$VIDE
VIDEO DISPLAY CORP

2016 Q4 Form 10-Q Financial Statement

#000119312517009531 Filed on January 13, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4
Revenue $5.299M $3.809M
YoY Change 39.12% 7.08%
Cost Of Revenue $4.402M $2.829M
YoY Change 55.6% -1.87%
Gross Profit $898.0K -$246.0K
YoY Change -465.04% -136.5%
Gross Profit Margin 16.95% -6.46%
Selling, General & Admin $1.014M $1.505M
YoY Change -32.62% 6.21%
% of Gross Profit 112.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $80.00K
YoY Change -25.0% -11.11%
% of Gross Profit 6.68%
Operating Expenses $1.014M $1.505M
YoY Change -32.62% 6.21%
Operating Profit -$116.0K -$1.947M
YoY Change -94.04% 162.05%
Interest Expense $30.00K -$140.0K
YoY Change -121.43% -94.24%
% of Operating Profit
Other Income/Expense, Net $72.00K $22.00K
YoY Change 227.27% -92.41%
Pretax Income -$44.00K -$2.062M
YoY Change -97.87% -28.38%
Income Tax $1.000K $0.00
% Of Pretax Income
Net Earnings -$45.00K -$2.139M
YoY Change -97.9% -24.58%
Net Earnings / Revenue -0.85% -56.16%
Basic Earnings Per Share -$0.01 -$0.37
Diluted Earnings Per Share -$0.01 -$0.37
COMMON SHARES
Basic Shares Outstanding 5.891M shares 5.894M shares
Diluted Shares Outstanding 5.891M shares 5.897M shares

Balance Sheet

Concept 2016 Q4 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $1.060M
YoY Change -62.26% -67.08%
Cash & Equivalents $236.0K $306.0K
Short-Term Investments $360.0K $750.0K
Other Short-Term Assets $3.800M $3.230M
YoY Change 17.65% 11.38%
Inventory $4.268M $4.940M
Prepaid Expenses
Receivables $1.767M $1.539M
Other Receivables $170.0K $180.0K
Total Short-Term Assets $10.41M $10.96M
YoY Change -5.02% -36.7%
LONG-TERM ASSETS
Property, Plant & Equipment $1.328M $1.281M
YoY Change 3.67% -9.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.00K $29.00K
YoY Change -20.69% 0.0%
Total Long-Term Assets $2.014M $2.354M
YoY Change -14.44% -39.95%
TOTAL ASSETS
Total Short-Term Assets $10.41M $10.96M
Total Long-Term Assets $2.014M $2.354M
Total Assets $12.42M $13.31M
YoY Change -6.69% -37.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $676.0K $659.0K
YoY Change 2.58% -4.08%
Accrued Expenses $503.0K $579.0K
YoY Change -13.13% 20.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $54.00K $52.00K
YoY Change 3.85% 4.0%
Total Short-Term Liabilities $3.835M $3.307M
YoY Change 15.97% 41.57%
LONG-TERM LIABILITIES
Long-Term Debt $91.00K $144.0K
YoY Change -36.81% -26.15%
Other Long-Term Liabilities $210.0K $330.0K
YoY Change -36.36% -26.67%
Total Long-Term Liabilities $91.00K $144.0K
YoY Change -36.81% -26.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.835M $3.307M
Total Long-Term Liabilities $91.00K $144.0K
Total Liabilities $4.771M $3.781M
YoY Change 26.18% 26.84%
SHAREHOLDERS EQUITY
Retained Earnings $16.44M $18.33M
YoY Change -10.3% -31.78%
Common Stock $7.479M $7.472M
YoY Change 0.09% 0.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.27M $16.27M
YoY Change 0.0% 1.2%
Treasury Stock Shares 3.841M shares 3.842M shares
Shareholders Equity $7.649M $9.529M
YoY Change
Total Liabilities & Shareholders Equity $12.42M $13.31M
YoY Change -6.69% -37.3%

Cashflow Statement

Concept 2016 Q4 2015 Q4
OPERATING ACTIVITIES
Net Income -$45.00K -$2.139M
YoY Change -97.9% -24.58%
Depreciation, Depletion And Amortization $60.00K $80.00K
YoY Change -25.0% -11.11%
Cash From Operating Activities -$160.0K -$80.00K
YoY Change 100.0% -129.63%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$40.00K
YoY Change 25.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$20.00K $350.0K
YoY Change -105.71% -107.87%
Cash From Investing Activities -$70.00K $310.0K
YoY Change -122.58% -106.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00K -380.0K
YoY Change -92.11% -120.32%
NET CHANGE
Cash From Operating Activities -160.0K -80.00K
Cash From Investing Activities -70.00K 310.0K
Cash From Financing Activities -30.00K -380.0K
Net Change In Cash -260.0K -150.0K
YoY Change 73.33% -93.51%
FREE CASH FLOW
Cash From Operating Activities -$160.0K -$80.00K
Capital Expenditures -$50.00K -$40.00K
Free Cash Flow -$110.0K -$40.00K
YoY Change 175.0% -114.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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: 4%"> In May, 2014, the FASB issued Accounting Standards Update No. (ASU) <font style="WHITE-SPACE: nowrap">2014-09</font> <i>&#x201C;Revenue with Contracts from Customers&#x201D;.</i> ASU <font style="WHITE-SPACE: nowrap">2014-09</font> 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 <font style="WHITE-SPACE: nowrap">2015-14,</font> <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 <font style="WHITE-SPACE: nowrap">2014-15,</font> <i>&#x201C;Presentation of Financial Statements. Going Concern (Subtopic <font style="WHITE-SPACE: nowrap">205-40):</font> 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 reporting periods 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 <font style="WHITE-SPACE: nowrap">2015-11,</font> &#x201C;<i>Simplifying the Measurement of Inventory&#x201D;</i>. ASU <font style="WHITE-SPACE: nowrap">2015-11</font> 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 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 <font style="WHITE-SPACE: nowrap">2015-17,</font> &#x201C;<i>Balance Sheet Classification of Deferred Taxes&#x201D;.</i> ASU <font style="WHITE-SPACE: nowrap">2015-17</font> 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: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-02,</font> <i>&#x201C;Leases&#x201D;</i>. ASU <font style="WHITE-SPACE: nowrap">2016-02</font> 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>
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Type
DocumentType
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dei Trading Symbol
TradingSymbol
VIDE
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us-gaap Treasury Stock Shares Acquired
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dei Current Fiscal Year End Date
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dei Document Period End Date
DocumentPeriodEndDate
2016-11-30
dei Entity Filer Category
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Smaller Reporting Company
us-gaap Effective Income Tax Rate Continuing Operations
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dei Entity Registrant Name
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VIDEO DISPLAY CORP
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Investment Income Net
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us-gaap Increase Decrease In Inventories
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us-gaap Repayments Of Related Party Debt
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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us-gaap Depreciation Depletion And Amortization
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us-gaap Notes Reduction
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us-gaap Share Based Compensation
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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us-gaap Proceeds From Sale Of Investment Projects
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us-gaap Provision For Doubtful Accounts
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
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us-gaap Increase Decrease In Customer Deposits
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us-gaap Net Cash Provided By Used In Discontinued Operations
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us-gaap Operating Expenses
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us-gaap Proceeds From Collection Of Advance To Affiliate
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vide Income Tax Benefit
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vide Production Costs That Exceeded Aggregate Estimated Cost
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0
vide Disposal Group Including Discontinued Operation Selling And Marketing Expense
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vide Provision For Inventory Reserves
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vide Noncash Investing And Financing Activities Imputed Interest Expense
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vide Noncash Investing And Financing Activities Imputed Interest Income
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DebtInstrumentInterestRateDuringPeriod
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800000
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CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2015Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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CY2015Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2015Q4 us-gaap Income Tax Expense Benefit
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CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2016Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Gross Profit Loss
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CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2016Q4 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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CY2016Q4 us-gaap Income Tax Expense Benefit
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CY2016Q4 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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