Printer Friendly

VIDEO DISPLAY REPORTS THIRD QUARTER RESULTS

 ATLANTA, Jan. 17 /PRNewswire/ -- Video Display Corporation (NASDAQ-NMS: VIDE) reports net profits for the third fiscal quarter ended Nov. 30, 1993 of $178,000 or $0.04 per share vs. a loss of $330,000 or $0.08 per share in the comparable period of fiscal 1993.
 Net income for the first nine months of fiscal 1994 was $878,000 or $0.21 per share vs. $900,000 or $0.22 per share reported for the first nine months of fiscal 1993.
 In addition to reporting improved financial results for the period, company President A.J. Kenerleber expressed confidence in a continuing positive trend due to strength in three areas of the company's business which had previously diminished earnings during initial start up phases: The company's new OEM line of monochrome CRTs marketed under the "GOLDLINE" label has received strong market acceptance, and production of this product in Monterrey, Mexico, is scheduled to be increased by 30%; the company's OEM projection CRT facility in Bossier City, La., current order rate is now above the break even point with negotiations also underway for additional contracts from other Japanese manufacturers of projection TV sets; and, the extensive efforts expended in cooperation with several departments of the U.S. Military in developing cost saving techniques through recycling have resulted in initial awards to the company of contracts in excess of $500,000, with several additional programs on the drawing boards.
 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 11/30/93 11/30/92
 Net sales $13,251,000 $15,558,000
 Operating profit 563,000 1,223,000
 Net income (loss) 178,000 (330,000)
 Net income (loss) per share $ 0.04 $ (0.08)
 Weighted avg. shares outstanding 4,122,000 4,124,000
 9 mos. ended
 11/30/93 11/30/92
 Net sales $40,174,000 $46,943,000
 Operating profit 2,251,000 3,981,000
 Net income 878,000 900,000
 Net income per share $ 0.21 $ 0.22
 Weighted avg. shares outstanding 4,122,000 4,124,000
 NOTE: Results are unaudited and subject to adjustment.
 -0- 1/17/94
 /CONTACT: Ronald D. Ordway, chairman and chief executive officer, Video Display, 404-938-2080/
 (VIDE)


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

BR-BN -- AT003 -- 2447 01/17/94 10:22 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 17, 1994
Words:454
Previous Article:AAMA PRESIDENT/CEO ISSUES STATEMENT IN RESPONSE TO AIMA NEWS CONFERENCE
Next Article:SOUTHERN CALIFORNIA EDISON'S ELECTRIC FLOAT SALUTES WORLD'S BIGGEST SINGLE SPORTING EVENT: 1994 WORLD CUP SOCCER CHAMPIONSHIPS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters