![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Video Display Corporation (PK) | USOTC:VIDE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.05 | 1.05 | 1.10 | 0.00 | 13:07:05 |
☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
58-1217564 | ||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Common Stock, no par value |
VIDE |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
ITEM 1 |
– FINANCIAL STATEMENTS |
August 31, |
February 28, |
|||||||
2022 |
2022 |
|||||||
(unaudited) |
||||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ |
241 |
$ | 245 | ||||
Accounts receivable, less allowance for doubtful accounts of $3 and $3 |
936 |
390 | ||||||
Employee retention credit refund receivable |
463 |
796 | ||||||
Inventories, net |
2,886 |
3,342 | ||||||
Contract assets |
1,263 |
444 | ||||||
Prepaid expenses and other current assets |
140 |
297 | ||||||
|
|
|
|
|||||
Total current assets |
5,929 |
5,514 | ||||||
|
|
|
|
|||||
Property, plant, and equipment |
||||||||
Buildings |
778 |
778 | ||||||
Machinery and equipment |
5,378 |
5,359 | ||||||
|
|
|
|
|||||
6,156 |
6,137 | |||||||
Accumulated depreciation |
(5,370 |
) |
(5,247 | ) | ||||
|
|
|
|
|||||
Net property, plant, and equipment |
786 |
890 | ||||||
Right of use assets under operating leases |
722 |
592 | ||||||
Intangible assets, net |
54 |
118 | ||||||
Other noncurrent assets |
2 |
2 | ||||||
|
|
|
|
|||||
Total assets |
$ |
7,493 |
$ | 7,116 | ||||
|
|
|
|
August 31, |
February 28, |
|||||||
2022 |
2022 |
|||||||
(unaudited) |
||||||||
Liabilities and Shareholders’ Equity |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ |
1,406 |
$ | 1,465 | ||||
Accrued liabilities |
957 |
855 | ||||||
Contract liabilities |
1,921 |
1,872 | ||||||
Note payable to officers and directors, current (Note 6) |
884 |
458 | ||||||
Current maturities of financing lease obligations |
98 |
98 | ||||||
Current operating lease liabilities |
469 |
257 | ||||||
|
|
|
|
|||||
Total current liabilities |
5,735 |
5,005 | ||||||
Finance lease obligations less current maturities |
21 |
64 | ||||||
Long-term operating lease liabilities |
253 |
333 | ||||||
|
|
|
|
|||||
Total liabilities |
6,009 |
5,402 | ||||||
|
|
|
|
|||||
Shareholders’ Equity |
||||||||
Preferred stock, no par value - 10,000 shares authorized; none issued and outstanding |
— |
— | ||||||
Common stock, no par value - 50,000 shares authorized; 9,732 issued and 5,878 outstanding at August 31, 2022, and February |
7,293 |
7,293 | ||||||
Additional paid-in capital |
281 |
281 | ||||||
Retained earnings |
10,192 |
10,422 | ||||||
Treasury stock, shares at cost; 3,854 at August 31, 2022 and February 28, 2022 |
(16,282 |
) |
(16,282 | ) | ||||
|
|
|
|
|||||
Total shareholders’ equity |
1,484 |
1,714 | ||||||
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ |
7,493 |
$ | 7,116 | ||||
|
|
|
|
Three Months Ended August 31, |
Six Months Ended August 31, |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net sales |
$ |
1,966 |
$ | 1,904 | $ |
4,807 |
$ | 3,761 | ||||||||
Cost of goods sold |
1,454 |
1,853 | 3,588 |
3,343 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
512 |
51 | 1,219 |
418 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating expenses |
||||||||||||||||
Selling and delivery |
131 |
123 | 280 |
282 | ||||||||||||
General and administrative |
847 |
903 | 1,713 |
