$VIDE
VIDEO DISPLAY CORP

2017 Q4 Form 10-Q Financial Statement

#000119312518011279 Filed on January 16, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $1.666M $5.299M
YoY Change -68.56% 39.12%
Cost Of Revenue $1.810M $4.402M
YoY Change -58.88% 55.6%
Gross Profit -$144.0K $898.0K
YoY Change -116.04% -465.04%
Gross Profit Margin -8.64% 16.95%
Selling, General & Admin $1.119M $1.014M
YoY Change 10.36% -32.62%
% of Gross Profit 112.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $60.00K
YoY Change 0.0% -25.0%
% of Gross Profit 6.68%
Operating Expenses $1.119M $1.014M
YoY Change 10.36% -32.62%
Operating Profit -$1.263M -$116.0K
YoY Change 988.79% -94.04%
Interest Expense $0.00 $30.00K
YoY Change -100.0% -121.43%
% of Operating Profit
Other Income/Expense, Net $55.00K $72.00K
YoY Change -23.61% 227.27%
Pretax Income -$1.208M -$44.00K
YoY Change 2645.45% -97.87%
Income Tax -$5.000K $1.000K
% Of Pretax Income
Net Earnings -$1.203M -$45.00K
YoY Change 2573.33% -97.9%
Net Earnings / Revenue -72.21% -0.85%
Basic Earnings Per Share -$0.20 -$0.01
Diluted Earnings Per Share -$0.20 -$0.01
COMMON SHARES
Basic Shares Outstanding 5.891M shares 5.891M shares
Diluted Shares Outstanding 5.891M shares 5.891M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $390.0K $400.0K
YoY Change -2.5% -62.26%
Cash & Equivalents $115.0K $236.0K
Short-Term Investments $270.0K $360.0K
Other Short-Term Assets $80.00K $3.800M
YoY Change -97.89% 17.65%
Inventory $5.555M $4.268M
Prepaid Expenses
Receivables $597.0K $1.767M
Other Receivables $180.0K $170.0K
Total Short-Term Assets $6.803M $10.41M
YoY Change -34.62% -5.02%
LONG-TERM ASSETS
Property, Plant & Equipment $1.492M $1.328M
YoY Change 12.35% 3.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $380.0K
YoY Change
Other Assets $26.00K $23.00K
YoY Change 13.04% -20.69%
Total Long-Term Assets $2.341M $2.014M
YoY Change 16.24% -14.44%
TOTAL ASSETS
Total Short-Term Assets $6.803M $10.41M
Total Long-Term Assets $2.341M $2.014M
Total Assets $9.144M $12.42M
YoY Change -26.38% -6.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.010M $676.0K
YoY Change 49.41% 2.58%
Accrued Expenses $815.0K $503.0K
YoY Change 62.03% -13.13%
Deferred Revenue
YoY Change
Short-Term Debt $470.0K $0.00
YoY Change
Long-Term Debt Due $56.00K $54.00K
YoY Change 3.7% 3.85%
Total Short-Term Liabilities $2.744M $3.835M
YoY Change -28.45% 15.97%
LONG-TERM LIABILITIES
Long-Term Debt $36.00K $91.00K
YoY Change -60.44% -36.81%
Other Long-Term Liabilities $90.00K $210.0K
YoY Change -57.14% -36.36%
Total Long-Term Liabilities $36.00K $91.00K
YoY Change -60.44% -36.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.744M $3.835M
Total Long-Term Liabilities $36.00K $91.00K
Total Liabilities $3.318M $4.771M
YoY Change -30.45% 26.18%
SHAREHOLDERS EQUITY
Retained Earnings $14.56M $16.44M
YoY Change -11.44% -10.3%
Common Stock $7.537M $7.479M
YoY Change 0.78% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.27M $16.27M
YoY Change 0.0% 0.0%
Treasury Stock Shares 3.841M shares 3.841M shares
Shareholders Equity $5.826M $7.649M
YoY Change
Total Liabilities & Shareholders Equity $9.144M $12.42M
YoY Change -26.38% -6.69%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income -$1.203M -$45.00K
YoY Change 2573.33% -97.9%
Depreciation, Depletion And Amortization $60.00K $60.00K
YoY Change 0.0% -25.0%
Cash From Operating Activities -$510.0K -$160.0K
YoY Change 218.75% 100.0%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$50.00K
YoY Change 20.0% 25.0%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$20.00K
YoY Change 900.0% -105.71%
Cash From Investing Activities -$240.0K -$70.00K
YoY Change 242.86% -122.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 670.0K -30.00K
YoY Change -2333.33% -92.11%
NET CHANGE
Cash From Operating Activities -510.0K -160.0K
Cash From Investing Activities -240.0K -70.00K
Cash From Financing Activities 670.0K -30.00K
Net Change In Cash -80.00K -260.0K
YoY Change -69.23% 73.33%
FREE CASH FLOW
Cash From Operating Activities -$510.0K -$160.0K
Capital Expenditures -$60.00K -$50.00K
Free Cash Flow -$450.0K -$110.0K
YoY Change 309.09% 175.0%

