$VIDE
VIDEO DISPLAY CORP

2015 Q2 Form 10-Q Financial Statement

#000119312515253619 Filed on July 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $3.456M $3.695M
YoY Change -6.47% -12.04%
Cost Of Revenue $2.296M $2.718M
YoY Change -15.53% -32.44%
Gross Profit $75.00K $977.0K
YoY Change -92.32% 448.88%
Gross Profit Margin 2.17% 26.44%
Selling, General & Admin $1.073M $1.086M
YoY Change -1.2% 7.31%
% of Gross Profit 1430.67% 111.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $86.00K $97.00K
YoY Change -11.34% -2.02%
% of Gross Profit 114.67% 9.93%
Operating Expenses $1.073M $1.086M
YoY Change -1.2% 7.31%
Operating Profit -$1.009M -$109.0K
YoY Change 825.69% -86.93%
Interest Expense $0.00 $10.00K
YoY Change -100.0% -97.25%
% of Operating Profit
Other Income/Expense, Net -$361.0K $272.0K
YoY Change -232.72% 147.27%
Pretax Income -$1.370M $163.0K
YoY Change -940.49% -122.51%
Income Tax $0.00 $24.00K
% Of Pretax Income 14.72%
Net Earnings -$1.569M $139.0K
YoY Change -1228.78% -130.82%
Net Earnings / Revenue -45.4% 3.76%
Basic Earnings Per Share -$0.26 $0.02
Diluted Earnings Per Share -$0.26 $0.02
COMMON SHARES
Basic Shares Outstanding 5.957M shares 6.850M shares
Diluted Shares Outstanding 5.957M shares 6.875M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.710M $4.970M
YoY Change -45.47% 1112.2%
Cash & Equivalents $642.0K $1.393M
Short-Term Investments $2.070M $3.580M
Other Short-Term Assets $3.440M $1.600M
YoY Change 115.0% -72.41%
Inventory $6.356M $9.260M
Prepaid Expenses
Receivables $1.245M $2.195M
Other Receivables $190.0K $2.800M
Total Short-Term Assets $13.95M $20.83M
YoY Change -33.05% -52.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.326M $1.501M
YoY Change -11.66% -62.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $29.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $2.994M $4.634M
YoY Change -35.39% -38.62%
TOTAL ASSETS
Total Short-Term Assets $13.95M $20.83M
Total Long-Term Assets $2.994M $4.634M
Total Assets $16.94M $25.47M
YoY Change -33.47% -50.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $333.0K $1.269M
YoY Change -73.76% -69.27%
Accrued Expenses $637.0K $436.0K
YoY Change 46.1% -77.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $51.00K $49.00K
YoY Change 4.08% -98.74%
Total Short-Term Liabilities $3.350M $1.754M
YoY Change 90.99% -91.76%
LONG-TERM LIABILITIES
Long-Term Debt $170.0K $220.0K
YoY Change -22.73% -26.67%
Other Long-Term Liabilities $390.0K $1.060M
YoY Change -63.21% 90.99%
Total Long-Term Liabilities $170.0K $220.0K
YoY Change -22.73% -74.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.350M $1.754M
Total Long-Term Liabilities $170.0K $220.0K
Total Liabilities $3.910M $3.038M
YoY Change 28.7% -86.26%
SHAREHOLDERS EQUITY
Retained Earnings $21.83M $29.53M
YoY Change -26.08% -7.24%
Common Stock $7.466M $7.455M
YoY Change 0.15% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.26M $14.56M
YoY Change 11.72% 39.39%
Treasury Stock Shares 3.839M shares 3.237M shares
Shareholders Equity $13.03M $22.43M
YoY Change
Total Liabilities & Shareholders Equity $16.94M $25.47M
YoY Change -33.47% -50.02%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$1.569M $139.0K
YoY Change -1228.78% -130.82%
Depreciation, Depletion And Amortization $86.00K $97.00K
YoY Change -11.34% -2.02%
Cash From Operating Activities $750.0K -$540.0K
YoY Change -238.89% -38.91%
INVESTING ACTIVITIES
Capital Expenditures $26.00K $6.000K
YoY Change 333.33% -64.71%
Acquisitions
YoY Change
Other Investing Activities $50.00K $680.0K
YoY Change -92.65% 36.0%
Cash From Investing Activities $20.00K $670.0K
YoY Change -97.01% 39.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $112.0K $1.947M
YoY Change -94.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -260.0K -1.036M
YoY Change -74.9% -548.48%
NET CHANGE
Cash From Operating Activities 750.0K -540.0K
Cash From Investing Activities 20.00K 670.0K
Cash From Financing Activities -260.0K -1.036M
Net Change In Cash 510.0K -906.0K
YoY Change -156.29% 429.82%
FREE CASH FLOW
Cash From Operating Activities $750.0K -$540.0K
Capital Expenditures $26.00K $6.000K
Free Cash Flow $724.0K -$546.0K
YoY Change -232.6% -39.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
2718000
CY2014Q2 vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
0
CY2014Q2 vide Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
1000
CY2014Q2 vide Provision For Inventory Reserves
ProvisionForInventoryReserves
82000
CY2015Q2 dei Document Type
DocumentType
10-Q
CY2015Q2 dei Trading Symbol
TradingSymbol
VIDE
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0 shares
CY2015Q2 dei Entity Central Index Key
EntityCentralIndexKey
0000758743
CY2015Q2 dei Document Period End Date
DocumentPeriodEndDate
2015-05-31
CY2015Q2 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.03
CY2015Q2 dei Current Fiscal Year End Date
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--02-28
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y
CY2015Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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5957000 shares
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
624000
CY2015Q2 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.02 pure
CY2015Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> Note 4. &#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 August 2014, the FASB issued Accounting Standards Update No. (ASU) 2014-15, &#x201C;<i>Presentation of Financial Statements. Going Concern</i> (Subtopic 205-40): <i>Disclosure of Uncertainties about an Entity&#x2019;s Ability to continue as a Going Concern&#x201D;.