$VIDE
VIDEO DISPLAY CORP

2013 Q3 Form 10-Q Financial Statement

#000119312513399728 Filed on October 15, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $2.585M $12.38M
YoY Change -79.12% -25.16%
Cost Of Revenue $2.361M $3.910M
YoY Change -39.62% -65.49%
Gross Profit $224.0K $164.0K
YoY Change 36.59% -96.85%
Gross Profit Margin 8.67% 1.32%
Selling, General & Admin $1.079M $1.422M
YoY Change -24.12% -60.83%
% of Gross Profit 481.7% 867.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00K -$10.00K
YoY Change -600.0% -103.57%
% of Gross Profit 22.32% -6.1%
Operating Expenses $1.079M $1.422M
YoY Change -24.12% -60.83%
Operating Profit -$855.0K -$915.0K
YoY Change -6.56% -157.77%
Interest Expense $327.0K $176.0K
YoY Change 85.8% -183.81%
% of Operating Profit
Other Income/Expense, Net -$342.0K -$114.0K
YoY Change 200.0% -242.5%
Pretax Income -$1.197M -$1.029M
YoY Change 16.33% -170.48%
Income Tax -$393.0K -$381.0K
% Of Pretax Income
Net Earnings -$804.0K -$713.0K
YoY Change 12.76% -171.23%
Net Earnings / Revenue -31.1% -5.76%
Basic Earnings Per Share -$0.11 -$0.09
Diluted Earnings Per Share -$0.11 -$0.09
COMMON SHARES
Basic Shares Outstanding 7.593M shares 7.565M shares
Diluted Shares Outstanding 7.609M shares 7.625M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $440.0K $30.00K
YoY Change 1366.67% -83.33%
Cash & Equivalents $436.0K
Short-Term Investments
Other Short-Term Assets $5.740M $5.150M
YoY Change 11.46% -14.17%
Inventory $20.27M $32.01M
Prepaid Expenses
Receivables $3.245M $5.660M
Other Receivables $950.0K $0.00
Total Short-Term Assets $30.64M $42.84M
YoY Change -28.47% -5.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.771M $4.470M
YoY Change -60.38% 1.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.00K $730.0K
YoY Change -98.08% -10.98%
Total Long-Term Assets $6.479M $8.230M
YoY Change -21.28% 3.78%
TOTAL ASSETS
Total Short-Term Assets $30.64M $42.84M
Total Long-Term Assets $6.479M $8.230M
Total Assets $37.12M $51.07M
YoY Change -27.31% -3.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.148M $2.170M
YoY Change -47.1% -44.64%
Accrued Expenses $1.486M $2.020M
YoY Change -26.44% -19.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $11.16M
YoY Change -100.0%
Long-Term Debt Due $1.229M $5.050M
YoY Change -75.66% 276.87%
Total Short-Term Liabilities $5.370M $20.78M
YoY Change -74.16% 151.88%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $310.0K
YoY Change -3.23% -98.15%
Other Long-Term Liabilities $1.150M $800.0K
YoY Change 43.75% 566.67%
Total Long-Term Liabilities $300.0K $1.110M
YoY Change -72.97% -93.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.370M $20.78M
Total Long-Term Liabilities $300.0K $1.110M
Total Liabilities $6.781M $21.89M
YoY Change -69.02% -12.82%
SHAREHOLDERS EQUITY
Retained Earnings $33.34M
YoY Change
Common Stock $7.449M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.44M
YoY Change
Treasury Stock Shares 2.139M shares
Shareholders Equity $30.34M $29.18M
YoY Change
Total Liabilities & Shareholders Equity $37.12M $51.07M
YoY Change -27.31% -3.75%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$804.0K -$713.0K
YoY Change 12.76% -171.23%
Depreciation, Depletion And Amortization $50.00K -$10.00K
YoY Change -600.0% -103.57%
Cash From Operating Activities -$440.0K $1.580M
YoY Change -127.85% 119.44%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $90.00K
YoY Change -88.89% -169.23%
Acquisitions
YoY Change
Other Investing Activities $15.00M $50.00K
YoY Change 29900.0%
Cash From Investing Activities $15.01M $150.0K
YoY Change 9906.67% -215.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.38M -1.560M
YoY Change 757.69% -37.6%
NET CHANGE
Cash From Operating Activities -440.0K 1.580M
Cash From Investing Activities 15.01M 150.0K
Cash From Financing Activities -13.38M -1.560M
Net Change In Cash 1.190M 170.0K
YoY Change 600.0% -108.9%
FREE CASH FLOW
Cash From Operating Activities -$440.0K $1.580M
Capital Expenditures $10.00K $90.00K
Free Cash Flow -$450.0K $1.490M
YoY Change -130.2% 75.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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207000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-333000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-537000
vide Notes Receivable From Sale Of Assets Held For Sale
NotesReceivableFromSaleOfAssetsHeldForSale
690000
dei Trading Symbol
TradingSymbol
VIDE
dei Entity Registrant Name
EntityRegistrantName
VIDEO DISPLAY CORP
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2013-08-31
dei Entity Central Index Key
EntityCentralIndexKey
0000758743
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--02-28
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7617000 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.348 pure
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-975000
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Note 3. &#x2013; Recent Accounting Pronouncements</p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" align="justify">In July&#xA0;2013, the FASB amended Accounting Standards Codification (&#x201C;ASC&#x201D;) 740, &#x201C;Income Taxes.&#x201D; The amendment provides guidance on the financial statement presentation of an unrecognized tax benefit, as either a reduction of a deferred tax asset or as a liability, when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists. The amendments will be effective for interim and annual periods beginning after December&#xA0;15, 2013 and may be applied on a retrospective basis.&#xA0;Early adoption is permitted. The Company does not expect the adoption of this amendment to have a significant effect on the Company&#x2019;s consolidated financial position or results of operations.</p> </div>
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.14
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
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us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y
us-gaap Weighted Average Number Of Shares Outstanding Basic
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7589000 shares
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.31
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62000
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
