ATLANTA, June 1, 2009 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) today reported that revenues for the fourth quarter of fiscal 2009 ended February 28, 2009 decreased by $5.35 million or 24.5% over the fourth quarter of fiscal 2008 to $16.48 million. The Company reports a net loss of $0.55 million, or $0.06 per fully diluted share, for the fourth quarter ended February 28, 2009 compared to a net gain of $0.03 million, or $0.00 per fully diluted share, for the fourth quarter ended February 28, 2008.
Revenues for the fiscal year ended February 28, 2009 decreased $11.79 million or 13.9% from the fiscal year ended February 28, 2008. Net income was $0.31 million, or $0.03 per fully diluted share, for the fiscal year ended February 28, 2009 compared to $2.77 million, or $.29 per fully diluted share, for the fiscal year ended February 28, 2008.
Company CEO, Ron Ordway, stated, "Fiscal 2009 was a very difficult year for profits at VDC versus a highly successful fiscal 2008 year. Coupled with decreases in revenues from several divisions and substantially higher professional fees, gross margin was reduced and took its toll on the bottom line. In an effort to bring expenses in-line with the lower revenues, management implemented a cost reduction program late in fiscal 2009 designed to increase the bottom line profits in excess of $2 million for fiscal 2010." He further stated, "On the plus side, the Company has experienced a significant increase in newly booked orders and our total corporate backlog for future revenues has reached one of its highest levels in the Company's 35 year history. Our goal for fiscal 2010 is to continue stringent management of expenses while benefiting from current backlogs, further the growth of order backlog through new programs currently in process and possible disposal of any existing operations that show little probability of growth in revenues and profits for the current year. We intend to allocate our resources to those areas of highest potential for growth and profit in an effort to further streamline VDC's business and operations. With a projected strong fiscal 2010 ahead of us, management is optimistic about its ability to achieve its goals of higher revenues and strong profitability."
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 ruggedized AMLCD and CRT displays as well as complete projection systems utilizing VDC's Marquee(tm) and ESCP line of projectors. Video Display Corporation operates eight display design and manufacturing plants with additional sales facilities throughout the United States and Europe. For more information, visit the Company's web site at www.videodisplay.com.
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.
Three Months Ended Twelve Months Ended
February 28, February 28,
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2009 2008 2009 2008
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Net sales $ 16,481 $ 21,832 $ 72,903 $ 84,694
Cost of goods sold 11,479 15,585 48,023 56,199
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Gross profit 5,001 6,247 24,880 28,495
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Operating expenses
Selling and delivery 1,706 1,938 7,388 7,725
General and administrative 4,092 3,770 16,854 15,565
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5,798 5,708 24,242 23,290
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Operating profit (loss) (797) 539 638 5,205
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Other income (expense)
Interest expense (189) (387) (1,083) (1,771)
Other, net 15 2 325 500
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(174) (385) (758) (1,271)
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Income (loss) before
income taxes (971) 154 (120) 3,934
Income tax expense (417) 128 (434) 1,163
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Net income (loss) $ (554) $ 26 $ 314 $ 2,771
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Basic earnings per share
of common stock $ (.06) $ .00 $ .03 $ .29
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Diluted earnings per share
of common stock $ (.06) $ .00 $ .03 $ .29
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Basic weighted average
shares outstanding 9,102 9,497 9,315 9,583
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Diluted weighted average
shares outstanding 9,391 9,594 9,664 9,664
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