ATLANTA, May 4, 2011 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE), a leading US designer, manufacturer and distributor of specialty military, medical and industrial display solutions, today announced unaudited preliminary results for fiscal year ended 2/28/2011. The Company will release its final audited financial results and its Form 10K on or before May 31, 2011.
In accordance with standard accounting procedures, the Company will report its financial results and comparisons for fiscal 2011 as "results from continuing operations" and "results from discontinued operations" due to the sale of its fulfillment center and distribution business, Fox International Ltd, effective at the close of business on February 28, 2011.
For fiscal year ended 2/28/2011, the Company expects to report Net Revenues of $59.0 million from Continuing Operations versus Net Revenues from Continuing Operations of $50.0 million reported for fiscal year ended 2/28/2010 which represents an increase of approximately 18% year over year. Aftertax Net Income from Continuing Operations is expected to be reported of approximately $2.4 million versus $1.26 million Net Income for the previous fiscal year on a comparable basis representing an increase of approximately 91% year over year. Tax rate applied for 2011 is expected to be approximately 37.5% versus 35.4% for fiscal 2010.
Earnings per share from Continuing Operations are expected to be reported on a fully diluted 8.70 million shares for fiscal 2011 versus 8.74 million shares for fiscal 2010. Per Share Earnings from Continuing Operations are expected to reflect an increase of approximately 100% over the results reported for fiscal 2010 on a comparable basis, with fiscal 2/28/2011 being projected at approximately $0.28 versus $0.14 per share for the previous year.
The Company expects to report a loss from discontinued operations of $1.3 million for fiscal 2011 adjusted for applicable income tax benefit of $665,000 which equates to an approximate fully diluted per share loss from discontinued operations of ($0.16) versus the previous year loss of ($0.04).
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, 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.
CONTACT: Ronald D. Ordway, Chairman and CEO 770-938-2080