIONS         (167    )    (13,181    )
                                                                 
Income (Loss) before taxes & EBITDA:
    GAAP income (loss) before taxes                (6,494  )    (15,440    )
                                                                 
            Share-based compensation               1,462        1,604
            Amortization of intangible             565          696
            assets
            Restructuring charges                  3,333        922
            Loss (gain) on sale of assets          1,314        -
            Foreign exchange, net                  250          (479       )
    Total Non-GAAP adjustments                     6,924        2,743       
                                                                 
    NON-GAAP INCOME (LOSS) BEFORE TAXES            430          (12,697    )
            Depreciation                           1,515        1,977       
    NON-GAAP EBITDA                                1,945        (10,720    )
                                                                 
Net Income (Loss):
    GAAP net income (loss)                         (6,536  )    (16,182    )
                                                                 
            Share-based compensation               1,462        1,604
            Amortization of intangible             565          696
            assets
            Restructuring charges                  3,333        922
            Loss (gain) on sale of assets          1,314        -
            Foreign exchange, net                  250          (479       )
            Income tax effect of reconciling       (1      )    5,503       
            items
    Total Non-GAAP adjustments                     6,923        8,246       
                                                                 
    NON-GAAP NET INCOME (LOSS)                     387          (7,936     )
                                                                 
GAAP weighted average shares                       20,757       20,083
outstanding--basic
NON-GAAP weighted average shares                   21,282       20,083
outstanding--diluted
                                                                 
GAAP Net Income (Loss) per share - basic           ($0.31  )    ($0.81     )
    Non-GAAP adjustments detailed above            0.33         0.41
    NON-GAAP NET INCOME (LOSS) PER SHARE       $   0.02         ($0.40     )
    (basic)
                                                                 
GAAP Net Income (Loss) per share - diluted         ($0.31  )    ($0.81     )
    Non-GAAP adjustments detailed above        $   0.33         0.41
    NON-GAAP NET INCOME (LOSS) PER SHARE       $   0.02         ($0.40     )
    (diluted)
                                                                            

                                                                                   
Planar Systems, Inc.
Revenue by Product Line
(In millions)
(unaudited)
                                                                         
                              Three months ended                 % Change vs.
                              Sept.    Sept.      Jun. 28,       Prior    Prior
                              27,      28, 2012   2013           Year     Quarter
                              2013
                                                                                   
Digital Signage Sales         $ 17.7   $   13.6   $   14.1       30   %   26   %
                                                                                   
Commercial & Industrial Sales   28.0       27.8       23.4       1    %   20   %
       Desktop Monitors         11.2       7.8        9.2        43   %   21   %
       Rear Projection Cubes    4.9        4.2        3.5        17   %   42   %
       Touch Monitors           4.6        5.2        5.0        -12  %   -9   %
       High-end Home            2.0        3.2        2.2        -38  %   -10  %
       Custom Commercial &      5.1        2.3        3.3        128  %   55   %
       Industrial
       Electroluminescent^(1)   -          4.3        -          -100 %   -
       Other^(1)                0.2        0.8        0.2        -61  %   24   %
                                                                           
Total Sales                   $ 45.7   $   41.4   $   37.5       10   %   22   %
       Electroluminescent and   -          4.3        -          -100 %   -     
       custom glass^(1)
Total Sales without           $ 45.7   $   37.1   $   37.5       24   %   22   %
Electroluminescent
                                                                                   
       In the first quarter of 2013, the Company sold the assets and liabilities
^(1)   related to the Electroluminescent product line, including custom glass,
       which was included in other commercial & industrial sales.
                                                                                   

 
Planar Systems, Inc.
Revenue by Product Line
(In millions)
(unaudited)
                                                                  
                                      Twelve months ended           %
                                                                    Change
                                      Sep. 27,        Sep. 28,      vs. Prior
                                      2013            2012          Year
                                                                     
Digital Signage Sales                 $   62.1        $   43.8      42      %
                                                                     
Commercial & Industrial Sales             104.7           127.6     -18     %
       Desktop Monitors                   38.0            35.1      9       %
       Rear Projection Cubes              20.8            26.2      -21     %
       Touch Monitors                     19.8            16.1      23      %
       High-end Home                      9.7             15.6      -38     %
       Custom Commercial &                13.1            11.9      10      %
       Industrial
       Electroluminescent^(1)             2.3             19.8      -88     %
       Other^(1)                          1.0             2.9       -65     %
                                                                     
Total Sales                           $   166.8       $   171.4     -3      %
       Electroluminescent and             2.3             20.0      -89     %
       custom glass^(1)
Total Sales without                   $   164.5       $   151.4     9       %
Electroluminescent
                                                                     
       In the first quarter of 2013, the Company sold the assets and
^(1)   liabilities related to the Electroluminescent product line, including
       custom glass, which was included in other commercial & industrial
       sales.
        

Contact:

Planar Systems, Inc.
MEDIA CONTACTS:
Kim Brown, 503-748-6724
kim.brown@planar.com
or
Planar Systems, Inc.
INVESTOR CONTACTS:
Ryan Gray, 503-748-8911
ryan.gray@planar.com
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