ATLANTA, July 8, 2009 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) reported today that its Board of Directors has approved the repurchase of an additional 1,000,000 shares of the Company's common stock in open market purchases.
The Company, under previously approved programs, has purchased approximately 2,600,000 common shares through March 31, 2009, exhausting all previous authorizations. The new 1,000,000 share repurchase program approval allows the Company flexibility to make open market acquisitions if management determines conditions warrant such repurchases and sufficient funds are available.
Video Display Corporation currently has approximately 8.31 million shares outstanding of which 5.65 million shares (68.0%) are currently owned by the Company's founding family leaving a publicly traded float of approximately 2.67 million shares (32.0%) outstanding.
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 CRT and AMLCD displays as well as complete projection systems utilizing VDC's Marquee(tm) line of projectors. Video Display Corporation operates 11 display design and manufacturing plants plus eight sales facilities throughout the United States and Europe.