1,895 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
978 |
1,026 | 1,993 |
2,177 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating loss |
(466 |
) |
(975 | ) | (774 |
) |
(1,759 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other income (expense) |
||||||||||||||||
Interest income (expense), net |
(4 |
) |
(4 | ) | (9 |
) |
(14 | ) | ||||||||
Gain on sale of equipment, net |
— |
— | 3 |
— | ||||||||||||
Gain on extinguishment of PPP loans |
— |
1,084 | — |
1,084 | ||||||||||||
Other, net |
535 |
59 | 550 |
108 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
531 |
1,139 | 544 |
1,178 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income (loss) before income taxes |
65 |
164 | (230 |
) |
(581 | ) | ||||||||||
Income tax expense |
— |
— | — |
— | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
$ |
65 |
$ | 164 | $ |
(230 |
) |
$ | (581 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) per share - basic |
$ |
0.01 |
$ | 0.03 | $ |
(0.04 |
) |
$ | (0.10 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) per share - diluted |
$ |
0.01 |
$ | 0.03 | $ |
(0.04 |
) |
$ | (0.10 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Basic weighted average shares outstanding |
5,878 |
5,878 | 5,878 |
5,878 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted weighted average shares outstanding |
6,078 |
6,078 | 5,878 |
5,878 | ||||||||||||
|
|
|
|
|
|
|
|
Common Shares* |
Share Amount |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Total Shareholders’ Equity |
|||||||||||||||||||
For the Three Months Ended August 31, 2022 |
||||||||||||||||||||||||
Balance, May 31, 2022 (unaudited) |
5,878 | $ | 7,293 | $ | 281 | $ | 10,127 | $ | (16,282 | ) | $ | 1,419 | ||||||||||||
Net income |
— | — | — | 65 | — | 65 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, August 31, 2022 (unaudited) |
5,878 | $ | 7,293 | $ | 281 | $ | 10,192 | $ | (16,282 | ) | $ | 1,484 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
For the Six Months Ended August 31, 2022 |
||||||||||||||||||||||||
Balance, February 28, 2022 (audited) |
5,878 | $ | 7,293 | $ | 281 | $ | 10,422 | $ | (16,282 | ) | $ | 1,714 | ||||||||||||
Net loss |
— | — | — | (230 | ) | — | (230 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, August 31, 2022 (unaudited) |
5,878 | $ | 7,293 | $ | 281 | $ | 10,192 | $ | (16,282 | ) | $ | 1,484 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
For the Three Months Ended August 31, 2021 |
||||||||||||||||||||||||
Balance, May 31, 2021 (unaudited) |
5,878 | $ | 7,293 | $ | 281 | $ | 12,237 | $ | (16,282 | ) | $ | 3,529 | ||||||||||||
Net income |
— | — | — | 164 | — | 164 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, August 31, 2021 (unaudited) |
5,878 | $ | 7,293 | $ | 281 | $ | 12,401 | $ | (16,282 | ) | $ | 3,693 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
For the Six Months Ended August 31, 2021 |
||||||||||||||||||||||||
Balance, February 28, 2021 (audited) |
5,878 | $ | 7,293 | $ | 281 | $ | 12,982 | $ | (16,282 | ) | $ | 4,274 | ||||||||||||
Net loss |
— | — | — | (581 | ) | — | (581 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, August 31, 2021 (unaudited) |
5,878 | $ | 7,293 | $ | 281 | $ | 12,401 | $ | (16,282 | ) | $ | 3,693 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
* | Common shares are shown net of Treasury Shares |
