$VIDE
VIDEO DISPLAY CORP

2014 Q3 Form 10-Q Financial Statement

#000119312514372458 Filed on October 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q3
Revenue $2.592M $2.585M
YoY Change 0.27% -79.12%
Cost Of Revenue $2.578M $2.361M
YoY Change 9.19% -39.62%
Gross Profit $14.00K $224.0K
YoY Change -93.75% 36.59%
Gross Profit Margin 0.54% 8.67%
Selling, General & Admin $1.040M $1.079M
YoY Change -3.61% -24.12%
% of Gross Profit 7428.57% 481.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K $50.00K
YoY Change 100.0% -600.0%
% of Gross Profit 714.29% 22.32%
Operating Expenses $1.040M $1.079M
YoY Change -3.61% -24.12%
Operating Profit -$1.026M -$855.0K
YoY Change 20.0% -6.56%
Interest Expense $720.0K $327.0K
YoY Change 120.18% 85.8%
% of Operating Profit
Other Income/Expense, Net $398.0K -$342.0K
YoY Change -216.37% 200.0%
Pretax Income $88.00K -$1.197M
YoY Change -107.35% 16.33%
Income Tax -$61.00K -$393.0K
% Of Pretax Income -69.32%
Net Earnings $149.0K -$804.0K
YoY Change -118.53% 12.76%
Net Earnings / Revenue 5.75% -31.1%
Basic Earnings Per Share $0.02 -$0.11
Diluted Earnings Per Share $0.02 -$0.11
COMMON SHARES
Basic Shares Outstanding 6.372M shares 7.593M shares
Diluted Shares Outstanding 6.447M shares 7.609M shares

Balance Sheet

Concept 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.320M $440.0K
YoY Change 1109.09% 1366.67%
Cash & Equivalents $1.222M $436.0K
Short-Term Investments $4.100M
Other Short-Term Assets $1.620M $5.740M
YoY Change -71.78% 11.46%
Inventory $8.739M $20.27M
Prepaid Expenses
Receivables $1.805M $3.245M
Other Receivables $2.840M $950.0K
Total Short-Term Assets $20.33M $30.64M
YoY Change -33.67% -28.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.473M $1.771M
YoY Change -16.83% -60.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $14.00K
YoY Change 107.14% -98.08%
Total Long-Term Assets $3.899M $6.479M
YoY Change -39.82% -21.28%
TOTAL ASSETS
Total Short-Term Assets $20.33M $30.64M
Total Long-Term Assets $3.899M $6.479M
Total Assets $24.23M $37.12M
YoY Change -34.74% -27.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $789.0K $1.148M
YoY Change -31.27% -47.1%
Accrued Expenses $448.0K $1.486M
YoY Change -69.85% -26.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $49.00K $1.229M
YoY Change -96.01% -75.66%
Total Short-Term Liabilities $1.286M $5.370M
YoY Change -76.05% -74.16%
LONG-TERM LIABILITIES
Long-Term Debt $208.0K $300.0K
YoY Change -30.67% -3.23%
Other Long-Term Liabilities $480.0K $1.150M
YoY Change -58.26% 43.75%
Total Long-Term Liabilities $208.0K $300.0K
YoY Change -30.67% -72.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.286M $5.370M
Total Long-Term Liabilities $208.0K $300.0K
Total Liabilities $1.974M $6.781M
YoY Change -70.89% -69.02%
SHAREHOLDERS EQUITY
Retained Earnings $29.68M $33.34M
YoY Change -10.97%
Common Stock $7.457M $7.449M
YoY Change 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.89M $10.44M
YoY Change 42.53%
Treasury Stock Shares 3.339M shares 2.139M shares
Shareholders Equity $22.25M $30.34M
YoY Change
Total Liabilities & Shareholders Equity $24.23M $37.12M
YoY Change -34.74% -27.31%

Cashflow Statement

Concept 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income $149.0K -$804.0K
YoY Change -118.53% 12.76%
Depreciation, Depletion And Amortization $100.0K $50.00K
YoY Change 100.0% -600.0%
Cash From Operating Activities -$300.0K -$440.0K
YoY Change -31.82% -127.85%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $10.00K
YoY Change -400.0% -88.89%
Acquisitions
YoY Change
Other Investing Activities -$2.450M $15.00M
YoY Change -116.33% 29900.0%
Cash From Investing Activities -$2.490M $15.01M
YoY Change -116.59% 9906.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.620M -13.38M
YoY Change -119.58% 757.69%
NET CHANGE
Cash From Operating Activities -300.0K -440.0K
Cash From Investing Activities -2.490M 15.01M
Cash From Financing Activities 2.620M -13.38M
Net Change In Cash -170.0K 1.190M
YoY Change -114.29% 600.0%
FREE CASH FLOW
Cash From Operating Activities -$300.0K -$440.0K
Capital Expenditures -$30.00K $10.00K
Free Cash Flow -$270.0K -$450.0K
YoY Change -40.0% -130.2%

