• Company Sees Strong EPS Improvement for Fiscal Year
  • Company Repurchases 34,463 Shares at $3.92 Average Cost


Video Display Corporation (Nasdaq:VIDE) a leading U.S. designer, manufacturer and distributor of specialty military, medical and industrial display solutions, today announced financial results for the Company's second quarter and first half of fiscal 2012 in line with its preliminary results released on October 3, 2011.

In accordance with standard accounting procedures, the Company reports its financial results and comparisons for the fiscal 2012 periods 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 second quarter and first half ended 8/31/2011 respectively, the Company reported Net Revenues of $16.5 million and $33.6 million from continuing operations versus Net Revenues from continuing operations of $17.1 million and $31.4 million reported for comparative periods of the previous fiscal year, which represents a decrease of 3.5% for the quarter and an increase of approximately 7.0% for the first half of fiscal 2012. For second quarter and first half ended 8/31/2011 respectively, aftertax Net Income from continuing operations is reported at approximately $1.00 million and $2.24 million versus $1.24 million and $1.96 million Net Income for the previous year's comparative fiscal periods, representing a decrease of approximately 19% for the quarter and an gain of approximately 16.0% for the first half of fiscal 2012.

Earnings per share from Continuing Operations are reported on a fully diluted average outstanding of 7.9 million shares for the fiscal 2012 periods versus 8.7 million shares for fiscal 2011. Per Share Earnings from Continuing Operations for the first half of fiscal 2012 reflect an increase of approximately 28% over the results reported for fiscal 2011, with first half earnings being $0.28 versus $0.22 per share for the previous comparable period.

Based upon the Company's ability to achieve better than forecasted results for the first two periods of fiscal 2012 and the strength of existing backlog of orders, the Company reiterates that guidance for the 2012 fiscal year previously increased to a new guidance level of $0.50 to $0.55 per share on October 3, 2011 should be attainable for fiscal 2012 versus EPS of $0.27 reported for fiscal 2011.

The Company is also pleased to announce that 34,463 shares of common stock have been repurchased subsequent to receiving approval to reinstitute its share buy-back program. The average price paid in the open market purchases was $3.9208 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, 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.

         
         
Video Display Corporation and Subsidiaries
Condensed Consolidated Income Statements (unaudited)
(in thousands, except per share data)
         
  Three Months Ended Six Months Ended
  August 31, August 31,
  2011 2010 2011 2010
Net sales $16,541 $17,126 $33,566 $31,407
   
Cost of goods sold 11,327 12,427 23,022 22,690
   
Gross profit 5,214 4,699 10,544 8,717
   
Operating expenses    
Selling and delivery 1,358 1,148 2,581 2,103
General and administrative 2,273 1,642 4,330 3,352
3,631 2,790 6,911 5,455
   
Operating profit 1,583 1,909 3,633 3,262
   
Other income (expense)    
Interest expense (205) (242) (439) (497)
Other, net 80 116 70 171
(125) (126) (369) (326)
   
Income from continuing operations before income taxes 1,458 1,783 3,264 2,936
   
Income tax expense  457 542 1,025 975
   
Net income from continuing operations $1,001 $1,241 $2,239 $1,961
   
Income (loss) from discontinued operations, net of income tax expense (benefit) of $52 and ($21) -- 103 -- (40)
   
Net income $1,001 $1,344 $2,239 $1,921
   
Net income per share:    
From continuing operations-basic $ .13 $ .15 $ .29 $ .24
   
From continuing operations-diluted $ .13 $ .14 $ .28 $ .22
   
From discontinued operations-basic $ .00 $ .01 $ .00 $ (.01)
   
From discontinued operations-diluted $ .00 $ .01 $ .00 $ .00
   
Basic weighted average shares outstanding 7,620 8,365 7,614 8,365
   
Diluted weighted average shares outstanding 7,936 8,680 7,940 8,690 
CONTACT: Ronald D. Ordway, Chairman and CEO
         770-938-2080
Video Display (PK) (USOTC:VIDE)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Video Display (PK) Charts.
Video Display (PK) (USOTC:VIDE)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Video Display (PK) Charts.