UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For Quarter Ended November 30, 2004
Commission File Number 0-13394
VIDEO DISPLAY CORPORATION
(Exact name of registrant as specified on its charter)
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GEORGIA |
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58-1217564 |
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(State or other
jurisdiction of |
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(I.R.S.Employer |
1868 TUCKER INDUSTRIAL DRIVE, TUCKER, GEORGIA 30084
(Address of principal executive offices)
770-938-2080
(Registrant’s telephone number including area code)
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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
Shares outstanding of each of the registrant’s classes of common stock at January 12, 2005
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Class |
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Number of Shares |
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Common Stock, No Par Value |
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9,827,000 |
Video Display Corporation and Subsidiaries
Index
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PART I. |
FINANCIAL INFORMATION |
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Item 1. Financial Statements |
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Consolidated Balance Sheets
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Consolidated
Statements of Cash Flows – |
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Notes
to consolidated financial statements - |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosure About Market Risk |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
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EXHIBIT 31.1 302 CERTIFICATION OF CEO |
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EXHIBIT 31.2 302 CERTIFICATION OF CFO |
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EXHIBIT 32.1 906 CERTIFICATIONS |
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EXHIBIT 99.1 SAS 100 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
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2
Video Display Corporation and Subsidiaries
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November 30, |
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February 29, |
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2004 |
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2004 |
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(unaudited) |
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Assets |
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Current Assets |
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Cash and cash equivalents |
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$ |
4,120,000 |
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$ |
3,021,000 |
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Accounts receivable, less allowance for possible losses of $342,000 and $251,000 |
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10,939,000 |
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10,910,000 |
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Inventories (Note C) |
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31,541,000 |
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26,275,000 |
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Deferred income taxes |
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2,698,000 |
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2,299,000 |
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Costs and estimated earnings in excess of billings |
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725,000 |
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411,000 |
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Prepaid expenses and other |
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1,783,000 |
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1,228,000 |
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Total current assets |
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51,806,000 |
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44,144,000 |
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Property, plant and equipment: |
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Land |
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540,000 |
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540,000 |
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Buildings |
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7,128,000 |
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7,016,000 |
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Machinery and equipment |
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19,310,000 |
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18,564,000 |
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26,978,000 |
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26,120,000 |
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Accumulated depreciation and amortization |
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(19,270,000 |
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(18,384,000 |
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Net property, plant, and equipment |
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7,708,000 |
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7,736,000 |
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Goodwill |
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1,318,000 |
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1,227,000 |
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Intangible assets (Notes H and I) |
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3,662,000 |
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970,000 |
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Other assets |
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133,000 |
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474,000 |
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Total assets |
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$ |
64,627,000 |
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$ |
54,551,000 |
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The accompanying notes are an integral part of these statements.
3
Video Display Corporation and Subsidiaries
Consolidated Balance Sheets
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November 30, |
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February 29, |
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2004 |
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2004 |
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(unaudited) |
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Liabilities and Shareholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
3,893,000 |
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$ |
4,103,000 |
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Accrued liabilities |
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4,726,000 |
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3,506,000 |
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Line of credit (Note E) |
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2,742,000 |
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2,610,000 |
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Notes payable to shareholders |
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9,000 |
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19,000 |
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Current maturities of long-term debt (Note D) |
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597,000 |
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1,959,000 |
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Total current liabilities |
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11,967,000 |
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12,197,000 |
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Long-term debt, less current maturities (Note D) |
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858,000 |
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2,018,000 |
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Line of credit (Note E) |
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21,956,000 |
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6,199,000 |
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Notes payable to shareholders, less current maturities |
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— |
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8,272,000 |
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Deferred income taxes |
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725,000 |
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664,000 |
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Total liabilities |
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35,506,000 |
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29,350,000 |
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Minority Interests |
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123,000 |
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123,000 |
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Commitments and Contingencies |
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— |
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— |
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Shareholders’ Equity (Note G) |
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Preferred stock, no par value – 2,000,000 shares authorized; none issued and outstanding |
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— |
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— |
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Common stock, no par value – 20,000,000 shares authorized; 9,682,000 and 9,584,000 issued and outstanding |
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6,875,000 |
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6,318,000 |
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Additional paid in capital |
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92,000 |
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92,000 |
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Retained earnings |
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22,031,000 |
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18,688,000 |
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Accumulated other comprehensive loss |
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— |
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(20,000 |
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Total shareholders’ equity |
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28,998,000 |
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25,078,000 |
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Total liabilities and shareholders’ equity |
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$ |
64,627,000 |
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$ |
54,551,000 |
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The accompanying notes are an integral part of these statements.
4