-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NQ60cuoyxCJ05LID1MD+fJKktbBUe4CkJAHzRmCVA93BzqSui9F/YvEPV89EMIoO 5UdMJLim7zY+4nvj67e5dw== 0000931763-97-001158.txt : 19970716 0000931763-97-001158.hdr.sgml : 19970716 ACCESSION NUMBER: 0000931763-97-001158 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970715 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: VIDEO DISPLAY CORP CENTRAL INDEX KEY: 0000758743 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065] IRS NUMBER: 581217564 STATE OF INCORPORATION: GA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 000-13394 FILM NUMBER: 97640660 BUSINESS ADDRESS: STREET 1: 1868 TUCKER INDUSTRIAL DR CITY: TUCKER STATE: GA ZIP: 30084 BUSINESS PHONE: 4049382080 MAIL ADDRESS: STREET 2: 1868 TUCKER INDUSTRIAL DR CITY: TUCKER STATE: GA ZIP: 30084 10-K405/A 1 AMENDMENT TO FORM 10-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20552 FORM 10-K/A ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended Commission file number FEBRUARY 28, 1997 0-13394 VIDEO DISPLAY CORPORATION (Exact name of registrant as specified in its charter) GEORGIA 58-1217564 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1868 TUCKER INDUSTRIAL DRIVE, TUCKER, GEORGIA 30084 (address of principal executive offices and zip code) Registrant's telephone number, including area code: (770) 938-2080 Securities Registered Pursuant to Section 12(b) of the Act: NONE Securities Registered Pursuant to Section 12(g) of the Act: Name of each exchange Title of each class of which registered COMMON STOCK (NO PAR VALUE) NASDAQ/NMS Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X NO Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X] The aggregate market value of the voting stock held by non-affiliates of the registrant at May 23, 1997 is $7,273,000. The number of shares outstanding of the registrant's Common Stock as of May 23, 1997 is 3,907,413. DOCUMENTS INCORPORATED BY REFERENCE HEREIN Certain exhibits which were filed with the Securities and Exchange Commission as part of the registrant's Registration Statement on Form S-18 (Commission File No. 2-94626-A) are incorporated by reference into Part IV. Portions of the proxy statement for the annual 1997 shareholders meeting are incorporated by reference into Part III. ITEM 6. SELECTED FINANCIAL DATA The following table sets forth certain selected financial data with respect to the Company's last five fiscal years. This selected financial data should be read in conjunction with the consolidated financial statements of the Company and the notes thereto appearing elsewhere herein:
FOR FISCAL YEARS ENDED ---------------------------------------------------------------------- FEB. 28, FEB. 29, FEB. 28, FEB. 28, FEB. 28, 1997 1996 1995 1994 1993 ---------------------------------------------------------------------- (In Thousands, Except Per Share Data) STATEMENT OF OPERATIONS DATA Net sales $53,865 $48,112 $48,440 $53,067 $61,017 Operating profit 3,970 3,704 1,227 1,631 1,977 Net income (loss) 1,898 1,779 10 503 (796) Net income (loss) per common share (primary) $ 0.48 $ 0.45 $ 0.00 $ 0.12 $ (.19) Net income (loss) per common share (fully diluted) $ 0.47 $ 0.45 $ 0.00 $ 0.12 $ (.19) Weighted average number of common and common equivalent shares outstanding (primary) 3,960 3,968 4,129 4,134 4,120 Weighted average number of common and common equivalent shares outstanding (fully diluted) 4,200 3,968 4,129 4,134 4,120 BALANCE SHEET DATA Total assets $40,887 $34,419 $34,161 $38,026 $40,677 Working capital 13,784 11,996 10,713 18,864 21,351 Long-term obligations (a) 3,962 2,340 3,717 11,129 15,156
(a) Includes convertible debentures of $2,000,000 in fiscal 1997. Video Display Corporation and Subsidiaries Consolidated Statements of Income
February 28, February 29, February 28, YEAR ENDED 1997 1996 1995 -------------- --------------- ------------ Net sales $53,865,000 $48,112,000 $48,440,000 Cost of goods sold 35,509,000 30,227,000 32,686,000 ----------- ----------- ----------- Gross profit 18,356,000 17,885,000 15,754,000 ----------- ----------- ----------- Operating expenses: Selling and delivery 4,487,000 4,614,000 4,765,000 General and administrative 9,899,000 9,567,000 9,762,000 ----------- ----------- ----------- 14,386,000 14,181,000 14,527,000 ----------- ----------- ----------- Operating profit 3,970,000 3,704,000 1,227,000 ----------- ----------- ----------- Other income (expense): Interest expense (1,290,000) (1,144,000) (1,124,000) Loss on settlement of litigation (Note 3) - - (182,000) Gain (loss) on investments (25,000) 43,000 28,000 Other, net 25,000 135,000 69,000 ----------- ----------- ----------- (1,290,000) (966,000) (1,209,000) ----------- ----------- ----------- Income before minority interest and income taxes 2,680,000 2,738,000 18,000 Minority interest 10,000 33,000 4,000 ----------- ----------- ----------- Income before income taxes 2,670,000 2,705,000 14,000 Income taxes (Note 7) 772,000 926,000 4,000 ----------- ----------- ----------- Net income $ 1,898,000 $ 1,779,000 $ 10,000 ----------- ----------- ----------- Primary earnings per share of common stock $ 0.48 $ 0.4 $ 0.00 =========== =========== =========== Fully diluted earnings per share of common stock $ 0.47 $ 0.45 $ 0.00 =========== =========== =========== Primary weighted average shares outstanding 3,960,000 3,968,000 4,129,000 =========== =========== =========== Fully diluted weighted average shares outstanding 4,200,000 3,968,000 4,129,000 =========== =========== ===========
See accompanying notes to consolidated financial statements. -----END PRIVACY-ENHANCED MESSAGE-----