$VIDE
VIDEO DISPLAY CORP

2016 Q3 Form 10-Q Financial Statement

#000119312516738484 Filed on October 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $3.632M $5.376M
YoY Change -32.44% 107.41%
Cost Of Revenue $3.042M $2.673M
YoY Change 13.8% 3.69%
Gross Profit $590.0K $983.0K
YoY Change -39.98% 6921.43%
Gross Profit Margin 16.24% 18.28%
Selling, General & Admin $1.095M $1.089M
YoY Change 0.55% 4.71%
% of Gross Profit 185.59% 110.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $80.00K
YoY Change -25.0% -20.0%
% of Gross Profit 10.17% 8.14%
Operating Expenses $1.095M $1.089M
YoY Change 0.55% 4.71%
Operating Profit -$505.0K -$839.0K
YoY Change -39.81% -18.23%
Interest Expense $140.0K -$1.050M
YoY Change -113.33% -245.83%
% of Operating Profit
Other Income/Expense, Net $131.0K $45.00K
YoY Change 191.11% -88.69%
Pretax Income -$374.0K -$1.843M
YoY Change -79.71% -2194.32%
Income Tax $4.000K $0.00
% Of Pretax Income
Net Earnings -$378.0K -$1.366M
YoY Change -72.33% -1016.78%
Net Earnings / Revenue -10.41% -25.41%
Basic Earnings Per Share -$0.06 -$0.23
Diluted Earnings Per Share -$0.06 -$0.23
COMMON SHARES
Basic Shares Outstanding 5.891M shares 5.894M shares
Diluted Shares Outstanding 5.891M shares 5.894M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $780.0K $1.360M
YoY Change -42.65% -74.44%
Cash & Equivalents $499.0K $454.0K
Short-Term Investments $330.0K $910.0K
Other Short-Term Assets $4.710M $3.860M
YoY Change 22.02% 138.27%
Inventory $4.212M $5.708M
Prepaid Expenses
Receivables $2.095M $839.0K
Other Receivables $160.0K $130.0K
Total Short-Term Assets $11.96M $11.91M
YoY Change 0.45% -41.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.339M $1.298M
YoY Change 3.16% -11.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.00K $29.00K
YoY Change -17.24% 0.0%
Total Long-Term Assets $2.074M $2.905M
YoY Change -28.61% -25.49%
TOTAL ASSETS
Total Short-Term Assets $11.96M $11.91M
Total Long-Term Assets $2.074M $2.905M
Total Assets $14.03M $14.81M
YoY Change -5.25% -38.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.649M $294.0K
YoY Change 460.88% -62.74%
Accrued Expenses $499.0K $571.0K
YoY Change -12.61% 27.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $53.00K $51.00K
YoY Change 3.92% 4.08%
Total Short-Term Liabilities $5.318M $2.625M
YoY Change 102.59% 104.12%
LONG-TERM LIABILITIES
Long-Term Debt $104.0K $157.0K
YoY Change -33.76% -24.52%
Other Long-Term Liabilities $240.0K $360.0K
YoY Change -33.33% -25.0%
Total Long-Term Liabilities $104.0K $157.0K
YoY Change -33.76% -24.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.318M $2.625M
Total Long-Term Liabilities $104.0K $157.0K
Total Liabilities $6.341M $3.142M
YoY Change 101.81% 59.17%
SHAREHOLDERS EQUITY
Retained Earnings $16.48M $20.46M
YoY Change -19.45% -31.05%
Common Stock $7.478M $7.469M
YoY Change 0.12% 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.27M $16.26M
YoY Change 0.02% 9.26%
Treasury Stock Shares 3.841M shares 3.839M shares
Shareholders Equity $7.693M $11.67M
YoY Change
Total Liabilities & Shareholders Equity $14.03M $14.81M
YoY Change -5.25% -38.86%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$378.0K -$1.366M
YoY Change -72.33% -1016.78%
Depreciation, Depletion And Amortization $60.00K $80.00K
YoY Change -25.0% -20.0%
Cash From Operating Activities -$430.0K -$270.0K
YoY Change 59.26% -10.0%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$30.00K
YoY Change -133.33% 0.0%
Acquisitions
YoY Change
Other Investing Activities $160.0K $2.460M
YoY Change -93.5% -200.41%
Cash From Investing Activities $170.0K $2.430M
YoY Change -93.0% -197.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.0K -2.320M
YoY Change -89.66% -188.55%
NET CHANGE
Cash From Operating Activities -430.0K -270.0K
Cash From Investing Activities 170.0K 2.430M
Cash From Financing Activities -240.0K -2.320M
Net Change In Cash -500.0K -160.0K
YoY Change 212.5% -5.88%
FREE CASH FLOW
Cash From Operating Activities -$430.0K -$270.0K
Capital Expenditures $10.00K -$30.00K
Free Cash Flow -$440.0K -$240.0K
YoY Change 83.33% -11.11%

Facts In Submission

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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 May, 2014, the FASB issued Accounting Standards Update No. (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, 2016 including interim periods within that reporting period; however, a one year delay has been approved with the issuance of ASU 2015-14, <i>&#x201C;Revenue with Contracts from Customers&#x201D;</i>. The Company is still evaluating the effects that the adoption of this update will have on the Company&#x2019;s consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In August 2014, the FASB issued ASU 2014-15, <i>&#x201C;Presentation of Financial Statements. Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#x2019;s Ability to continue as a Going Concern&#x201D;.</i> Prior to its effective date 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 July 2015, the FASB issued ASU 2015-11, &#x201C;<i>Simplifying the Measurement of Inventory&#x201D;</i>. ASU 2015-11 requires an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. The guidance is effective for annual reporting periods beginning after December&#xA0;15, 2016 and related interim periods. Early adoption is permitted. The Company does not believe this standard will have a material effect on its consolidated financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In November 2015, the FASB issued ASU 2015-17, &#x201C;<i>Balance Sheet Classification of Deferred Taxes&#x201D;.</i> ASU 2015-17 requires deferred tax assets and liabilities, along with related valuation allowances, to be classified as noncurrent on the balance sheet. Each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The guidance is effective for annual reporting periods beginning after December&#xA0;15, 2016, including interim periods within that reporting period. Early adoption is permitted. The Company does not expect the adoption of this update to have a material effect on the Company&#x2019;s consolidated financial statements.</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 February 2016, the FASB issued ASU 2016-02, <i>&#x201C;Leases&#x201D;</i>. ASU 2016-02 increases transparency and comparability among organizations by requiring entities to recognize lease assets and lease liabilities on the balance sheet and disclose key information about the lease arrangements. The guidance is effective for annual reporting periods beginning after December&#xA0;15, 2018, including interim periods within that reporting period. Early adoption is permitted. The Company is in the process of evaluating the impact of this guidance on the Company&#x2019;s consolidated financial statements.</p> </div>
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