VIDEO DISPLAY CORP [VIDE], a leading provider of display solutions, has reported a net loss of $96 thousand for the 6 months ended August 31, 2023. The company generated quarterly revenue of $2.4 million during the same period.
Despite the net loss, Video Display Corp has shown stability in its financial performance. The company reported a gross profit of $588 thousand, resulting in a gross profit margin of 24.8%. Operating expenses totaled $959 thousand, including selling and delivery expenses of $149 thousand and general and administrative expenses of $810 thousand. As a result, the company recorded an operating loss of $371 thousand.
Video Display Corp experienced an increase in net sales compared to the previous quarter, with $2.4 million in revenue for the 3 months ended August 31, 2023. This represents a growth rate of 20.3% over the previous quarter. The company's cost of goods sold amounted to $1.8 million, resulting in a gross profit margin of 25.0%.
The company's balance sheet reveals a relatively stable financial position. Video Display Corp has total assets of $6.3 million, including current assets of $5.4 million. Current liabilities amount to $6.6 million, resulting in a working capital deficit of $0.3 million. The company maintains a positive retained earnings balance of $8.3 million.
Video Display Corp reported a basic and diluted loss per share of $0.02 for the 6 months ended August 31, 2023. The company had 5,878 weighted average shares outstanding during the period.
Looking ahead, Video Display Corp aims to improve its financial performance and achieve profitability. The company anticipates implementing cost-saving measures and pursuing new business opportunities. Management remains cautiously optimistic about the future growth prospects of the display solutions market.
The 6-month financial report for Video Display Corp shows a net loss of $96 thousand. Despite this loss, the company has shown stability in its financial performance and aims to improve profitability in the coming months. With a focus on cost-saving measures and pursuing new business opportunities, Video Display Corp aims to capitalize on the growth potential of the display solutions market.