UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
x |
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarterly Period Ended November 30, 2015.
or
¨ |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Transition Period From
to
Commission File Number 0-13394
VIDEO DISPLAY
CORPORATION
(Exact name of registrant as specified on its charter)
|
|
|
GEORGIA |
|
58-1217564 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
1868 TUCKER INDUSTRIAL ROAD, TUCKER, GEORGIA 30084
(Address of principal executive offices)
770-938-2080
(Registrants telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, and accelerated filer, or a non-accelerated filer. See definition
of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.
|
|
|
|
|
|
|
Large accelerated filer |
|
¨ |
|
Accelerated filer |
|
¨ |
|
|
|
|
Non-accelerated filer |
|
¨ |
|
Smaller reporting company |
|
x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes ¨ No x
As of November 30, 2015, the registrant had 5,893,623 shares of Common Stock outstanding.
Video Display Corporation and Subsidiaries
Index
2
ITEM 1 FINANCIAL STATEMENTS
Video Display Corporation and Subsidiaries
Interim Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
306 |
|
|
$ |
62 |
|
Trading investments, at fair value |
|
|
754 |
|
|
|
2,516 |
|
Accounts receivable, less allowance for doubtful accounts of $21 and $52 |
|
|
1,539 |
|
|
|
1,504 |
|
Notes receivable |
|
|
182 |
|
|
|
32 |
|
Inventories, net |
|
|
4,940 |
|
|
|
7,005 |
|
Income taxes refundable |
|
|
|
|
|
|
720 |
|
Prepaid expenses and other |
|
|
91 |
|
|
|
61 |
|
Assets of discontinued operations |
|
|
3,144 |
|
|
|
2,831 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
10,956 |
|
|
|
14,731 |
|
|
|
|
|
|
|
|
|
|
Property, plant, and equipment |
|
|
|
|
|
|
|
|
Land |
|
|
154 |
|
|
|
154 |
|
Buildings |
|
|
2,614 |
|
|
|
2,593 |
|
Machinery and equipment |
|
|
7,338 |
|
|
|
7,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
10,106 |
|
|
|
10,029 |
|
Accumulated depreciation and amortization |
|
|
(8,825 |
) |
|
|
(8,658 |
) |
|
|
|
|
|
|
|
|
|
Net property, plant, and equipment |
|
|
1,281 |
|
|
|
1,371 |
|
|
|
|
|
|
|
|
|
|
Notes receivable |
|
|
997 |
|
|
|
1,070 |
|
Intangible assets, net |
|
|
|
|
|
|
559 |
|
Other assets |
|
|
29 |
|
|
|
29 |
|
Assets of discontinued operations |
|
|
47 |
|
|
|
70 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
13,310 |
|
|
$ |
17,830 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes
are an integral part of these interim condensed consolidated statements.
3
Video Display Corporation and Subsidiaries
Interim Condensed Consolidated Balance Sheets (unaudited) (continued)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
|
|
(unaudited) |
|
|
|
|
Liabilities and Shareholders Equity |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
659 |
|
|
$ |
719 |
|
Accrued liabilities |
|
|
579 |
|
|
|
603 |
|
Billings in excess of costs |
|
|
187 |
|
|
|
|
|
Current maturities of long-term debt |
|
|
52 |
|
|
|
50 |
|
Liabilities of discontinued operations |
|
|
1,830 |
|
|
|
1,145 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
3,307 |
|
|
|
2,517 |
|
|
|
|
Long-term debt, less current maturities |
|
|
144 |
|
|
|
183 |
|
Deferred rent |
|
|
330 |
|
|
|
420 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
3,781 |
|
|
|
3,120 |
|
|
|
|
|
|
|
|
|
|
Shareholders Equity |
|
|
|
|
|
|
|
|
Preferred stock, no par value 10,000 shares authorized; none issued and outstanding |
|
|
|
|
|
|
|
|
Common stock, no par value 50,000 shares authorized; 9,732 issued and 5,891 outstanding at November 30, 2015 and 9,732
issued and 5,962 outstanding at February 28, 2015 |
|
|
7,293 |
|
|
|
7,293 |
|
Additional paid-in capital |
|
|
179 |
|
|
|
170 |
|
Retained earnings |
|
|
18,325 |
|
|
|
23,399 |
|
Treasury stock, shares at cost; 3,842 at November 30, 2015 and 3,770 at February 28, 2015 |
|
|
(16,268 |
) |
|
|
(16,152 |
) |
|
|
|
|
|
|
|
|
|
Total shareholders equity |
|
|
9,529 |
|
|
|
14,710 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
13,310 |
|
|
$ |
17,830 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these interim condensed consolidated statements.
4
Video Display Corporation and Subsidiaries
Condensed Consolidated Income Statements (Unaudited)
(in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Nine Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Net sales |
|
$ |
2,387 |
|
|
$ |
3,557 |
|
|
$ |
7,670 |
|
|
$ |
9,844 |
|
Cost of goods sold |
|
|
2,829 |
|
|
|
2,883 |
|
|
|
7,798 |
|
|
|
8,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit (loss) |
|
|
(442 |
) |
|
|
674 |
|
|
|
(128 |
) |
|
|
1,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and delivery |
|
|
231 |
|
|
|
294 |
|
|
|
721 |
|
|
|
837 |
|
General and administrative |
|
|
1,274 |
|
|
|
1,123 |
|
|
|
2,946 |
|
|
|
2,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,505 |
|
|
|
1,417 |
|
|
|
3,667 |
|
|
|
3,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) |
|
|
(1,947 |
) |
|
|
(743 |
) |
|
|
(3,795 |
) |
|
|
(1,878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense) |
|
|
16 |
|
|
|
(3 |
) |
|
|
26 |
|
|
|
16 |
|
Investment loss |
|
|
(153 |
) |
|
|
(2,423 |
) |
|
|
(1,604 |
) |
|
|
(1,467 |
) |
Other, net |
|
|
22 |
|
|
|
290 |
|
|
|
98 |
|
|
|
701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations before income taxes |
|
|
(2,062 |
) |
|
|
(2,879 |
) |
|
|
(5,275 |
) |
|
|
(2,628 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) |
|
|
|
|
|
|
(43 |
) |
|
|
|
|
|
|
(80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations |
|
$ |
(2,062 |
) |
|
$ |
(2,836 |
) |
|
$ |
(5,275 |
) |
|
$ |
(2,548 |
) |
Income (loss) from discontinued operations, net of income tax expense |
|
|
(77 |
) |
|
|
17 |
|
|
|
201 |
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(2,139 |
) |
|
|
(2,819 |
) |
|
|
(5,074 |
) |
|
|
(2,531 |
) |
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations-basic |
|
$ |
(.35 |
) |
|
$ |
(.45 |
) |
|
$ |
(.89 |
) |
|
$ |
(.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From continuing operations-diluted |
|
|
(.35 |
) |
|
|
(.45 |
) |
|
|
(.89 |
) |
|
|
(.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From discontinued operations-basic |
|
$ |
(.01 |
) |
|
$ |
.00 |
|
|
$ |
.03 |
|
|
|
.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From discontinued operations-diluted |
|
|
(.01 |
) |
|
|
.00 |
|
|
|
.03 |
|
|
|
.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
|
5,894 |
|
|
|
6,257 |
|
|
|
5,915 |
|
|
|
6,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding |
|
|
5,897 |
|
|
|
6,262 |
|
|
|
5,916 |
|
|
|
6,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these interim condensed consolidated statements.
5
Video Display Corporation and Subsidiaries
Interim Condensed Consolidated Statement of Shareholders Equity
Nine Months Ended November 30, 2015 (unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
Share Amount |
|
|
Additional Paid-in Capital |
|
|
Retained Earnings |
|
|
Treasury Stock |
|
Balance, February 28, 2015 |
|
|
5,962 |
|
|
$ |
7,293 |
|
|
$ |
170 |
|
|
$ |
23,399 |
|
|
$ |
(16,152 |
) |
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,074 |
) |
|
|
|
|
Repurchase of treasury stock |
|
|
(71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(116 |
) |
Share based compensation |
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, November 30, 2015 |
|
|
5,891 |
|
|
$ |
7,293 |
|
|
$ |
179 |
|
|
$ |
18,325 |
|
|
$ |
(16,268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these interim condensed consolidated statements.
6
Video Display Corporation and Subsidiaries
Interim Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
Operating Activities |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(5,074 |
) |
|
$ |
(2,531 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Income from discontinued operations, net of tax |
|
|
(201 |
) |
|
|
(17 |
) |
Depreciation and amortization |
|
|
254 |
|
|
|
291 |
|
Provision of doubtful accounts |
|
|
37 |
|
|
|
1 |
|
Provision for inventory reserve |
|
|
825 |
|
|
|
265 |
|
Non-cash charge for share based compensation |
|
|
9 |
|
|
|
7 |
|
Loss from impairment of intangible assets |
|
|
471 |
|
|
|
|
|
Deferred income taxes |
|
|
|
|
|
|
(58 |
) |
Gain on disposal of assets |
|
|
|
|
|
|
(364 |
) |
Realized/unrealized loss on investments |
|
|
1,881 |
|
|
|
1,476 |
|
Other |
|
|
|
|
|
|
(10 |
) |
Changes in working capital items: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(72 |
) |
|
|
(483 |
) |
Notes receivables |
|
|
(77 |
) |
|
|
35 |
|
Inventories |
|
|
1,263 |
|
|
|
1,515 |
|
Prepaid expenses and other assets |
|
|
(30 |
) |
|
|
149 |
|
Accounts payable and accrued liabilities |
|
|
(83 |
) |
|
|
(705 |
) |
Deferred revenue |
|
|
(90 |
) |
|
|
(90 |
) |
Cost, estimated earnings and billings on uncompleted contracts |
|
|
187 |
|
|
|
|
|
Income taxes refundable/payable |
|
|
720 |
|
|
|
(65 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
20 |
|
|
|
(584 |
) |
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
|
(101 |
) |
|
|
(51 |
) |
Proceeds from sale of property, plant and equipment |
|
|
|
|
|
|
500 |
|
Purchases of investments |
|
|
(7,187 |
) |
|
|
(68,271 |
) |
Sales of investments |
|
|
9,447 |
|
|
|
61,644 |
|
Net cash advanced (to) from discontinued operations |
|
|
596 |
|
|
|
(95 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) investing activities |
|
|
2,755 |
|
|
|
(6,273 |
) |
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
Repayments of long-term debt, lines of credit |
|
|
(37 |
) |
|
|
(36 |
) |
Purchase of treasury stock |
|
|
(116 |
) |
|
|
(3,464 |
) |
Proceeds from marginal account borrowings |
|
|
|
|
|
|
6,858 |
|
Repayment of marginal account borrowings |
|
|
(2,378 |
) |
|
|
|
|
Proceeds from notes payable to officers and directors |
|
|
80 |
|
|
|
|
|
Repayments of notes payable to officers and directors |
|
|
(80 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
(2,531 |
) |
|
|
3,358 |
|
|
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
|
Operating activities |
|
|
382 |
|
|
|
13 |
|
Financing activities |
|
|
(428 |
) |
|
|
95 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) discontinued operations |
|
|
(46 |
) |
|
|
108 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
198 |
|
|
|
(3,391 |
) |
Cash and cash equivalents, beginning of year |
|
|
172 |
|
|
|
3,499 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
|
370 |
|
|
|
108 |
|
Cash and cash equivalents, discontinued operations |
|
|
64 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, continuing operations |
|
$ |
306 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these interim condensed consolidated statements.
7
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Note 1. Summary of Significant Accounting Policies
The interim condensed consolidated financial statements include the accounts of the Company and its majority-owned
subsidiaries after elimination of all significant intercompany accounts and transactions.
As contemplated by the Securities and Exchange
Commission (the SEC or Commission) instructions to Form 10-Q, the following footnotes have been condensed and, therefore, do not contain all disclosures required in connection with annual consolidated financial statements.
Reference should be made to the Companys year-end consolidated financial statements and notes thereto, including a description of the accounting policies followed by the Company, contained in its Annual Report on Form 10-K as of and for the
fiscal year ended February 28, 2015, as filed with the Commission. There are no material changes in accounting policy during the nine months ended November 30, 2015.
The financial information included in this report has been prepared by the Company, without audit. In the opinion of management, the interim
condensed consolidated financial information included in this report contains all adjustments (all of which are normal and recurring) necessary for a fair presentation of the results for the interim periods. Nevertheless, the results shown for
interim periods are not necessarily indicative of results to be expected for the full year. The February 28, 2015 consolidated balance sheet data was derived from the audited consolidated financial statements, but does not include all
disclosures required by accounting principles generally accepted in the United States of America (U.S. GAAP).
Note 2. Banking & Liquidity
The accompanying interim condensed consolidated financial statements were prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has sustained losses for each of the last two years and has seen a decline in both its working capital and liquid assets during
this time. These losses were a combination of low revenues at all the divisions and excessive expenses incurred by certain divisions. During the nine month period ending November 30, 2015 the Company has operated using cash from operations and
investing activities. Between May 31, 2015 and November 30, 2015 the Company used $0.6 million in cash from continuing operations compared to break-even cash flows from continuing operations during the same period last fiscal year. The
Company has $7.7 million in working capital at November 30, 2015, including $1.1 million in liquid assets, and $12.2 million in working capital at February 28, 2015, including $2.6 million in liquid assets. Subsequent to November 30,
2015 the Company experienced additional losses to its investment balances of $0.5 million (Note 12).
