Video Display Reports Third Quarter And Nine Month Results
ATLANTA, Jan. 17, 2011 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE), a world leader in the supply of unique medical, defense and industrial display solutions, reports financial results for the fiscal third quarter and nine month periods ended November 30, 2010.
Revenue for the three month period ended November 30, 2010 is reported at $16.9 million, reflecting the expected decrease in quarterly revenues caused by the early shipment of products by the Company in the previous quarter ended August 31, 2010 which had been scheduled for shipment in the 3 rd quarter. The fiscal 2011 3 rd quarter revenue is reported as slightly less than the previous year third quarter revenue of $17.5 million by $591,000 or 3.37%. Revenue was also negatively impacted at the Company's Fox International Ltd fulfillment service subsidiary by $1.17 million, versus the previous year's 3 rd quarter, due to disruptions in the supply chain from a major Japanese supplier of parts required to fill existing orders as well as reduced demand from a large customer for consumer parts and accessories.
Fully diluted earnings per share for the third fiscal quarter are reported at a loss of ($0.05) versus the previous year's third quarter fully diluted profit of $0.01 per share. As with third quarter revenues, this period's quarterly profits were negatively impacted by the Fox Intl Ltd quarterly performance. In this period, the Company's display operations generated pretax profits of $285,000 which were offset by losses at Fox which reported a pretax loss of ($894,000) for the period.Revenue for the nine month period ended November 30, 2010 is reported at $59.4 million versus $50.7 million reported for November 30, 2009, an increase of 17% versus the previous year period. Fully diluted earnings per share are reported at $0.17 for the first nine months of fiscal 2011 versus $0.03 for the like period of 2010.
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