VIDEO DISPLAY CORP - FORM 8-K - EX-99.1

Attached files

file	filename
8-K - 8-K - VIDEO DISPLAY CORP	d705175d8k.htm

Exhibit 99.1

Video Display Corporation

Pro Forma Balance Sheet (unaudited)

November 30, 2013

Historical Results(a)

Pro Forma
Adjustment

Pro Forma
Results

Assets

Current assets

Cash

1,436

100

(b)

1,536

Restricted cash

1,200

—

1,200

Accounts receivable, net

2,266

(670

)(c)

1,596

Note receivables

—

900

(b)

900

Other receivables

474

—

474

Inventories, net

18,423

(5,777

)(c)

12,646

Deferred income taxes

1,679

Income taxes refundable

636

Prepaid expenses and other

125

—

125

Total current assets

26,239

(5,447

)

20,792

Property, plant, and equipment

Land

154

—

154

Buildings

2,751

(162

)(c)

2,589

Machinery and equipment

10,532

(3,287

)(c)

7,245

13,437

(3,449

)

9,988

Accumulated depreciation and amortization

(11,727

)

(3,362

)(c)

(8,365

)

Net property, plant, and equipment

1,710

(87

)

1,623

Note receivable

690

—

690

Intangible assets, net

715

(25

)(c)

690

Deferred income taxes

613

Other assets

—

Total assets

29,981

(5,559

)

24,422

Video Display Corporation

Pro Forma Balance Sheet (unaudited)

November 30, 2013

Historical Results

Pro Forma
Adjustment

Pro Forma
Results

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable

883

(448

)(c)

435

Accrued liabilities

779

(392

)(c)

387

Current maturities of long-term debt

1,398

—

1,398

Total current liabilities

3,060

(840

)

2,220

Long-term debt, less current maturities

245

Unrecognized gain

1,124

Total liabilities

4,429

(840

)

3,589

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 7,593 outstanding at August 31, 2013

7,293

Additional paid-in capital

158

Retained earnings

28,545

(4,719

)(c)

23,826

Treasury stock, shares at cost; 2,139 at August 31, 2013

(10,444

)

(10,444

)

Total shareholders’ equity

25,552

(4,719

)

20,833

Total liabilities and shareholders’ equity

29,981

(5,559

)

24,422

(a)	Does not include the operations of Aydin Displays, Inc. or Z-Axis, Inc. (previous fiscal year 2014 dispositions).

(b)	Reflects anticipated $0.1 million in cash proceeds and $0.9 million note.

(c)	The elimination of assets and liabilities included in the Lexel Imaging disposition.

Video Display Corporation

Pro Forma Condensed Income Statement (unaudited)

Nine Months Ended November 30, 2013

Historical
Results (a)

Pro Forma
Adjustment

Pro Forma
Results

Net sales

17,154

6,647

10,507

Cost of goods sold

16,080

6,201

9,879

Gross profit

1,074

446

628

Operating expenses

Selling and delivery

1,225

—

1,225

General and administrative

2,617

638

1,979

3,842

638

3,204

Operating income/(loss)

(2,768

)

(192

)

(2,576

)

Other income (expense)

Interest expense

(709

)

—

(709

)

Other, net

658

178

480

(51

)

178

(229

)

Income/(loss) from continuing operations before income taxes

(2,819

)

(14

)

(2,805

)

Income tax (benefit)

(904

)

)(d)

(899

)

Income/(loss) from continuing operations

(1,915

)

(1,906

)

Net loss per share:

From continuing operations-basic

(.25

)

.00

(.25

)

From continuing operations-diluted

(.25

)

.00

(.25

)

Basic weighted average shares outstanding

7,593

Diluted weighted average shares outstanding

7,609

(a)	Does not include the operations of Aydin Displays, Inc or Z-Axis, Inc. (previous fiscal year 2014 dispositions)

(d)	Reflects income tax rate at Federal statutory rate of 34%.

Video Display Corporation

Pro Forma Condensed Income Statement (unaudited)

Year-Ended February 28, 2013

Historical
Results (a)

Pro Forma
Adjustment

Pro Forma
Results

Net sales

19,699

7,674

12,025

Cost of goods sold

17,399

6,682

10,717

Gross profit

2,300

992

1,308

Operating expenses

Selling and delivery

2,155

—

2,155

General and administrative

3,360

957

2,403

5,515

957

4,558

Operating income/(loss)

(3,215

)

(3,250

)

Other income (expense)

Interest expense

(697

)

—

(697

)

Other, net

235

203

(462

)

203

(665

)

Income/(loss) from continuing operations before income taxes

(3,677

)

238

(3,915

)

Income tax (benefit)

(1,250

)(d)

(d)

(1,331

)(d)

Net income/(loss) from continuing operations

(2,427

)

157

(2,584

)

Net loss per share:

From continuing operations-basic

(.32

)

.02

(.34

)

From continuing operations-diluted

(.32

)

.02

(.34

)

Basic weighted average shares outstanding

7,570

Diluted weighted average shares outstanding

7,623

(a)	Does not include the operations of Aydin Displays, Inc or Z-Axis, Inc. (previous fiscal year 2014 dispositions)

(d)	Reflects income tax rate at Federal statutory rate of 34%.

Attached files

Stock widget

Investing forum

VIDEO DISPLAY CORP Reports