VIDEO DISPLAY CORPORATION REPORTS RECORD FIRST QUARTER SALES; ANNOUNCES ANNUAL MEETING DATE
VIDEO DISPLAY CORPORATION REPORTS RECORD FIRST QUARTER SALES; ANNOUNCES ANNUAL MEETING DATE ATLANTA, July 15 /PRNewswire/ -- Video Display Corporation (NASDAQ: VIDE), a leading international supplier of remanufactured CRTs and consumer electronics parts and accessories distributor, announced record first quarter sales and increased net income. Consolidated net sales for the three months ended May 31 were $15,901,000, a 21 percent increase vs. $13,094,000 for the same period a year ago. CRT division sales were up 23 percent to $8,224,000 over prior-year first quarter sales of $6,664,000. Similarly, sales of the company's electronics parts and accessories division rose 19 percent to $7,677,000 over fiscal 1992 first quarter sales of $6,430,000. Net income was $612,000, a 28 percent increase over the $479,000 reported the first quarter of fiscal 1992. Earnings per share for the first fiscal quarter of 1993 were $0.15 per share compared with $0.12 per share reported a year ago. Ronald D. Ordway, chairman and chief executive officer of Video Display Corporation, said: "We are pleased to report increased earnings and record sales for the first quarter of fiscal 1993. The strategies we have implemented and the goals we have internally established should assist us in providing consistent results during the remainder of fiscal 1993." Focusing on the company's respective divisions, Ordway said: "The increase in data display sales continues to fuel overall growth of the company's CRT division. The increased demand for high resolution color replacement CRTs, coupled by the company's ability to offer an environmentally friendly solution to monitor repair organizations, allows us to forecast that this segment of the business will continue to significantly contribute to our financial results."
Ordway continued, "Shipments of recycled CRTs from the company's facility in Mexico began in June and now offers Video Display's customers the choice of recycled CRTs or new tubes for their OEM and replacement requirements."
Commenting on the company's consumer electronic parts and accessories divisions, Ordway said: "Fox International and Vanco have continued to increase market share to include highly recognized national retail chains. Although sales to these markets are at lower gross margins than individual consumer sales, increased volume should offset margin pressure associated with sales to the larger retail market. Furthermore, this division's centralization program is becoming more efficient and should assist in regaining higher operating profits historically provided by this division." In addition to announcing first quarter results, the company's annual meeting date has been set for Friday, Aug. 21. The meeting will begin at 9 a.m. at the Northlake Holiday Inn, 4156 LaVista Road in Atlanta. Atlanta-based Video Display Corporation, with CRT remanufacturing 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 5/31/92 5/31/91 Net sales $15,901,000 $13,094,000 Operating profit 1,323,000 1,083,000 Net income 612,000 479,000 Earnings per share $0.15 $0.12 Wtd. avg. shares outstanding 4,134,000 4,127,000 NOTE: Results are unaudited and subject to adjustment. -0- 7/15/92 /CONTACT: Ronald D. Ordway, chairman and chief executive officer of Video Display, 404-938-2080, or Janice J. Kuntz of A. Brown-Olmstead Associates, 404-659-0919, for Video Display/ (VIDE) CO: Video Display Corporation ST: Georgia IN: CPR SU: ERN DIV
BN-EA -- AT012 -- 9687 07/15/92 15:56 EDT
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|Date:||Jul 15, 1992|
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