Video Display Corporation Announces 1st Qtr. Fiscal 2014 Results
16 Julho 2013 - 12:48PM
- Revenues: $12,600,000
- Gross Profit: $ 2,350,000
- Net Income : ($236,000)
-
EPS ($0.03)
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 2014
first quarter ended May 31, 2013.
Operating results for the first quarterly reporting period were
in line, to slightly less, than Company expectations, and less than
the comparative results of the first quarter of the previous
year. Earnings results continued to be negatively impacted by
the start-up expenses of the two new display divisions, Aydin
Visual Solutions and Aydin CyberSecurity, as well as approximately
$180,000 in interest rate penalties being assessed by PNC Bank on
the Company's outstanding line of credit. Revenues, and therefore
gross margins, continued to be negatively impacted by delays in
shipments on defense contracts by our VDC Display Systems
division.
Gross margins were substantially impacted, although overall net
revenues remained slightly higher than the comparable period, due
to the reduction higher margin revenues at the Company's Z-Axis Inc
subsidiary and an offsetting increase in revenues of lower margin
products at our AVS (Aydin Visual Solutions) division.
Ron Ordway, CEO, stated: "Based upon our first quarter results,
although slightly less than previously forecast, the Company still
remains confident that per share earnings for this fiscal year will
be substantially greater than the results reported for the previous
fiscal year. With our current backlog of existing orders and
the potential contracts currently in the bidding process, we
believe guidance for the current year revenue should be in the
range of $55 million to $60 million resulting in earnings per share
in the range of $0.52 to $0.58 versus $49 million in revenue and
negligible earnings for the previous year."
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 28, 2013, filed with the Securities and Exchange
Commission. The Company undertakes no duty to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
|
Three Months
Ended |
|
May
31, |
|
2013 |
2012 |
Net sales |
$12,600 |
$12,560 |
|
|
|
Cost of goods sold |
10,250 |
8,950 |
|
|
|
Gross profit |
2,350 |
3,610 |
|
|
|
Operating expenses |
|
|
Selling and delivery |
1,257 |
1,409 |
General and administrative |
1,678 |
2,028 |
|
2,935 |
3,437 |
|
|
|
Operating profit |
(585) |
173 |
|
|
|
Other income (expense) |
|
|
Interest expense |
(363) |
(182) |
Other, net |
550 |
198 |
|
187 |
16 |
Income from operations before income
taxes |
(398) |
189 |
|
|
|
Income tax expense |
(162) |
30 |
|
|
|
Net income |
$(236) |
$159 |
|
|
|
|
|
|
Basic earnings per share of common stock |
$(.03) |
$.02 |
|
|
|
Diluted earnings per share of common
stock |
$(.03) |
$.02 |
|
|
|
|
|
|
Basic weighted average shares
outstanding |
7,584 |
7,580 |
|
|
|
Diluted weighted average shares
outstanding |
7,624 |
7,605 |
CONTACT: Ronald D. Ordway, Chairman and CEO
770-938-2080
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