Video Display Corporation Announces 1st Qtr. Results; Revenues $17.02M vs One Analyst Est of $23M

Revenue to Increase 19.2% to $17,025,000 Gross Profit Rises by 32.7% to $5.33 Million versus $4.02 Million Net Income Improves by 72% to $1.24 Million versus $720,000 Earnings Per Share Up by 100% to $0.16 versus $0.08 Video Display Corporation VIDE,today released financial results for its fiscal 2012 first quarter ended May 31, 2011. The Company is pleased to announce it slightly exceeded preliminary expectations of a 19% increase in quarterly revenue for the first quarter of fiscal 2012 versus the like period of fiscal 2011. Due to the increased revenue base, the Company was able to achieve a 32.7% gross profit margin on net revenues versus 28.1% for the first quarter of the fiscal 2011 year. The combination of higher revenue and better profit margins generated an increase in net profit of approximately 72%, also exceeding preliminary estimates of 65%. Net earnings per outstanding common share were further enhanced by a reduction in outstanding shares by nearly 10% as part of the sale of the Company's Fox International subsidiary effective 3/1/2011. This transaction allows the Company to report quarterly EPS of $0.16 or a 100% improvement over the prior year's first quarter of $0.08 and slightly ahead of previously reported preliminary results of $0.15 per share. Fiscal 2012 annual revenues were previously guided to be in the range of $63 million to $68 million and fiscal 2012 EPS in the range of $0.36 to $0.42 per share. Based upon first quarter performance, the Company reaffirms its expectations of fiscal 2012 annual revenues to be in the previously guided range of $63 million to $68 million. Per share earnings guidance, however, is raised by approximately 10%. The Company now sees the possibility of annual earnings being in the range of $0.40 to $0.44 per share.