{"id":399476,"date":"2020-12-14T18:03:26","date_gmt":"2020-12-14T23:03:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=399476"},"modified":"2020-12-14T18:03:26","modified_gmt":"2020-12-14T23:03:26","slug":"virco-reports-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/","title":{"rendered":"Virco Reports Third Quarter Results"},"content":{"rendered":"
\n

TORRANCE, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) — Virco Mfg. Corporation (NASDAQ: VIRC) today reported its financial results for the third fiscal quarter ended October 31, 2020.\u00a0 Net sales and earnings continue to be negatively impacted by economic conditions driven by the COVID-19 pandemic.\u00a0 Net sales for the third quarter were $56,741,000, a 15.3% decline from last year\u2019s $66,998,000.\u00a0 Through nine months, net sales were $133,625,000 versus $164,250,000 last year, a decline of 18.6%. Operating income for the third quarter declined by 8.5% compared to the prior year, although net income for the quarter improved 15.1% to $4,480,000 or $0.28 per diluted share from $3,892,000 or $0.25 per diluted share, reflecting the positive impact of operational expense controls and favorable tax benefits.<\/p>\n

Below are the condensed interim financial results for the three and nine months:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \u00a0<\/strong>\n <\/td>\nThree Months Ended<\/td>\n\u00a0<\/td>\nNine Months Ended<\/td>\n<\/tr>\n
\n In thousands, except per share data<\/em>\n <\/td>\n10\/31\/2020<\/td>\n\u00a0<\/td>\n10\/31\/2019<\/td>\n\u00a0<\/td>\n10\/31\/2020<\/td>\n\u00a0<\/td>\n10\/31\/2019<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net sales<\/td>\n$<\/td>\n56,741<\/td>\n\u00a0<\/td>\n$<\/td>\n66,998<\/td>\n\u00a0<\/td>\n$<\/td>\n133,625<\/td>\n\u00a0<\/td>\n$<\/td>\n164,250<\/td>\n<\/tr>\n
Cost of sales<\/td>\n34,466<\/td>\n\u00a0<\/td>\n40,153<\/td>\n\u00a0<\/td>\n83,243<\/td>\n\u00a0<\/td>\n99,582<\/td>\n<\/tr>\n
Gross Profit<\/td>\n22,275<\/td>\n\u00a0<\/td>\n26,845<\/td>\n\u00a0<\/td>\n50,382<\/td>\n\u00a0<\/td>\n64,668<\/td>\n<\/tr>\n
Selling, general administrative & other expense<\/td>\n16,450<\/td>\n\u00a0<\/td>\n20,476<\/td>\n\u00a0<\/td>\n43,869<\/td>\n\u00a0<\/td>\n51,717<\/td>\n<\/tr>\n
Operating income<\/td>\n5,825<\/td>\n\u00a0<\/td>\n6,369<\/td>\n\u00a0<\/td>\n6,513<\/td>\n\u00a0<\/td>\n12,951<\/td>\n<\/tr>\n
Pension expense<\/td>\n542<\/td>\n\u00a0<\/td>\n188<\/td>\n\u00a0<\/td>\n1,626<\/td>\n\u00a0<\/td>\n564<\/td>\n<\/tr>\n
Interest expense, net<\/td>\n419<\/td>\n\u00a0<\/td>\n603<\/td>\n\u00a0<\/td>\n1,317<\/td>\n\u00a0<\/td>\n2,210<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n4,864<\/td>\n\u00a0<\/td>\n5,578<\/td>\n\u00a0<\/td>\n3,570<\/td>\n\u00a0<\/td>\n10,177<\/td>\n<\/tr>\n
Income tax expense<\/td>\n384<\/td>\n\u00a0<\/td>\n1,686<\/td>\n\u00a0<\/td>\n235<\/td>\n\u00a0<\/td>\n3,485<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n4,480<\/td>\n\u00a0<\/td>\n$<\/td>\n3,892<\/td>\n\u00a0<\/td>\n$<\/td>\n3,335<\/td>\n\u00a0<\/td>\n$<\/td>\n6,692<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income per share – basic<\/td>\n$<\/td>\n0.28<\/td>\n\u00a0<\/td>\n$<\/td>\n0.25<\/td>\n\u00a0<\/td>\n$<\/td>\n0.21<\/td>\n\u00a0<\/td>\n$<\/td>\n0.43<\/td>\n<\/tr>\n
Net income per share – diluted<\/td>\n$<\/td>\n0.28<\/td>\n\u00a0<\/td>\n$<\/td>\n0.25<\/td>\n\u00a0<\/td>\n$<\/td>\n0.21<\/td>\n\u00a0<\/td>\n$<\/td>\n0.43<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted average shares outstanding – basic<\/td>\n15,733<\/td>\n\u00a0<\/td>\n15,654<\/td>\n\u00a0<\/td>\n15,566<\/td>\n\u00a0<\/td>\n15,568<\/td>\n<\/tr>\n
Weighted average shares outstanding – diluted<\/td>\n15,767<\/td>\n\u00a0<\/td>\n15,710<\/td>\n\u00a0<\/td>\n15,586<\/td>\n\u00a0<\/td>\n15,621<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10\/31\/2020<\/td>\n\u00a0<\/td>\n1\/31\/2020<\/td>\n\u00a0<\/td>\n10\/31\/2019<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(Unaudited)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(Unaudited)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n56,941<\/td>\n\u00a0<\/td>\n$<\/td>\n58,342<\/td>\n\u00a0<\/td>\n$<\/td>\n63,270<\/td>\n<\/tr>\n
Non-current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n74,971<\/td>\n\u00a0<\/td>\n80,650<\/td>\n\u00a0<\/td>\n76,595<\/td>\n<\/tr>\n
Current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n26,691<\/td>\n\u00a0<\/td>\n25,118<\/td>\n\u00a0<\/td>\n25,392<\/td>\n<\/tr>\n
Non-current liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,415<\/td>\n\u00a0<\/td>\n59,056<\/td>\n\u00a0<\/td>\n49,924<\/td>\n<\/tr>\n
Stockholders’ equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,806<\/td>\n\u00a0<\/td>\n54,818<\/td>\n\u00a0<\/td>\n64,549<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

