Video Display Corporation Announces 1st Qtr. Results
12 Juli 2011 - 4:38PM
- Revenue to Increase 19.2% to $17,025,000
- Gross Profit Rises by 32.7% to $5.33 Million versus $4.02
Million
- Net Income Improves by 72% to $1.24 Million versus
$720,000
- Earnings Per Share Up by 100% to $0.16 versus $0.08
Video Display Corporation (Nasdaq:VIDE), a leading innovative
American designer, manufacturer and distributor of specialty high
end displays, today released financial results for its fiscal 2012
first quarter ended May 31, 2011.
The Company is pleased to announce it slightly exceeded
preliminary expectations of a 19% increase in quarterly revenue for
the first quarter of fiscal 2012 versus the like period of fiscal
2011. Due to the increased revenue base, the Company was able
to achieve a 32.7% gross profit margin on net revenues versus 28.1%
for the first quarter of the fiscal 2011 year. The combination
of higher revenue and better profit margins generated an increase
in net profit of approximately 72%, also exceeding preliminary
estimates of 65%.
Net earnings per outstanding common share were further enhanced
by a reduction in outstanding shares by nearly 10% as part of the
sale of the Company's Fox International subsidiary effective
3/1/2011. This transaction allows the Company to report
quarterly EPS of $0.16 or a 100% improvement over the prior year's
first quarter of $0.08 and slightly ahead of previously reported
preliminary results of $0.15 per share.
Fiscal 2012 annual revenues were previously guided to be in the
range of $63 million to $68 million and fiscal 2012 EPS in the
range of $0.36 to $0.42 per share. Based upon first quarter
performance, the Company reaffirms its expectations of fiscal 2012
annual revenues to be in the previously guided range of $63 million
to $68 million. Per share earnings guidance, however, is
raised by approximately 10%. The Company now sees the
possibility of annual earnings being in the range of $0.40 to $0.44
per share.
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.
|
Three Months
Ended |
|
May
31, |
|
2011 |
2010 |
Net sales |
$ 17,025 |
$ 14,281 |
|
|
|
Cost of goods sold |
11,695 |
10,263 |
|
|
|
Gross profit |
5,330 |
4,018 |
|
|
|
Operating expenses |
|
|
Selling and delivery |
1,223 |
955 |
General and administrative |
2,057 |
1,710 |
|
3,280 |
2,665 |
|
|
|
Operating profit |
2,050 |
1,353 |
|
|
|
Other income (expense) |
|
|
Interest expense |
(234) |
(255) |
Other, net |
(10) |
55 |
|
(244) |
(200) |
|
|
|
Income from continuing operations
before income taxes |
1,806 |
1,153 |
|
|
|
Income tax expense |
568 |
433 |
|
|
|
Net income from continuing operations |
1,238 |
720 |
|
|
|
Loss from discontinued operations, net of
income tax benefit of $73,000 |
-- |
(143) |
|
|
|
Net income |
$ 1,238 |
$ 577 |
|
|
|
Net income per share: |
|
|
From continuing operations-basic |
$ .16 |
$ .09 |
|
|
|
From continuing operations-diluted |
$ .16 |
$ .08 |
|
|
|
From discontinued operations-basic |
$ .00 |
$ (.02) |
|
|
|
From discontinued operations-diluted |
$ .00 |
$ (.01) |
|
|
|
Basic weighted average shares
outstanding |
7,609 |
8,365 |
|
|
|
Diluted weighted average shares
outstanding |
7,944 |
8,700 |
CONTACT: Ronald D. Ordway, Chairman and CEO
770-938-2080
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