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VIDEO DISPLAY CORPORATION REPORTS THIRD QUARTER RESULTS

 ATLANTA, Jan. 14 /PRNewswire/ -- Video Display Corporation (NASDAQ: VIDE) today reported results for the third quarter and 9-month period ended Nov. 30, 1992.
 Net sales for the quarter rose by 16 percent to $15,588,000 over net sales of $13,384,000 reported for the same quarter last year. Net income was $490,000 or $0.12 per share, compared with net income of $487,000 or $0.12 per share reported in the third fiscal quarter of 1992.
 Net sales for the first nine months of fiscal 1993 rose by 17 percent to $46,943,000 compared with $39,924,000 reported a year ago. Net income increased by 17 percent to $1,720,000 or $0.42 per share compared with $1,466,000 or $0.36 per share reported for the 9-month period last year.
 "The increase in net sales for the quarter is a reflection of Video Display's ability to meet major computer manufacturer and third-party CRT product requirements," said Ronald D. Ordway, chairman and chief executive officer. "We are particularly pleased with the 26 percent increase in sales in the CRT division for the third quarter and 24 percent for the 9 months. The parts division of Video Display, which includes Fox International and Vanco, reported sales growth of 8 percent this past quarter and 11 percent for the nine months." Ordway continued: "Costs associated with the conversion of Video Display's Monterrey, Mexico plant, including the addition of CRT recycling capabilities, were approximately $200,000. These expenses reported in the third quarter were higher than originally anticipated. It is expected that the investment in the Monterrey facility will boost profits by increasing quality control, offering a more efficient source of monochrome data display tubes, generating faster product turnaround time, and reducing product costs."
 Ordway highlighted Vanco's marketing efforts to mass retail merchandisers and specifically complimented its recent program with Home Depot. He said Vanco plans to expand its product line and regional penetration in Home Depot stores which should enable this segment of the company's sales to continue to increase its profit levels.
 Commenting on Fox International, Ordway said: "The increase in sales from Fox International was the result of more demand from its larger national retail accounts and a more favorable outlook on the economy."
 Other items on which Ordway commented included the projection plant in Bossier City, La., where the company has launched a recycling program specifically focusing on CRTs used in large screen projection television sets by a major Japanese company.
 Atlanta-based Video Display Corporation, with CRT (cathode ray tube) recycling and component parts manufacturing facilities in seven U.S. locations, two in Mexico, one in the United Kingdom, and one in India, is the world's leader in its industry. The combination of Fox International and Vanco, divisions of Video Display Corporation, makes this segment of the company one of the largest domestic distributors of consumer electronic parts and accessories.
 VIDEO DISPLAY CORPORATION
 3 mos. ended
 Third quarter 11/30/92 11/30/91
 Net sales $15,558,000 $13,384,000
 Operating profit 1,223,000 1,220,000
 Net income 490,000 487,000
 Net income per share $0.12 $0.12
 Weighted avg. shares outstanding 4,120,000 4,119,000
 9 mos. ended
 11/30/92 11/30/91
 Net sales $46,943,000 $39,924,000
 Operating profit 3,981,000 3,346,000
 Net income 1,720,000 1,466,000
 Net income per share $0.42 $0.36
 Weighted avg. shares outstanding 4,120,000 4,119,000
 NOTE: Results are unaudited and subject to adjustment
 -0- 1/14/93
 /CONTACT: Ronald D. Ordway, chairman and chief executive officer of Video Display, 404-938-2080, or Janice J. Kuntz of A. Brown-Olmstead, 404-659-0919, for Video Display/
 (VIDE)


CO: Video Display Corporation ST: Georgia IN: CPR SU: ERN

RA-BR -- AT010 -- 4807 01/14/93 10:53 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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