ATLANTA, Dec. 21, 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 third quarter and first nine months of fiscal 2012. The Company will release its final financial results and its Form 10Q on or about January 13, 2012.
In accordance with standard accounting procedures, the Company will report its financial results and comparisons for fiscal 2012 periods as "results from continuing 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 third quarter and first nine months ended 11/30/2011 respectively, the Company expects to report Net Revenues of $16.0 million and $49.6 million from Continuing Operations versus Net Revenues from Continuing Operations of $13.1 million and $44.5 million reported for comparative periods of the previous fiscal year. This represents an increase of 22% for the quarter and approximately 11.5% for the first nine months of fiscal 2012. For the third quarter and nine months ended 11/30/2011 respectively, aftertax Net Income from Continuing Operations is expected to be reported at approximately $1.18 million and $3.4 million versus $0.15 million and $2.1 million Net Income for the previous year's comparative fiscal periods representing an increase in excess of 600% for the quarter and an increase in excess of 60% for the first three quarters 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 third quarter of fiscal 2012 are expected to be approximately $0.15 or an increase in excess of 600% compared to $0.02 reported for fiscal 2011. Nine month earnings are being projected at approximately $0.44 per share versus $0.24 per share for the previous comparable period, an increase of 83%.
Based upon the Company's ability to achieve higher than forecasted results for the first three quarters of fiscal 2012, and the strength of its current backlog, the Company now believes that final results for the 2012 fiscal year may be at the upper end of the previously given guidance level. Therefore, current guidance is confirmed to reflect expectations of EPS at a level of $0.55 to $0.60 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 6 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.