Through summer, the Company noted a meaningful shift in demand toward individual student desks and chairs that could be more easily distanced within existing facilities.\u00a0 Given the flexibility of the Company\u2019s domestic factories, shifting production to these traditional products was relatively efficient.\u00a0 Those efficiencies have contributed to the steady improvement in the trend of operating income even as top-line revenue remains depressed.\u00a0 Management notes that the Company\u2019s vertical business model has afforded the Company some degree of stability and control during the COVID pandemic in several key areas, including overall customer experience, cash flow, product quality, and balance sheet metrics such as inventory, accounts payable and receivable.\u00a0 The Company\u2019s continued availability of seasonal debt financing has also provided important flexibility to manage borrowing costs and inventory build during this period of limited visibility on future orders.\u00a0 The Company has conservatively managed its buildup of inventory this year, which has decreased by $6,035,000 at October 31, 2020 compared to the prior year.\u00a0 This reduction has enabled the Company to completely pay down its revolving line of credit with PNC Bank as of October 31, 2020.<\/p>\n

Virco Chairman and CEO Robert Virtue was hopeful that recent positive trends would continue: \u201cThis has been a tough year in many areas, including predictions for the future.\u00a0 Still, I\u2019m reassured by the growing recognition that in-person schooling is critical for students, families, and society in general.\u00a0 From our founding in 1950 we have been strongly dedicated to the idea of public education.\u00a0 As schools recover from this year\u2019s uncertainties, we hope to use our strength and financial resilience to support their return to full operations.\u201d<\/p>\n

Virco President Doug Virtue was complimentary of Company employees: \u201cThanks to the incredible skill and experience of our employees, we were able to help public and private schools across the country as they implemented, often on very short notice, their re-opening plans.\u00a0 In a recent case we manufactured and installed new furniture for over 40 individual schools in less than four weeks.\u00a0 This kind of performance would not be possible without our own dedicated teams in sales, customer service, manufacturing, and logistics.\u00a0 I\u2019m very proud of what we\u2019ve accomplished and enormously appreciative of our employees.\u201d<\/p>\n

Contact:
Virco Mfg. Corporation (310) 533-0474
Robert A. Virtue, Chairman and Chief Executive Officer
Doug Virtue, President
Robert Dose, Chief Financial Officer<\/p>\n