Six Months Ended August 31, |
||||||||
2022 |
2021 |
|||||||
Operating Activities |
||||||||
Net loss |
$ |
(230 |
) |
$ | (581 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
||||||||
Depreciation expense |
117 |
131 | ||||||
Amortization of intangible assets |
64 |
65 | ||||||
Provision for doubtful accounts |
— |
2 | ||||||
Provision for inventory reserve |
— |
(96 | ) | |||||
Gain on disposal of equipment |
(3 |
) |
— | |||||
Gain on extinguishment of PPP loans |
— |
(1,084 | ) | |||||
Other |
11 |
7 | ||||||
Changes in working capital items: |
||||||||
Accounts receivable |
(546 |
) |
144 | |||||
Inventories |
456 |
483 | ||||||
Prepaid expenses and other assets |
157 |
33 | ||||||
Contract assets |
(819 |
) |
538 | |||||
Employee retention credit refund receivable |
333 |
— | ||||||
Contract liabilities |
49 |
(4 | ) | |||||
Accounts payable and accrued liabilities |
43 |
178 | ||||||
|
|
|
|
|||||
Net cash provided by (used in) operating activities |
(368 |
) |
(184 | ) | ||||
|
|
|
|
|||||
Investing Activities |
||||||||
Capital expenditures |
(13 |
) |
(47 | ) | ||||
Proceeds from sale of equipment |
3 |
— | ||||||
|
|
|
|
|||||
Net cash provided by (used in) investing activities |
(10 |
) |
(47 | ) | ||||
|
|
|
|
|||||
Financing Activities |
||||||||
Repayments of long-term debt |
— |
(29 | ) | |||||
Repayments on lease financing |
(52 |
) |
(38 | ) | ||||
Proceeds from loans with officers and directors |
426 |
250 | ||||||
|
|
|
|
|||||
Net cash provided by (used in) financing activities |
374 |
183 | ||||||
|
|
|
|
|||||
Net change in cash and cash equivalents |
(4 |
) |
(48 | ) | ||||
Cash and cash equivalents, beginning of year |
245 |
293 | ||||||
|
|
|
|
|||||
Cash and cash equivalents, end of period |
$ |
241 |
$ | 245 | ||||
|
|
|
|
August 31, 2022 |
February 28, 2022 |
|||||||
Working capital |
$ |
194 |
$ | 509 | ||||
Liquid assets |
$ |
241 |
$ | 245 |
August 31, |
February 28, |
|||||||
2022 |
2022 |
|||||||
Raw materials |
$ |
1,627 |
$ |
2,037 |
||||
Work-in-process |
920 |
846 |
||||||
Finished goods |
339 |
459 |
||||||
$ |
2,886 |
$ |
3,342 |
|||||
August 31, 2022 |
||||
Assets |
||||
Operating lease right-of-use |
$ | 722 | ||
Liabilities |
||||
Current portion of operating lease liabilities |
$ | 469 | ||
Noncurrent portion of operating lease liabilities |
253 | |||
Total operating lease liabilities |
$ | 722 | ||
August 31, 2022 |
||||
Weighted average remaining lease term |
2.5 years | |||
Weighted average discount rate |
6 | % |
FY2023 |
$ | 250 | ||
FY2024 |
319 | |||
FY2025 |
190 | |||
Total operating lease payments |
759 | |||
Less imputed interest |
(37 | ) | ||
Total operating lease liabilities |
$ | 722 | ||
August 31, 2022 |
||||
Financing lease right-of-use |
$ | 119 | ||
Current portion of financing lease liabilities |
$ | 98 | ||
Noncurrent portion of financing lease liabilities |
21 | |||
Total financing lease liabilities |
$ | 119 | ||
Fiscal Year |
Amount |
|||
2023 |
$ | 52 | ||
2024 |
78 | |||
Total finance lease payments |
$ | 130 | ||
Less imputed interest |
(11 | ) | ||
Total finance lease liabilities |
$ | 119 | ||
Six Months |
||||||||
Ended August 31, |
||||||||
2022 |
2021 |
|||||||
Cash paid for: |
||||||||
Interest |
$ |
9 |
$ |
14 |
||||
Net Income (Loss) |
Weighted Average Common Shares Outstanding |
Earnings (Loss) Per Share |
||||||||||
