EX-99.1 2 g24887exv99w1.htm EX-99.1 exv99w1
         
Exhibit 99.1
FOR IMMEDIATE RELEASE
Video Display Corporation Reports Second Quarter and First Half Fiscal 2011 Financial Results
  •   Second quarter 2011 net sales of $22.1 million, a 32% increase compared to $16.8 million for the second quarter of fiscal 2010
 
  •   Second quarter 2011 income from operations of $1.34 million, as compared to income from operations of $26,000 for the second quarter of 2010
 
  •   First half 2011 net sales of approximately $42.5 million, an increase of 28% compared to $33.2 million for the first half of fiscal 2010
 
  •   First half 2011 income from operations of $1.92 million as compared to income from operations of $178,000 for the first half of fiscal 2010.
 
  •   Second quarter 2011 fully diluted earnings per share of $0.15, a dramatic increase compared to $0.00 earnings per share for the second quarter of fiscal 2010.
 
  •   First half 2011 fully diluted earnings per share of $0.22, a 10 fold increase compared to $0.02 earnings per share for the second quarter of fiscal 2010.
ATLANTA — October 14, 2010 — Video Display Corporation (NASDAQ: VIDE), an international leader in the design, manufacture and distribution of niche market displays, today announced financial results for the second quarter ended August 31, 2010.
Video Display Corporation reports net sales for the second quarter ended August 31, 2010 of $22.1 million, an increase of $5.3 million versus net sales of $16.8 million for the second quarter ended June 30, 2010. Net Earnings from operations for the second quarter of 2011 is reported to be $1.34 million, an increase of $1.31 million as compared to income from operations of $26,000 in the second quarter of 2009. Fully diluted earnings per share are reported to be $0.15 compared to $0.00 reported for the second quarter of fiscal 2010. The Company had previously released upgraded guidance of $0.13 in earnings per share for the 2nd quarter of fiscal 2011.
Company CEO, Ron Ordway, stated, “Results for the second fiscal quarter remained stronger than previously budgeted expectations. Based upon the strong showing for the first six months of fiscal 2010, I believe that full year results, previously guided to be approximately $0.30 per diluted share, will likely exceed those expectations by approximately 20%. New earnings per share expectations for the entire year ended February 28, 2011 are now guided to be in the range of $0.34 to $0.36 per common share.”
Video Display Corporation designs, develops, and manufactures unique solutions for display requirements for military, medical, and industrial use with emphasis on high-end training and simulation applications. Its product offerings include ruggedized CRT and AMLCD displays as well as complete projection systems utilizing VDC’s Marquee™ line of projectors. Video Display Corporation operates eight 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, 2010, 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.

 

 

Video Display Corporation and Subsidiaries
Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
                                 
    Three Months Ended     Six Months Ended  
    August 31,     August 31,  
    2010     2009     2010     2009  
 
                                
Net sales
   $ 22,114     $ 16,840     $ 42,451     $ 33,191  
 
                                
Cost of goods sold
     14,704       10,872       28,604       21,385  
 
                        
 
                                
Gross profit
     7,410       5,968       13,847       11,806  
 
                        
 
                                
Operating expenses
                                
Selling and delivery
     1,954       1,740       3,822       3,523  
General and administrative
     3,355       3,938       6,750       7,882  
 
                            
 
     5,309       5,678       10,572       11,405  
 
                        
 
                                
Operating profit
     2,101       290       3,275       401  
 
                        
 
                                
Other income (expense)
                                
Interest expense
     (287 )     (303 )     (589 )     (503 )
Other, net  
     124       32       189       333  
 
                        
 
     (163 )     (271 )     (400 )     (170 )
 
                        
 
                                
Income before income taxes
     1,938       19       2,875       231  
Income tax expense  
     594       (7 )     954       53  
 
                        
 
                                
Net income
   $ 1,344     $ 26     $ 1,921     $ 178  
 
                        
 
                                
Net income per share — basic
   $ .16     $ .00     $ .23     $ .02  
 
                        
 
                                
Net income per share — diluted
   $ .15     $ .00     $ .22     $ .02  
 
                        
 
                                
Average shares outstanding — basic
     8,365       8,372       8,365       8,482  
 
                        
 
                                
Average shares outstanding — diluted
     8,680       8,680       8,690       8,781  
 
                        
CONTACT: Video Display Corporation Ronald D. Ordway, 770/938-2080