• 4th Quarter Net Profits Increase by $1,247,000
  • Full Year Earnings per Share Up by 267%
  • Outstanding Shares Reduced by 9.5%
  • Operating Expenses Down by $2.64 Million Annually

Video Display Corporation (Nasdaq:VIDE) today reported financial results for fiscal year 2010 fourth quarter as follows:
Results-(In 000's)        
Fourth Quarter 2010 2009 $ Change % Change
Net Revenues $19,727 $16,481 $3,246 +20%
Gross Profit 6,789 5,001 1,788 +35%
Operating Expenses 5,285 5,798 (513) (9%)
Net Profit after Tax 693 (554) 1,247 N/M
Earnings per Share $0.08 $(0.06) $0.14 N/M
Fully diluted O/S Shares 8,700 9,391 (691) (7.4%)
         
February 28 2010 Fiscal Year 2010 2009 $ Change % Change
Net Revenue $70,431 $72,903 (2,472) (3.5%)
Gross Profit 23,780 24,880 (1,100) (4.4%)
Operating Expenses 21,603 24,242 (2,639) (10.9%)
Net Profit after Tax 940 314 626 199%
Earnings per Share $0.11 $0.03 $0.08 267%
Fully Diluted O/S Shares 8,744 9,664 (920) (9.5%)

Company CEO Ron Ordway stated, "Fiscal 2010, especially the 4th quarter ended February 28, 2010, represented a dramatic positive turn in Video Display's revenue and profit results as reflected in the above reported financial numbers. The major upswing in revenue in the fourth quarter of $3.2 million to $19.7 million resulted in a 4% increase in the gross profit martin. We were also able to control operating expenses in the quarter with a reduction of 9%, even though revenues were 20% higher, through a $2.5 million expense reduction program implemented in the beginning of fiscal 2010." He further stated, "With the strong 4th quarter, the Company achieved its annual guidance of $0.10 to $0.12 in earnings per share for fiscal 2010. Based upon the current level of order booking, I believe that VDC's revenues for fiscal 2/28/2011 will be in the range of $78 million to $82 million or an increase of 11% - 15% above revenues reported for fiscal 2010. Although we expect to see higher interest rates on corporate debt as well as higher levels of operating expenses, this should be offset by expanded gross profit margins on increased volume and should result in more than a doubling of Earnings Per Share for the full year in fiscal 2011."

Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include ruggedized AMLCD and CRT displays as well as complete projection systems utilizing VDC's Marquee™ and ESCP line of projectors. Video Display Corporation operates eight display design and manufacturing plants with additional sales facilities throughout the United States and Europe. For more information, visit the Company's web site at www.videodisplay.com.

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company's Form 10-K for the year ended February 28, 2009, filed with the Securities and Exchange Commission. The Company undertakes no duty to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

 

  Three Months Ended February 28,   Twelve Months Ended February 28,
  2010   2009   2010   2009
               
Net sales $ 19,727   $ 16,481    $ 70,431    $ 72,903
               
Cost of goods sold 12,938   11,479   46,651   48,023
               
 Gross profit 6,789   5,001   23,780   24,880
               
Operating expenses              
 Selling and delivery 1,727   1,706   6,961   7,388
 General and administrative 3,558   4,092   14,642   16,854
  5,285   5,798   21,603   24,242
               
 Operating profit (loss) 1,504   (797)   2,177    638
               
Other income (expense)              
 Interest expense  (275)    (189)   (1,086)   (1,083)
 Other, net  (76)    15   337   325
   (351)    (174)   (749)   (758)
               
 Income (loss) before income taxes  1,153   (971)   1,428   (120)
               
Income tax expense   460   (417)   488   (434)
               
Net income (loss) $  693   $ (554)   $   940   $ 314
               
               
Basic earnings per share of common stock   $    .08      $ (.06)     $       .11     $ .03
               
Diluted earnings per share of common    stock   $  .08     $ (.06)     $     .11     $   .03
               
               
Basic weighted average shares outstanding   8,365     9,102     8,427     9,315
               
Diluted weighted average shares outstanding   8,700     9,391     8,744     9,664
                
CONTACT:  Video Display Corporation
          Ronald D. Ordway, CEO and Chairman
          770-938-2080
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