- Revenue to Increase 19% to $17,000,000
- Gross Profit Rises by 34% to $5.38 Million versus $4.02 Million
- Net Income Improves by 65% to $1.19 Million versus $720,000
- Earnings Per Share Up by 88% to $0.15 versus $0.08
ATLANTA, June 21, 2011 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE), a leading innovative American designer, manufacturer and distributor of specialty high end displays, today released preliminary financial results for the first quarter of its fiscal year ending on February 28, 2012.
The Company is pleased to announce preliminary expectations of a 19% increase in quarterly revenue for the first quarter of fiscal 2012 versus the like period of fiscal 2011. Due to the increased revenue base, the Company was able to achieve a 31.6% gross profit margin on net revenues versus 28.1% for the first quarter of the fiscal 2011 year. The combination of higher revenue and better profit margins generated an increase in net profit of approximately 65%.
Net earnings per outstanding common share was further enhanced by a reduction in outstanding shares by nearly 10% as part of the sale of the Company's Fox International subsidiary effective 3/1/2011. This transaction allows the Company to report quarterly EPS of approximately $0.15 or an 88% improvement over the prior year's first quarter of $0.08.
The Company expects to report final results of operations for the quarter ended 5/31/2011 on or before July 14, 2011 at which time the Company will update annual guidance based upon the progression of revenue and earnings to date. Annual revenues were previously guided to be in the range of $63 million to $68 million and fiscal 2012 EPS in the range of $0.36 to $0.42 per share.
About Video Display Corporation
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, 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.