Video Display Corp Reports Strong Results for 2012 Fiscal Year
31 Mai 2012 - 8:08PM
- Full Year Earnings per Share Up by 64.3%
- Full Year Revenues Increase by 8.7%
- Outstanding Shares Reduced by 10.3%
- Guides to Continued Growth for Fiscal 2013
Video Display Corporation (Nasdaq:VIDE) today reported financial
results from continuing operations for fiscal year 2012 fourth
quarter and full year as follows:
February 29, 2012 Fiscal Year |
2012 |
2011 |
$ Change |
% Change |
Net Revenue |
$64,231 |
$59,039 |
5,192 |
8.7% |
Gross Profit |
19,945 |
15,495 |
4,450 |
28.7% |
Operating Expenses |
13,922 |
11,076 |
2,846 |
25.7% |
Net Profit after Tax |
3,577 |
2,401 |
1,176 |
48.9% |
Earnings per Share . |
$0.46 |
$0.28 |
$0.18 |
64.3% |
Loss Per share- Discont. Op. |
0 |
($0.15) |
|
|
Fully Diluted O/S Shares |
7,802 |
8,700 |
(898) |
(10.3%) |
|
|
|
|
|
4th Quarter 2/29/2012 |
2012 |
2011 |
$ Change |
% Change |
Net Revenues |
$14,629 |
$14,511 |
$118 |
0.8% |
Gross Profit |
4,031 |
3,538 |
493 |
13.9% |
Operating Expenses |
3,558 |
2,826 |
732 |
25.9% |
Net Profit after Tax |
80 |
290 |
(210) |
-72% |
Earnings per Share |
$0.01 |
$0.03 |
($0.02) |
-67% |
Loss Per share- Discont. Op. |
0 |
($0.08) |
|
|
Fully diluted O/S Shares |
7,802 |
8,700 |
(898) |
-10.3% |
Company CEO, Ron Ordway, stated, "Fiscal 2012 represented the
new and streamlined Video Display Corporation, as results for the
Company's revenue and profits reflected in the above reported
financial numbers and comparisons exclude the operating results of
Fox Electronics Ltd. except in historical data where
specified. As we generated a meaningful increase in
revenues of 8.7%, we were able to expand gross profit margins for
this fiscal year from 26.2% to 31.0%, an increase of 28.7% year
over year. This gross profit margin expansion generated a 49%
increase in aftertax earnings which, with the added benefit of a
10.3% reduction in shares outstanding, resulted in a 64.3% increase
in earnings per share of $0.46 versus $0.28 for the previous fiscal
year."
Outlook
Ordway added, "As we look forward, we continue to see
opportunities for growth in our markets for military, medical,
commercial and industrial displays. Based upon the
current level of order booking for orders deliverable in fiscal
2013 and beyond, I believe that improvement in VDC's revenues for
fiscal 2013 will be in the same approximate percentage range as we
saw in fiscal 2012. During this last fiscal year, the Company has
succeeded in closing 2 of the 3 remaining loss generating
operations referred to previously and is anticipating a near-term
closing on the sale of the physical real estate of the PA location
which will further reduce costs.
Ordway further stated, "As we continue to eliminate our non-core
assets and the Company becomes a "pure play" in providing our
selected military, medical, commercial and industrial markets with
high end specialty displays and assemblies, we expect to continue
to expand profit margins on the remaining product lines. Based
upon achieving our revenue goals and expanded margins for fiscal
2013, we project an annual increase in per share earnings of 20% to
30% or $0.55 - $0.60 per share, versus $0.46 in fiscal 2012, on
approximately 7.5 million shares outstanding for the 2013 fiscal
year. The larger portion of the fiscal 2013 annual earnings is
expected to occur within the final 2 quarterly reporting periods
based upon current backlog delivery schedules and anticipated
ordering patterns."
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 ruggedized AMLCD and
CRT displays as well as complete projection systems utilizing VDC's
Marquee™ and ESCP line of projectors. Video Display Corporation
operates six display design and manufacturing plants with
additional sales facilities throughout the United States and
Europe. For more information, visit the Company's web site at
www.videodisplay.com.
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 29, 2012,
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: Video Display Corporation, Atlanta
Ronald D. Ordway, CEO and Chairman
770-938-2080
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