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TheStreet Open House

Video Display Corp. Reports Results For 2013 Fiscal Year

Stocks in this article: VIDE

  • Full Year Earnings Decreased by 99.8%
  • Full Year Revenues Decreased by 23.6%
  • Outstanding Shares Reduced by 2.3%
  • Guides to Rebound in Revenues and Profits for Fiscal 2014

ATLANTA, May 29, 2013 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) today reported financial results from continuing operations for fiscal year 2013 fourth quarter and full year as follows:

February 28, 2013 Fiscal Year 2013 2012 $ Change % Change
Net Revenue  $ 49,103  $ 64,231  (15,128) (23.6%)
Gross Profit  12,914  19,945  (7,031) (35.3%)
Operating Expenses  12,725  13,922  (1,197) (8.6%)
Net Profit after Tax  8  3,577  (3,569) (99.8%)
Earnings per Share .  $ 0.00  $ 0.46  ($0.46) (100.0%)
Fully Diluted O/S Shares  7,623  7,802  (179) (2.3%)
         
4th Quarter 2/28/2013 2013 2012 $ Change % Change
Net Revenues  $ 11,551  $ 14,629  (3,078) (21.0%)
Gross Profit  2,520  4,031  (1,511) (37.5%)
Operating Expenses  2,019  3,558  (539) (15.1%)
Net Profit after Tax  (442)  80  (522) (652.5%)
Earnings per Share   ($0.06)  $ 0.01  ($0.07) (700.0%)
Fully diluted O/S Shares  7,623  7,802  (179) (2.3%)

Company CEO, Ron Ordway, stated, "The Company's fiscal year ended February 2013 results reflected the continuation of major defense programs being delayed and shifted to the right for awards and deliveries against existing contracts. Revenues were also affected by the reduction in shipments on a major contract in medical power supplies from our Z-Axis, Inc. subsidiary. Although shipments continue to the medical manufacturer, the expected requirements for the supply are expected to run at reduced rates now that the initial backlog has been filled.  As we experienced a significant reduction in revenues of nearly 24%, the Company's gross profit margins for the 2013 fiscal year shrank from 31.0% to 26.3%, a decrease of 35.3% year over year. This gross profit margin contraction generated a 99.8% decrease in aftertax earnings."

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