$VIDE
VIDEO DISPLAY CORP

2014 Q4 Form 10-Q Financial Statement

#000119312515010611 Filed on January 14, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2013 Q4
Revenue $3.557M $3.721M
YoY Change -4.41% -70.5%
Cost Of Revenue $2.883M $3.494M
YoY Change -17.49% -14.55%
Gross Profit $674.0K $226.0K
YoY Change 198.23% -23.39%
Gross Profit Margin 18.95% 6.07%
Selling, General & Admin $1.417M $1.113M
YoY Change 27.31% -21.12%
% of Gross Profit 210.24% 492.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $90.00K $150.0K
YoY Change -40.0% 25.0%
% of Gross Profit 13.35% 66.37%
Operating Expenses $1.417M $1.113M
YoY Change 27.31% -21.12%
Operating Profit -$743.0K -$886.0K
YoY Change -16.14% -7.42%
Interest Expense -$2.430M $23.00K
YoY Change -10665.22% -85.89%
% of Operating Profit
Other Income/Expense, Net $290.0K $102.0K
YoY Change 184.31% -230.77%
Pretax Income -$2.879M -$885.0K
YoY Change 225.31% -14.49%
Income Tax -$43.00K -$234.0K
% Of Pretax Income
Net Earnings -$2.836M -$651.0K
YoY Change 335.64% 1.24%
Net Earnings / Revenue -79.73% -17.5%
Basic Earnings Per Share -$0.45 -$0.09
Diluted Earnings Per Share -$0.45 -$0.09
COMMON SHARES
Basic Shares Outstanding 6.257M shares 7.593M shares
Diluted Shares Outstanding 6.262M shares 7.609M shares

Balance Sheet

Concept 2014 Q4 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.220M $1.440M
YoY Change 123.61%
Cash & Equivalents $0.00 $1.436M
Short-Term Investments $3.220M
Other Short-Term Assets $2.900M $5.640M
YoY Change -48.58% -10.19%
Inventory $8.135M $18.42M
Prepaid Expenses
Receivables $1.885M $2.266M
Other Receivables $1.170M $1.110M
Total Short-Term Assets $17.31M $28.87M
YoY Change -40.05% -34.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.415M $1.710M
YoY Change -17.25% -60.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $14.00K
YoY Change 107.14% -98.16%
Total Long-Term Assets $3.920M $6.309M
YoY Change -37.87% -21.24%
TOTAL ASSETS
Total Short-Term Assets $17.31M $28.87M
Total Long-Term Assets $3.920M $6.309M
Total Assets $21.23M $35.18M
YoY Change -39.66% -32.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $687.0K $883.0K
YoY Change -22.2% -73.8%
Accrued Expenses $479.0K $779.0K
YoY Change -38.51% -61.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $50.00K $1.398M
YoY Change -96.42% -71.0%
Total Short-Term Liabilities $2.336M $4.081M
YoY Change -42.76% -81.0%
LONG-TERM LIABILITIES
Long-Term Debt $195.0K $245.0K
YoY Change -20.41% -15.52%
Other Long-Term Liabilities $450.0K $1.120M
YoY Change -59.82% 40.0%
Total Long-Term Liabilities $195.0K $245.0K
YoY Change -20.41% -77.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.336M $4.081M
Total Long-Term Liabilities $195.0K $245.0K
Total Liabilities $2.981M $5.450M
YoY Change -45.3% -75.85%
SHAREHOLDERS EQUITY
Retained Earnings $26.86M $32.72M
YoY Change -17.91%
Common Stock $7.460M $7.451M
YoY Change 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.08M $10.44M
YoY Change 53.92%
Treasury Stock Shares 3.740M shares 2.139M shares
Shareholders Equity $18.25M $29.73M
YoY Change
Total Liabilities & Shareholders Equity $21.23M $35.18M
YoY Change -39.66% -32.25%

Cashflow Statement

Concept 2014 Q4 2013 Q4
OPERATING ACTIVITIES
Net Income -$2.836M -$651.0K
YoY Change 335.64% 1.24%
Depreciation, Depletion And Amortization $90.00K $150.0K
YoY Change -40.0% 25.0%
Cash From Operating Activities $270.0K $1.500M
YoY Change -82.0% 500.0%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$60.00K
YoY Change -83.33%
Acquisitions
YoY Change
Other Investing Activities -$4.450M $0.00
YoY Change
Cash From Investing Activities -$4.450M -$60.00K
YoY Change 7316.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.870M -360.0K
YoY Change -619.44% 24.14%
NET CHANGE
Cash From Operating Activities 270.0K 1.500M
Cash From Investing Activities -4.450M -60.00K
Cash From Financing Activities 1.870M -360.0K
Net Change In Cash -2.310M 1.080M
YoY Change -313.89% -2800.0%
FREE CASH FLOW
Cash From Operating Activities $270.0K $1.500M
Capital Expenditures -$10.00K -$60.00K
Free Cash Flow $280.0K $1.560M
YoY Change -82.05% 524.0%

Facts In Submission

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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:8%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"> 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
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.39
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DebtInstrumentInterestRateDuringPeriod
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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 Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-584000
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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dei Document Period End Date
DocumentPeriodEndDate
2014-11-30
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
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
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us-gaap Income Loss From Continuing Operations Per Basic Share
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dei Entity Central Index Key
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0000758743
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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dei Document Fiscal Period Focus
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Q3
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us-gaap Payments To Acquire Investments
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us-gaap Operating Income Loss
OperatingIncomeLoss
-1878000
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
17000
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-2628000
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WeightedAverageNumberOfSharesOutstandingBasic
6517000 shares
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-2531000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
16000
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GrossProfit
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40000
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17000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
95000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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364000
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51000
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10000
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NetIncomeLoss
-2531000
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-1467000
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InterestPaid
54000
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483000
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95000
us-gaap Deferred Income Tax Expense Benefit
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-58000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
291000
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NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
900000
us-gaap Operating Expenses
OperatingExpenses
3543000
us-gaap Proceeds From Sale Of Investment Projects
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61644000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
837000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
94000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-80000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-65000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
8179000
us-gaap Net Cash Provided By Used In Discontinued Operations
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108000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
3358000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
6858000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
500000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6273000
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
13000
us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
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473000
us-gaap General And Administrative Expense
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2706000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Share Based Compensation
ShareBasedCompensation
7000
vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
0
vide Provision For Inventory Reserves
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265000
CY2014 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
572597 shares
CY2014 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
3.78
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2014Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5000 shares
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IncomeLossFromContinuingOperationsPerDilutedShare
-0.45
CY2014Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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0.00
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-2819000
CY2014Q4 us-gaap Interest Income Expense Net
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-3000
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674000
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3557000
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17000
CY2014Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-2879000
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290000
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OperatingExpenses
1417000
CY2014Q4 us-gaap Selling And Marketing Expense
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294000
CY2014Q4 us-gaap Income Tax Expense Benefit
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-43000
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2883000
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GeneralAndAdministrativeExpense
1123000
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0
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2013Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16000 shares
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.08
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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7609000 shares
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.08
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7593000 shares
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-616000
CY2013Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-24000
CY2013Q4 us-gaap Gross Profit
GrossProfit
227000
CY2013Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3721000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-886000
CY2013Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
35000
CY2013Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-885000
CY2013Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
25000
CY2013Q4 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-651000
CY2013Q4 us-gaap Net Income Loss
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-616000
CY2013Q4 us-gaap Operating Expenses
OperatingExpenses
1113000
CY2013Q4 us-gaap Selling And Marketing Expense
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371000
CY2013Q4 us-gaap Income Tax Expense Benefit
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-234000
CY2013Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
3494000
CY2013Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
742000
CY2013Q4 vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
0

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