updated 6/1/2011 2:16:57 PM ET 2011-06-01T18:16:57

  • Full Year Earnings per Share from Continuing Operations Up by 100%
  • Full Year Revenues from Continuing Operations Increase by 18%
  • Outstanding Shares from Continuing Operations Reduced
  • Operating Expenses Down by 2.1% Annually

ATLANTA, June 1, 2011 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) today reported financial results from continuing operations for fiscal year 2011 fourth quarter and full year as follows:

Fiscal Year 2011 2010 $ Change % Change
Net Revenue $59,039 $50,076 8,963 18%
Gross Profit 15,495 13,709 2,416 18%
Operating Expenses 11,076 11,316 (240) -2.1%
Net Profit after Tax 2,401 1,179 1,222 104%
Earnings per Share – Cont Op. $0.28 $0.14 $0.14 100%
Loss Per share- Discont. Op . ($0.15) ($0.03) ($0.12) 400%
Fully Diluted O/S Shares 8,700 8,744 (44) -0.5%
         
4th Quarter 2011 2010 $ Change % Change
 Net Revenues $14,511 $14,086 $425 +3%
Gross Profit 3,538 4,051 ($513) -13%
Operating Expenses 2,826 2,534 $292 +11.5%
Net Profit after Tax 290 720 ($430) -60%
Earnings per Share - Cont Op. $0.03 $0.08 ($0.05) -63%
Loss Per share- Discont. Op.  ($0.08) $0.00 ($0.08)  N/M
Fully diluted O/S Shares 8,700 8,744 (44) -0.5%

Company CEO, Ron Ordway, stated, "Fiscal 2011 represented a pivotal change for the future operations and results for your Company's revenue and profits as reflected in the above reported financial numbers.   It should be noted that all reported numbers and comparisons above exclude all operating results of Fox Electronics Ltd. except where specified as "Discontinued Operations".  While we generated a significant increase in revenues of 18%, we were able to decrease operating expenses for this fiscal year by 2.1% through a continuation of the $2.5 million expense reduction program implemented in the beginning of fiscal 2010 and thereby generate a 100% increase in earnings per share of $0.28 versus $0.14 for the previous fiscal year."

Outlook

Ordway added, "As we look forward, we continue to see opportunities for growth in our markets for military, medical, commercial and industrial displays.  Based upon the current level of order booking for orders deliverable in fiscal 2012 and beyond, I believe that VDC's revenues for fiscal 2012 will be in the range of $63 million to $68 million or an increase of 7% - 15% above revenues reported for fiscal 2011. Subsequent to the sale of the Fox International subsidiary, which had generated a loss for fiscal 2011 of $1.3 million net of tax benefits, the Company continues to maintain three manufacturing operations that also generated losses in fiscal 2012. All three of these operations are minor revenue generators and are in the process of being discontinued within the next 9 months."

Ordway further stated, "As we continue to eliminate our non-core assets and the Company becomes a "pure play" in providing our selected military, medical, commercial and industrial markets with high end specialty displays and assemblies, we expect to gain overall higher margins on the remaining product lines. Based upon achieving our revenue goals for fiscal 2012, we project such revenues to generate an increase in per share earnings of 30% - 50% or $0.36 - $0.42 versus $0.28 in the previous year on approximately 7.7 million shares outstanding for the 2012 fiscal year."

Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include ruggedized AMLCD and CRT displays as well as complete projection systems utilizing VDC's Marquee™ and ESCP line of projectors. Video Display Corporation operates eight display design and manufacturing plants with additional sales facilities throughout the United States and Europe. For more information, visit the Company's web site at www.videodisplay.com.

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company's Form 10-K for the year ended February 28, 2011, 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

February 28,
Twelve Months Ended

February 28,
  2011 2010 2011 2010
         
Net sales $ 14,511 $ 14,086  $ 59,039  $ 50,076
         
Cost of goods sold 10,973 10,035 43,544 36,367
         
 Gross profit 3,538 4,051 15,495 13,709
         
Operating expenses        
 Selling and delivery 1,203 918 4,387 3,905
 General and administrative 1,623 1,616 6,689 7,411
  2,826 2,534 11,076 11,316
         
 Operating profit (loss) 712 1,517 4,419  2,393
         
Other income (expense)        
 Interest expense  (231)  (238) (946) (912)
 Other, net 16  (87) 245 297
   (215)  (325) (701) (615)
         
Income from continuing operations before income taxes 497 1,192 3,718 1,778
Provision for income taxes   207 472 1,317 599
Net income from continuing operations  

290
 

720
 

2,401
 

1,179
Loss from discontinued operations, net of income tax benefit  

(705)
 

(27)
 

(1,314)
 

(239)
Net income (loss) $   ( 415) $   693 $ 1,087 $   940
         
 Net income (loss) per share:        
From continuing operations-basic $     .03  $  .09 $ .29 $   .14
         
From continuing operations-diluted $     .03 $   .08 $ .28 $   .14
         
From discontinued operations-basic $   (.08) $  (.01) $    (.16) $ (.03)
         
From discontinued operations-diluted $   (.08)  $ .00 $   (.15) $ (.03)
         
Average shares outstanding-basic 8,370 8,427 8,370 8,427
         
Average shares outstanding-diluted 8,700 8,744 8,700 8,744
         
CONTACT: Video Display Corporation, Atlanta
         Ronald D. Ordway, CEO and Chairman
         770-938-2080

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