Video Display Corp. Announces Unaudited Preliminary Results for Fiscal 2/28/2011
04 Mai 2011 - 4:00PM
Video Display Corporation (Nasdaq:VIDE), a leading US designer,
manufacturer and distributor of specialty military, medical and
industrial display solutions, today announced unaudited preliminary
results for fiscal year ended 2/28/2011. The Company will release
its final audited financial results and its Form 10K on or before
May 31, 2011.
In accordance with standard accounting procedures, the Company
will report its financial results and comparisons for fiscal 2011
as "results from continuing operations" and "results from
discontinued operations" due to the sale of its fulfillment center
and distribution business, Fox International Ltd, effective at the
close of business on February 28, 2011.
For fiscal year ended 2/28/2011, the Company expects to report
Net Revenues of $59.0 million from Continuing Operations versus Net
Revenues from Continuing Operations of $50.0 million reported for
fiscal year ended 2/28/2010 which represents an increase of
approximately 18% year over year. Aftertax Net Income from
Continuing Operations is expected to be reported of approximately
$2.4 million versus $1.26 million Net Income for the previous
fiscal year on a comparable basis representing an increase of
approximately 91% year over year. Tax rate applied for 2011 is
expected to be approximately 37.5% versus 35.4% for fiscal
2010.
Earnings per share from Continuing Operations are expected to be
reported on a fully diluted 8.70 million shares for fiscal 2011
versus 8.74 million shares for fiscal 2010. Per Share Earnings
from Continuing Operations are expected to reflect an increase of
approximately 100% over the results reported for fiscal 2010 on a
comparable basis, with fiscal 2/28/2011 being projected at
approximately $0.28 versus $0.14 per share for the previous
year.
The Company expects to report a loss from discontinued
operations of $1.3 million for fiscal 2011 adjusted for applicable
income tax benefit of $665,000 which equates to an approximate
fully diluted per share loss from discontinued operations of
($0.16) versus the previous year loss of ($0.04).
About Video Display Corporation
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, 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.
CONTACT: Ronald D. Ordway, Chairman and CEO
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