$VIDE
VIDEO DISPLAY CORP

2015 Q3 Form 10-Q Financial Statement

#000119312515344693 Filed on October 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $5.376M $2.592M
YoY Change 107.41% 0.27%
Cost Of Revenue $2.673M $2.578M
YoY Change 3.69% 9.19%
Gross Profit $983.0K $14.00K
YoY Change 6921.43% -93.75%
Gross Profit Margin 18.28% 0.54%
Selling, General & Admin $1.089M $1.040M
YoY Change 4.71% -3.61%
% of Gross Profit 110.78% 7428.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $100.0K
YoY Change -20.0% 100.0%
% of Gross Profit 8.14% 714.29%
Operating Expenses $1.089M $1.040M
YoY Change 4.71% -3.61%
Operating Profit -$839.0K -$1.026M
YoY Change -18.23% 20.0%
Interest Expense -$1.050M $720.0K
YoY Change -245.83% 120.18%
% of Operating Profit
Other Income/Expense, Net $45.00K $398.0K
YoY Change -88.69% -216.37%
Pretax Income -$1.843M $88.00K
YoY Change -2194.32% -107.35%
Income Tax $0.00 -$61.00K
% Of Pretax Income -69.32%
Net Earnings -$1.366M $149.0K
YoY Change -1016.78% -118.53%
Net Earnings / Revenue -25.41% 5.75%
Basic Earnings Per Share -$0.23 $0.02
Diluted Earnings Per Share -$0.23 $0.02
COMMON SHARES
Basic Shares Outstanding 5.894M shares 6.372M shares
Diluted Shares Outstanding 5.894M shares 6.447M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.360M $5.320M
YoY Change -74.44% 1109.09%
Cash & Equivalents $454.0K $1.222M
Short-Term Investments $910.0K $4.100M
Other Short-Term Assets $3.860M $1.620M
YoY Change 138.27% -71.78%
Inventory $5.708M $8.739M
Prepaid Expenses
Receivables $839.0K $1.805M
Other Receivables $130.0K $2.840M
Total Short-Term Assets $11.91M $20.33M
YoY Change -41.42% -33.67%
LONG-TERM ASSETS
Property, Plant & Equipment $1.298M $1.473M
YoY Change -11.88% -16.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.00K $29.00K
YoY Change 0.0% 107.14%
Total Long-Term Assets $2.905M $3.899M
YoY Change -25.49% -39.82%
TOTAL ASSETS
Total Short-Term Assets $11.91M $20.33M
Total Long-Term Assets $2.905M $3.899M
Total Assets $14.81M $24.23M
YoY Change -38.86% -34.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $294.0K $789.0K
YoY Change -62.74% -31.27%
Accrued Expenses $571.0K $448.0K
YoY Change 27.46% -69.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $51.00K $49.00K
YoY Change 4.08% -96.01%
Total Short-Term Liabilities $2.625M $1.286M
YoY Change 104.12% -76.05%
LONG-TERM LIABILITIES
Long-Term Debt $157.0K $208.0K
YoY Change -24.52% -30.67%
Other Long-Term Liabilities $360.0K $480.0K
YoY Change -25.0% -58.26%
Total Long-Term Liabilities $157.0K $208.0K
YoY Change -24.52% -30.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.625M $1.286M
Total Long-Term Liabilities $157.0K $208.0K
Total Liabilities $3.142M $1.974M
YoY Change 59.17% -70.89%
SHAREHOLDERS EQUITY
Retained Earnings $20.46M $29.68M
YoY Change -31.05% -10.97%
Common Stock $7.469M $7.457M
YoY Change 0.16% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.26M $14.89M
YoY Change 9.26% 42.53%
Treasury Stock Shares 3.839M shares 3.339M shares
Shareholders Equity $11.67M $22.25M
YoY Change
Total Liabilities & Shareholders Equity $14.81M $24.23M
YoY Change -38.86% -34.74%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$1.366M $149.0K
YoY Change -1016.78% -118.53%
Depreciation, Depletion And Amortization $80.00K $100.0K
YoY Change -20.0% 100.0%
Cash From Operating Activities -$270.0K -$300.0K
YoY Change -10.0% -31.82%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$30.00K
YoY Change 0.0% -400.0%
Acquisitions
YoY Change
Other Investing Activities $2.460M -$2.450M
YoY Change -200.41% -116.33%
Cash From Investing Activities $2.430M -$2.490M
YoY Change -197.59% -116.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.320M 2.620M
YoY Change -188.55% -119.58%
NET CHANGE
Cash From Operating Activities -270.0K -300.0K
Cash From Investing Activities 2.430M -2.490M
Cash From Financing Activities -2.320M 2.620M
Net Change In Cash -160.0K -170.0K
YoY Change -5.88% -114.29%
FREE CASH FLOW
Cash From Operating Activities -$270.0K -$300.0K
Capital Expenditures -$30.00K -$30.00K
Free Cash Flow -$240.0K -$270.0K
YoY Change -11.11% -40.0%

Facts In Submission

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vide Provision For Inventory Reserves
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dei Document Type
DocumentType
10-Q
dei Trading Symbol
TradingSymbol
VIDE
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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dei Entity Central Index Key
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dei Document Period End Date
DocumentPeriodEndDate
2015-08-31
dei Entity Filer Category
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Smaller Reporting Company
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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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: 8%"> 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).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 8%"> 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: 8%"> 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: 8%"> 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: 8%"> 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: 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: 8%"> 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>
dei Amendment Flag
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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dei Entity Registrant Name
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VIDEO DISPLAY CORP
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
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StockRepurchasedDuringPeriodShares
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Repayments Of Long Term Lines Of Credit
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29000
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62000
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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0
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us-gaap Amortization Of Intangible Assets
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0
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us-gaap Share Based Compensation
ShareBasedCompensation
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ProceedsFromRelatedPartyDebt
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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2447000
us-gaap Cost Of Goods Sold
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4969000
vide Production Costs That Exceeded Aggregate Estimated Cost
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0
vide Disposal Group Including Discontinued Operation Other Nonoperating Income Expense
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vide Effect Of Dilution Options Earning Per Share
EffectOfDilutionOptionsEarningPerShare
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vide Disposal Group Including Discontinued Operation Selling And Marketing Expense
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vide Provision For Recovery Of Doubtful Accounts
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26000
vide Provision For Inventory Reserves
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vide Income Tax Benefit
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DebtInstrumentInterestRateDuringPeriod
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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75000 shares
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6447000 shares
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