Facts In Submission

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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) <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. 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 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&#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 <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 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 <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
2018
dei Document Type
DocumentType
10-Q
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5891000 shares
dei Entity Central Index Key
EntityCentralIndexKey
0000758743
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
684000
dei Trading Symbol
TradingSymbol
VIDE
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--02-28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
dei Document Period End Date
DocumentPeriodEndDate
2017-11-30
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
dei Entity Registrant Name
EntityRegistrantName
VIDEO DISPLAY CORP
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
130000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-7000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
1805000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
654000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
644000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
140000 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
396000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
200000
us-gaap Investment Income Net
InvestmentIncomeNet
2000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8725000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
90000
us-gaap Operating Income Loss
OperatingIncomeLoss
-2334000
us-gaap Notes Assumed1
NotesAssumed1
130000
us-gaap Net Income Loss
NetIncomeLoss
-1690000
us-gaap Interest Paid
InterestPaid
13000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-290000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2181000
us-gaap Gain Loss On Investments
GainLossOnInvestments
-2000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
58000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-12000
us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
-130000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
23000
us-gaap Gross Profit
GrossProfit
931000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1690000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-167000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1690000
us-gaap Contribution Of Property
ContributionOfProperty
113000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
175000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1224000
us-gaap Notes Reduction
NotesReduction
130000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
100000
us-gaap Share Based Compensation
ShareBasedCompensation
58000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
719000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2546000
CY2016Q4 us-gaap Investment Income Net
InvestmentIncomeNet
31000
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5300000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
520000
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
197000
us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
1552000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-7000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-20000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
7794000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-417000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-315000
us-gaap Operating Expenses
OperatingExpenses
3265000
vide Earnings Per Share Dilutive Effect Of Stock Options
EarningsPerShareDilutiveEffectOfStockOptions
0
vide Earnings Per Share Dilutive Effect Of Stock Options Amount
EarningsPerShareDilutiveEffectOfStockOptionsAmount
0
vide Noncash Investing And Financing Activities Imputed Interest Expense
NoncashInvestingAndFinancingActivitiesImputedInterestExpense
48000
vide Noncash Investing And Financing Activities Imputed Interest Income
NoncashInvestingAndFinancingActivitiesImputedInterestIncome
48000
vide Proceeds From Payments For Marginal Float
ProceedsFromPaymentsForMarginalFloat
353000
vide Provision For Inventory Reserves
ProvisionForInventoryReserves
193000
vide Payments To Acquire Minority Interest
PaymentsToAcquireMinorityInterest
375000
vide Number Of Business Merged Under Restructuring Plan
NumberOfBusinessMergedUnderRestructuringPlan
2 Business
vide Estimated Cost Savings From Restructuring Plan
EstimatedCostSavingsFromRestructuringPlan
500000
vide Increase Decrease In Revenue Backlog Current
IncreaseDecreaseInRevenueBacklogCurrent
8000000
CY2017 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.02 pure
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5891000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5891000 shares
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2016Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-116000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
-45000
CY2016Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-3000
CY2016Q4 us-gaap Gross Profit
GrossProfit
898000
CY2016Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
44000
CY2016Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
72000
CY2016Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-45000
CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-44000
CY2016Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000
CY2016Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
254000
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
1014000
CY2016Q4 vide Earnings Per Share Dilutive Effect Of Stock Options
EarningsPerShareDilutiveEffectOfStockOptions
0
CY2016Q4 vide Earnings Per Share Dilutive Effect Of Stock Options Amount
EarningsPerShareDilutiveEffectOfStockOptionsAmount
0
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5891000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5891000 shares
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2017Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2017Q4 us-gaap Investment Income Net
InvestmentIncomeNet
8000
CY2017Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1666000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-1263000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-1203000
CY2017Q4 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4000
CY2017Q4 us-gaap Gross Profit
GrossProfit
-144000
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
51000
CY2017Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
55000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1203000
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1208000
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-5000
CY2017Q4 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
250000
CY2017Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
869000
CY2017Q4 us-gaap Cost Of Goods Sold
CostOfGoodsSold
1810000
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
1119000
CY2017Q4 vide Earnings Per Share Dilutive Effect Of Stock Options
EarningsPerShareDilutiveEffectOfStockOptions
0
CY2017Q4 vide Earnings Per Share Dilutive Effect Of Stock Options Amount
EarningsPerShareDilutiveEffectOfStockOptionsAmount
0

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