Video Display Corporation Reports Results for Fiscal Year 2011 Fourth Quarter
Share This Story
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 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
Search News