-1929000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
18000
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-438000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
32000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
11375000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
2367000
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-400000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
533000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1264000
us-gaap Interest Paid
InterestPaid
774000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1691000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
381000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-842000
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
27385000
us-gaap Gross Profit
GrossProfit
944000
us-gaap Operating Income Loss
OperatingIncomeLoss
-1538000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
235000
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1103000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-153000
us-gaap Net Income Loss
NetIncomeLoss
1264000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
813000
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-60000
us-gaap Inventory Write Down
InventoryWriteDown
531000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
10431000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
671000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1628000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-13150000
us-gaap Share Based Compensation
ShareBasedCompensation
4000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
21000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1315000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
854000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-72000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1902000
vide Number Of Members Of Board Of Directors
NumberOfMembersOfBoardOfDirectors
3 Director
us-gaap Operating Expenses
OperatingExpenses
2482000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-588000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
15000000
us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
600000
us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
166000
us-gaap Interest Expense
InterestExpense
686000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
499000
us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
3000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
14054000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
238000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
250000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
119000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
63000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
15437000
us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
67000
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Rental Income
DisposalGroupIncludingDiscontinuedOperationRentalIncome
600000
CY2013Q3 vide Escrow Agreement Expiration Date
EscrowAgreementExpirationDate
2014-08-30
CY2013Q3 vide Rental Term
RentalTerm
P5Y
CY2013 vide Production Costs That Exceeded Aggregate Estimated Cost
ProductionCostsThatExceededAggregateEstimatedCost
0
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7625000 shares
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.08
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.10
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.08
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7565000 shares
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.10
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4417000
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
791000
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
62000
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
143000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1029000
CY2012Q3 us-gaap Gross Profit
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507000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-915000
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IncomeLossFromContinuingOperations
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CY2012Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2012Q3 us-gaap Net Income Loss
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143000
CY2012Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
3910000
CY2012Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
597000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
825000
CY2013Q3 us-gaap Gross Profit
GrossProfit
568000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-692000
CY2013Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-697000
CY2013Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-342000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
1422000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-381000
CY2012Q3 us-gaap Interest Expense
InterestExpense
176000
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7609000 shares
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.09
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.29
CY2013Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.09
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7593000 shares
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.29
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4921000
CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
2197000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1500000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1034000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
1500000
CY2013Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
4353000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
880000
CY2013Q3 us-gaap Selling And Marketing Expense
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380000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
1260000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-337000
CY2013Q3 us-gaap Interest Expense
InterestExpense
327000
CY2013Q3 vide Production Costs That Exceeded Aggregate Estimated Cost
ProductionCostsThatExceededAggregateEstimatedCost
0

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