Company CEO Ron Ordway stated, "Our first quarter represented a continuation of the positive trend reflected in the final quarter of fiscal 2010, both in increased revenues and earnings for the Company. Strong demand for our most advanced display products allowed the Company to bid numerous new projects as we began shipments on previously won long term contracts for major defense and commercial customers. We were also able to control operating expenses in the quarter with a reduction of 8%, even though revenues were 24% higher, through the $2.5 million expense reduction program implemented in the beginning of fiscal 2010." He further stated, "With the strong 1st quarter, the Company exceeded its guidance of $0.05 by 40% at $0.07 in earnings per share. Based upon the current level of order booking, I continue to believe that VDC's revenues for fiscal 2/28/2011 will be in the range of $78 million to $82 million or an increase of 11% to15% above revenues reported for fiscal 2010. Earnings per share, previously projected to be in the range of $0.20 to $0.22, are currently guided to reach $0.23 to $0.25 per share for the full year of fiscal 2011."
Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include ruggedized AMLCD and CRT displays as well as complete projection systems utilizing VDC's Marquee(TM) and ESCP line of projectors. Video Display Corporation operates eight display design and manufacturing plants with additional sales facilities throughout the United States and Europe. For more information, visit the Company's web site at www.videodisplay.com.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company's Form 10-K for the year ended February 28, 2010, filed with the Securities and Exchange Commission. The Company undertakes no duty to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
|Three Months Ended May 31,|
|Net sales||$ 20,337||$ 16,351|
|Cost of goods sold||13,900||10,513|
|Selling and delivery||1,868||1,783|
|General and administrative||3,395||3,944|
|Other income (expense)|
|Income before income taxes||937||211|
|Income tax expense||360||60|
|Net income||$ 577||$ 151|
|Basic earnings per share of common stock||$ .07||$ .02|
|Diluted earnings per share of common stock||$ .07||$ .02|
|Basic weighted average shares outstanding||8,365||8,593|
|Diluted weighted average shares outstanding||8,700||8,883|
CONTACT: Ron Ordway Video Display Corporation 770-938-2080 Fax: 770-493-3903