Facts In Submission

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dei Document Type
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dei Entity Registrant Name
EntityRegistrantName
VIDEO DISPLAY CORP
dei Trading Symbol
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VIDE
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> Note 3. &#x2013; Recent Accounting Pronouncements</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In May, 2014, the FASB issued ASU 2014-09 <i>&#x201C;Revenue with Contracts from Customers&#x201D;.</i> ASU 2014-09 clarifies the principles for recognizing revenue and develops a common revenue standard for U.S. GAAP and IFRS. The new guidance(i) removes inconsistencies, and weaknesses in revenue requirements, (ii)&#xA0;provides a more robust framework for addressing revenue issues, (iii)&#xA0;improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, (iv)&#xA0;provides more useful information to users of financial statements through improved disclosure requirements, and (v)simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The guidance is effective for annual reporting periods beginning after December&#xA0;15, 2016 including interim periods within that reporting period. The Company does not expect the adoption of this update to have a significant effect on the Company&#x2019;s consolidated financial position or results of operations.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In April 2014, the FASB issued ASU 2014-08, <i>&#x201C;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#x201D;.</i>&#xA0;ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements.&#xA0;Under the new guidance, a discontinued operation is defined as: (i)&#xA0;a disposal of a component or group of components that is disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity&#x2019;s operations and financial results or (ii)&#xA0;an acquired business or nonprofit activity that is classified as held for sale on the date of acquisition.&#xA0;The standard states that a strategic shift could include a disposal of (i)&#xA0;a major geographical area of operations, (ii)&#xA0;a major line of business, (iii)&#xA0;a major equity method investment, or (iv)&#xA0;other major parts of an entity.&#xA0;Under current U.S. GAAP, an entity is prohibited from reporting a discontinued operation if it has certain continuing cash flows or involvement component after the disposal.&#xA0;The new guidance eliminates these criteria.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The standard expands the disclosures for discontinued operations and requires new disclosures related to individually material disposals that do not meet the definition of a discontinued operation, an entity&#x2019;s continuing involvement with a discontinued operation following the disposal date and retained equity method investments in a discontinued operation.&#xA0;The guidance is effective for annual periods beginning on or after December&#xA0;15, 2014 and interim periods within that year. The Company does not expect the adoption of this update to have a significant effect on the Company&#x2019;s consolidated financial position or results of operations.</p> </div>
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
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DebtInstrumentInterestRateDuringPeriod
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us-gaap Effective Income Tax Rate Continuing Operations
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P1Y
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
15000 shares
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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dei Document Period End Date
DocumentPeriodEndDate
2014-08-31
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Treasury Stock Acquired Average Cost Per Share
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dei Amendment Flag
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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2015
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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dei Entity Central Index Key
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dei Document Fiscal Period Focus
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us-gaap Payments To Acquire Investments
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us-gaap Investment Income Nonoperating
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251000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2275000
us-gaap Other Nonoperating Income Expense
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411000
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
288000
us-gaap Gain Loss On Disposition Of Assets1
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364000
us-gaap Payments To Acquire Property Plant And Equipment
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44000
us-gaap Other Noncash Income Expense
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10000
us-gaap Net Income Loss
NetIncomeLoss
288000
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28000
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us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-26000
us-gaap Depreciation Depletion And Amortization
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195000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-60000
us-gaap Operating Expenses
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2126000
us-gaap Proceeds From Sale Of Investment Projects
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us-gaap Selling And Marketing Expense
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543000
us-gaap Provision For Doubtful Accounts
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1000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
63000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1077000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-37000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-24000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0
us-gaap Cost Of Goods Sold
CostOfGoodsSold
5296000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
1576000
us-gaap Proceeds From Payments For Other Financing Activities
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3875000
us-gaap Proceeds From Sale Of Property Plant And Equipment
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500000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap General And Administrative Expense
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-633000
us-gaap Share Based Compensation
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4000
vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
vide Income Loss From Continuing Operations Diluted
IncomeLossFromContinuingOperationsDiluted
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CY2014 us-gaap Treasury Stock Acquired Average Cost Per Share
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3.78
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EarningsPerShareDiluted
0.20
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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16000 shares
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IncomeLossFromContinuingOperationsPerDilutedShare
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CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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vide Provision For Inventory Reserves
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CY2014 us-gaap Stock Repurchased During Period Shares
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CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2013Q3 us-gaap Other Nonoperating Income Expense
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NetIncomeLoss
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CY2013Q3 us-gaap Operating Expenses
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CY2013Q3 us-gaap Selling And Marketing Expense
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380000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
699000
CY2013Q3 vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
75000 shares
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.02
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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6447000 shares
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
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IncomeLossFromContinuingOperationsPerBasicShare
0.02
CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6372000 shares
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
149000
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
5000
CY2014Q3 us-gaap Gross Profit
GrossProfit
14000
CY2014Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2592000
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1026000
CY2014Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
711000
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
88000
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
398000
CY2014Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
149000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
149000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
1040000
CY2014Q3 us-gaap Selling And Marketing Expense
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267000
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-61000
CY2014Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
2578000
CY2014Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
773000
CY2014Q3 vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
CY2014Q3 vide Income Loss From Continuing Operations Diluted
IncomeLossFromContinuingOperationsDiluted

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