Video Display Corp Increases Annual Earnings Guidance
15 Juli 2010 - 4:00PM
First Quarter Highlights
- Revenues exceed $20 million versus $16 million; Up 24%
- G&A expenses reduced 14% versus comparable 2010
quarter
- Net after-tax earnings increase 282%
- Earnings per share increase 250%
- Company exceeds EPS guidance by 40%
First Quarter |
2011 |
2010 |
$ Change |
% Change |
|
|
|
|
|
Net Revenues |
$20,337 |
$16,351 |
$3,986 |
+24% |
|
|
|
|
|
Gross Profit |
6,437 |
5,838 |
599 |
+10% |
|
|
|
|
|
Operating Expenses |
5,263 |
5,727 |
(464) |
(8%) |
|
|
|
|
|
Net Profit after Tax |
577 |
151 |
426 |
+282% |
|
|
|
|
|
Earnings per Share |
$0.07 |
$0.02 |
$0.05 |
+250% |
|
|
|
|
|
Fully Diluted O/S |
8,700 |
8,883 |
183 |
(2.1%) |
Video Display Corporation (Nasdaq:VIDE), an internationally
recognized leader in design and manufacture of specialty niche
market and rugged displays for military, industrial and commercial
requirements, today raised full year earnings guidance based upon
strong first quarter financial results.
Company CEO Ron Ordway stated, "Our first quarter represented a
continuation of the positive trend reflected in the final quarter
of fiscal 2010, both in increased revenues and earnings for the
Company. Strong demand for our most advanced display products
allowed the Company to bid numerous new projects as we began
shipments on previously won long term contracts for major defense
and commercial customers. We were also able to control
operating expenses in the quarter with a reduction of 8%, even
though revenues were 24% higher, through the $2.5 million expense
reduction program implemented in the beginning of fiscal
2010." He further stated, "With the strong 1st quarter, the
Company exceeded its guidance of $0.05 by 40% at $0.07 in earnings
per share. Based upon the current level of order booking, I
continue to 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%
to15% above revenues reported for fiscal 2010. Earnings per share,
previously projected to be in the range of $0.20 to $0.22, are
currently guided to reach $0.23 to $0.25 per share for the full
year of 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(TM) 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, 2010, 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 May 31, |
|
2010 |
2009 |
|
|
|
Net sales |
$ 20,337 |
$ 16,351 |
|
|
|
Cost of goods sold |
13,900 |
10,513 |
|
|
|
Gross profit |
6,437 |
5,838 |
|
|
|
Operating expenses |
|
|
Selling and delivery |
1,868 |
1,783 |
General and administrative |
3,395 |
3,944 |
|
5,263 |
5,727 |
|
|
|
Operating profit |
1,174 |
111 |
|
|
|
Other income (expense) |
|
|
Interest expense |
(302) |
(200) |
Other, net |
65 |
300 |
|
(237) |
100 |
|
|
|
Income before income taxes |
937 |
211 |
|
|
|
Income tax expense |
360 |
60 |
|
|
|
Net income |
$ 577 |
$ 151 |
|
|
|
Basic earnings per share of common stock |
$ .07 |
$ .02 |
Diluted earnings per share of common
stock |
$ .07 |
$ .02 |
Basic weighted average shares
outstanding |
8,365 |
8,593 |
Diluted weighted average shares
outstanding |
8,700 |
8,883 |
|
|
|
CONTACT: Ron Ordway
Video Display Corporation
770-938-2080
Fax: 770-493-3903
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