ATLANTA, Oct. 3, 2011 (GLOBE NEWSWIRE) -- Video Display Corporation (Nasdaq:VIDE) a leading U.S. designer, manufacturer and distributor of specialty military, medical and industrial display solutions, today announced unaudited preliminary financial results for the Company's second quarter and first half of fiscal 2012. The Company will release its final financial results and its Form 10Q on or before October 14, 2011.
In accordance with standard accounting procedures, the Company will report its financial results and comparisons for fiscal 2012 as "results from continuing operations" and "results from discontinued operations" due to the sale of its fulfillment center and distribution business, Fox International Ltd, effective at the close of business on February 28, 2011.
For second quarter and first half ended 8/31/2011 respectively, the Company expects to report Net Revenues of $16.5 million and $33.6 million from Continuing Operations versus Net Revenues from Continuing Operations of $17.1 million and $31.4 million reported for comparative periods of the previous fiscal year, which represents a decrease of 3.4% for the quarter and an increase of approximately 7.0% for the first half of fiscal 2012. For second quarter and first half ended 8/31/2011 respectively, aftertax Net Income from Continuing Operations is expected to be reported at approximately $1.00 million and $2.24 million versus $1.24 million and $1.96 million Net Income for the previous year's comparative fiscal periods representing a decrease of approximately 19% for the quarter and a gain of approximately 14.0% for the first half of fiscal 2012.
Earnings per share from Continuing Operations are expected to be reported on a fully diluted average outstanding of 7.9 million shares for the fiscal 2012 periods versus 8.7 million shares for fiscal 2011. Per Share Earnings from Continuing Operations for the first half of fiscal 2012 are expected to reflect an increase of approximately 28% over the results reported for fiscal 2011, with first half earnings being projected at approximately $0.28 versus $0.22 per share for the previous comparable period.
Based upon the Company's ability to achieve better than forecasted results for the first two periods of fiscal 2012 and the strength of its current backlog, the Company now believes that guidance for the 2012 fiscal year, previously at $0.40 to $0.44 per share, should be raised by approximately 25% above current guidance to a new guidance level of $0.50 to $0.55 per share for fiscal 2012 versus EPS of $0.28 reported for fiscal 2011.
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 http://www.tradingmarkets.com/news/press-release/vide_videe_video-display-corporation-reports-results-for-fiscal-year-2010-fourth-quarter-957560.html">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, 2011, 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.