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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: May 17, 2000
VIDEO DISPLAY CORPORATION
Exact name of Registrant as Specified in Charter
Georgia 0-13394 58-1217564
(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
1868 Tucker Industrial Drive, Tucker, Georgia 30084
Address of principal executive offices including zip code
Registrant's Telephone Number: (770) 938-2080
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Item 2 - ACQUISITIONS OR DISPOSITION OF ASSETS
On May 2, 2000, Video Display Corporation acquired the common stock of Lexel
Imaging Systems, Inc. ("Lexel") of Lexington, Kentucky as of an effective date
of March 31, 2000.
The aggregate consideration consists of $3,000,000 in cash, which was funded
through debt with the Company's primary lender. The debt bears interest at a
rate of 2.50% over LIBOR. The note is for 120 days and is unsecured but
guaranteed by an officer of the corporation. It is anticipated that the note
will be rolled into the Company's line of credit at time of renewal.
Lexel and its officers and directors are unrelated to Video Display Corporation.
Lexel has developed specialized processes used in the manufacture of a wide
range of monochrome CRTs for commercial and military programs.
Item 7 - FINANCIAL STATEMENTS PROFORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial statements of business acquired:
Financial statements prepared in accordance with Regulation S-X and required to
be filed pursuant to this section are not available at this time. Such
financial statements will be filed by Video Display Corporation as soon as
practical by an amended Current Report on Form 8-K which will be filed within 60
days after the filing of this Current Report on Form 8-K.
(b) Proforma financial information:
At this time it is impractical to provide Proforma financial information as
required pursuant to Article 11 of Regulation S-X. Proforma financial
information will be filed by Video Display Corporation as soon as practical by
an amended Current Report on Form 8-K which will be filed within 60 days after
the filing of this Current Report on Form-K.
(c) Exhibits:
The purchase agreement between Lexel and Video Display Corporation was not
available for electronic filing and will be attached to the amended Current
Report on Form 8-K when such report is filed within 60 days after filing this
Current Report on Form 8-K.
By: /s/ Carol D. Franklin
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Carol D. Franklin
Chief Financial Officer
Date: May 17, 2000
