$VIDE
VIDEO DISPLAY CORP

2018 Q3 Form 10-Q Financial Statement

#000119312518299036 Filed on October 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $3.321M $3.161M
YoY Change 5.06% -12.97%
Cost Of Revenue $2.442M $2.683M
YoY Change -8.98% -11.8%
Gross Profit $879.0K $478.0K
YoY Change 83.89% -18.98%
Gross Profit Margin 26.47% 15.12%
Selling, General & Admin $1.041M $1.023M
YoY Change 1.76% -6.58%
% of Gross Profit 118.43% 214.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $60.00K
YoY Change 33.33% 0.0%
% of Gross Profit 9.1% 12.55%
Operating Expenses $1.041M $1.023M
YoY Change 1.76% -6.58%
Operating Profit -$162.0K -$545.0K
YoY Change -70.28% 7.92%
Interest Expense $100.0K -$10.00K
YoY Change -1100.0% -107.14%
% of Operating Profit
Other Income/Expense, Net $156.0K $322.0K
YoY Change -51.55% 145.8%
Pretax Income -$6.000K -$223.0K
YoY Change -97.31% -40.37%
Income Tax -$2.000K
% Of Pretax Income
Net Earnings -$6.000K -$221.0K
YoY Change -97.29% -41.53%
Net Earnings / Revenue -0.18% -6.99%
Basic Earnings Per Share $0.00 -$0.04
Diluted Earnings Per Share $0.00 -$0.04
COMMON SHARES
Basic Shares Outstanding 5.880M 5.891M shares
Diluted Shares Outstanding 5.880M 5.891M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.0K $570.0K
YoY Change -73.68% -26.92%
Cash & Equivalents $13.00K $205.0K
Short-Term Investments $140.0K $360.0K
Other Short-Term Assets $60.00K $170.0K
YoY Change -64.71% -96.39%
Inventory $4.357M $4.659M
Prepaid Expenses
Receivables $1.777M $1.625M
Other Receivables $200.0K $180.0K
Total Short-Term Assets $6.585M $7.208M
YoY Change -8.64% -39.73%
LONG-TERM ASSETS
Property, Plant & Equipment $1.343M $1.506M
YoY Change -10.82% 12.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $500.0K
YoY Change -100.0%
Other Assets $6.000K $26.00K
YoY Change -76.92% 8.33%
Total Long-Term Assets $1.645M $2.528M
YoY Change -34.93% 21.89%
TOTAL ASSETS
Total Short-Term Assets $6.585M $7.208M
Total Long-Term Assets $1.645M $2.528M
Total Assets $8.230M $9.736M
YoY Change -15.47% -30.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.522M $584.0K
YoY Change 160.62% -64.58%
Accrued Expenses $357.0K $807.0K
YoY Change -55.76% 61.72%
Deferred Revenue
YoY Change
Short-Term Debt $410.0K $300.0K
YoY Change 36.67%
Long-Term Debt Due $51.00K $55.00K
YoY Change -7.27% 3.77%
Total Short-Term Liabilities $2.968M $2.051M
YoY Change 44.71% -61.43%
LONG-TERM LIABILITIES
Long-Term Debt $580.0K $50.00K
YoY Change 1060.0% -51.92%
Other Long-Term Liabilities $45.00K $120.0K
YoY Change -62.5% -50.0%
Total Long-Term Liabilities $45.00K $50.00K
YoY Change -10.0% -51.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.968M $2.051M
Total Long-Term Liabilities $45.00K $50.00K
Total Liabilities $3.596M $2.717M
YoY Change 32.35% -57.15%
SHAREHOLDERS EQUITY
Retained Earnings $13.36M $15.76M
YoY Change -15.24% -4.39%
Common Stock $7.558M $7.527M
YoY Change 0.41% 0.66%
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 $7.019M
YoY Change
Total Liabilities & Shareholders Equity $8.230M $9.736M
YoY Change -15.47% -30.63%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$6.000K -$221.0K
YoY Change -97.29% -41.53%
Depreciation, Depletion And Amortization $80.00K $60.00K
YoY Change 33.33% 0.0%
Cash From Operating Activities -$370.0K $980.0K
YoY Change -137.76% -327.91%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$320.0K
YoY Change -96.88% -3300.0%
Acquisitions
YoY Change
Other Investing Activities -$60.00K -$690.0K
YoY Change -91.3% -531.25%
Cash From Investing Activities -$60.00K -$1.020M
YoY Change -94.12% -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 280.0K 10.00K
YoY Change 2700.0% -104.17%
NET CHANGE
Cash From Operating Activities -370.0K 980.0K
Cash From Investing Activities -60.00K -1.020M
Cash From Financing Activities 280.0K 10.00K
Net Change In Cash -150.0K -30.00K
YoY Change 400.0% -94.0%
FREE CASH FLOW
Cash From Operating Activities -$370.0K $980.0K
Capital Expenditures -$10.00K -$320.0K
Free Cash Flow -$360.0K $1.300M
YoY Change -127.69% -395.45%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Note 4. &#x2013; Recent Accounting Pronouncements</p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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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-93000
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-14000
us-gaap Inventory Write Down
InventoryWriteDown
165000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-11000
us-gaap Increase Decrease In Billing In Excess Of Cost Of Earnings
IncreaseDecreaseInBillingInExcessOfCostOfEarnings
-41000
