$VIDE
VIDEO DISPLAY CORP

2018 Q2 Form 10-Q Financial Statement

#000119312518218354 Filed on July 16, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $4.021M $3.897M
YoY Change 3.18% 5.04%
Cost Of Revenue $3.025M $3.300M
YoY Change -8.33% 0.18%
Gross Profit $996.0K $597.0K
YoY Change 66.83% 43.51%
Gross Profit Margin 24.77% 15.32%
Selling, General & Admin $1.090M $1.123M
YoY Change -2.94% 5.84%
% of Gross Profit 109.44% 188.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.00K $58.00K
YoY Change 6.9% -1.69%
% of Gross Profit 6.22% 9.72%
Operating Expenses $1.090M $1.123M
YoY Change -2.94% 5.84%
Operating Profit -$94.00K -$526.0K
YoY Change -82.13% -18.45%
Interest Expense -$40.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $148.0K $267.0K
YoY Change -44.57% 1.52%
Pretax Income $54.00K -$259.0K
YoY Change -120.85% -32.2%
Income Tax $7.000K
% Of Pretax Income
Net Earnings $54.00K -$266.0K
YoY Change -120.3% -31.97%
Net Earnings / Revenue 1.34% -6.83%
Basic Earnings Per Share $0.01 -$0.05
Diluted Earnings Per Share $0.01 -$0.05
COMMON SHARES
Basic Shares Outstanding 5.882M 5.891M shares
Diluted Shares Outstanding 6.073M 5.891M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $270.0K $570.0K
YoY Change -52.63% -32.14%
Cash & Equivalents $168.0K $224.0K
Short-Term Investments $100.0K $350.0K
Other Short-Term Assets $80.00K $200.0K
YoY Change -60.0% -95.04%
Inventory $4.457M $5.756M
Prepaid Expenses
Receivables $1.807M $1.810M
Other Receivables $190.0K $180.0K
Total Short-Term Assets $6.807M $8.522M
YoY Change -20.12% -13.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.406M $1.356M
YoY Change 3.69% -3.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $26.00K $26.00K
YoY Change 0.0% -10.34%
Total Long-Term Assets $1.780M $1.926M
YoY Change -7.58% -12.01%
TOTAL ASSETS
Total Short-Term Assets $6.807M $8.522M
Total Long-Term Assets $1.780M $1.926M
Total Assets $8.587M $10.45M
YoY Change -17.81% -13.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.636M $965.0K
YoY Change 69.53% 240.99%
Accrued Expenses $628.0K $847.0K
YoY Change -25.86% 68.73%
Deferred Revenue
YoY Change
Short-Term Debt $60.00K $350.0K
YoY Change -82.86%
Long-Term Debt Due $56.00K $55.00K
YoY Change 1.82% 3.77%
Total Short-Term Liabilities $3.190M $2.460M
YoY Change 29.67% -15.17%
LONG-TERM LIABILITIES
Long-Term Debt $9.000K $64.00K
YoY Change -85.94% -45.3%
Other Long-Term Liabilities $49.00K $150.0K
YoY Change -67.33% -44.44%
Total Long-Term Liabilities $58.00K $64.00K
YoY Change -9.38% -45.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.190M $2.460M
Total Long-Term Liabilities $58.00K $64.00K
Total Liabilities $3.953M $3.218M
YoY Change 22.84% -19.75%
SHAREHOLDERS EQUITY
Retained Earnings $13.36M $15.98M
YoY Change -16.38% -5.22%
Common Stock $7.553M $7.517M
YoY Change 0.48% 0.53%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.28M $16.27M
YoY Change 0.09% 0.0%
Treasury Stock Shares 3.854M shares 3.841M shares
Shareholders Equity $4.634M $7.230M
YoY Change
Total Liabilities & Shareholders Equity $8.587M $10.45M
YoY Change -17.81% -13.51%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $54.00K -$266.0K
YoY Change -120.3% -31.97%
Depreciation, Depletion And Amortization $62.00K $58.00K
YoY Change 6.9% -1.69%
Cash From Operating Activities -$373.0K -$15.00K
YoY Change 2386.67% -94.0%
INVESTING ACTIVITIES
Capital Expenditures $5.000K $20.00K
YoY Change -75.0% -87.34%
Acquisitions
YoY Change
Other Investing Activities $410.0K $160.0K
YoY Change 156.25% 300.0%
Cash From Investing Activities $403.0K $135.0K
YoY Change 198.52% -212.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 57.00K -31.00K
YoY Change -283.87% -104.03%
NET CHANGE
Cash From Operating Activities -373.0K -15.00K
Cash From Investing Activities 403.0K 135.0K
Cash From Financing Activities 57.00K -31.00K
Net Change In Cash 87.00K 89.00K
YoY Change -2.25% -77.75%
FREE CASH FLOW
Cash From Operating Activities -$373.0K -$15.00K
Capital Expenditures $5.000K $20.00K
Free Cash Flow -$378.0K -$35.00K
YoY Change 980.0% -91.42%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> 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%" align="justify">In May, 2014, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2014-09,</font> which created a single, comprehensive revenue recognition model for recognizing revenue from contracts with customers. The standard was effective for interim and annual reporting periods beginning after December&#xA0;15, 2017 and may be adopted either retrospectively or on a modified retrospective basis. ASU <font style="WHITE-SPACE: nowrap">2014-09</font> did not result in a significant change in the judgement or timing associated with the recognition of revenue from the sale of the Company&#x2019;s products or services. The Company adopted ASU <font style="WHITE-SPACE: nowrap">2014-09</font> on March&#xA0;1, 2018. See Note 1 for additional information.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%" align="justify">In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">2016-02,</font> &#x201C;Leases&#x201D;. 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>
