Video Display Corporation Announces 1st Qtr. Fiscal 2013 Results

• Revenues:       $12,560,000
• Gross Profit:    $ 3,610,000
• Net Income:     $   159,000 
• EPS                $        0.02            

ATLANTA, July 16, 2012 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE), a leading innovative American designer, manufacturer and distributor of specialty high end displays, today released financial results for its fiscal 2013 first quarter ended May 31, 2012.

Results for the first quarterly reporting period were in line with Company expectations, although less than the comparative results of the first quarter of the previous year. Earnings results were negatively impacted by the start-up expenses of the two new display divisions, Aydin Visual Solutions and Aydin CyberSecurity, increased sales and marketing expenses related to a new product introduction, as well as the costs associated with the development of a newly introduced command and control station product. Revenues, and therefore gross margins, were negatively impacted by delays in shipments on defense contracts by both our Aydin and VDC Display Systems divisions.

Ron Ordway, CEO, stated: "However, the Company is pleased to be able to reaffirm its previously given annual 2013 per share earnings guidance of $0.55 - $0.60 representing a 20% - 30% increase when compared to fiscal 2012. Fiscal 2013 annual revenues were not previously guided, but are now expected to be in the range of $60 - $64 million for the year." He added: "The recent sale of the Company's Pennsylvania TV tube manufacturing facilities further enhances our ability to show increased bottom line results as this unused asset and its related costs of ownership are eliminated. The gain on the sale of this asset of approximately $650,000 will be reflected on the Company financials over several periods as the sales proceeds are received."

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 29, 2012, 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.