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Video Display Corporation’s Z-AXIS Subsidiary to Close Year With Greater Than 30% Growth
Posted by: gurufocus (IP Logged)
Date: February 4, 2009 02:02PM
ATLANTA--(BUSINESS WIRE)--Video Display Corporation (NASDAQ:VIDE) today announced that its Z-AXIS subsidiary (www.zaxis.net) expects to complete its February 28, 2009 fiscal year with revenues expanding more than 30%
Press Release: Video Display Corporation’s Z-AXIS Subsidiary to Close Year With Greater Than 30% Growth
ATLANTA--(BUSINESS WIRE)--Video Display Corporation (NASDAQ:VIDE) today announced that its Z-AXIS subsidiary (www.zaxis.net) expects to complete its February 28, 2009 fiscal year with revenues expanding more than 30% over fiscal 2008. Forecast fiscal 2009 results would represent the third consecutive fiscal year of at least 30% revenue growth for the rapidly growing VDC subsidiary. Z-AXIS Inc. is a VDC electronics design and manufacturing firm located near Rochester, NY.
Z-AXIS’ high level of growth stems from ongoing demand for its contract electronics design and manufacturing services and its custom power supplies for medical, commercial and industrial applications. The successful acquisitions in 2008 of Display Concepts, LLC and Boundless Technologies, Inc. further contributed to the growth during fiscal 2009.
“Even with the uncertain economy we are seeing a strong finish for the fiscal Feb 28, 2009 year end from ongoing production for existing customers as well as additional projects for new customers that we acquired during the year,” said Z-AXIS president Michael Allen. “We fully expect to repeat this level of growth again in FY2010 based on projects already in the pipeline, many of which are scheduled to go into production within the next three months.“
Video Display Corp’s Z-AXIS subsidiary provides quality design, prototyping and manufacturing services for electronic products and electromechanical assemblies. It also produces commercial and industrial products including power supplies, video displays, text terminals and thin clients under its BEAR Power Supplies, Boundless Technologies and Display Concepts brands.
Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include ruggedized CRT and AMLCD displays as well as complete projection systems utilizing VDC’s Marquee(TM) line of projectors. Video Display Corporation operates 11 display design and manufacturing plants plus eight sales facilities throughout the United States and Europe.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company's Form 10-K for the year ended February 28, 2008, filed with the Securities and Exchange Commission. The Company undertakes no duty to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
Stocks Discussed: VIDE,