Video Display Reports Third Quarter and Nine Month Results
17 Januar 2011 - 8:49PM
Video Display Corporation (Nasdaq:VIDE), a world leader in the
supply of unique medical, defense and industrial display solutions,
reports financial results for the fiscal third quarter and nine
month periods ended November 30, 2010.
Revenue for the three month period ended November 30, 2010 is
reported at $16.9 million, reflecting the expected decrease in
quarterly revenues caused by the early shipment of products by the
Company in the previous quarter ended August 31, 2010 which had
been scheduled for shipment in the 3rd quarter. The fiscal
2011 3rd quarter revenue is reported as slightly less than the
previous year third quarter revenue of $17.5 million by
$591,000 or 3.37%. Revenue was also negatively impacted at
the Company's Fox International Ltd fulfillment service subsidiary
by $1.17 million, versus the previous year's 3rd quarter, due to
disruptions in the supply chain from a major Japanese supplier of
parts required to fill existing orders as well as reduced demand
from a large customer for consumer parts and accessories.
Fully diluted earnings per share for the third fiscal quarter
are reported at a loss of ($0.05) versus the previous year's third
quarter fully diluted profit of $0.01 per share. As with third
quarter revenues, this period's quarterly profits were negatively
impacted by the Fox Intl Ltd quarterly performance. In this period,
the Company's display operations generated pretax profits of
$285,000 which were offset by losses at Fox which reported a pretax
loss of ($894,000) for the period.
Revenue for the nine month period ended November 30, 2010 is
reported at $59.4 million versus $50.7 million reported for
November 30, 2009, an increase of 17% versus the previous year
period. Fully diluted earnings per share are reported at $0.17
for the first nine months of fiscal 2011 versus $0.03 for the like
period of 2010.
Company CEO, Ron Ordway, stated, "Results, for the third
quarter, were less than impressive for a variety of causes. I
anticipate that the Company will show improved results for the
fourth quarter. With the effect of Sony parts shipments being
95% back to normal and regular shipments from the Display division
also on schedule, I would expect previously stated fourth quarter
guidance, without any non-recurring gains or losses, to still be
attainable and that full year earnings per share are expected to be
in the range of $0.23 to $0.25 per share for fiscal February 28,
2011. It is expected, however, that the Company will report a
non recurring gain on the auction sale of its Fox Intl Ltd
subsidiary which is scheduled to occur during the Company's fourth
fiscal quarter."
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 rugged AMLCD and CRT
displays as well as complete projection systems utilizing VDC's
Marquee™ line of projectors. Video Display Corporation operates 8
display design and manufacturing plants plus additional sales
facilities throughout the United States and Europe.
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.
Video Display
Corporation and Subsidiaries |
Consolidated Statements
of Income (unaudited) |
(in thousands, except
per share data) |
|
|
|
|
|
|
Three Months
Ended November 30, |
Nine Months
Ended November 30, |
|
2010 |
2009 |
2010 |
2009 |
|
|
|
|
|
Net sales |
$ 16,922 |
$ 17,513 |
$ 59,373 |
$ 50,704 |
|
|
|
|
|
Cost of goods sold |
12,009 |
12,328 |
40,613 |
33,713 |
|
|
|
|
|
Gross profit |
4,913 |
5,185 |
18,760 |
16,991 |
|
|
|
|
|
Operating expenses |
|
|
|
|
Selling and delivery |
1,868 |
1,711 |
5,690 |
5,234 |
General and administrative |
3,435 |
3,202 |
10,185 |
11,084 |
|
5,303 |
4,913 |
15,875 |
16,318 |
|
|
|
|
|
Operating profit |
(390) |
272 |
2,885 |
673 |
|
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense |
(243) |
(308) |
(832) |
(811) |
Other, net |
62 |
80 |
251 |
413 |
|
(181) |
(228) |
(581) |
(398) |
|
|
|
|
|
Income before income taxes |
(571) |
44 |
2,304 |
275 |
|
|
|
|
|
Income tax expense |
(152) |
(26) |
802 |
27 |
|
|
|
|
|
Net income |
$ (419) |
$ 70 |
$ 1,502 |
$ 248 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per share of common
stock |
$ (.05) |
$ .01 |
$ .18 |
$ .03 |
|
|
|
|
|
Diluted earnings per share of
common stock |
$
(.05) |
$ .01 |
$ .17 |
$ .03 |
|
|
|
|
|
|
|
|
|
|
Basic weighted average
shares outstanding |
8,365 |
8,372 |
8,365 |
8,445 |
|
|
|
|
|
Diluted weighted average
shares outstanding |
8,700 |
8,706 |
8,693 |
8,756 |
|
|
|
|
|
CONTACT: Video Display Corporation
Ronald D. Ordway
770/938-2080
Video Display (PK) (USOTC:VIDE)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Video Display (PK) (USOTC:VIDE)
Historical Stock Chart
Von Jul 2023 bis Jul 2024