</i> Prior to its issuance, there was no guidance in U.S. GAAP about management&#x2019;s responsibility to evaluate whether there is substantial doubt about an entity&#x2019;s ability to continue as a going concern or to provide related footnote disclosures. This update requires that an entity&#x2019;s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#x2019;s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable.) This update is effective for the annual period ending after December&#xA0;15, 2016, and for annual periods and interim periods thereafter. The Company is still evaluating the effects that the adoption of this update will have on the Company&#x2019;s consolidated financial position or results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; 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 International Financial Reporting Standards (&#x201C;IFRS&#x201D;). The new guidance (i)&#xA0;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)&#xA0;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; TEXT-INDENT: 4%"> The guidance is effective for annual reporting periods beginning after December&#xA0;15, 2017 including interim periods within that reporting period. The Company is still evaluating the effects that the adoption of this update will have on the Company&#x2019;s consolidated financial position or results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; 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 guidance 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 the 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 adopted this pronouncement effective with the quarter ending May&#xA0;31, 2015 and it did not have a significant effect on the Company&#x2019;s consolidated financial position or results of operations.</p> </div>
CY2015Q2 dei Amendment Flag
AmendmentFlag
false
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.23
CY2015Q2 dei Entity Registrant Name
EntityRegistrantName
VIDEO DISPLAY CORP
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.23
CY2015Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2015Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.63
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.03
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5957000 shares
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2015Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
86000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
834000
CY2015Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
68531 shares
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
DisposalGroupIncludingDiscontinuedOperationGrossProfitLoss
11000
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26000
CY2015Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
12000
CY2015Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-199000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-1370000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-364000
CY2015Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
3890000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1009000
CY2015Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1370000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
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-228000
CY2015Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-569000
CY2015Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-609000
CY2015Q2 us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
-188000
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
3000
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-199000
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1569000
CY2015Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-237000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2360000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-361000
CY2015Q2 us-gaap Interest Paid
InterestPaid
22000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1095000
CY2015Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
12000
CY2015Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
-610000
CY2015Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-199000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-1569000
CY2015Q2 us-gaap Gross Profit
GrossProfit
64000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
29000
CY2015Q2 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
25000
CY2015Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
112000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
239000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
1073000
CY2015Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-68000
CY2015Q2 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
609000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
29000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
1084000
CY2015Q2 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-188000
CY2015Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-352000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Interest Expense
DisposalGroupIncludingDiscontinuedOperationInterestExpense
0
CY2015Q2 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
3752000
CY2015Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
521000
CY2015Q2 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
184000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
239000
CY2015Q2 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
129000
CY2015Q2 us-gaap Disposal Group Including Discontinued Operation General And Administrative Expense
DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
239000
CY2015Q2 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-59000
CY2015Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-24000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3000
CY2015Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
80000
CY2015Q2 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
-30000
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
24000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
2296000
CY2015Q2 vide Production Costs That Exceeded Aggregate Estimated Cost
ProductionCostsThatExceededAggregateEstimatedCost
0
CY2015Q2 vide Disposal Group Including Discontinued Operation Other Nonoperating Income Expense
DisposalGroupIncludingDiscontinuedOperationOtherNonoperatingIncomeExpense
29000
CY2015Q2 vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
0
CY2015Q2 vide Disposal Group Including Discontinued Operation Selling And Marketing Expense
DisposalGroupIncludingDiscontinuedOperationSellingAndMarketingExpense
0
CY2015Q2 vide Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
23000
CY2015Q2 vide Provision For Inventory Reserves
ProvisionForInventoryReserves
92000
CY2015Q2 vide Income Tax Benefit
IncomeTaxBenefit
600000

Files In Submission

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