Video Display Corp. Reports Results for 2013 Fiscal Year

Video Display Corp. Reports Results for 2013 Fiscal Year

  oFull Year Earnings Decreased by 99.8%
  oFull Year Revenues Decreased by 23.6%
  oOutstanding Shares Reduced by 2.3%
  oGuides to Rebound in Revenues and Profits for Fiscal 2014

ATLANTA, May 29, 2013 (GLOBE NEWSWIRE) -- Video Display Corporation
(Nasdaq:VIDE) today reported financial results from continuing operations for
fiscal year 2013 fourth quarter and full year as follows:

February 28, 2013 Fiscal Year 2013      2012      $ Change  % Change
Net Revenue                   $49,103 $64,231 (15,128) (23.6%)
Gross Profit                  12,914   19,945   (7,031)  (35.3%)
Operating Expenses            12,725   13,922   (1,197)  (8.6%)
Net Profit after Tax          8        3,577    (3,569)  (99.8%)
Earnings per Share .          $0.00   $0.46   ($0.46)  (100.0%)
Fully Diluted O/S Shares      7,623    7,802    (179)    (2.3%)
                                                        
4th Quarter 2/28/2013         2013      2012      $ Change  % Change
Net Revenues                  $11,551 $14,629 (3,078)  (21.0%)
Gross Profit                  2,520    4,031    (1,511)  (37.5%)
Operating Expenses            2,019    3,558    (539)    (15.1%)
Net Profit after Tax          (442)    80       (522)    (652.5%)
Earnings per Share            ($0.06) $0.01   ($0.07)  (700.0%)
Fully diluted O/S Shares      7,623    7,802    (179)    (2.3%)

Company CEO, Ron Ordway, stated, "The Company's fiscal year ended February
2013 results reflected the continuation of major defense programs being
delayed and shifted to the right for awards and deliveries against existing
contracts. Revenues were also affected by the reduction in shipments on a
major contract in medical power supplies from our Z-Axis, Inc.
subsidiary.Although shipments continue to the medical manufacturer, the
expected requirements for the supply are expected to run at reduced rates now
that the initial backlog has been filled. As we experienced a significant
reduction in revenues of nearly 24%, the Company's gross profit margins for
the 2013 fiscal year shrank from 31.0% to 26.3%, a decrease of 35.3% year over
year.This gross profit margin contraction generated a 99.8% decrease in
aftertax earnings."

Outlook

Ordway added, "As we look forward to fiscal 2014, we continue to see
opportunities for growth in our markets for military, medical, commercial and
industrial displays.Based upon the current level of order booking for orders
deliverable in fiscal 2014 and beyond, I believe that VDC's revenues for
fiscal 2014 will show significant improvement over those reported for fiscal
2013.Currently the Company has outstanding contract bids in excess of $250
million of potential contract wins in which it has a strong possibility of
success. Many of these bids are for multiyear contracts which, if won, will
ensure a solid base of business for 2014 and a number of future years as well.

"Subsequent to fiscal 2013 year end, the Company has closed its projection
tube manufacturing operations in Bossier City, LA and has succeeded in selling
the facilities as well. Not only has this allowed the Company to reduce fixed
term debt and reduce interest costs, it also eliminates an operation which has
been a constant drag on earnings for several years."

Ordway further stated, "As we continue to eliminate our non-core assets and
the Company becomes a "pure play" in providing our selected military, medical,
commercial and industrial markets with high end specialty displays and
assemblies, we expect to return to expanding profit margins on the remaining
product lines.Based upon achieving our projected revenue goals in excess of
$60 million and expanded margins for fiscal 2014, we expect to see a return to
a much higher level of annual profitability in a range of $0.52 - $0.60 per
share, versus the breakeven results in fiscal 2013, on approximately 7.5
million shares outstanding for the 2014 fiscal year.The quarterly per share
results of the fiscal 2014 annual earnings are expected to be distributed on
the basis of 5% - 25% - 35% - 35% in the first through the fourth quarters
based upon current backlog delivery schedules and anticipated ordering
patterns."

Video Display Corporation designs, develops and manufactures unique solutions
for display requirements for military, medical and industrial use with
emphasis on high end training and simulation applications. Its product
offerings include ruggedized AMLCD and CRT displays as well as complete
projection systems utilizing VDC's Marquee™ and ESCP line of projectors. Video
Display Corporation operates six display design and manufacturing plants with
additional sales facilities throughout the United States and Europe. For more
information, visit the Company's web site at www.videodisplay.com.

This document contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933, as amended, and Section21E of the
Securities Exchange Act of 1934, as amended. In addition, from time to time,
Video Display Corporation or its representatives have made or may make
forward-looking statements, orally or in writing. Such forward-looking
statements may be included in, but are not limited to, various filings made by
the Company with the Securities and Exchange Commission, press releases or
oral statements made with the approval of an authorized executive officer of
the Company. Actual results could differ materially from those projected or
suggested in any forward-looking statements as a result of a wide variety of
factors and conditions, including items discussed in the Company's Form 10-K
for the year ended February28, 2013, filed with the Securities and Exchange
Commission. The Company undertakes no duty to publicly update forward-looking
statements, whether as a result of new information, future events or
otherwise.

CONTACT: Video Display Corporation, Atlanta
         Ronald D. Ordway, CEO and Chairman
         770-938-2080
 
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