The Company has been implementing a
plan to increase revenues at all the divisions, each structured to the particular division with an increase in the current backlog and growth in revenues subsequent to November 30, 2015. The Company has a plan to reduce expenses at the
divisions and at the corporate location with the expectation that recurring costs will be decreased by over $1.0 million per year. The Company projects an operating profit for the upcoming fourth quarter of the fiscal year and for the upcoming
fiscal year ending February 28, 2017. Based on the projected increase in revenues and the cost cutting plans, management believes that the Company will meet its obligations.
Management continues to explore options to monetize certain long-term assets of the business, and to obtain financing needed to fund an
increase in revenues. The Company continues to hold negotiations to sell its Lexel Imaging subsidiary, and is expecting a settlement payment from an Antitrust litigation class action case (Note 12).
Management believes it can continue to operate the Company with existing cash flows from the current level of business. The Company
continually monitors its cash and financing positions in order to find ways to lower its costs and
8
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
to produce positive operating cash flow. The Company examines possibilities to grow its business through internal sales and niche acquisitions. There could be an impact on working capital
requirements to fund this growth. As in the past, the intent is to finance such projects with operating cash flows; however, more permanent sources of capital may be required in certain circumstances. If additional funding is required, no assurance
can be given that the Company will be able to obtain the capital on terms favorable to the Company, if at all.
Note 3. Fair Value Measurements and Financial Instruments
The Financial Accounting Standards Boards (FASBs) fair value measurement guidance establishes a fair value
hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value:
|
|
|
Level 1 |
|
Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing
information on an ongoing basis. |
|
|
Level 2 |
|
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market
data for substantially the full term of the assets or liabilities. |
|
|
Level 3 |
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Assets measured at fair value on a recurring basis by the Company consist of investment securities held
for trading using Level 1 inputs. The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of November 30, 2015 and February 28, 2015 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
Level 1 Assets and Liabilities |
|
|
Level 2 Assets and Liabilities |
|
|
Level 3 Assets and Liabilities |
|
Current trading investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (long) |
|
|
2,360 |
|
|
|
2,360 |
|
|
|
|
|
|
|
|
|
Mutual Funds |
|
|
25 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments |
|
$ |
2,385 |
|
|
$ |
2,385 |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (short) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
Margin balance |
|
|
(1,629 |
) |
|
|
(1,629 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of liabilities |
|
|
(1,631 |
) |
|
|
(1,631 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
754 |
|
|
$ |
754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2015 |
|
|
Level 1 Assets and Liabilities |
|
|
Level 2 Assets and Liabilities |
|
|
Level 3 Assets and Liabilities |
|
Current trading investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (long) |
|
|
6,308 |
|
|
|
6,308 |
|
|
|
|
|
|
|
|
|
Mutual Funds |
|
|
226 |
|
|
|
226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments |
|
$ |
6,534 |
|
|
$ |
6,534 |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (short) |
|
|
(10 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
|
|
Margin balance |
|
|
(4,008 |
) |
|
|
(4008 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of liabilities |
|
|
(4,018 |
) |
|
|
(4,018 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
2,516 |
|
|
$ |
2,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Companys financial instruments which are not measured at fair value on the consolidated balance
sheets include cash, accounts receivable, short-term liabilities, and debt. The estimated fair value of these financial instruments were determined using Level 2 inputs and approximate cost due to the short period of time to maturity. Recorded
amounts of long-term debt are considered to approximate fair value due to either rates that fluctuate with the market or are otherwise commensurate with the current market.
Note 4. Recent Accounting Pronouncements
In August 2014, the FASB issued Accounting Standards Update No. (ASU) 2014-15, Presentation of Financial
Statements. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to continue as a Going Concern. Prior to its issuance, there was no guidance in U.S. GAAP about managements responsibility
to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern or to provide related footnote disclosures. This update requires that an entitys management should evaluate whether there are
conditions or events, considered in the aggregate, that raise substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date
that the financial statements are available to be issued when applicable).
This update is effective for the annual period ending after
December 15, 2016, and for annual periods and interim periods thereafter. The Company is still evaluating the effects that the adoption of this update will have on the Companys consolidated financial position or results of operations.
In May, 2014, the FASB issued ASU 2014-09 Revenue with Contracts from Customers. ASU 2014-09 clarifies the principles
for recognizing revenue and develops a common revenue standard for U.S. GAAP and International Financial Reporting Standards (IFRS) . The new guidance (i) removes inconsistencies, and weaknesses in revenue recognition requirements,
(ii) provides a more robust framework for addressing revenue recognition issues, (iii) improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, (iv) provides more useful
information to users of financial statements through improved disclosure requirements, and (v) simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer.
The guidance is effective for annual reporting periods beginning after December 15, 2017 including interim periods within that reporting
period. The Company is still evaluating the effects that the adoption of this update will have on the Companys consolidated financial position or results of operations.
10
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
In April 2014, the FASB issued (ASU 2014-08), Reporting Discontinued Operations and
Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. Under the new
guidance, a discontinued operation is defined as: (i) a disposal of a component or group of components that is disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an
entitys operations and financial results or (ii) an acquired business or nonprofit activity that is classified as held for sale on the date of acquisition. The guidance states that a strategic shift could include a disposal of
(i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Under the current U.S. GAAP, an entity is prohibited from reporting
a discontinued operation if it has certain continuing cash flows or involvement component after the disposal. The new guidance eliminates these criteria.
The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that
do not meet the definition of a discontinued operation, an entitys continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation. The guidance is
effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The Company adopted this pronouncement effective with the quarter ending May 31, 2015 and it did not have a significant effect on
the Companys consolidated financial position or results of operations.
Note 5. - Inventories
Inventories are stated at the lower of cost (first in, first out) or market. Inventories consisted of the following (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
Raw materials |
|
$ |
4,307 |
|
|
$ |
5,309 |
|
Work-in-process |
|
|
220 |
|
|
|
438 |
|
Finished goods |
|
|
1,723 |
|
|
|
1,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,250 |
|
|
|
7,498 |
|
Reserves for obsolescence |
|
|
(1,310 |
) |
|
|
(493 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,940 |
|
|
$ |
7,005 |
|
|
|
|
|
|
|
|
|
|
Note 6. Intangible Assets
Intangible assets consist of customer lists for legacy products for airlines. The Company evaluated the asset for impairment
and has determined it appropriate to record an impairment charge equal to the remaining value of this intangible asset this quarter due to declining sales associated with this asset. The sales to these customers have been declining, only 46% to
budget for the first nine months this fiscal year. The amount of the impairment is $471 thousand. Amortization expense related to intangible assets before the impairment charge to operations was approximately $88 thousand for the nine months ended
November 30, 2015 and $94 thousand for the nine months ended November 30, 2014, respectively.
11
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
The cost and accumulated amortization of intangible assets was as follows (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
February 28, 2015 |
|
|
|
Cost |
|
|
Accumulated Amortization |
|
|
Cost |
|
|
Accumulated Amortization |
|
Customer lists |
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 7. Long-Term Debt and Other Obligations
Long-term debt consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
Mortgage payable to bank; interest rate at Community Banks Base rate plus 0.5% (3.75% as of November 30, 2015); monthly principal
and interest payments of $5 thousand payable through October 2021; collateralized by land and building of Teltron Technologies, Inc. |
|
|
196 |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
196 |
|
|
|
233 |
|
Less current maturities |
|
|
(52 |
) |
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
144 |
|
|
$ |
183 |
|
|
|
|
|
|
|
|
|
|
The Company had outstanding margin account borrowing of $1.6 million as of November 30, 2015 and $4.0
million as of February 28, 2015. The margin account borrowings are used to purchase marketable equity securities and are netted against the investments in the balance sheet to show net trading investments. The gross investments were $2.4
million leaving net investments of $0.8 million after the margin account borrowings of $1.6 million for the period ending November 30, 2015 and $6.5 million leaving net investments of $2.5 million after the margin account borrowings of $4.0
million for the period ending February 28, 2015, respectively. The margin interest rate is 2%.
Note 8. Supplemental Cash Flow Information
Supplemental cash flow information is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Nine Months |
|
|
|
Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
Cash paid for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
51 |
|
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
Income taxes, net of refunds |
|
|
(722 |
) |
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
12
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Note 9. Shareholders Equity
Earnings (Loss) Per Share
Basic earnings (loss) per share is computed by dividing income or loss available to common shareholders by the weighted average number of
common shares outstanding during each period. Shares issued during the period are weighted for the portion of the period that they were outstanding. Diluted earnings (loss) per share is calculated in a manner consistent with that of basic earnings
(loss) per share while giving effect to all potentially dilutive common shares that were outstanding during the period.
The following
table sets forth the computation of basic and diluted earnings (loss) per share for the three and nine month periods ended November 30, 2015 and 2014 (in thousands, except per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Average |
|
|
Earnings (Loss) |
|
|
|
Net |
|
|
Common Shares |
|
|
Per |
|
|
|
Income (Loss) |
|
|
Outstanding |
|
|
Share |
|
Nine months ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations |
|
$ |
(5,275 |
) |
|
|
5,915 |
|
|
$ |
(0.89 |
) |
Basic-discontinued operations |
|
|
201 |
|
|
|
|
|
|
|
0.03 |
|
Effect of dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(5,074 |
) |
|
|
5,916 |
|
|
$ |
(0.86 |
) |
|
|
|
|
Nine months ended November 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations |
|
$ |
(2,548 |
) |
|
|
6,517 |
|
|
$ |
(0.39 |
) |
Basic-discontinued operations |
|
|
17 |
|
|
|
|
|
|
|
0.00 |
|
Effect of dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations |
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(2,531 |
) |
|
|
6,529 |
|
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations |
|
$ |
(2,062 |
) |
|
|
5,894 |
|
|
$ |
(0.35 |
) |
Basic-discontinued operations |
|
|
(77 |
) |
|
|
|
|
|
|
(0.01 |
) |
Effect of dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations |
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(2,139 |
) |
|
|
5,897 |
|
|
$ |
(0.36 |
) |
|
|
|
|
Three months ended November 30, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations |
|
$ |
(2,836 |
) |
|
|
6,257 |
|
|
$ |
(0.45 |
) |
Basic-discontinued operations |
|
|
17 |
|
|
|
|
|
|
|
0.00 |
|
Effect of dilution: |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations |
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
$ |
(2,819 |
) |
|
|
6,262 |
|
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
13
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Stock-Based Compensation Plans
For the nine-month period ended November 30, 2015 and 2014, the Company recognized general and administrative expenses of $9.6 thousand
and $6.3 thousand, respectively, related to share-based compensation. The liability for the share-based compensation recognized is presented in the consolidated balance sheet as part of additional paid in capital. As of November 30, 2015, total
unrecognized compensation costs related to stock options granted was $6.1 thousand. The unrecognized stock option compensation cost is expected to be recognized over a period of approximately 1 year.
The Company estimates the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the Company to
estimate the expected term of the stock option grants and expected future stock price volatility over the term. The term represents the expected period of time the Company believes the options will remain outstanding based on historical information.
Estimates of expected future stock price volatility are based on the historic volatility of the Companys common stock, which represents the standard deviation of the differences in the weekly stock closing price, adjusted for dividends and
stock splits.
The Company granted 10,000 options during the nine month periods ended November 30, 2015 and 2014, respectively.
Stock Repurchase Program
The Company has
a stock repurchase program, pursuant to which it had been authorized to repurchase up to 2,632,500 shares of the Companys common stock in the open market. On January 20, 2014, the Board of Directors of the Company approved a one-time
continuation of the stock repurchase program, and authorized the Company to repurchase up to 1,500,000 additional shares of the Companys common stock in the open market. There is no minimum number of shares required to be repurchased under the
program. During the nine month period ended November 30, 2015, the Company purchased 71,406 shares at an average price of $1.61 per share. During the nine month period ended November 30, 2014, the Company purchased 1,027,936 shares at an
average price of $3.37 per share. Under this program, an additional 502,644 shares remain authorized to be repurchased by the Company at November 30, 2015.
Note 10. Income Taxes
The effective tax rate for the nine months ended November 30, 2015 and 2014 was 0% and (3.0)%, respectively. The
Company lost $2.1 million dollars for the quarter ending November 30, 2015 which resulted in a tax benefit of approximately $0.8 million. Due to the recent losses by the Company, a full valuation allowance was allocated to the deferred tax
asset created by the loss. The net effect of this allowance was to have zero tax expense for the quarter. As of November 30, 2015 and February 28, 2015, the Company has established a valuation allowance of $6.4 million and $4.3 million,
respectively, on the Companys current and non-current deferred tax assets.
