Video Display Announces Form
10-Q for Third Quarter of Fiscal 2006 to be Filed after Due Date
Monday January 23,
ATLANTA--(BUSINESS
WIRE)--Jan. 23, 2006--Video Display Corporation (NASDAQ:VIDE - News) today reported that the
Company has not been able to file its Quarterly Report on Form 10-Q for the
quarter ended November 30, 2005 on a timely basis due to unresolved issues
relating to its accounting for certain non-income tax-based franchise taxes and
the treatment of foreign subsidiary losses for income tax purposes in the
fiscal year ended February 28, 2005 and several prior fiscal years. The Company
has identified transactions totaling approximately $400,000 related to these
tax accounting issues, and is working with its current independent public
accounting firm and its previous firm of independent public accountants to
resolve these issues and file its Form 10-Q as soon as possible. The Company
expects that due to this late filing it will receive a notice from The NASDAQ
Stock Market regarding the delisting of the Company's shares on NASDAQ due to
the late filing of the Form 10-Q, subject to the Company having a right to
appeal such delisting decision before it goes into effect. The Company will
make an appropriate announcement at that time regarding the notice from The
NASDAQ Stock Market and the steps the Company intends to take to continue its
listing.
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
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
Contact:
Video Display Corporation