$VIDE
VIDEO DISPLAY CORP

2017 Q2 Form 10-Q Financial Statement

#000119312517229341 Filed on July 17, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $3.897M $3.710M
YoY Change 5.04% 7.35%
Cost Of Revenue $3.300M $3.294M
YoY Change 0.18% 43.47%
Gross Profit $597.0K $416.0K
YoY Change 43.51% 454.67%
Gross Profit Margin 15.32% 11.21%
Selling, General & Admin $1.123M $1.061M
YoY Change 5.84% -1.12%
% of Gross Profit 188.11% 255.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $58.00K $59.00K
YoY Change -1.69% -31.4%
% of Gross Profit 9.72% 14.18%
Operating Expenses $1.123M $1.061M
YoY Change 5.84% -1.12%
Operating Profit -$526.0K -$645.0K
YoY Change -18.45% -36.08%
Interest Expense $0.00 $50.00K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $267.0K $263.0K
YoY Change 1.52% -172.85%
Pretax Income -$259.0K -$382.0K
YoY Change -32.2% -72.12%
Income Tax $7.000K $10.00K
% Of Pretax Income
Net Earnings -$266.0K -$391.0K
YoY Change -31.97% -75.08%
Net Earnings / Revenue -6.83% -10.54%
Basic Earnings Per Share -$0.05 -$0.07
Diluted Earnings Per Share -$0.05 -$0.07
COMMON SHARES
Basic Shares Outstanding 5.891M shares 5.891M shares
Diluted Shares Outstanding 5.891M shares 5.891M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $570.0K $840.0K
YoY Change -32.14% -69.0%
Cash & Equivalents $224.0K $996.0K
Short-Term Investments $350.0K $190.0K
Other Short-Term Assets $200.0K $4.030M
YoY Change -95.04% 17.15%
Inventory $5.756M $4.206M
Prepaid Expenses
Receivables $1.810M $644.0K
Other Receivables $180.0K $170.0K
Total Short-Term Assets $8.522M $9.891M
YoY Change -13.84% -29.09%
LONG-TERM ASSETS
Property, Plant & Equipment $1.356M $1.400M
YoY Change -3.14% 5.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.00K $29.00K
YoY Change -10.34% 0.0%
Total Long-Term Assets $1.926M $2.189M
YoY Change -12.01% -26.89%
TOTAL ASSETS
Total Short-Term Assets $8.522M $9.891M
Total Long-Term Assets $1.926M $2.189M
Total Assets $10.45M $12.08M
YoY Change -13.51% -28.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $965.0K $283.0K
YoY Change 240.99% -15.02%
Accrued Expenses $847.0K $502.0K
YoY Change 68.73% -21.19%
Deferred Revenue
YoY Change
Short-Term Debt $350.0K $0.00
YoY Change
Long-Term Debt Due $55.00K $53.00K
YoY Change 3.77% 3.92%
Total Short-Term Liabilities $2.460M $2.900M
YoY Change -15.17% -13.43%
LONG-TERM LIABILITIES
Long-Term Debt $64.00K $117.0K
YoY Change -45.3% -31.18%
Other Long-Term Liabilities $150.0K $270.0K
YoY Change -44.44% -30.77%
Total Long-Term Liabilities $64.00K $117.0K
YoY Change -45.3% -31.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.460M $2.900M
Total Long-Term Liabilities $64.00K $117.0K
Total Liabilities $3.218M $4.010M
YoY Change -19.75% 2.56%
SHAREHOLDERS EQUITY
Retained Earnings $15.98M $16.86M
YoY Change -5.22% -22.76%
Common Stock $7.517M $7.477M
YoY Change 0.53% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.27M $16.27M
YoY Change 0.0% 0.02%
Treasury Stock Shares 3.841M shares 3.841M shares
Shareholders Equity $7.230M $8.070M
YoY Change
Total Liabilities & Shareholders Equity $10.45M $12.08M
YoY Change -13.51% -28.7%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$266.0K -$391.0K
YoY Change -31.97% -75.08%
Depreciation, Depletion And Amortization $58.00K $59.00K
YoY Change -1.69% -31.4%
Cash From Operating Activities -$15.00K -$250.0K
YoY Change -94.0% -133.33%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $158.0K
YoY Change -87.34% 507.69%
Acquisitions
YoY Change
Other Investing Activities $160.0K $40.00K
YoY Change 300.0% -20.0%
Cash From Investing Activities $135.0K -$120.0K
YoY Change -212.5% -700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.00K 770.0K
YoY Change -104.03% -396.15%
NET CHANGE
Cash From Operating Activities -15.00K -250.0K
Cash From Investing Activities 135.0K -120.0K
Cash From Financing Activities -31.00K 770.0K
Net Change In Cash 89.00K 400.0K
YoY Change -77.75% -21.57%
FREE CASH FLOW
Cash From Operating Activities -$15.00K -$250.0K
Capital Expenditures $20.00K $158.0K
Free Cash Flow -$35.00K -$408.0K
YoY Change -91.42% -156.35%