14
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Note 11. Discontinued Operations
On March 26, 2014 with an effective date of February 28, 2014, the Company completed the sale of the
Companys wholly-owned subsidiary, Lexel Imaging, Inc. to Citadal Partners, LLC for approximately $3.9 million, consisting of $1.0 million cash payable over 180 days in the form of a note receivable and a guarantee to purchase $2.9 million in
inventory over a five year period. The inventory was adjusted to its net realizable value as part of the sale. The Company recognized a loss on the sale of $4.4 million pre-tax during the year ended February 28, 2014. Lexel Imaging, Inc. had
net sales of $ 7.6 million and a pre-tax net loss of $0.8 million for the twelve months ending February 28, 2014.
On
November 17, 2014 Video Display reacquired Lexel Imaging, Inc. when Citadal Partners, LLC defaulted on two notes payable to Video Display Corporation owed as financing on the original sale of the Lexel Imaging. Lexel Imaging is still presented
as discontinued operations as Video Display Corporation is still considering offers for the sale of the entity.
Lexels net sales,
expenses, net profits, operating income and cash flows, are being shown as discontinued operations per ASC 205-20-45 Reporting Discontinued Operations for all periods presented. The Company has reclassified results that were
previously included in continuing operations as discontinued operations for this business.
The summarized financial information for
discontinued operations for the three months and nine months ended November 30, 2015, is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ending November 30, 2015 |
|
|
Nine months ending November 30, 2015 |
|
Net sales |
|
|
1,422 |
|
|
|
4,971 |
|
Cost of goods sold |
|
|
1,226 |
|
|
|
4,031 |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
196 |
|
|
|
940 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Selling and delivery |
|
|
20 |
|
|
|
47 |
|
General and administrative |
|
|
253 |
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
273 |
|
|
|
768 |
|
|
|
|
|
|
|
|
|
|
Operating profit from discontinued operations |
|
|
(77 |
) |
|
|
172 |
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
29 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other, net |
|
|
|
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes |
|
|
(77 |
) |
|
|
201 |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations |
|
|
(77 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
|
|
15
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Note 12. Subsequent Events
On December 8, 2015 the Company entered a claim in the Cathode Ray Tube (CRT) Antitrust Litigation class action case.
Deadline for claims to be submitted was December 10, 2015. The Company does not know the amount that could potentially be awarded to the Company. The Plaintiffs attorneys expect payments could be distributed as early as the summer of
2016.
In December, 2015, the Company borrowed $250 thousand from the Companys Chief Executive Officer (CEO) on a short term basis
and repaid the $250 thousand in January, 2016. The Company has borrowed money from the CEO in the past, most recently in May 2015 and it was repaid in June, 2015.
The Companys investment account is sustaining further unrealized losses since the balance sheet date of November 30, 2015. As of
January 8, 2016 the balance in the account has decreased from $754 thousand to $244 thousand. The Company is invested in dividend paying energy stocks.
16
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion should be read in conjunction with the attached interim condensed consolidated
financial statements of Video Display Corporation and subsidiaries (the Company) and with the Companys 2015 Annual Report to Shareholders, which included audited consolidated financial statements and notes thereto for the fiscal
year ended February 28, 2015, as well as Managements Discussion and Analysis of Financial Condition and Results of Operations.
Overview
The Company is a leader in the manufacturing and distribution of a wide range of display devices, encompassing, among others,
industrial, military, medical, and simulation display solutions. The Company is comprised of one segment - the manufacturing and distribution of displays and display components. The Company is organized into four interrelated operations aggregated
into one reportable segment pursuant to the aggregation criteria of FASB ASC 280 Segment Reporting:
|
|
|
Simulation and Training Products offers a complete range of projection display systems for use in training and simulation, military, medical, entertainment and industrial applications. |
|
|
|
Data Display CRTs offers a wide range of CRTs for use in data display screens, including computer terminal monitors and medical monitoring equipment. |
|
|
|
Broadcast and Control Center Products offers high-end visual display products for use in video walls and command and control centers. |
|
|
|
Cyber Secure Products offers advanced TEMPEST technology, also known as Emanation Security EMSEC, products and custom engineering solutions to include extreme environmental performance and survivability
technologies. |
During fiscal 2016, management of the Company is focusing key resources on strategic efforts to grow its
business through internal sales or through niche acquisitions that enhance the profitability and sales of the Companys more profitable product lines. Challenges facing the Company during these efforts include:
Liquidity- As of and during the nine month period ended November 30, 2015, the Company operated using cash from operations
and investing activities. The Company believes it can operate the Company with existing cash flows for the current level of business. Should business increase dramatically or an acquisition candidate be found, the Company may need to find more
permanent sources of capital to fund the growth.
Inventory management The Companys business units utilize
different inventory components than the divisions had in the past. The Company has a monthly reserve at each of its divisions to offset any obsolescence although most purchases are for current orders, which should reduce the amount of obsolescence
in the future. The Company still has CRT inventory in stock and, although it believes the inventory will be sold in the future, will continue to reserve for any additional obsolescence. Management believes the adequacy of its inventory reserves at
November 30, 2015 and February 28, 2015 to be adequate.
17
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Results of Operations
The following table sets forth, for the three and nine months ended November 30, 2015 and 2014, the percentages that selected items in the
Statements of Operations bear to total sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended November 30, |
|
|
Nine Months Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Simulation and Training (VDC Display Systems) |
|
|
53.3 |
% |
|
|
70.2 |
% |
|
|
56.1 |
% |
|
|
61.2 |
% |
Data Display CRT |
|
|
26.0 |
|
|
|
24.9 |
|
|
|
22.0 |
|
|
|
21.5 |
|
Broadcast and Control Centers (AYON Visual) |
|
|
4.9 |
|
|
|
(0.3 |
) |
|
|
4.7 |
|
|
|
4.8 |
|
Cyber Secure Products (AYON Cyber Security) |
|
|
15.8 |
|
|
|
5.2 |
|
|
|
17.2 |
|
|
|
12.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
118.5 |
% |
|
|
81.0 |
% |
|
|
101.7 |
% |
|
|
83.1 |
% |
Selling and delivery |
|
|
9.7 |
|
|
|
8.3 |
|
|
|
9.4 |
|
|
|
8.5 |
|
General and administrative |
|
|
53.4 |
|
|
|
31.6 |
|
|
|
38.4 |
|
|
|
27.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181.6 |
% |
|
|
120.9 |
% |
|
|
149.5 |
% |
|
|
119.1 |
% |
|
|
|
|
|
Operating loss |
|
|
(81.6 |
)% |
|
|
(20.9 |
)% |
|
|
(49.5 |
)% |
|
|
(19.1 |
)% |
|
|
|
|
|
Interest income/expense |
|
|
0.7 |
% |
|
|
(0.0 |
)% |
|
|
0.3 |
% |
|
|
0.2 |
% |
Other income (loss), net |
|
|
(5.5 |
) |
|
|
(60.0 |
) |
|
|
(19.6 |
) |
|
|
(7.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(86.4 |
)% |
|
|
(80.9 |
)% |
|
|
(68.8 |
)% |
|
|
(26.7 |
)% |
Income tax benefit |
|
|
|
|
|
|
(1.2 |
) |
|
|
|
|
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from continuing operations |
|
|
(86.4 |
) |
|
|
(79.7 |
) |
|
|
(68.8 |
) |
|
|
(25.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of income tax |
|
|
(3.2 |
) |
|
|
0.5 |
|
|
|
2.6 |
|
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
(89.6 |
)% |
|
|
(79.2 |
)% |
|
|
(66.2 |
)% |
|
|
(25.7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
Consolidated net sales were down 22.1% for the nine months ended November 30, 2015 compared to the nine months ended November 30, 2014. Sales
for the Companys VDC Display Systems division were down 28.6% for the nine months ending November 30, 2015 when compared to last years nine months ending November 30, 2014. The simulation market has experienced many delays on new
contracts and upgrades, but the Company is beginning to see business conditions improving. The Company expects this division to exceed last years revenue by the end of the fiscal year. AYON Visual Solutions business is project driven and last
year they completed several large jobs, which they did not have this year. AYON Visual Solution sales are down 23.5% for the nine months ended November 30, 2015 compared to the nine months ended November 30, 2014. AYON Visual Solutions is expecting
to hear on several opportunities it has bid on in the fourth quarter as their customer base receives their capital expenditure budget for the upcoming year. The CRT division sales were down by 20.3% for the nine months ended November 30, 2015 over
the nine months ended November 30, 2014 or $430 thousand due to the sale of products no longer available. The Company sold out of certain CRT products which accounted for the higher volume last year. The business with their largest customer is
18
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
expected to continue for at least the next several years with slightly declining volume each year. This divisions primary business is in simulation and training. AYON Cyber Security
sales increased by 7.0% due to two new customers who have become consistent buyers and consistent business with their old customers. They look to improve even more due to efforts to attract even more customers with their consistent
performance. This division is expected to exceed last years results due to the increases in the customer base due to its improved quality.
Gross
margins
Consolidated gross profits decreased by 107.7% for the nine months ended November 30, 2015 compared to the nine months
ended November 30, 2014 and decreased 165.6% for the three months ended November 30, 2015 compared to the three months ended November 30, 2014. The Company had an overall gross margin of (1.7)% for the nine months ended
November 30, 2015 compared to a 16.9% gross margin for the nine months ended November 30, 2014.
The consolidated gross profits
were impacted by provisions for obsolete inventory. Provisions for obsolete inventory this year for the nine months ended November 30, 2015 was $824.5 million compared to $264.5 million for the nine months ended November 30, 2014. Without
these provisions, the consolidated gross profit percent would be 19.8% for the nine months ended November 30, 2015 vs. 19.6% for the nine months ended November 30, 2014. The Company inventories hundreds of thousands of dollars of parts for
legacy products. It is hard to predict if and when they will be used, but are necessary to support previously sold products in the field. With this charge to the inventory reserves the Company believes its inventory reserves are adequate. The
Company will continue to reserve for future obsolescence as business conditions dictate.
The overall trend for all the divisions was
lower gross margins due to lower sales and not absorbing fixed costs as well. The Company is working to combine its two Florida businesses, VDC Display Systems and AYON Cyber Security in one location. VDC Display Systems is anticipated to move in by
February, 2016 and AYON Cyber Security to soon follow. We believe this will significantly decrease costs for both businesses. If successful this move, along with the expected increase in sales for both divisions over the next six months, should
greatly increase their gross margins. AYON Visual Solutions (AVS) gross margins are up on a percentage basis, but their sales have been so sporadic that the comparison is not meaningful. The yearly comparison of actual gross margin dollars is flat.
The Company expects AVS to improve upon their performance thus far this year and to start landing some of the many quotes that are outstanding. Many of their potential customers are waiting for their projects to be approved in their own
companys budget for the upcoming year. The Data Display CRT division gross margins have declined over last year due to product mix differences and some very profitable last time sales that occurred in the third quarter last year, that are not
anticipated to recur.
Operating expenses
Operating expenses as a percentage of sales increased to 47.8% for the nine months ended November 30, 2015 as compared to 36.0% for the nine
months ended November 30, 2014. The increase is primarily due to an impairment charge to intangible assets and a decrease in the revenue base adequate to absorb corporate overhead costs. The Company was able to control fixed costs, such as rent and
other administrative costs, on flat sales volumes. The increase in operating expenses of $0.1 million includes $0.5 for impairment charges to intangible assets, which is offset by cost cutting measures. The Company expects operating expenses to
continue to decrease due to additional cost cutting measures enacted during the Companys fourth quarter of this fiscal year and additional savings scheduled for the first quarter of the Companys next fiscal year.
The operating expenses for the quarter ended November 30, 2015 as a percentage of sales increased to 63.1% compared to 39.8% for the quarter
ended November 30, 2014. The increase in operating expenses of $0.1 million includes $0.5 for impairment charges to intangible assets, which is offset by cost cutting measures. The Company expects these costs to remain at these levels for the
upcoming fourth quarter of the fiscal year while increasing revenues. Additional cost cutting measures are slated for the Companys first quarter of its next fiscal year.
19
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Other income (expense)
For the three months and nine months ended November 30, 2015, the Company experienced a loss of $0.1 million and $1.5 million,
respectively. For the three months ended November 30, 2015, the losses were due to net investment losses offset by $51 thousand in rental income. The Company was invested heavily in energy stocks, which fared poorly due to the decline in the
price of oil. For the nine months ended November 30, 2015, the losses were due primarily to losses in the investment account of $1.9 million offset by dividend income of $0.3 million and rental income of $0.1 million. For the three months and
nine months ended November 30, 2014, the Company lost $2.1 million and $0.7 million, respectively.
The Company experienced a
non-operating loss of $0.7 million during the nine months ended November 30, 2014. These losses were primarily driven by unrealized losses on trading investments of $2.7 million, offset by realized gains of $1.3 million, dividend income of $0.3
million and a gain on the sale of a building of $0.4 million.
Interest expense
Interest expense was $10.3 thousand for the three months and $50.6 thousand for the nine months ending November 30, 2015 compared to $26.2
thousand for the three months and $54.1 thousand for the nine months ending November 30, 2014. The Company also earned $76.7 thousand in interest income for nine months ending November 30, 2015.
The interest expense (approximately $3.0 thousand per month) is related to the balance owed on a building the Company owns in Pennsylvania and
the interest on the margin balance in the Companys investment account, which is a 2% rate.
