Video Display to Resume Corporate Stock Buyback Program
07 Oktober 2011 - 4:04PM
Video Display Corporation (Nasdaq:VIDE) a leading U.S. designer,
manufacturer and distributor of specialty military, medical and
industrial display solutions, today announced that the Company had
received authorization from its commercial lenders to reinitiate
the company's common share buyback program. The stock repurchase
program is subject to the Company remaining within the guidelines
established by the banks on a quarterly basis and it is restricted
to specific total dollar purchase limits.
Under the current provisions of the Buyback Program previously
authorized by the Company's Board of Directors, the Company
repurchased 229,037 shares of common stock during the fiscal year
ended 2/28/2010 and no shares were repurchased during the fiscal
year ended 2/28/2011. The balance of common shares authorized under
the plan to be repurchased is 816,418 shares, depending upon the
market price and other conditions at the discretion of
management. There is no minimum number of shares required to
be repurchased under the Program.
As of the end of the Company's second fiscal quarter ended
August 31, 2011, the total number of common Video Display
Corporation shares outstanding was 7,648,742.
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, 2011, 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
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