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1.12
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2018Q2 dei Entity Registrant Name
EntityRegistrantName
VIDEO DISPLAY CORP
CY2018Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
191000 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5000
CY2018Q2 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
10000
CY2018Q2 us-gaap Investment Income Net
InvestmentIncomeNet
-38000
CY2018Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4021000
CY2018Q2 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
30000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-94000
CY2018Q2 us-gaap Notes Assumed1
NotesAssumed1
46000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
54000
CY2018Q2 us-gaap Interest Paid Net
InterestPaidNet
6000
CY2018Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-45000
CY2018Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1157000
CY2018Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
51000
CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4000
CY2018Q2 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
14000
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-6000
CY2018Q2 us-gaap Increase Decrease In Notes Receivables
IncreaseDecreaseInNotesReceivables
-46000
CY2018Q2 us-gaap Gross Profit
GrossProfit
996000
CY2018Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
201000
CY2018Q2 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
46000
CY2018Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
906000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
192000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
148000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
54000
CY2018Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
14000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
54000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
62000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Notes Reduction
NotesReduction
46000
CY2018Q2 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
166000
CY2018Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
357000
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
4000
CY2018Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
237000
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
249000
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
841000
CY2018Q2 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
31000
CY2018Q2 us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
1148000
CY2018Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
13000
CY2018Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
10000
CY2018Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
87000
CY2018Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
3025000
CY2018Q2 us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
225000
CY2018Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
571000
CY2018Q2 us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-177000
CY2018Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
177000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
1090000
CY2018Q2 vide Earnings Per Share Dilutive Effect Of Stock Options
EarningsPerShareDilutiveEffectOfStockOptions
0
CY2018Q2 vide Earnings Per Share Dilutive Effect Of Stock Options Amount
EarningsPerShareDilutiveEffectOfStockOptionsAmount
0
CY2018Q2 vide Noncash Investing And Financing Activities Imputed Interest Expense
NoncashInvestingAndFinancingActivitiesImputedInterestExpense
13000
CY2018Q2 vide Noncash Investing And Financing Activities Imputed Interest Income
NoncashInvestingAndFinancingActivitiesImputedInterestIncome
13000
CY2018Q2 vide Proceeds From Payments For Marginal Float
ProceedsFromPaymentsForMarginalFloat
-106000
CY2018Q2 vide Provision For Inventory Reserves
ProvisionForInventoryReserves
82000
CY2018Q2 vide Number Of Business Merged Under Restructuring Plan
NumberOfBusinessMergedUnderRestructuringPlan
2 Business

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0001193125-18-218354.txt Edgar Link pending
0001193125-18-218354-xbrl.zip Edgar Link pending
d832456d10q.htm Edgar Link pending
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vide-20180531.xml Edgar Link completed
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vide-20180531_def.xml Edgar Link unprocessable
vide-20180531_lab.xml Edgar Link unprocessable
vide-20180531_pre.xml Edgar Link unprocessable