Income taxes
The effective tax rate for the nine months ended November 30, 2015 and 2014 was 0% and (3.0) %, respectively. The Company lost $2.1
million dollars for the quarter ending November 30, 2015 which resulted in a tax benefit of approximately $0.8 million. Due to the recent losses by the Company, a full valuation allowance was allocated to the deferred tax asset created by the
loss. The net effect of this allowance was to have zero tax expense for the quarter. As of November 30, 2015 and February 28, 2015, the Company has established a valuation allowance of $6.4 million and $4.3 million, respectively, on the
Companys current and non-current deferred tax assets.
Discontinued operations
On March 26, 2014 with an effective date of February 28, 2014, the Company completed the sale of the Companys wholly-owned
subsidiary, Lexel Imaging, Inc. to Citadal Partners, LLC for approximately $3.9 million, consisting of $1.0 million cash payable over 180 days in the form of a note receivable and a guarantee to purchase $2.9 million in inventory over a five-year
period. The inventory was adjusted to its net realizable value as part of the sale. The Company recognized a loss on the sale of $4.4 million pre-tax during the year ended February 28, 2014. Lexel Imaging, Inc. had net sales of $
7.6 million and a pre-tax net loss of $0.8 million for the twelve months ending February 28, 2014.
20
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
On November 17, 2014 Video Display reacquired Lexel Imaging, Inc. when Citadal Partners,
LLC defaulted on two notes payable to Video Display Corporation owed as financing on the original sale of the Lexel Imaging. Lexel Imaging is still presented as discontinued operations as Video Display Corporation is still considering offers for the
sale of the entity.
Lexel Imaging earned $0.2 million for the nine months ended November 30, 2015 primarily due to a strong second
quarter in which they were able to improve production yields and ship more product. Management believes they can sustain the yield improvements and have a profitable second half of the fiscal year. The subsidiary has a backlog in excess of $7.0
million.
Liquidity and Capital Resources
The Company has sustained losses for each of the last two years and has seen a decline in both its working capital and liquid assets during
this time. These losses were a combination of low revenues at all the divisions and excessive expenses incurred by certain divisions. During the nine month period ending November 30, 2015 the Company has operated using cash from operations and
investing activities. Between May 31, 2015 and November 30, 2015 the Company used $0.6 million in cash from continuing operations compared to break-even cash flows from continuing operations during the same period last fiscal year. The
Company has $7.7 million in working capital at November 30, 2015, including $1.1 million in liquid assets, and $12.2 million in working capital at February 28, 2015, including $2.6 million in liquid assets. Subsequent to November 30,
2015 the Company experienced additional losses to its investment balances of $0.5 million (Note 12).
The Company has been implementing a
plan to increase revenues at all the divisions, each structured to the particular division with an increase in the current backlog and growth in revenues subsequent to November 30, 2015. The Company has a plan to reduce expenses at the
divisions and at the corporate location with the expectation that recurring costs will be decreased by over $1.0 million per year. The Company projects an operating profit for the upcoming fourth quarter of the fiscal year and for the upcoming
fiscal year ending February 28, 2017. Based on the projected increase in revenues and the cost cutting plans, management believes that the Company will meet its obligations.
Management continues to explore options to monetize certain long-term assets of the business, and to obtain financing needed to fund an
increase in revenues. The Company continues to hold negotiations to sell its Lexel Imaging subsidiary, and is expecting a settlement payment from an Antitrust litigation class action case (Note 12).
Management believes it can continue to operate the Company with existing cash flows from the current level of business. The Company
continually monitors its cash and financing positions in order to find ways to lower its costs and to produce positive operating cash flow. The Company examines possibilities to grow its business through internal sales and niche acquisitions. There
could be an impact on working capital requirements to fund this growth. As in the past, the intent is to finance such projects with operating cash flows; however, more permanent sources of capital may be required in certain circumstances. If
additional funding is required, no assurance can be given that the Company will be able to obtain the capital on terms favorable to the Company, if at all.
Cash provided by operations for the nine months ended November 30, 2015 was $20 thousand. The net loss from operations was $5.1 million
and adjustments to reconcile net loss to net cash were $3.3 million including realized and unrealized loss on investments of $1.9 million, a gain from discontinued operations of $0.2 million and depreciation and reserves change of $1.1 million.
Changes in working capital provided $1.8 million, primarily due to a decrease in prepaid taxes due to a $0.7 million refund from the federal government and states, a decrease in inventories of $1.3 million offset by a decrease in payables of $0.1
million. Cash used in operations for the nine months ended November 30, 2014 was $0.6 million.
21
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Investing activities provided cash of $2.8 million due to the net sales of $2.3 million from
the sale of investments, cash advance repayment from discontinued operations of $0.6 million and capital expenditures of $0.1 million during the nine months ended November 30, 2015, compared to $6.3 million used for the purchase of investments,
$0.1 for fixed asset acquisitions and proceeds of $0.5 million from the sale of a building during the nine months ended November 30, 2014.
Financing activities used cash of $2.5 million, primarily for the repayment of marginal float on the investment account of $2.4 and the
repurchase of treasury stock and used cash of $0.1 million for the nine months ended November 30, 2015. The Company received $3.4 million in financing activities for the nine months ended November 30, 2014.
The Company has a stock repurchase program, pursuant to which it has been authorized to repurchase up to 2,632,500 shares of the
Companys common stock in the open market. On January 20, 2014, the Board of Directors of the Company approved a one-time continuation of the stock repurchase program, and authorized the Company to repurchase up to 1,500,000 additional
shares of the Companys common stock on the open market, depending on the market price of the shares. There is no minimum number of shares required to be repurchased under the program. For the nine months ended November 30, 2015, the
Company repurchased 71,406 shares at an average price of $1.61 per share. For the nine months ended November 30, 2014, the Company purchased 1,027,936 shares at an average price of $3.37 per share. Under the Companys stock repurchase
program, an additional 502,644 shares remain authorized to be repurchased by the Company at November 30, 2015.
The Company borrowed
$80 thousand from the Companys Chief Executive Officer in May 2015 with a zero interest rate. This was borrowed on a short term basis and repaid in June 2015. There was no balance of this loan at November 30, 2015.
Critical Accounting Estimates
Managements Discussion and Analysis of Financial Condition and Results of Operations are based upon the Companys interim condensed
consolidated financial statements. These interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). These principles require the use
of estimates and assumptions that affect amounts reported and disclosed in the interim condensed consolidated financial statements and related notes. The accounting policies that may involve a higher degree of judgments, estimates, and complexity
include reserves on inventories, revenue recognition, the allowance for bad debts and warranty reserves. The Company uses the following methods and assumptions in determining its estimates:
Reserves on Inventories
Reserves on
inventories result in a charge to operations when the estimated net realizable value declines below cost. Management regularly reviews the Companys investment in inventories for declines in value and establishes reserves when it is apparent
that the expected net realizable value of the inventory falls below its carrying amount. Management reviews inventory levels on a quarterly basis. Such reviews include observations of product development trends of the original equipment
manufacturers, new products being marketed, and technological advances relative to the product capabilities of the Companys existing inventories. Management believes its inventory reserves at November 30, 2015 and February 28, 2015
to be adequate.
22
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Revenue Recognition
Revenue is recognized on the sale of products when the products are shipped, all significant contractual obligations have been satisfied, and
the collection of the resulting receivable is reasonably assured. The Companys delivery term typically is F.O.B. shipping point.
In
accordance with FASB ASC Topic 605-45 Revenue Recognition: Principal Agent Considerations, shipping and handling fees billed to customers are classified in net sales in the consolidated income statements. Shipping and handling
costs incurred are classified in selling and delivery in the consolidated income statements.
Allowance for Doubtful Accounts
The allowance for doubtful accounts is determined by reviewing all accounts receivable and applying credit loss experience to the current
receivable portfolio with consideration given to the current condition of the economy, assessment of the financial position of the creditors as well as payment history and overall trends in past due accounts compared to established thresholds. The
Company monitors credit exposure and assesses the adequacy of the allowance for doubtful accounts on a regular basis. Historically, the Companys allowance has been sufficient for any customer write-offs. Although the Company cannot guarantee
future results, management believes its policies and procedures relating to customer exposure are adequate.
Warranty Reserves
The warranty reserve is determined by recording a specific reserve for known warranty issues and a general reserve based on claims experience.
The Company considers actual warranty claims compared to net sales, then adjusts its reserve liability accordingly. Actual claims incurred could differ from the original estimates, requiring adjustments to the reserve.
Management believes that its procedures historically have been adequate and does not anticipate that its assumptions are reasonably likely to
change in the future.
Other Accounting Policies
Other loss contingencies are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is
reasonably estimable. Disclosure is required when there is a reasonable possibility that the ultimate loss will exceed the recorded provision. Contingent liabilities are often resolved over long time periods. Estimating probable losses requires
analysis of multiple factors that often depend on judgments about potential actions by third parties.
Intangible and Other Long-Term Assets
The Company evaluated the intangible asset for impairment and has determined it appropriate to record an impairment charge equal to the
remaining value of this intangible asset ($471 thousand) this quarter due to declining sales associated with this asset in accordance with the processes prescribed in ASC 350 Intangible Assets and ASC 360 Property, Plant,
and Equipment. The sales to these customers have been declining, only 46% to budget for the first nine months this fiscal year.
Income
Taxes
Deferred income taxes are provided to reflect the tax consequences in future years of differences between the tax bases of
assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when
necessary to reduce deferred tax assets to the amount expected to be realized. As of November 30, 2015 and February 28, 2015 the Company has established a valuation allowance of $6.4 million and $4.3 million, respectively on the
Companys current and non-current deferred tax assets.
23
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
The Company accounts for uncertain tax positions under the provisions of ASC 740, which
contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not, that the
position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate
settlement. The Company considers many factors when evaluating and estimating the Companys tax positions and tax benefits, which may require periodic adjustments. At November 30, 2015, the Company did not record any liabilities for
uncertain tax positions.
Recent Accounting Pronouncements
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements. Going Concern (Subtopic 205-40): Disclosure
of Uncertainties about an Entitys Ability to continue as a Going Concern. Prior to its issuance there was no guidance in U.S. GAAP about managements responsibility to evaluate whether there is substantial doubt about an
entitys ability to continue as a going concern or to provide related footnote disclosures. This update requires that an entitys management should evaluate whether there are conditions or events, considered in the aggregate, that raise
substantial doubt about the entitys ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when
applicable.) This update is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is still evaluating the effects that the adoption of this update will have on the
Companys consolidated financial position or results of operations.
In May, 2014, the FASB issued ASU 2014-09 Revenue with
Contracts from Customers. ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and IFRS. The new guidance(i) removes inconsistencies, and weaknesses in revenue recognition
requirements, (ii) provides a more robust framework for addressing revenue recognition issues, (iii) improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets,
(iv) provides more useful information to users of financial statements through improved disclosure requirements, and (v)simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer.
The guidance is effective for annual reporting periods beginning after December 15, 2017 including interim periods within that
reporting period. The Company is still evaluating the effects that the adoption of this update to have a significant effect on the Companys consolidated financial position or results of operations.
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an
Entity. ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. Under the new guidance, a discontinued operation is defined as:
(i) a disposal of a component or group of components that is disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entitys operations and financial results or
(ii) an acquired business or nonprofit activity that is classified as held for sale on the date of acquisition. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations,
(ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Under the current U.S. GAAP, an entity is prohibited from reporting a discontinued operation if it has certain
continuing cash flows or involvement component after the disposal. The new guidance eliminates these criteria.
24
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
The standard expands the disclosures for discontinued operations and requires new disclosures
related to individually material disposals that do not meet the definition of a discontinued operation, an entitys continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a
discontinued operation. The guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within that year. The Company adopted this pronouncement effective with the quarter ending May 31, 2015
and it did not have a significant effect on the Companys consolidated financial position or results of operations.
Subsequent Events
On December 8, 2015 the Company entered a claim in the Cathode Ray Tube (CRT) Antitrust Litigation class action case. Deadline for claims
to be submitted was December 10, 2015. The Company does not know the amount that could potentially be awarded to the Company. The Plaintiffs attorneys expect payments could be distributed as early as the summer of 2016.
In December, 2015, the Company borrowed $250 thousand from the Companys Chief Executive Officer (CEO) on a short term basis and repaid
the $250 thousand in January, 2016. The Company has borrowed money from the CEO in the past, most recently in May 2015 and it was repaid in June, 2015.
The Companys investment account is sustaining further unrealized losses since the balance sheet date of November 30, 2015. As of
January 8, 2016 the balance in the account has decreased from $754 thousand to $244 thousand. The Company is invested in dividend paying energy stocks.
Forward-Looking Information and Risk Factors
This report contains forward-looking statements and information that is based on managements beliefs, as well as assumptions made by, and
information currently available to management. When used in this document, the words anticipate, believe, estimate, intends, will, and expect and similar expressions are
intended to identify forward-looking statements. Such statements involve a number of risks and uncertainties. These risks and uncertainties, which are included under Part I, Item 1A. Risk Factors in the Companys Annual Report on Form 10-K
for the year ended February 28, 2015 could cause actual results to differ materially.
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |
The Companys primary
market risks include changes in technology. The Company operates in an industry which is continuously changing. Failure to adapt to the changes could have a detrimental effect on the Company.
ITEM 4. |
CONTROLS AND PROCEDURES |
Our disclosure controls and procedures (as defined in Exchange
Act Rule 13a-15(e)) are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, such as this quarterly report on Form 10-Q, is
recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms. Our disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to our management,
including our chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure.
25
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
Our chief executive officer and chief financial officer have conducted an evaluation of the
effectiveness of our disclosure controls and procedures as of November 30, 2015. We perform this evaluation on a quarterly basis so that the conclusions concerning the effectiveness of our disclosure controls and procedures can be reported in
our annual report on Form 10-K and quarterly reports on Form 10-Q. Based on this evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures were effective as of
November 30, 2015.
Changes in Internal Controls
There have not been any changes in our internal controls over financial reporting (as such term is defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
26
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
PART II
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Item 1. |
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Legal Proceedings |
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None. |
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Item 1A. |
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Risk Factors |
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Information regarding risk factors appears under the caption Forward-Looking Statements and Risk Factors in Part I, Item 2 of this Form 10-Q and in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended
February 28, 2015. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K. |
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Item 2. |
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Unregistered Sales of Equity Securities and Use of Proceeds |
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None. |
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Item 3. |
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Defaults upon Senior Securities |
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None. |
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Item 4. |
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Submission of Matters to a Vote of Security Holders |
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None. |
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Item 5. |
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Other information |
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None. |
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Item 6. |
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Exhibits |
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Exhibit Number |
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Exhibit Description |
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3(a) |
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Articles of Incorporation of the Company (incorporated by reference to Exhibit 3A to the Companys Registration Statement on Form S-18 filed January 15, 1985). |
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3(b) |
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By-Laws of the Company (incorporated by reference to Exhibit 3B to the Companys Registration Statement on Form S-18 filed January 15, 1985). |
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10(a) |
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Lease dated June 1, 2008 by and between Registrant (Lessee) and Ronald D. Ordway (Lessor) with respect to premises located at 4601 Lewis Road, Stone Mountain, Georgia. (incorporated by reference to Exhibit 10(b) to the
Companys 2009 Annual Report on Form 10-K) |
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10(b) |
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Lease dated April 1, 2015 by and between Registrant (Lessee) and Ronald D. Ordway (Lessor) with respect to premises located at 1868 Tucker Industrial Road, Tucker, Georgia (incorporated by reference to Exhibit 10(c) to the
Companys 2015 Annual Report on Form 10-K.) |
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10(c) |
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Purchase Agreement dated January 16, 2014 by and between the Company and Z-Axis, Inc. with respect to the sale of the Companys Z-Axis, Inc.
subsidiary. (incorporated by reference to Exhibit 10(e) to the Companys Current Report on Form 8-K dated January 22, 2014.) |
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10(d) |
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Purchase Agreement dated March 26, 2014 by and between the Company and Citidal Partners, LLC, with respect to the sale of the Companys Lexel Imaging, Inc. subsidiary. (incorporated by reference to Exhibit 10(f) to the
Companys Current Report on Form 8-K dated April 1, 2014.) |
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10(e) |
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Lease dated February 19, 2015 by and between Registrant (Lessee) and Ordway Properties LLC (Lessor) with respect to premises located at 5155 King Street, Cocoa, FL. (incorporated by reference to Exhibit 10(g) to the Companys
2015 Annual Report on Form 10-K.) |
27
Video Display Corporation and Subsidiaries
November 30, 2015
(unaudited)
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10(f) |
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Video Display Corporation 2006 Stock Incentive Plan. (incorporated by reference to Appendix A to the Companys 2006 Proxy Statement on Schedule 14A) |
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31.1 |
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Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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31.2 |
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Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
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32.0 |
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Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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101.INS |
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XBRL Instance Document |
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101.SCH |
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XBRL Taxonomy Extension Schema Document |
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101.CAL |
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XBRL Taxonomy Extension Calculation Linkbase Document |
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101.DEF |
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XBRL Taxonomy Extension Definition Linkbase Document |
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101.LAB |
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XBRL Taxonomy Extension Label Linkbase Document |
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101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase Document |
28
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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VIDEO DISPLAY CORPORATION |
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January 14, 2016 |
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By: |
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/s/ Ronald D. Ordway |
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Ronald D. Ordway |
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Chief Executive Officer |
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January 14, 2016 |
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By: |
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/s/ Gregory L. Osborn |
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Gregory L. Osborn |
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Chief Financial Officer |
29
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Ronald D. Ordway, certify that:
|
1. |
I have reviewed this quarterly report on Form 10-Q of Video Display Corporation; |
|
2. |
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report; |
|
4. |
The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15f and 15d-15f) for the registrant and have: |
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
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c) |
evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
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d) |
disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
|
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the
registrants board of directors (or persons performing the equivalent function): |
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
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b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting. |
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Date: January 14, 2016 |
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/s/ Ronald D. Ordway |
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Ronald D. Ordway |
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Chief Executive Officer |
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Gregory L. Osborn, certify that:
|
1. |
I have reviewed this quarterly report on Form 10-Q of Video Display Corporation; |
|
2. |
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report; |
|
4. |
The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15f and 15d-15f) for the registrant and have: |
|
a) |
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and |
|
d) |
disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
|
5. |
The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the
registrants board of directors (or persons performing the equivalent function): |
|
a) |
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record,
process, summarize and report financial information; and |
|
b) |
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting. |
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Date: January 14, 2016 |
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/s/ Gregory L. Osborn |
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Gregory L. Osborn |
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Chief Financial Officer |
Exhibit 32
CERTIFICATION
PURSUANT
TO SECTION 906
OF
THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C SECTION 1350)
The undersigned, as the Chief Executive Officer of Video Display Corporation, certifies that, to the best of his knowledge and belief, the Quarterly Report on
Form 10-Q for the quarter ended November 30, 2015 (the Report), which accompanies this certification, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of Video Display Corporation at the dates and for the periods indicated. The foregoing certification is made pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) and shall not be relied upon for any other purpose.
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This 14th day of January, 2016 |
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/s/ Ronald D. Ordway |
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Ronald D. Ordway |
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Chief Executive Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or
otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Video Display Corporation and will be retained by Video Display Corporation and
furnished to the Securities and Exchange Commission or its staff upon request.
CERTIFICATION
PURSUANT TO SECTION 906
OF
THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C SECTION 1350)
The undersigned, as the Chief Financial Officer of Video Display Corporation, certifies that, to the best of his
knowledge and belief, the Quarterly Report on Form 10-Q for the quarter ended November 30, 2015 (the Report), which accompanies this certification, fully complies with the requirements of Section 13(a) of the Securities
Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Video Display Corporation at the dates and for the periods indicated. The foregoing
certification is made pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) and shall not be relied upon for any other purpose.
|
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This 14th day of January, 2016 |
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/s/ Gregory L. Osborn |
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Gregory L. Osborn |
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Chief Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or
otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Video Display Corporation and will be retained by Video Display Corporation and
furnished to the Securities and Exchange Commission or its staff upon request.
The information in this Exhibit 32 shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such
filing.
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v3.3.1.900
Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Nov. 30, 2015 |
Feb. 28, 2015 |
Current assets |
|
|
Cash and cash equivalents |
$ 306
|
$ 62
|
Trading investments, at fair value |
754
|
2,516
|
Accounts receivable, less allowance for doubtful accounts of $21 and $52 |
1,539
|
1,504
|
Notes receivable |
182
|
32
|
Inventories, net |
4,940
|
7,005
|
Income taxes refundable |
|
720
|
Prepaid expenses and other |
91
|
61
|
Assets of discontinued operations |
3,144
|
2,831
|
Total current assets |
10,956
|
14,731
|
Property, plant, and equipment |
|
|
Land |
154
|
154
|
Buildings |
2,614
|
2,593
|
Machinery and equipment |
7,338
|
7,282
|
Total property, plant and equipment |
10,106
|
10,029
|
Accumulated depreciation and amortization |
(8,825)
|
(8,658)
|
Net property, plant, and equipment |
1,281
|
1,371
|
Notes receivable |
997
|
1,070
|
Intangible assets, net |
|
559
|
Other assets |
29
|
29
|
Assets of discontinued operations |
47
|
70
|
Total assets |
13,310
|
17,830
|
Current liabilities |
|
|
Accounts payable |
659
|
719
|
Accrued liabilities |
579
|
603
|
Billings in excess of costs |
187
|
|
Current maturities of long-term debt |
52
|
50
|
Liabilities of discontinued operations |
1,830
|
1,145
|
Total current liabilities |
3,307
|
2,517
|
Long-term debt, less current maturities |
144
|
183
|
Deferred rent |
330
|
420
|
Total liabilities |
$ 3,781
|
$ 3,120
|
Shareholders' Equity |
|
|
Preferred stock, no par value - 10,000 shares authorized; none issued and outstanding |
|
|
Common stock, no par value - 50,000 shares authorized; 9,732 issued and 5,891 outstanding at November 30, 2015 and 9,732 issued and 5,962 outstanding at February 28, 2015 |
$ 7,293
|
$ 7,293
|
Additional paid-in capital |
179
|
170
|
Retained earnings |
18,325
|
23,399
|
Treasury stock, shares at cost; 3,842 at November 30, 2015 and 3,770 at February 28, 2015 |
(16,268)
|
(16,152)
|
Total shareholders' equity |
9,529
|
14,710
|
Total liabilities and shareholders' equity |
$ 13,310
|
$ 17,830
|
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v3.3.1.900
Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Nov. 30, 2015 |
Feb. 28, 2015 |
Accounts receivable, allowance for doubtful accounts |
$ 21
|
$ 52
|
Preferred stock, par value |
|
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
|
|
Common stock, shares authorized |
50,000,000
|
50,000,000
|
Common stock, shares issued |
9,732,000
|
9,732,000
|
Common stock, shares outstanding |
5,891,000
|
5,962,000
|
Treasury stock, shares |
3,842,000
|
3,770,000
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v3.3.1.900
Condensed Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Net sales |
$ 2,387
|
$ 3,557
|
$ 7,670
|
$ 9,844
|
Cost of goods sold |
2,829
|
2,883
|
7,798
|
8,179
|
Gross profit (loss) |
(442)
|
674
|
(128)
|
1,665
|
Operating expenses |
|
|
|
|
Selling and delivery |
231
|
294
|
721
|
837
|
General and administrative |
1,274
|
1,123
|
2,946
|
2,706
|
Operating Expenses, Total |
1,505
|
1,417
|
3,667
|
3,543
|
Operating (loss) |
(1,947)
|
(743)
|
(3,795)
|
(1,878)
|
Other income (expense) |
|
|
|
|
Interest income (expense) |
16
|
(3)
|
26
|
16
|
Investment loss |
(153)
|
(2,423)
|
(1,604)
|
(1,467)
|
Other, net |
22
|
290
|
98
|
701
|
Loss from continuing operations before income taxes |
(2,062)
|
(2,879)
|
(5,275)
|
(2,628)
|
Income tax (benefit) |
0
|
(43)
|
|
(80)
|
Net loss from continuing operations |
(2,062)
|
(2,836)
|
(5,275)
|
(2,548)
|
Income (loss) from discontinued operations, net of income tax expense |
(77)
|
17
|
201
|
17
|
Net income (loss) |
$ (2,139)
|
$ (2,819)
|
$ (5,074)
|
$ (2,531)
|
Net income (loss) per share: |
|
|
|
|
From continuing operations-basic |
$ (0.35)
|
$ (0.45)
|
$ (0.89)
|
$ (0.39)
|
From continuing operations-diluted |
(0.35)
|
(0.45)
|
(0.89)
|
(0.39)
|
From discontinued operations-basic |
(0.01)
|
0.00
|
0.03
|
0.00
|
From discontinued operations-diluted |
$ (0.01)
|
$ 0.00
|
$ 0.03
|
$ 0.00
|
Basic weighted average shares outstanding |
5,894
|
6,257
|
5,915
|
6,517
|
Diluted weighted average shares outstanding |
5,897
|
6,262
|
5,916
|
6,529
|
X |
- DefinitionTotal costs related to goods produced and sold during the reporting period.
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v3.3.1.900
Interim Condensed Consolidated Statement of Shareholders' Equity - 9 months ended Nov. 30, 2015 - USD ($) $ in Thousands |
Total |
Common Shares |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Beginning Balance (in shares) at Feb. 28, 2015 |
|
5,962,000
|
|
|
|
Beginning Balance at Feb. 28, 2015 |
$ 14,710
|
$ 7,293
|
$ 170
|
$ 23,399
|
$ (16,152)
|
Net loss |
$ (5,074)
|
|
|
(5,074)
|
|
Repurchase of treasury stock (in shares) |
(71,406)
|
(71,406)
|
|
|
|
Repurchase of treasury stock |
|
|
|
|
(116)
|
Share based compensation |
|
|
9
|
|
|
Ending Balance (in shares) at Nov. 30, 2015 |
|
5,891,000
|
|
|
|
Ending Balance at Nov. 30, 2015 |
$ 9,529
|
$ 7,293
|
$ 179
|
$ 18,325
|
$ (16,268)
|
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v3.3.1.900
Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Operating Activities |
|
|
Net income (loss) |
$ (5,074)
|
$ (2,531)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
Income from discontinued operations, net of tax |
(201)
|
(17)
|
Depreciation and amortization |
254
|
291
|
Provision of doubtful accounts |
37
|
1
|
Provision for inventory reserve |
825
|
265
|
Non-cash charge for share based compensation |
9
|
7
|
Loss from impairment of intangible assets |
471
|
|
Deferred income taxes |
|
(58)
|
Gain on disposal of assets |
|
(364)
|
Realized/unrealized loss on investments |
1,881
|
1,476
|
Other |
|
(10)
|
Changes in working capital items: |
|
|
Accounts receivable |
(72)
|
(483)
|
Notes receivables |
(77)
|
35
|
Inventories |
1,263
|
1,515
|
Prepaid expenses and other assets |
(30)
|
149
|
Accounts payable and accrued liabilities |
(83)
|
(705)
|
Deferred revenue |
(90)
|
(90)
|
Cost, estimated earnings and billings on uncompleted contracts |
187
|
|
Income taxes refundable/payable |
720
|
(65)
|
Net cash provided by (used in) operating activities |
20
|
(584)
|
Investing Activities |
|
|
Purchases of property, plant and equipment |
(101)
|
(51)
|
Proceeds from sale of property, plant and equipment |
|
500
|
Purchases of investments |
(7,187)
|
(68,271)
|
Sales of investments |
9,447
|
61,644
|
Net cash advanced (to) from discontinued operations |
596
|
(95)
|
Net cash provided by (used in) investing activities |
2,755
|
(6,273)
|
Financing Activities |
|
|
Repayments of long-term debt, lines of credit |
(37)
|
(36)
|
Purchase of treasury stock |
(116)
|
(3,464)
|
Proceeds from marginal account borrowings |
|
6,858
|
Repayment of marginal account borrowings |
(2,378)
|
|
Proceeds from notes payable to officers and directors |
80
|
|
Repayments of notes payable to officers and directors |
(80)
|
|
Net cash provided by (used in) financing activities |
(2,531)
|
3,358
|
Discontinued Operations |
|
|
Operating activities |
382
|
13
|
Financing activities |
(428)
|
95
|
Net cash provided by (used in) discontinued operations |
(46)
|
108
|
Net change in cash and cash equivalents |
198
|
(3,391)
|
Cash and cash equivalents, beginning of year |
172
|
3,499
|
Cash and cash equivalents, end of period |
370
|
108
|
Cash and cash equivalents, discontinued operations |
64
|
108
|
Cash and cash equivalents, continuing operations |
$ 306
|
$ 0
|
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v3.3.1.900
Summary of Significant Accounting Policies
|
9 Months Ended |
Nov. 30, 2015 |
Summary of Significant Accounting Policies |
Note 1. – Summary of Significant Accounting Policies
The interim condensed consolidated financial statements include the
accounts of the Company and its majority-owned subsidiaries after
elimination of all significant intercompany accounts and
transactions.
As contemplated by the Securities and Exchange Commission (the
“SEC” or “Commission”) instructions to Form
10-Q, the following footnotes have been condensed and, therefore,
do not contain all disclosures required in connection with annual
consolidated financial statements. Reference should be made to the
Company’s year-end consolidated financial statements and
notes thereto, including a description of the accounting policies
followed by the Company, contained in its Annual Report on Form
10-K as of and for the fiscal year ended February 28, 2015, as
filed with the Commission. There are no material changes in
accounting policy during the nine months ended November 30,
2015.
The financial information included in this report has been prepared
by the Company, without audit. In the opinion of management, the
interim condensed consolidated financial information included in
this report contains all adjustments (all of which are normal and
recurring) necessary for a fair presentation of the results for the
interim periods. Nevertheless, the results shown for interim
periods are not necessarily indicative of results to be expected
for the full year. The February 28, 2015 consolidated balance
sheet data was derived from the audited consolidated financial
statements, but does not include all disclosures required by
accounting principles generally accepted in the United States of
America (U.S. GAAP).
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v3.3.1.900
Banking & Liquidity
|
9 Months Ended |
Nov. 30, 2015 |
Banking & Liquidity |
Note 2. – Banking & Liquidity
The accompanying interim condensed consolidated financial
statements were prepared on a going concern basis, which
contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business. The Company has
sustained losses for each of the last two years and has seen a
decline in both its working capital and liquid assets during this
time. These losses were a combination of low revenues at all the
divisions and excessive expenses incurred by certain divisions.
During the nine month period ending November 30, 2015 the
Company has operated using cash from operations and investing
activities. Between May 31, 2015 and November 30, 2015
the Company used $0.6 million in cash from continuing operations
compared to break-even cash flows from continuing operations during
the same period last fiscal year. The Company has $7.7 million in
working capital at November 30, 2015, including $1.1 million
in liquid assets, and $12.2 million in working capital at
February 28, 2015, including $2.6 million in liquid assets.
Subsequent to November 30, 2015 the Company experienced
additional losses to its investment balances of $0.5 million (Note
12).
The Company has been implementing a plan to increase revenues at
all the divisions, each structured to the particular division with
an increase in the current backlog and growth in revenues
subsequent to November 30, 2015. The Company has a plan to
reduce expenses at the divisions and at the corporate location with
the expectation that recurring costs will be decreased by over $1.0
million per year. The Company projects an operating profit for the
upcoming fourth quarter of the fiscal year and for the upcoming
fiscal year ending February 28, 2017. Based on the projected
increase in revenues and the cost cutting plans, management
believes that the Company will meet its obligations.
Management continues to explore options to monetize certain
long-term assets of the business, and to obtain financing needed to
fund an increase in revenues. The Company continues to hold
negotiations to sell its Lexel Imaging subsidiary, and is expecting
a settlement payment from an Antitrust litigation class action case
(Note 12).
Management believes it can continue to operate the Company with
existing cash flows from the current level of business. The Company
continually monitors its cash and financing positions in order to
find ways to lower its costs and to produce positive operating cash
flow. The Company examines possibilities to grow its business
through internal sales and niche acquisitions. There could be an
impact on working capital requirements to fund this growth. As in
the past, the intent is to finance such projects with operating
cash flows; however, more permanent sources of capital may be
required in certain circumstances. If additional funding is
required, no assurance can be given that the Company will be able
to obtain the capital on terms favorable to the Company, if at
all.
|
v3.3.1.900
Fair Value Measurements and Financial Instruments
|
9 Months Ended |
Nov. 30, 2015 |
Fair Value Measurements and Financial Instruments |
Note 3. – Fair Value Measurements and Financial
Instruments
The Financial Accounting Standards Board’s (FASB’s)
fair value measurement guidance establishes a fair value hierarchy
which requires an entity to maximize the use of observable inputs
and minimize the use of unobservable inputs when measuring fair
value. The guidance describes three levels of inputs that may be
used to measure fair value:
|
|
|
Level 1
|
|
Quoted prices in active markets for identical
assets or liabilities as of the reporting date. Active markets are
those in which transactions for the asset or liability occur in
sufficient frequency and volume to provide pricing information on
an ongoing basis. |
|
|
Level 2
|
|
Observable inputs other than Level 1 prices,
such as quoted prices for similar assets or liabilities; quoted
prices in markets that are not active; or other inputs that are
observable or can be corroborated by observable market data for
substantially the full term of the assets or liabilities. |
|
|
Level 3
|
|
Unobservable inputs that are supported by
little or no market activity and that are significant to the fair
value of the assets or liabilities. |
Assets measured at fair value on a recurring basis by the Company
consist of investment securities held for trading using Level 1
inputs. The following table sets forth our financial assets and
liabilities that were accounted for at fair value on a recurring
basis as of November 30, 2015 and February 28, 2015 (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
Level 1 Assets
and Liabilities |
|
|
Level 2 Assets
and Liabilities |
|
|
Level 3 Assets
and Liabilities |
|
Current trading investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (long)
|
|
|
2,360 |
|
|
|
2,360 |
|
|
|
— |
|
|
|
— |
|
Mutual Funds
|
|
|
25 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments
|
|
$ |
2,385 |
|
|
$ |
2,385 |
|
|
|
— |
|
|
|
— |
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (short)
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
Margin balance
|
|
|
(1,629 |
) |
|
|
(1,629 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of liabilities
|
|
|
(1,631 |
) |
|
|
(1,631 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
754 |
|
|
$ |
754 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2015 |
|
|
Level 1 Assets
and Liabilities |
|
|
Level 2 Assets
and Liabilities |
|
|
Level 3 Assets
and Liabilities |
|
Current trading investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (long)
|
|
|
6,308 |
|
|
|
6,308 |
|
|
|
— |
|
|
|
— |
|
Mutual Funds
|
|
|
226 |
|
|
|
226 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments
|
|
$ |
6,534 |
|
|
$ |
6,534 |
|
|
|
— |
|
|
|
— |
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (short)
|
|
|
(10 |
) |
|
|
(10 |
) |
|
|
— |
|
|
|
— |
|
Margin balance
|
|
|
(4,008 |
) |
|
|
(4008 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of liabilities
|
|
|
(4,018 |
) |
|
|
(4,018 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
2,516 |
|
|
$ |
2,516 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company’s financial instruments which are not measured at
fair value on the consolidated balance sheets include cash,
accounts receivable, short-term liabilities, and debt. The
estimated fair value of these financial instruments were determined
using Level 2 inputs and approximate cost due to the short period
of time to maturity. Recorded amounts of long-term debt are
considered to approximate fair value due to either rates that
fluctuate with the market or are otherwise commensurate with the
current market.
|
X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Recent Accounting Pronouncements
|
9 Months Ended |
Nov. 30, 2015 |
Recent Accounting Pronouncements |
Note 4. – Recent Accounting Pronouncements
In August 2014, the FASB issued Accounting Standards Update No.
(ASU) 2014-15, “Presentation of Financial Statements.
Going Concern (Subtopic 205-40): Disclosure of Uncertainties
about an Entity’s Ability to continue as a Going
Concern”. Prior to its issuance, there was no guidance in
U.S. GAAP about management’s responsibility to evaluate
whether there is substantial doubt about an entity’s ability
to continue as a going concern or to provide related footnote
disclosures. This update requires that an entity’s management
should evaluate whether there are conditions or events, considered
in the aggregate, that raise substantial doubt about the
entity’s ability to continue as a going concern within one
year after the date that the financial statements are issued (or
within one year after the date that the financial statements are
available to be issued when applicable).
This update is effective for the annual period ending after
December 15, 2016, and for annual periods and interim periods
thereafter. The Company is still evaluating the effects that the
adoption of this update will have on the Company’s
consolidated financial position or results of operations.
In May, 2014, the FASB issued ASU 2014-09 “Revenue with
Contracts from Customers”. ASU 2014-09 clarifies the
principles for recognizing revenue and develops a common revenue
standard for U.S. GAAP and International Financial Reporting
Standards (“IFRS”) . The new guidance (i) removes
inconsistencies, and weaknesses in revenue recognition
requirements, (ii) provides a more robust framework for
addressing revenue recognition issues, (iii) improves
comparability of revenue recognition practices across entities,
industries, jurisdictions, and capital markets, (iv) provides
more useful information to users of financial statements through
improved disclosure requirements, and (v) simplifies the
preparation of financial statements by reducing the number of
requirements to which an entity must refer.
The guidance is effective for annual reporting periods beginning
after December 15, 2017 including interim periods within that
reporting period. The Company is still evaluating the effects that
the adoption of this update will have on the Company’s
consolidated financial position or results of operations.
In April 2014, the FASB issued (ASU 2014-08), “Reporting
Discontinued Operations and Disclosures of Disposals of Components
of an Entity”. ASU 2014-08 changes the criteria for
determining which disposals can be presented as discontinued
operations and modified related disclosure requirements. Under
the new guidance, a discontinued operation is defined as:
(i) a disposal of a component or group of components that is
disposed of or is classified as held for sale that represents a
strategic shift that has or will have a major effect on an
entity’s operations and financial results or (ii) an
acquired business or nonprofit activity that is classified as held
for sale on the date of acquisition. The guidance states that
a strategic shift could include a disposal of (i) a major
geographical area of operations, (ii) a major line of
business, (iii) a major equity method investment, or
(iv) other major parts of an entity. Under the current
U.S. GAAP, an entity is prohibited from reporting a discontinued
operation if it has certain continuing cash flows or involvement
component after the disposal. The new guidance eliminates
these criteria.
The standard expands the disclosures for discontinued operations
and requires new disclosures related to individually material
disposals that do not meet the definition of a discontinued
operation, an entity’s continuing involvement with a
discontinued operation following the disposal date and retained
equity method investments in a discontinued operation. The
guidance is effective for annual periods beginning on or after
December 15, 2014 and interim periods within that year. The
Company adopted this pronouncement effective with the quarter
ending May 31, 2015 and it did not have a significant effect
on the Company’s consolidated financial position or results
of operations.
|
X |
- DefinitionThe entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.
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v3.3.1.900
Inventories
|
9 Months Ended |
Nov. 30, 2015 |
Inventories |
Note 5. - Inventories
Inventories are stated at the lower of cost (first in, first out)
or market. Inventories consisted of the following (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
Raw materials
|
|
$ |
4,307 |
|
|
$ |
5,309 |
|
Work-in-process
|
|
|
220 |
|
|
|
438 |
|
Finished goods
|
|
|
1,723 |
|
|
|
1,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,250 |
|
|
|
7,498 |
|
Reserves for obsolescence
|
|
|
(1,310 |
) |
|
|
(493 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,940 |
|
|
$ |
7,005 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
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v3.3.1.900
Intangible Assets
|
9 Months Ended |
Nov. 30, 2015 |
Intangible Assets |
Note 6. – Intangible Assets
Intangible assets consist of customer lists for legacy products for
airlines. The Company evaluated the asset for impairment and has
determined it appropriate to record an impairment charge equal to
the remaining value of this intangible asset this quarter due to
declining sales associated with this asset. The sales to these
customers have been declining, only 46% to budget for the first
nine months this fiscal year. The amount of the impairment is $471
thousand. Amortization expense related to intangible assets before
the impairment charge to operations was approximately $88 thousand
for the nine months ended November 30, 2015 and $94 thousand
for the nine months ended November 30, 2014, respectively.
The cost and accumulated amortization of intangible assets was as
follows (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
February 28, 2015 |
|
|
|
Cost |
|
|
Accumulated
Amortization |
|
|
Cost |
|
|
Accumulated
Amortization |
|
Customer lists
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for all or part of the information related to intangible assets.
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v3.3.1.900
Long-Term Debt and Other Obligations
|
9 Months Ended |
Nov. 30, 2015 |
Long-Term Debt and Other Obligations |
Note 7. – Long-Term Debt and Other Obligations
Long-term debt consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
Mortgage payable to bank; interest rate at Community Bank’s
Base rate plus 0.5% (3.75% as of November 30, 2015); monthly
principal and interest payments of $5 thousand payable through
October 2021; collateralized by land and building of Teltron
Technologies, Inc.
|
|
|
196 |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
196 |
|
|
|
233 |
|
Less current maturities
|
|
|
(52 |
) |
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
144 |
|
|
$ |
183 |
|
|
|
|
|
|
|
|
|
|
The Company had outstanding margin account borrowing of $1.6
million as of November 30, 2015 and $4.0 million as of
February 28, 2015. The margin account borrowings are used to
purchase marketable equity securities and are netted against the
investments in the balance sheet to show net trading investments.
The gross investments were $2.4 million leaving net investments of
$0.8 million after the margin account borrowings of $1.6 million
for the period ending November 30, 2015 and $6.5 million
leaving net investments of $2.5 million after the margin account
borrowings of $4.0 million for the period ending February 28,
2015, respectively. The margin interest rate is 2%.
|
X |
- DefinitionThe entire disclosure for long-term debt.
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v3.3.1.900
Supplemental Cash Flow Information
|
9 Months Ended |
Nov. 30, 2015 |
Supplemental Cash Flow Information |
Note 8. – Supplemental Cash Flow Information
Supplemental cash flow information is as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
Nine Months |
|
|
|
Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
Cash paid for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$ |
51 |
|
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
Income taxes, net of refunds
|
|
|
(722 |
) |
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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duration |
|
v3.3.1.900
Shareholder's Equity
|
9 Months Ended |
Nov. 30, 2015 |
Shareholder's Equity |
Note 9. – Shareholder’s Equity
Earnings (Loss) Per Share
Basic earnings (loss) per share is computed by dividing income or
loss available to common shareholders by the weighted average
number of common shares outstanding during each period. Shares
issued during the period are weighted for the portion of the period
that they were outstanding. Diluted earnings (loss) per share is
calculated in a manner consistent with that of basic earnings
(loss) per share while giving effect to all potentially dilutive
common shares that were outstanding during the period.
The following table sets forth the computation of basic and diluted
earnings (loss) per share for the three and nine month periods
ended November 30, 2015 and 2014 (in thousands, except per
share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Average |
|
|
Earnings (Loss) |
|
|
|
Net |
|
|
Common Shares |
|
|
Per |
|
|
|
Income (Loss) |
|
|
Outstanding |
|
|
Share |
|
Nine months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(5,275 |
) |
|
|
5,915 |
|
|
$ |
(0.89 |
) |
Basic-discontinued operations
|
|
|
201 |
|
|
|
|
|
|
|
0.03 |
|
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(5,074 |
) |
|
|
5,916 |
|
|
$ |
(0.86 |
) |
|
|
|
|
Nine months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(2,548 |
) |
|
|
6,517 |
|
|
$ |
(0.39 |
) |
Basic-discontinued operations
|
|
|
17 |
|
|
|
|
|
|
|
0.00 |
|
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(2,531 |
) |
|
|
6,529 |
|
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(2,062 |
) |
|
|
5,894 |
|
|
$ |
(0.35 |
) |
Basic-discontinued operations
|
|
|
(77 |
) |
|
|
|
|
|
|
(0.01 |
) |
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(2,139 |
) |
|
|
5,897 |
|
|
$ |
(0.36 |
) |
|
|
|
|
Three months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(2,836 |
) |
|
|
6,257 |
|
|
$ |
(0.45 |
) |
Basic-discontinued operations
|
|
|
17 |
|
|
|
|
|
|
|
0.00 |
|
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(2,819 |
) |
|
|
6,262 |
|
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-Based Compensation Plans
For the nine-month period ended November 30, 2015 and 2014,
the Company recognized general and administrative expenses of $9.6
thousand and $6.3 thousand, respectively, related to share-based
compensation. The liability for the share-based compensation
recognized is presented in the consolidated balance sheet as part
of additional paid in capital. As of November 30, 2015, total
unrecognized compensation costs related to stock options granted
was $6.1 thousand. The unrecognized stock option compensation cost
is expected to be recognized over a period of approximately
1 year.
The Company estimates the fair value of stock options granted using
the Black-Scholes option-pricing model, which requires the Company
to estimate the expected term of the stock option grants and
expected future stock price volatility over the term. The term
represents the expected period of time the Company believes the
options will remain outstanding based on historical information.
Estimates of expected future stock price volatility are based on
the historic volatility of the Company’s common stock, which
represents the standard deviation of the differences in the weekly
stock closing price, adjusted for dividends and stock splits.
The Company granted 10,000 options during the nine month periods
ended November 30, 2015 and 2014, respectively.
Stock Repurchase Program
The Company has a stock repurchase program, pursuant to which it
had been authorized to repurchase up to 2,632,500 shares of the
Company’s common stock in the open market. On
January 20, 2014, the Board of Directors of the Company
approved a one-time continuation of the stock repurchase program,
and authorized the Company to repurchase up to 1,500,000 additional
shares of the Company’s common stock in the open market.
There is no minimum number of shares required to be repurchased
under the program. During the nine month period ended
November 30, 2015, the Company purchased 71,406 shares at an
average price of $1.61 per share. During the nine month period
ended November 30, 2014, the Company purchased 1,027,936
shares at an average price of $3.37 per share. Under this program,
an additional 502,644 shares remain authorized to be repurchased by
the Company at November 30, 2015.
|
X |
- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(d),(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707
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Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494
Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
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Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E
Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C
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v3.3.1.900
Income Taxes
|
9 Months Ended |
Nov. 30, 2015 |
Income Taxes |
Note 10. – Income Taxes
The effective tax rate for the nine months ended November 30,
2015 and 2014 was 0% and (3.0)%, respectively. The Company lost
$2.1 million dollars for the quarter ending November 30, 2015
which resulted in a tax benefit of approximately $0.8 million. Due
to the recent losses by the Company, a full valuation allowance was
allocated to the deferred tax asset created by the loss. The net
effect of this allowance was to have zero tax expense for the
quarter. As of November 30, 2015 and February 28, 2015,
the Company has established a valuation allowance of $6.4 million
and $4.3 million, respectively, on the Company’s current and
non-current deferred tax assets.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.3.1.900
Discontinued Operations
|
9 Months Ended |
Nov. 30, 2015 |
Discontinued Operations |
Note 11. – Discontinued Operations
On March 26, 2014 with an effective date of February 28,
2014, the Company completed the sale of the Company’s
wholly-owned subsidiary, Lexel Imaging, Inc. to Citadal Partners,
LLC for approximately $3.9 million, consisting of $1.0 million cash
payable over 180 days in the form of a note receivable and a
guarantee to purchase $2.9 million in inventory over a five year
period. The inventory was adjusted to its net realizable value as
part of the sale. The Company recognized a loss on the sale of $4.4
million pre-tax during the year ended February 28, 2014. Lexel
Imaging, Inc. had net sales of $ 7.6 million and a pre-tax net
loss of $0.8 million for the twelve months ending February 28,
2014.
On November 17, 2014 Video Display reacquired Lexel Imaging,
Inc. when Citadal Partners, LLC defaulted on two notes payable to
Video Display Corporation owed as financing on the original sale of
the Lexel Imaging. Lexel Imaging is still presented as discontinued
operations as Video Display Corporation is still considering offers
for the sale of the entity.
Lexel’s net sales, expenses, net profits, operating income
and cash flows, are being shown as discontinued operations per ASC
205-20-45 “Reporting Discontinued Operations”
for all periods presented. The Company has reclassified results
that were previously included in continuing operations as
discontinued operations for this business.
The summarized financial information for discontinued operations
for the three months and nine months ended November 30, 2015,
is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ending
November 30, 2015 |
|
|
Nine months ending
November 30, 2015 |
|
Net sales
|
|
|
1,422 |
|
|
|
4,971 |
|
Cost of goods sold
|
|
|
1,226 |
|
|
|
4,031 |
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
196 |
|
|
|
940 |
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Selling and delivery
|
|
|
20 |
|
|
|
47 |
|
General and administrative
|
|
|
253 |
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
273 |
|
|
|
768 |
|
|
|
|
|
|
|
|
|
|
Operating profit from discontinued operations
|
|
|
(77 |
) |
|
|
172 |
|
|
|
|
Other income (expense)
|
|
|
— |
|
|
|
29 |
|
Interest expense
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
— |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes
|
|
|
(77 |
) |
|
|
201 |
|
|
|
|
Income tax expense
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
(77 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionThe entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230
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v3.3.1.900
Subsequent Events
|
9 Months Ended |
Nov. 30, 2015 |
Subsequent Events |
Note 12. – Subsequent Events
On December 8, 2015 the Company entered a claim in the Cathode
Ray Tube (CRT) Antitrust Litigation class action case. Deadline for
claims to be submitted was December 10, 2015. The Company does
not know the amount that could potentially be awarded to the
Company. The Plaintiff’s attorneys expect payments could be
distributed as early as the summer of 2016.
In December, 2015, the Company borrowed $250 thousand from the
Company’s Chief Executive Officer (CEO) on a short term basis
and repaid the $250 thousand in January, 2016. The Company has
borrowed money from the CEO in the past, most recently in May 2015
and it was repaid in June, 2015.
The Company’s investment account is sustaining further
unrealized losses since the balance sheet date of November 30,
2015. As of January 8, 2016 the balance in the account has
decreased from $754 thousand to $244 thousand. The Company is
invested in dividend paying energy stocks.
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Fair Value Measurements and Financial Instruments (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Financial Assets and Liabilities Measured on Recurring Basis |
The following table sets forth our financial assets and liabilities
that were accounted for at fair value on a recurring basis as of
November 30, 2015 and February 28, 2015 (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
Level 1 Assets
and Liabilities |
|
|
Level 2 Assets
and Liabilities |
|
|
Level 3 Assets
and Liabilities |
|
Current trading investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (long)
|
|
|
2,360 |
|
|
|
2,360 |
|
|
|
— |
|
|
|
— |
|
Mutual Funds
|
|
|
25 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments
|
|
$ |
2,385 |
|
|
$ |
2,385 |
|
|
|
— |
|
|
|
— |
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (short)
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
Margin balance
|
|
|
(1,629 |
) |
|
|
(1,629 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of liabilities
|
|
|
(1,631 |
) |
|
|
(1,631 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
754 |
|
|
$ |
754 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, 2015 |
|
|
Level 1 Assets
and Liabilities |
|
|
Level 2 Assets
and Liabilities |
|
|
Level 3 Assets
and Liabilities |
|
Current trading investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (long)
|
|
|
6,308 |
|
|
|
6,308 |
|
|
|
— |
|
|
|
— |
|
Mutual Funds
|
|
|
226 |
|
|
|
226 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of investments
|
|
$ |
6,534 |
|
|
$ |
6,534 |
|
|
|
— |
|
|
|
— |
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks, options, and ETF (short)
|
|
|
(10 |
) |
|
|
(10 |
) |
|
|
— |
|
|
|
— |
|
Margin balance
|
|
|
(4,008 |
) |
|
|
(4008 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total value of liabilities
|
|
|
(4,018 |
) |
|
|
(4,018 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
2,516 |
|
|
$ |
2,516 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258
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v3.3.1.900
Inventories (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Inventories |
Inventories consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
Raw materials
|
|
$ |
4,307 |
|
|
$ |
5,309 |
|
Work-in-process
|
|
|
220 |
|
|
|
438 |
|
Finished goods
|
|
|
1,723 |
|
|
|
1,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6,250 |
|
|
|
7,498 |
|
Reserves for obsolescence
|
|
|
(1,310 |
) |
|
|
(493 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,940 |
|
|
$ |
7,005 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 2 -Paragraph 6 -Subparagraph a,b,c -Article 5
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v3.3.1.900
Intangible Assets (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Cost and Accumulated Amortization of Intangible Assets |
The cost and accumulated amortization of intangible assets was as
follows (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2015 |
|
|
February 28, 2015 |
|
|
|
Cost |
|
|
Accumulated
Amortization |
|
|
Cost |
|
|
Accumulated
Amortization |
|
Customer lists
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,863 |
|
|
$ |
2,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275
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v3.3.1.900
Long-Term Debt and Other Obligations (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Long- Term debt and Finance Lease Obligations |
Long-term debt consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
November 30, |
|
|
February 28, |
|
|
|
2015 |
|
|
2015 |
|
Mortgage payable to bank; interest rate at Community Bank’s
Base rate plus 0.5% (3.75% as of November 30, 2015); monthly
principal and interest payments of $5 thousand payable through
October 2021; collateralized by land and building of Teltron
Technologies, Inc.
|
|
|
196 |
|
|
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
196 |
|
|
|
233 |
|
Less current maturities
|
|
|
(52 |
) |
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
|
$ |
144 |
|
|
$ |
183 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823
Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690
Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400
Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644
Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399
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v3.3.1.900
Supplemental Cash Flow Information (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Supplemental Cash Flow Information |
Supplemental cash flow information is as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
Nine Months |
|
|
|
Ended November 30, |
|
|
|
2015 |
|
|
2014 |
|
Cash paid for:
|
|
|
|
|
|
|
|
|
Interest
|
|
$ |
51 |
|
|
$ |
54 |
|
|
|
|
|
|
|
|
|
|
Income taxes, net of refunds
|
|
|
(722 |
) |
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of supplemental cash flow information for the periods presented.
+ References
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v3.3.1.900
Shareholder's Equity (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Computation of Basic and Diluted Earnings Per Share |
The following table sets forth the computation of basic and diluted
earnings (loss) per share for the three and nine month periods
ended November 30, 2015 and 2014 (in thousands, except per
share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
|
|
Average |
|
|
Earnings (Loss) |
|
|
|
Net |
|
|
Common Shares |
|
|
Per |
|
|
|
Income (Loss) |
|
|
Outstanding |
|
|
Share |
|
Nine months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(5,275 |
) |
|
|
5,915 |
|
|
$ |
(0.89 |
) |
Basic-discontinued operations
|
|
|
201 |
|
|
|
|
|
|
|
0.03 |
|
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(5,074 |
) |
|
|
5,916 |
|
|
$ |
(0.86 |
) |
|
|
|
|
Nine months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(2,548 |
) |
|
|
6,517 |
|
|
$ |
(0.39 |
) |
Basic-discontinued operations
|
|
|
17 |
|
|
|
|
|
|
|
0.00 |
|
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(2,531 |
) |
|
|
6,529 |
|
|
$ |
(0.39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended November 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(2,062 |
) |
|
|
5,894 |
|
|
$ |
(0.35 |
) |
Basic-discontinued operations
|
|
|
(77 |
) |
|
|
|
|
|
|
(0.01 |
) |
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(2,139 |
) |
|
|
5,897 |
|
|
$ |
(0.36 |
) |
|
|
|
|
Three months ended November 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic-continuing operations
|
|
$ |
(2,836 |
) |
|
|
6,257 |
|
|
$ |
(0.45 |
) |
Basic-discontinued operations
|
|
|
17 |
|
|
|
|
|
|
|
0.00 |
|
Effect of dilution:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted-continuing operations
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Diluted-discontinued operations
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$ |
(2,819 |
) |
|
|
6,262 |
|
|
$ |
(0.45 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
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v3.3.1.900
Discontinued Operations (Tables)
|
9 Months Ended |
Nov. 30, 2015 |
Summarized Financial Information for Discontinued Operations |
The summarized financial information for discontinued operations
for the three months and nine months ended November 30, 2015,
is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three months ending
November 30, 2015 |
|
|
Nine months ending
November 30, 2015 |
|
Net sales
|
|
|
1,422 |
|
|
|
4,971 |
|
Cost of goods sold
|
|
|
1,226 |
|
|
|
4,031 |
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
196 |
|
|
|
940 |
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
Selling and delivery
|
|
|
20 |
|
|
|
47 |
|
General and administrative
|
|
|
253 |
|
|
|
721 |
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
273 |
|
|
|
768 |
|
|
|
|
|
|
|
|
|
|
Operating profit from discontinued operations
|
|
|
(77 |
) |
|
|
172 |
|
|
|
|
Other income (expense)
|
|
|
— |
|
|
|
29 |
|
Interest expense
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Other, net
|
|
|
— |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes
|
|
|
(77 |
) |
|
|
201 |
|
|
|
|
Income tax expense
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations
|
|
|
(77 |
) |
|
|
201 |
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionTabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
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Banking and Liquidity - Additional Information (Detail) - USD ($) $ in Thousands |
1 Months Ended |
6 Months Ended |
9 Months Ended |
|
Jan. 08, 2016 |
Nov. 30, 2015 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Feb. 28, 2015 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
Net cash used in continuing operations |
|
$ (600)
|
|
|
|
Working capital |
|
7,700
|
$ 7,700
|
|
$ 12,200
|
Liquid assets |
|
$ 1,100
|
1,100
|
|
$ 2,600
|
Loss on trading investments |
|
|
(1,881)
|
$ (1,476)
|
|
Annual recurring costs reduce expense |
|
|
$ 1,000
|
|
|
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|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Loss on trading investments |
$ (500)
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Nov. 30, 2015 |
Feb. 28, 2015 |
Current trading investments |
|
|
Total value of investments |
$ 2,385
|
$ 6,534
|
Current Liabilities: |
|
|
Margin balance |
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|
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|
Total value of liabilities |
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|
(4,018)
|
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754
|
2,516
|
Stocks, options, and ETF (long) |
|
|
Current trading investments |
|
|
Current trading investments |
2,360
|
6,308
|
Mutual Funds |
|
|
Current trading investments |
|
|
Current trading investments |
25
|
226
|
Stocks, options, and ETF (short) |
|
|
Current Liabilities: |
|
|
Current Liabilities |
(2)
|
(10)
|
Level 1 Assets and Liabilities |
|
|
Current trading investments |
|
|
Total value of investments |
2,385
|
6,534
|
Current Liabilities: |
|
|
Margin balance |
(1,629)
|
(4,008)
|
Total value of liabilities |
(1,631)
|
(4,018)
|
Total |
754
|
2,516
|
Level 1 Assets and Liabilities | Stocks, options, and ETF (long) |
|
|
Current trading investments |
|
|
Current trading investments |
2,360
|
6,308
|
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|
|
Current trading investments |
|
|
Current trading investments |
25
|
226
|
Level 1 Assets and Liabilities | Stocks, options, and ETF (short) |
|
|
Current Liabilities: |
|
|
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$ (2)
|
$ (10)
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v3.3.1.900
Inventories (Detail) - USD ($) $ in Thousands |
Nov. 30, 2015 |
Feb. 28, 2015 |
Inventory [Line Items] |
|
|
Raw materials |
$ 4,307
|
$ 5,309
|
Work-in-process |
220
|
438
|
Finished goods |
1,723
|
1,751
|
Inventory, Gross |
6,250
|
7,498
|
Reserves for obsolescence |
(1,310)
|
(493)
|
Inventory, Net |
$ 4,940
|
$ 7,005
|
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Cost and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Thousands |
Nov. 30, 2015 |
Feb. 28, 2015 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Cost |
$ 2,863
|
$ 2,863
|
Accumulated Amortization |
2,863
|
2,304
|
Customer Lists |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
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2,863
|
2,863
|
Accumulated Amortization |
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$ 2,304
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Reconciliation of Basic Earnings (loss) Per Share to Diluted Earnings (loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Net Income (Loss), Basic-continuing operations |
$ (2,062)
|
$ (2,836)
|
$ (5,275)
|
$ (2,548)
|
Net Income (Loss), Basic-discontinued operations |
(77)
|
17
|
201
|
17
|
Net Income (Loss), Diluted |
$ (2,139)
|
$ (2,819)
|
$ (5,074)
|
$ (2,531)
|
Weighted Average Common Shares Outstanding, Basic |
5,894
|
6,257
|
5,915
|
6,517
|
Weighted Average Common Shares Outstanding, Diluted earnings per share |
5,897
|
6,262
|
5,916
|
6,529
|
Earnings (Loss) Per Share, Basic-continuing operations |
$ (0.35)
|
$ (0.45)
|
$ (0.89)
|
$ (0.39)
|
Earnings (Loss) Per Share, Basic-discontinued operations |
(0.01)
|
0.00
|
0.03
|
0.00
|
Earnings (Loss) Per Share, Diluted |
$ (0.36)
|
$ (0.45)
|
$ (0.86)
|
$ (0.39)
|
Continuing Operations |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Net Income (Loss), Effect of dilution: |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Weighted Average Common Shares Outstanding, Basic |
5,894
|
6,257
|
5,915
|
6,517
|
Earnings (Loss) Per Share, Effect of dilution: Diluted-operations |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Discontinued Operations |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Net Income (Loss), Effect of dilution: |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Weighted Average Common Shares Outstanding, Effect of dilution |
3
|
5
|
1
|
12
|
Earnings (Loss) Per Share, Effect of dilution: Diluted-operations |
$ 0
|
$ 0
|
$ 0
|
$ 0
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|
9 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Jan. 20, 2014 |
Stock Based Compensation [Line Items] |
|
|
|
Total unrecognized compensation costs related to stock options and shares of restricted stock granted |
$ 6,100
|
|
|
Unrecognized compensation cost is expected to be recognized over a period |
1 year
|
|
|
Stock options granted |
10,000
|
10,000
|
|
Authorized stock repurchase |
2,632,500
|
|
|
Additional authorized stock repurchase |
|
|
1,500,000
|
Repurchase of treasury stock (in shares) |
71,406
|
1,027,936
|
|
Shares repurchased, average share price |
$ 1.61
|
$ 3.37
|
|
Remaining repurchase of shares authorized |
502,644
|
|
|
General and Administrative |
|
|
|
Stock Based Compensation [Line Items] |
|
|
|
Share-based compensation |
$ 9,600
|
$ 6,300
|
|
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3 Months Ended |
9 Months Ended |
|
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Feb. 28, 2015 |
Income Taxes [Line Items] |
|
|
|
|
|
Effective Tax Rate |
|
|
0.00%
|
(3.00%)
|
|
Net income (loss) |
$ (2,139)
|
$ (2,819)
|
$ (5,074)
|
$ (2,531)
|
|
Tax benefit |
800
|
|
|
|
|
Income tax expense/(benefit) |
0
|
$ (43)
|
|
$ (80)
|
|
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$ 6,400
|
|
$ 6,400
|
|
$ 4,300
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|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Mar. 26, 2014 |
Nov. 30, 2015 |
Nov. 30, 2015 |
Feb. 28, 2014 |
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|
|
|
|
Amount of net sales from discontinued operations |
|
$ 1,422,000
|
$ 4,971,000
|
|
Lexel Imaging, Inc. |
|
|
|
|
Schedule Of Sale And Divestiture Of Business [Line Items] |
|
|
|
|
Divestiture of business |
$ 3,900,000
|
|
|
|
Value of inventories guaranteed to purchase |
$ 2,900,000
|
|
|
|
Purchase commitment period |
5 years
|
|
|
|
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|
|
|
$ (4,400,000)
|
Collection period for receivable from divestiture of business |
180 days
|
|
|
|
Amount of cash receivable from divestiture of business |
$ 1,000,000
|
|
|
|
Amount of net sales from discontinued operations |
|
|
|
7,600,000
|
Amount of pre-tax net income (loss) from discontinued operations |
|
|
|
$ (800,000)
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- DefinitionAmount of revenue attributable to disposal group, including, but not limited to, discontinued operation.
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v3.3.1.900
Summarized Financial Information For Discontinued Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Nov. 30, 2015 |
Nov. 30, 2014 |
Nov. 30, 2015 |
Nov. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
Net sales |
$ 1,422
|
|
$ 4,971
|
|
Cost of goods sold |
1,226
|
|
4,031
|
|
Gross profit |
196
|
|
940
|
|
Operating expenses |
|
|
|
|
Selling and delivery |
20
|
|
47
|
|
General and administrative |
253
|
|
721
|
|
Total operating expenses |
273
|
|
768
|
|
Operating profit from discontinued operations |
(77)
|
|
172
|
|
Other income (expense) |
|
|
29
|
|
Interest expense |
0
|
|
0
|
|
Other, net |
|
|
29
|
|
Income from discontinued operations before income taxes |
(77)
|
|
201
|
|
Income tax expense |
0
|
|
0
|
|
Income from discontinued operations |
$ (77)
|
$ 17
|
$ 201
|
$ 17
|
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- DefinitionThe cash inflow from a borrowing supported by a written promise to pay an obligation.
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