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-112000
us-gaap Gain Loss On Investments
GainLossOnInvestments
60000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1692000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
49000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-27000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1113000
us-gaap Notes Reduction
NotesReduction
94000
us-gaap Operating Expenses
OperatingExpenses
2130000
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Interest rate of LIBOR plus 3.75%
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
619000
us-gaap Investment Income Net
InvestmentIncomeNet
70000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-857000
us-gaap Net Income Loss
NetIncomeLoss
49000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
3000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
248000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
451000
us-gaap Proceeds From Sale Of Investment Projects
ProceedsFromSaleOfInvestmentProjects
1168000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
438000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
267000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
94000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7342000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
60000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
8858 shares
us-gaap Share Based Compensation
ShareBasedCompensation
9000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
200000 shares
dei Trading Symbol
TradingSymbol
VIDE
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6080000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5880000 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
1.12
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
10000
vide Proceeds From Repayments Of Long Term Lines Of Credit
ProceedsFromRepaymentsOfLongTermLinesOfCredit
-27000
vide Noncash Investing And Financing Activities Imputed Interest Expense
NoncashInvestingAndFinancingActivitiesImputedInterestExpense
25000
vide Proceeds From Payments For Marginal Float
ProceedsFromPaymentsForMarginalFloat
-96000
vide Noncash Investing And Financing Activities Imputed Interest Income
NoncashInvestingAndFinancingActivitiesImputedInterestIncome
25000
vide Number Of Business Merged Under Restructuring Plan
NumberOfBusinessMergedUnderRestructuringPlan
2 Business
CY2018 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0375 pure
CY2017Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2683000
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2017Q3 us-gaap Gross Profit
GrossProfit
478000
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
797000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-223000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2000
CY2017Q3 us-gaap Investment Income Net
InvestmentIncomeNet
-7000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
322000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
1023000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-221000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
333000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-545000
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
226000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3161000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5891000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5891000 shares
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2442000
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2018Q3 us-gaap Gross Profit
GrossProfit
879000
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-8000
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
851000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6000
CY2018Q3 us-gaap Investment Income Net
InvestmentIncomeNet
108000
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
156000
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
1041000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-6000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
56000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-162000
CY2018Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
190000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3321000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5880000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5880000 shares

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0001193125-18-299036.txt Edgar Link pending
0001193125-18-299036-xbrl.zip Edgar Link pending
d613912d10q.htm Edgar Link pending
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