Facts In Submission

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CY2017Q2 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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. 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 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 adoption of this standard did not 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 adoption of this standard did not 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 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>
CY2017Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2017Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2017Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2017Q2 dei Document Type
DocumentType
10-Q
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2017Q2 dei Entity Central Index Key
EntityCentralIndexKey
0000758743
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-15000
CY2017Q2 dei Trading Symbol
TradingSymbol
VIDE
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6091000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5891000 shares
CY2017Q2 dei Amendment Flag
AmendmentFlag
false
CY2017Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--02-28
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
CY2017Q2 dei Document Period End Date
DocumentPeriodEndDate
2017-05-31
CY2017Q2 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.027 pure
CY2017Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2017Q2 dei Entity Registrant Name
EntityRegistrantName
VIDEO DISPLAY CORP
CY2017Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
200000 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
140000 shares
CY2017Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20000
CY2017Q2 us-gaap Investment Income Net
InvestmentIncomeNet
1000
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3897000
CY2017Q2 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
30000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-526000
CY2017Q2 us-gaap Notes Assumed1
NotesAssumed1
42000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-266000
CY2017Q2 us-gaap Interest Paid
InterestPaid
4000
CY2017Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
114000
CY2017Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-964000
CY2017Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
2000
CY2017Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4000
CY2017Q2 us-gaap Gross Profit
GrossProfit
597000
CY2017Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
444000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
270000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
267000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-266000
CY2017Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-43000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-259000
CY2017Q2 us-gaap Contribution Of Property
ContributionOfProperty
113000
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
58000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7000
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
135000
CY2017Q2 us-gaap Notes Reduction
NotesReduction
42000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
38000
CY2017Q2 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
243000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
880000
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-31000
CY2017Q2 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
103000
CY2017Q2 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
599000
CY2017Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-3000
CY2017Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
89000
CY2017Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
3300000
CY2017Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-419000
CY2017Q2 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-374000
CY2017Q2 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
7000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
1123000
CY2017Q2 vide Earnings Per Share Dilutive Effect Of Stock Options
EarningsPerShareDilutiveEffectOfStockOptions
0
CY2017Q2 vide Earnings Per Share Dilutive Effect Of Stock Options Amount
EarningsPerShareDilutiveEffectOfStockOptionsAmount
0
CY2017Q2 vide Repayment For Marginal Float
RepaymentForMarginalFloat
134000
CY2017Q2 vide Noncash Investing And Financing Activities Imputed Interest Expense
NoncashInvestingAndFinancingActivitiesImputedInterestExpense
16000
CY2017Q2 vide Noncash Investing And Financing Activities Imputed Interest Income
NoncashInvestingAndFinancingActivitiesImputedInterestIncome
16000
CY2017Q2 vide Provision For Inventory Reserves
ProvisionForInventoryReserves
83000
CY2017Q2 vide Number Of Business Merged Under Restructuring Plan
NumberOfBusinessMergedUnderRestructuringPlan
2 Business
CY2017Q2 vide Estimated Cost Savings From Restructuring Plan
EstimatedCostSavingsFromRestructuringPlan
500000

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