Company CEO, Ron Ordway, stated, "Results, for the third quarter, were less than impressive for a variety of causes. I anticipate that the Company will show improved results for the fourth quarter. With the effect of Sony parts shipments being 95% back to normal and regular shipments from the Display division also on schedule, I would expect previously stated fourth quarter guidance, without any non-recurring gains or losses, to still be attainable and that full year earnings per share are expected to be in the range of $0.23 to $0.25 per share for fiscal February 28, 2011. It is expected, however, that the Company will report a non recurring gain on the auction sale of its Fox Intl Ltd subsidiary which is scheduled to occur during the Company's fourth fiscal quarter."
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, 2009, 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.
|Video Display Corporation and Subsidiaries|
|Consolidated Statements of Income (unaudited)|
|(in thousands, except per share data)|
|Three Months Ended November 30,||Nine Months Ended November 30,|
|Net sales||$ 16,922||$ 17,513||$ 59,373||$ 50,704|
|Cost of goods sold||12,009||12,328||40,613||33,713|
|Selling and delivery||1,868||1,711||5,690||5,234|
|General and administrative||3,435||3,202||10,185||11,084|
|Other income (expense)|
|Income before income taxes||(571)||44||2,304||275|
|Income tax expense||(152)||(26)||802||27|
|Net income||$ (419)||$ 70||$ 1,502||$ 248|
|Basic earnings per share of common stock||$ (.05)||$ .01||$ .18||$ .03|
|Diluted earnings per share of common stock||$ (.05)||$ .01||$ .17||$ .03|
|Basic weighted average shares outstanding||8,365||8,372||8,365||8,445|
|Diluted weighted average shares outstanding||8,700||8,706||8,693||8,756|
CONTACT: Video Display Corporation Ronald D. Ordway 770/938-2080