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Video Display Corporation Announces 1st Qtr. Fiscal 2014 Results



Video Display Corporation Announces 1st Qtr. Fiscal 2014 Results

  * Revenues:       $12,600,000
  * Gross Profit:    $ 2,350,000
  * Net Income :   ($236,000)
  * EPS                ($0.03)            

ATLANTA, July 16, 2013 (GLOBE NEWSWIRE) -- Video Display Corporation
(Nasdaq:VIDE), a leading innovative American designer, manufacturer and
distributor of specialty high end displays, today released financial results
for its fiscal 2014 first quarter ended May 31, 2013.

Operating results for the first quarterly reporting period were in line, to
slightly less, than Company expectations, and less than the comparative
results of the first quarter of the previous year. Earnings results continued
to be negatively impacted by the start-up expenses of the two new display
divisions, Aydin Visual Solutions and Aydin CyberSecurity, as well as
approximately $180,000 in interest rate penalties being assessed by PNC Bank
on the Company's outstanding line of credit. Revenues, and therefore gross
margins, continued to be negatively impacted by delays in shipments on defense
contracts by our VDC Display Systems division.

Gross margins were substantially impacted, although overall net revenues
remained slightly higher than the comparable period, due to the reduction
higher margin revenues at the Company's Z-Axis Inc subsidiary and an
offsetting increase in revenues of lower margin products at our AVS (Aydin
Visual Solutions) division.

Ron Ordway, CEO, stated: "Based upon our first quarter results, although
slightly less than previously forecast, the Company still remains confident
that per share earnings for this fiscal year will be substantially greater
than the results reported for the previous fiscal year. With our current
backlog of existing orders and the potential contracts currently in the
bidding process, we believe guidance for the current year revenue should be in
the range of $55 million to $60 million resulting in earnings per share in the
range of $0.52 to $0.58 versus $49 million in revenue and negligible earnings
for the previous year."

About Video Display Corporation 

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 rugged AMLCD and CRT displays as well as complete projection
systems utilizing VDC's Marquee™ line of projectors. Video Display Corporation
operates 8 display design and manufacturing plants plus additional sales
facilities throughout the United States and Europe.

This document contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E 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 February 28, 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.

                                            Three Months Ended
                                            May 31,
                                            2013      2012
Net sales                                   $12,600   $12,560
                                                       
Cost of goods sold                          10,250    8,950
                                                       
Gross profit                                2,350     3,610
                                                       
Operating expenses                                     
Selling and delivery                        1,257     1,409
General and administrative                  1,678     2,028
                                            2,935     3,437
                                                       
Operating profit                            (585)     173
                                                       
Other income (expense)                                 
Interest expense                            (363)     (182)
Other, net                                  550       198
                                            187       16
Income from operations before income taxes  (398)     189
                                                       
Income tax expense                          (162)     30
                                                       
Net income                                  $(236)    $159
                                                       
                                                       
Basic earnings per share of common stock    $(.03)    $.02
                                                       
Diluted earnings per share of common stock  $(.03)    $.02
                                                       
                                                       
Basic weighted average shares outstanding   7,584     7,580
                                                       
Diluted weighted average shares outstanding 7,624     7,605

CONTACT: Ronald D. Ordway, Chairman and CEO
         770-938-2080
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