$VIDE
VIDEO DISPLAY CORP

2014 Form 10-K Financial Statement

#000119312514217419 Filed on May 29, 2014

View on sec.gov

Income Statement

Concept 2014 2013 Q1 2013
Revenue $14.41M $11.55M $12.03M
YoY Change 19.84% -21.04% -81.28%
Cost Of Revenue $15.49M -$1.320M $10.72M
YoY Change 44.53% -112.45% -75.8%
Gross Profit -$1.078M $408.0K $1.308M
YoY Change -182.42% -89.88% -93.44%
Gross Profit Margin -7.48% 3.53% 10.88%
Selling, General & Admin $4.747M $220.0K $4.558M
YoY Change 4.15% -93.82% -67.26%
% of Gross Profit 53.92% 348.47%
Research & Development $300.0K $300.0K
YoY Change 0.0% -66.67%
% of Gross Profit 22.94%
Depreciation & Amortization $394.0K $20.00K $397.0K
YoY Change -0.76% -92.31% -63.61%
% of Gross Profit 4.9% 30.35%
Operating Expenses $4.747M $230.0K $4.558M
YoY Change 4.15% -93.54% -67.26%
Operating Profit -$5.825M $178.0K -$3.250M
YoY Change 79.23% -62.21% -153.96%
Interest Expense $714.0K -$180.0K $697.0K
YoY Change 2.44% 5.88% -12.11%
% of Operating Profit -101.12%
Other Income/Expense, Net -$121.0K -$210.0K -$665.0K
YoY Change -81.8% 950.0% -1.19%
Pretax Income -$5.946M -$850.0K -$3.915M
YoY Change 51.88% -393.1% -173.18%
Income Tax -$486.0K -$280.0K -$1.433M
% Of Pretax Income
Net Earnings -$2.681M -$507.0K $8.000K
YoY Change -33612.5% -733.75% -99.78%
Net Earnings / Revenue -18.6% -4.39% 0.07%
Basic Earnings Per Share -$0.72 -$0.07 -$0.33
Diluted Earnings Per Share -$0.35 -$0.07 $0.00
COMMON SHARES
Basic Shares Outstanding 7.557M shares 7.570M shares
Diluted Shares Outstanding 7.582M shares 7.623M shares

Balance Sheet

Concept 2014 2013 Q1 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.210M $400.0K $320.0K
YoY Change 2153.13% 166.67% 113.33%
Cash & Equivalents $2.300M $379.0K $320.0K
Short-Term Investments $4.910M $20.00K
Other Short-Term Assets $1.620M $29.34M $5.320M
YoY Change -69.55% 388.19% -11.48%
Inventory $9.920M $11.17M $31.49M
Prepaid Expenses
Receivables $1.880M $3.125M $6.980M
Other Receivables $2.120M $480.0K $420.0K
Total Short-Term Assets $22.75M $44.53M $44.53M
YoY Change -48.91% 1.73% 1.74%
LONG-TERM ASSETS
Property, Plant & Equipment $1.560M $1.851M $4.210M
YoY Change -62.95% -58.08% -4.75%
Goodwill $1.258M
YoY Change -2.56%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $790.0K $29.00K $690.0K
YoY Change 14.49% 383.33% 6.15%
Total Long-Term Assets $4.730M $7.763M $7.760M
YoY Change -39.05% -0.88% -0.89%
TOTAL ASSETS
Total Short-Term Assets $22.75M $44.53M $44.53M
Total Long-Term Assets $4.730M $7.763M $7.760M
Total Assets $27.48M $52.29M $52.29M
YoY Change -47.45% 1.34% 1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $950.0K $2.029M $4.820M
YoY Change -80.29% -37.32% 48.77%
Accrued Expenses $930.0K $1.195M $1.730M
YoY Change -46.24% -38.56% -7.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $9.940M $9.940M
YoY Change -100.0%
Long-Term Debt Due $50.00K $4.596M $5.100M
YoY Change -99.02% 386.35% 436.84%
Total Short-Term Liabilities $1.920M $22.30M $22.30M
YoY Change -91.39% 244.74% 244.67%
LONG-TERM LIABILITIES
Long-Term Debt $230.0K $281.0K $280.0K
YoY Change -17.86% -94.24% -98.24%
Other Long-Term Liabilities $1.090M $123.0K $800.0K
YoY Change 36.25% -50.0% 220.0%
Total Long-Term Liabilities $1.320M $404.0K $1.080M
YoY Change 22.22% -92.12% -93.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.920M $22.30M $22.30M
Total Long-Term Liabilities $1.320M $404.0K $1.080M
Total Liabilities $3.250M $23.39M $23.39M
YoY Change -86.11% 3.25% 3.27%
SHAREHOLDERS EQUITY
Retained Earnings $32.07M
YoY Change 0.02%
Common Stock $7.409M
YoY Change 0.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.57M
YoY Change 0.52%
Treasury Stock Shares 2.166M shares
Shareholders Equity $24.23M $28.91M $28.91M
YoY Change
Total Liabilities & Shareholders Equity $27.48M $52.29M $52.29M
YoY Change -47.45% 1.34% 1.34%

