• 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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