Three months ended August 31, 2022 |
||||||||||||
Basic |
$ | 65 | 5,878 | $ | 0.01 | |||||||
Effect of dilution: |
||||||||||||
Options |
— | 200 | — | |||||||||
Diluted |
$ | 65 | 6,078 | $ | 0.01 | |||||||
Three months ended August 31, 2021 |
||||||||||||
Basic |
$ | 164 | 5,878 | $ | 0.03 | |||||||
Effect of dilution: |
||||||||||||
Options |
— | 200 | — | |||||||||
Diluted |
$ | 164 | 6,078 | $ | 0.03 | |||||||
Net Income (Loss) |
Weighted Average Common Shares Outstanding |
Earnings (Loss) Per Share |
||||||||||
Six months ended August 31, 2022 |
||||||||||||
Basic |
$ | (230 | ) | 5,878 | $ | (0.04 | ) | |||||
Effect of dilution: |
||||||||||||
Options |
— | — | — | |||||||||
Diluted |
$ | (230 | ) | 5,878 | $ | (0.04 | ) | |||||
Six months ended August 31, 2021 |
||||||||||||
Basic |
$ | (581 | ) | 5,878 | $ | (0.10 | ) | |||||
Effect of dilution: |
||||||||||||
Options |
— | — | — | |||||||||
Diluted |
$ | (581 | ) | 5,878 | $ | (0.10 | ) | |||||
• |
Simulation and Training Products – |
• |
Cyber Secure Products – |
• |
Data Display CRTs – |
• |
Other Computer Products – |
August 31, 2022 |
February 28, 2022 |
|||||||
Working capital |
$ |
194 |
$ |
509 |
||||
Liquid assets |
$ |
241 |
$ |
245 |
Three Months |
Six Months |
|||||||||||||||
Ended August 31, |
Ended August 31, |
|||||||||||||||
2022 |
2021 | 2022 |
2021 | |||||||||||||
Net Sales |
||||||||||||||||
Simulation and Training (VDC Display Systems) |
56.5 |
% |
56.4 | % | 65.8 |
% |
55.4 | |||||||||
Data Display CRT (Lexel and Data Display) |
20.7 |
11.4 | 18.4 |
12.0 | ||||||||||||
Cyber Secure Products (AYON Cyber Security) |
10.1 |
16.9 | 5.6 |
13.9 | ||||||||||||
Other Computer Products (Unicomp) |
12.7 |
15.3 | 10.2 |
18.7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total net sales |
100.0 |
% |
100.0 | % | 100.0 |
% |
100.0 | |||||||||
Costs and expenses |
||||||||||||||||
Cost of goods sold |
74.0 |
% |
97.3 | % | 74.6 |
% |
88.9 | |||||||||
Selling and delivery |
6.6 |
6.5 | 5.8 |
7.5 | ||||||||||||
General and administrative |
43.1 |
47.4 | 35.7 |
50.4 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
123.7 |
% |
151.2 | % | 116.1 |
% |
146.8 | ||||||||||
Operating loss |
(23.7 |
)% |
(51.2 | )% | (16.1 |
)% |
(46.8 | ) | ||||||||
Interest income (expense), net |
(0.2 |
)% |
(0.2 | )% | (0.2 |
)% |
(0.4 | ) | ||||||||
Other income (expense), net |
27.2 |
60.0 | 11.5 |
31.7 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income (loss) before income taxes |
3.3 |
% |
8.6 | % | (4.8 |
)% |
(15.5 | ) | ||||||||
Income tax expense |
— |
— | — |
— | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
3.3 |
% |
8.6 | % | (4.8 |
)% |
(15.5 | ) | ||||||||
|
|
|
|
|
|
|
|
August 31, 2022 |
February 28, 2022 |
|||||||
Working capital |
$ |
194 |
$ | 509 | ||||
Liquid assets |
$ |
241 |
$ | 245 |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults upon Senior Securities |
Item 4. | Submission of Matters to a Vote of Security Holders |
Item 5. | Other information |
Item 6. | Exhibits |
VIDEO DISPLAY CORPORATION | ||||||
October 17, 2022 | By: | /s/ Ronald D. Ordway | ||||
Ronald D. Ordway | ||||||
Chief Executive Officer | ||||||
October 17, 2022 | By: | /s/ Gregory L. Osborn | ||||
Gregory L. Osborn | ||||||
Chief Financial Officer |
1 Year Video Display (PK) Chart |
1 Month Video Display (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions