Video Display Corporation Announces 1st Qtr. Fiscal 2013 Results
16 Julho 2012 - 4:21PM
-
Revenues: $12,560,000
- Gross Profit: $ 3,610,000
- Net Income: $
159,000
-
EPS $
0.02
Video Display Corporation (Nasdaq:VIDE), a leading innovative
American designer, manufacturer and distributor of specialty high
end displays, today released financial results for its fiscal 2013
first quarter ended May 31, 2012.
Results for the first quarterly reporting period were in line
with Company expectations, although less than the comparative
results of the first quarter of the previous year. Earnings results
were negatively impacted by the start-up expenses of the two new
display divisions, Aydin Visual Solutions and Aydin CyberSecurity,
increased sales and marketing expenses related to a new product
introduction, as well as the costs associated with the development
of a newly introduced command and control station product.
Revenues, and therefore gross margins, were negatively impacted by
delays in shipments on defense contracts by both our Aydin and VDC
Display Systems divisions.
Ron Ordway, CEO, stated: "However, the Company is pleased to be
able to reaffirm its previously given annual 2013 per share
earnings guidance of $0.55 - $0.60 representing a 20% - 30%
increase when compared to fiscal 2012. Fiscal 2013 annual revenues
were not previously guided, but are now expected to be in the range
of $60 - $64 million for the year." He added: "The recent sale of
the Company's Pennsylvania TV tube manufacturing facilities further
enhances our ability to show increased bottom line results as this
unused asset and its related costs of ownership are
eliminated. The gain on the sale of this asset of
approximately $650,000 will be reflected on the Company financials
over several periods as the sales proceeds are received."
About Video Display Corporation
Video Display Corporation designs, develops and manufactures
unique solutions for display requirements for military, medical and
industrial use with emphasis on high end training and simulation
applications. Its product offerings include rugged AMLCD and CRT
displays as well as complete projection systems utilizing VDC's
Marquee™ line of projectors. Video Display Corporation operates 8
display design and manufacturing plants plus additional sales
facilities throughout the United States and Europe.
This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
In addition, from time to time, Video Display Corporation or its
representatives have made or may make forward-looking statements,
orally or in writing. Such forward-looking statements may be
included in, but are not limited to, various filings made by the
Company with the Securities and Exchange Commission, press releases
or oral statements made with the approval of an authorized
executive officer of the Company. Actual results could differ
materially from those projected or suggested in any forward-looking
statements as a result of a wide variety of factors and conditions,
including items discussed in the Company's Form 10-K for the year
ended February 29, 2012, filed with the Securities and Exchange
Commission. The Company undertakes no duty to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
|
|
|
|
|
Three Months
Ended May 31, |
|
2012 |
2011 |
Net sales |
$12,560 |
$17,025 |
|
|
|
Cost of goods sold |
8,950 |
11,695 |
|
|
|
Gross profit |
3,610 |
5,330 |
|
|
|
Operating expenses |
|
|
Selling and delivery |
1,409 |
1,223 |
General and administrative |
2,028 |
2,057 |
|
3,437 |
3,280 |
|
|
|
Operating profit |
173 |
2,050 |
|
|
|
Other income (expense) |
|
|
Interest expense |
(182) |
(234) |
Other, net |
198 |
(10) |
|
16 |
(244) |
Income from operations before income
taxes |
189 |
1,806 |
|
|
|
Income tax expense |
30 |
568 |
|
|
|
Net income |
$159 |
$1,238 |
|
|
|
|
|
|
Basic earnings per share of common stock |
$.02 |
$.16 |
|
|
|
Diluted earnings per share of common
stock |
$.02 |
$.16 |
|
|
|
|
|
|
Basic weighted average shares
outstanding |
7,580 |
7,609 |
|
|
|
Diluted weighted average shares
outstanding |
7,605 |
7,944 |
|
|
|
CONTACT: Ronald D. Ordway, Chairman and CEO
770-938-2080
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