Video Display Corp. Reports Results for 2013 Fiscal Year
29 Mai 2013 - 9:15PM
- Full Year Earnings Decreased by 99.8%
- Full Year Revenues Decreased by 23.6%
- Outstanding Shares Reduced by 2.3%
- Guides to Rebound in Revenues and Profits for Fiscal 2014
Video Display Corporation (Nasdaq:VIDE) today reported financial
results from continuing operations for fiscal year 2013 fourth
quarter and full year as follows:
February 28, 2013 Fiscal Year |
2013 |
2012 |
$ Change |
% Change |
Net Revenue |
$ 49,103 |
$ 64,231 |
(15,128) |
(23.6%) |
Gross Profit |
12,914 |
19,945 |
(7,031) |
(35.3%) |
Operating Expenses |
12,725 |
13,922 |
(1,197) |
(8.6%) |
Net Profit after Tax |
8 |
3,577 |
(3,569) |
(99.8%) |
Earnings per Share . |
$ 0.00 |
$ 0.46 |
($0.46) |
(100.0%) |
Fully Diluted O/S Shares |
7,623 |
7,802 |
(179) |
(2.3%) |
|
|
|
|
|
4th Quarter 2/28/2013 |
2013 |
2012 |
$ Change |
% Change |
Net Revenues |
$ 11,551 |
$ 14,629 |
(3,078) |
(21.0%) |
Gross Profit |
2,520 |
4,031 |
(1,511) |
(37.5%) |
Operating Expenses |
2,019 |
3,558 |
(539) |
(15.1%) |
Net Profit after Tax |
(442) |
80 |
(522) |
(652.5%) |
Earnings per Share |
($0.06) |
$ 0.01 |
($0.07) |
(700.0%) |
Fully diluted O/S Shares |
7,623 |
7,802 |
(179) |
(2.3%) |
Company CEO, Ron Ordway, stated, "The Company's fiscal year
ended February 2013 results reflected the continuation of major
defense programs being delayed and shifted to the right for awards
and deliveries against existing contracts. Revenues were also
affected by the reduction in shipments on a major contract in
medical power supplies from our Z-Axis, Inc.
subsidiary. Although shipments continue to the medical
manufacturer, the expected requirements for the supply are expected
to run at reduced rates now that the initial backlog has been
filled. As we experienced a significant reduction in revenues
of nearly 24%, the Company's gross profit margins for the 2013
fiscal year shrank from 31.0% to 26.3%, a decrease of 35.3% year
over year. This gross profit margin contraction generated a
99.8% decrease in aftertax earnings."
Outlook
Ordway added, "As we look forward to fiscal 2014, 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
2014 and beyond, I believe that VDC's revenues for fiscal 2014 will
show significant improvement over those reported for fiscal
2013. Currently the Company has outstanding contract bids in
excess of $250 million of potential contract wins in which it has a
strong possibility of success. Many of these bids are for multiyear
contracts which, if won, will ensure a solid base of business for
2014 and a number of future years as well.
"Subsequent to fiscal 2013 year end, the Company has closed its
projection tube manufacturing operations in Bossier City, LA and
has succeeded in selling the facilities as well. Not only has this
allowed the Company to reduce fixed term debt and reduce interest
costs, it also eliminates an operation which has been a constant
drag on earnings for several years."
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 return to
expanding profit margins on the remaining product lines. Based
upon achieving our projected revenue goals in excess of $60 million
and expanded margins for fiscal 2014, we expect to see a return to
a much higher level of annual profitability in a range of $0.52 -
$0.60 per share, versus the breakeven results in fiscal 2013, on
approximately 7.5 million shares outstanding for the 2014 fiscal
year. The quarterly per share results of the fiscal 2014
annual earnings are expected to be distributed on the basis of 5% -
25% - 35% - 35% in the first through the fourth quarters 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 28, 2013,
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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