\n Statement Concerning Forward-Looking Information<\/strong>\n <\/p>\n

\n This news release contains \u201cforward-looking statements\u201d as defined by the Private Securities Reform Act of 1995.\u00a0 <\/em>
\n These statements include,\u00a0 <\/em>
\n but are not limited to, statements regarding: the impact of the COVID-19 pandemic on our business, customers, competitors, supply chain and workforce; the anticipated recovery of our customers from COVID-19 and re-opening of school districts; business strategies; market demand and product development; estimates of unshipped backlog; order rates and trends in seasonality; product relevance; economic conditions and patterns; the educational furniture industry including the domestic market for classroom furniture; state and municipal bond and\/or tax funding; the rate of completion of bond funded construction projects; cost control initiatives; absorption rates; the relative competitiveness of domestic vs. international supply chains; trends in shipping costs; use of temporary workers; marketing initiatives; and international or non K-12 markets.\u00a0 <\/em>
\n Forward-looking statements are based on current expectations and beliefs about future events or circumstances, and you should not place undue reliance on these statements.\u00a0 <\/em>
\n Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are out of our control and difficult to forecast.\u00a0 <\/em>
\n These factors may cause actual results to differ materially from those that are anticipated.\u00a0 <\/em>
\n Such factors include, but are not limited to: uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic; changes in general economic conditions including raw material, energy and freight costs; state and municipal bond funding; state, local, and municipal tax receipts; order rates; the seasonality of our markets; the markets for school and office furniture generally, the specific markets and customers with which we conduct our principal business; the impact of cost-saving initiatives on our business; the competitive landscape, including responses of our competitors and customers to changes in our prices; demographics; and the terms and conditions of available funding sources.\u00a0 <\/em>
\n See our Annual Report on Form 10-K for the year ended January 31, 2020, our Quarterly Reports on Form 10-Q, and other reports and material that we file with the Securities and Exchange Commission for a further description of these and other risks and uncertainties applicable to our business.\u00a0 <\/em>
\n We assume no, and hereby disclaim any, obligation to update any of our forward-looking statements.\u00a0 <\/em>
\n We nonetheless reserve the right to make such updates from time to time by press release, periodic reports, or other methods of public disclosure without the need for specific reference to this press release.\u00a0 <\/em>
\n No such update shall be deemed to indicate that other statements which are not addressed by such an update remain correct or create an obligation to provide any other updates.<\/em>\n <\/p>\n

\n
\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

TORRANCE, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) — Virco Mfg. Corporation (NASDAQ: VIRC) today reported its financial results for the third fiscal quarter ended October 31, 2020.\u00a0 Net sales and earnings continue to be negatively impacted by economic conditions driven by the COVID-19 pandemic.\u00a0 Net sales for the third quarter were $56,741,000, a 15.3% decline from last year\u2019s $66,998,000.\u00a0 Through nine months, net sales were $133,625,000 versus $164,250,000 last year, a decline of 18.6%. Operating income for the third quarter declined by 8.5% compared to the prior year, although net income for the quarter improved 15.1% to $4,480,000 or $0.28 per diluted share from $3,892,000 or $0.25 per diluted share, reflecting the positive impact of operational expense controls and favorable … <\/p>\n

Continue reading “Virco Reports Third Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-399476","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nVirco Reports Third Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virco Reports Third Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"TORRANCE, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) — Virco Mfg. Corporation (NASDAQ: VIRC) today reported its financial results for the third fiscal quarter ended October 31, 2020.\u00a0 Net sales and earnings continue to be negatively impacted by economic conditions driven by the COVID-19 pandemic.\u00a0 Net sales for the third quarter were $56,741,000, a 15.3% decline from last year\u2019s $66,998,000.\u00a0 Through nine months, net sales were $133,625,000 versus $164,250,000 last year, a decline of 18.6%. Operating income for the third quarter declined by 8.5% compared to the prior year, although net income for the quarter improved 15.1% to $4,480,000 or $0.28 per diluted share from $3,892,000 or $0.25 per diluted share, reflecting the positive impact of operational expense controls and favorable … Continue reading "Virco Reports Third Quarter Results"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-14T23:03:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMjA3MCMzODgxMTA4IzIwMTg4NjU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/virco-reports-third-quarter-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/virco-reports-third-quarter-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Virco Reports Third Quarter Results\",\"datePublished\":\"2020-12-14T23:03:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/virco-reports-third-quarter-results\\\/\"},\"wordCount\":1015,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/virco-reports-third-quarter-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODExMjA3MCMzODgxMTA4IzIwMTg4NjU=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/virco-reports-third-quarter-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/virco-reports-third-quarter-results\\\/\",\"name\":\"Virco Reports Third Quarter Results - 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Corporation (NASDAQ: VIRC) today reported its financial results for the third fiscal quarter ended October 31, 2020.\u00a0 Net sales and earnings continue to be negatively impacted by economic conditions driven by the COVID-19 pandemic.\u00a0 Net sales for the third quarter were $56,741,000, a 15.3% decline from last year\u2019s $66,998,000.\u00a0 Through nine months, net sales were $133,625,000 versus $164,250,000 last year, a decline of 18.6%. Operating income for the third quarter declined by 8.5% compared to the prior year, although net income for the quarter improved 15.1% to $4,480,000 or $0.28 per diluted share from $3,892,000 or $0.25 per diluted share, reflecting the positive impact of operational expense controls and favorable … Continue reading \"Virco Reports Third Quarter Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-14T23:03:26+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMjA3MCMzODgxMTA4IzIwMTg4NjU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Virco Reports Third Quarter Results","datePublished":"2020-12-14T23:03:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/"},"wordCount":1015,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODExMjA3MCMzODgxMTA4IzIwMTg4NjU=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/virco-reports-third-quarter-results\/","name":"Virco Reports Third Quarter Results - 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