Cashflow Statement

Concept 2014 2013 Q1 2013
OPERATING ACTIVITIES
Net Income -$2.681M -$507.0K $8.000K
YoY Change -33612.5% -733.75% -99.78%
Depreciation, Depletion And Amortization $394.0K $20.00K $397.0K
YoY Change -0.76% -92.31% -63.61%
Cash From Operating Activities $1.094M $1.100M $2.180M
YoY Change -49.82% -43.88% -47.62%
INVESTING ACTIVITIES
Capital Expenditures $79.00K -$60.00K $451.0K
YoY Change -82.48% -60.0% -26.9%
Acquisitions
YoY Change
Other Investing Activities $19.31M $0.00 $300.0K
YoY Change 6336.67% -100.0% -23.08%
Cash From Investing Activities $19.23M -$70.00K -$399.0K
YoY Change -4919.3% -94.12% 78.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.166M $90.00K
YoY Change 2306.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.20M -880.0K -1.632M
YoY Change 954.11% 31.34% -68.55%
NET CHANGE
Cash From Operating Activities 1.094M 1.100M 2.180M
Cash From Investing Activities 19.23M -70.00K -399.0K
Cash From Financing Activities -17.20M -880.0K -1.632M
Net Change In Cash 3.120M 150.0K 149.0K
YoY Change 1993.96% 50.0% -111.91%
FREE CASH FLOW
Cash From Operating Activities $1.094M $1.100M $2.180M
Capital Expenditures $79.00K -$60.00K $451.0K
Free Cash Flow $1.015M $1.160M $1.729M
YoY Change -41.3% -45.02% -51.23%

Facts In Submission

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CY2013 vide Production Costs That Exceeded Aggregate Estimated Cost
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CY2014 dei Trading Symbol
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VIDE
CY2014 dei Entity Registrant Name
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VIDEO DISPLAY CORP
CY2014 dei Entity Current Reporting Status
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Yes
CY2014 dei Amendment Flag
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false
CY2014 dei Entity Filer Category
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Smaller Reporting Company
CY2014 dei Entity Central Index Key
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0000758743
CY2014 dei Entity Well Known Seasoned Issuer
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No
CY2014 dei Document Fiscal Year Focus
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2014
CY2014 dei Document Type
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10-K
CY2014 dei Document Period End Date
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2014-02-28
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CY2014 dei Document Fiscal Period Focus
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CY2014 dei Entity Voluntary Filers
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<div> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" align="justify"><b>Fiscal Year</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" align="justify">All references herein to &#x201C;2014&#x201D; and &#x201C;2013&#x201D; mean the fiscal years ended February&#xA0;28, 2014 and 2013, respectively. Unless otherwise noted, these policies and disclosures pertain to our continuing operations.</p> </div>
CY2014 us-gaap Income Loss From Continuing Operations Per Basic Share
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9000 shares
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<div> <p style="MARGIN-TOP: 18pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify"><b>Use of Estimates</b></p> <p style="MARGIN-TOP: 6pt; TEXT-INDENT: 8%; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt" align="justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Examples include provisions for returns, warranty reserves, bad debts, inventory reserves, valuations on deferred income tax assets, other intangible assets, accounting for percentage of completion contracts and the length of product life cycles and fixed asset lives. Actual results could vary from these estimates.</p> </div>
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CY2014 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
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CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
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CY2014 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
CY2014 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
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CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2022000
CY2014 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
499000
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131000
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CY2014 us-gaap Current Income Tax Expense Benefit
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CY2014 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2014 us-gaap Depreciation
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CY2014 us-gaap Deferred Foreign Income Tax Expense Benefit
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1632000
CY2014 us-gaap Lease And Rental Expense
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800000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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CY2014 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
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CY2014 us-gaap Research And Development Expense
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CY2014 us-gaap Shipping Handling And Transportation Costs
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CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
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CY2014 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2014 vide Operating Loss Carryforward Expiration Year
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CY2014 vide Production Costs That Exceeded Aggregate Estimated Cost
ProductionCostsThatExceededAggregateEstimatedCost
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CY2013Q1 us-gaap Gross Profit
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CY2014Q1 us-gaap Earnings Per Share Basic
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CY2013Q4 us-gaap Earnings Per Share Basic
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