VIRC

Virco Reports Full Year Revenue Increased 16.5% to $269.1 million, delivering 32.4% growth in Net Income

Retrieved on: 
Friday, April 12, 2024
VIRC, School, Management, Forward, Growth, History, Administration, Tax, Optimism, NOL

Net revenue for the full year ended January 31, 2024 increased 16.5% to $269.1 million from $231.1 million in the prior year.

Key Points: 
  • Net revenue for the full year ended January 31, 2024 increased 16.5% to $269.1 million from $231.1 million in the prior year.
  • For the seasonally light fourth quarter, revenue increased 9.8% to $42.6 million from $38.8 million.
  • Operating Income for the full year ended January 31, 2024 was $31.9 million compared to $10.6 million the prior year.
  • Total Net Income after taxes for the full year was $21.9 million compared to $16.5 million the prior year.

Virco Issues Updated Investor Presentation

Retrieved on: 
Monday, April 1, 2024
School, Virco, News, Record, Security (finance), VIRC, Cryptocurrency

Corporation (NASDAQ: VIRC) (the “Company”), the nation’s largest manufacturer and supplier of educational furniture and equipment, today issued an update of its investor presentation, highlighting the Company’s strong recovery following pandemic-related school closures.

Key Points: 
  • Corporation (NASDAQ: VIRC) (the “Company”), the nation’s largest manufacturer and supplier of educational furniture and equipment, today issued an update of its investor presentation, highlighting the Company’s strong recovery following pandemic-related school closures.
  • The investor update is available on the Company’s website at www.virco.com.
  • The investor presentation includes preliminary, unaudited financial results for the Company’s Fiscal Year Ended January 31, 2024.
  • During the course of that process, Virco may identify items that would require it to make adjustments, which may be material, to the information in this press release.

Virco Announces First Quarter Cash Dividend

Retrieved on: 
Tuesday, February 27, 2024
Share repurchase, News, VIRC, Student, Management

After reviewing preliminary results for the year, Virco’s Board of Directors declared the dividend based on the Company’s expected continued strong performance.

Key Points: 
  • After reviewing preliminary results for the year, Virco’s Board of Directors declared the dividend based on the Company’s expected continued strong performance.
  • Commenting on the dividend and Virco’s progress, Chairman and CEO Robert Virtue said:
    “As long-time shareholders know, it has been our goal to restore a regular cash dividend as a way of sharing Virco’s success with its owners.
  • In combination with the dividend, we anticipate that this will provide a balanced portfolio of shareholder returns.
  • The amount and size of any future dividends will depend upon the Company’s future results of operations, financial condition, capital levels, cash requirements and other factors.

Virco Reports Record 3rd Quarter and YTD Results

Retrieved on: 
Friday, December 8, 2023
Share repurchase, Growth, VIRC

Corporation (NASDAQ: VIRC) reported financial results for the third quarter ended October 31, 2023, as well as the reinstatement of a quarterly dividend of $0.02 per share and a $5,000,000 open market share repurchase program.

Key Points: 
  • Corporation (NASDAQ: VIRC) reported financial results for the third quarter ended October 31, 2023, as well as the reinstatement of a quarterly dividend of $0.02 per share and a $5,000,000 open market share repurchase program.
  • For the third quarter ended October 31, 2023, sales increased to $84,252,000 compared to $77,395,000 in the same period of the prior year.
  • Management’s preferred measure of business momentum: YTD shipments + the unshipped backlog (“Shipments + Backlog”), stood at $268,067,000 on October 31, 2023.
  • Commenting on the Company’s strong results, Virco CEO and Chairman Robert Virtue said: “I’m very happy that we are able restore a dividend and launch an open-market share repurchase program.

Virco Reports 8.7% Increase in First Quarter Revenue and 16.4% Increase in “Shipments + Backlog”

Retrieved on: 
Monday, June 12, 2023
Database, SG, Education, ERP, SAP, Virco, Administration, SKU, Annual general meeting, Management, VIRC

Net Sales were $34.9 million for the first quarter of fiscal 2024, an 8.7% increase from $32.1 million for the same period of the prior fiscal year.

Key Points: 
  • Net Sales were $34.9 million for the first quarter of fiscal 2024, an 8.7% increase from $32.1 million for the same period of the prior fiscal year.
  • The Company then delivers between 50-60% of total annual revenue in the second and third quarters, which correspond to “summer vacation” in most public and private schools.
  • We’re thankful to have reached this positive inflection point both for education in general and our Company in particular.
  • We look forward to sharing more of our progress with shareholders at this year’s Annual Meeting in Torrance, California, on June 20, 2023.”

Virco Reports Full Year Revenue Increased 25% to $231.1 Million, Delivering Operating Income of $10.8 Million

Retrieved on: 
Friday, April 28, 2023
Income tax, VIRC, Virco, COVID, Average cost, Music, Pharmaceutical industry, Video game, Renewable energy

Net revenue in the Company’s seasonally light fourth quarter declined to $38.8 million compared to $40.1 million in the same period last year.

Key Points: 
  • Net revenue in the Company’s seasonally light fourth quarter declined to $38.8 million compared to $40.1 million in the same period last year.
  • Despite the minor decline in revenue, operating margins continued to improve on a year-over-year basis.
  • Operating income for the full year was $10.8 million compared to a loss of $0.3 million last year.
  • This one-time, non-cash, non-operating tax adjustment resulted in an income tax benefit of $8.5 million compared to prior year income tax expense of $11.4 million.

Virco Reports Third Quarter Revenue Increased 35%, Driving Improved Financial Performance Across Multiple Metrics

Retrieved on: 
Monday, December 12, 2022
VIRC, School, Annual report, YTD, Student, Security (finance), News, Port, Optimism, Tax, Workforce, Growth, Virco, Parent, COVID-19, COVID, Tutoring

Gross margin for the third quarter was 39.8%, up from 35.4% in the same period of the prior year.

Key Points: 
  • Gross margin for the third quarter was 39.8%, up from 35.4% in the same period of the prior year.
  • Operating income improved proportionately to $8.8 million from $2.5 million in the prior year.
  • After interest and taxes, total net income for the third quarter was $7.9 million vs. $1.3 million for the same period in the prior year.
  • Through nine months, net revenue increased 32.9% to $192.3 million from $144.7 million last year.

Virco Reports $0.60 EPS for Second Quarter Driven by 40% Increase in Revenue as U.S. Factories Provide Timely Support for School Reopenings

Retrieved on: 
Tuesday, September 13, 2022
Income, University, VIRC, Income tax, Company, Growth, Industry, SG, AND, CEO, Student, CA, Nasdaq, Table, Lender option borrower option, School, GLOBE, Education, Coal, Recycling, Virco

TORRANCE, Calif., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Virco Mfg. Corporation (Nasdaq: VIRC), the largest manufacturer and supplier of movable furniture and equipment for educational environments in the United States, today reported financial results for the fiscal quarter ended July 31, 2022 (second quarter of fiscal 2023).

Key Points: 
  • The Company delivered approximately $21 million more in the months of June and July compared to the same period in the prior year.
  • The higher level of revenue enabled us to realize greater operating leverage, which contributed to our increased profitability.
  • Gross margin was 38.5% for the second quarter of fiscal 2023, compared with 37.8% in the same quarter of the prior fiscal year.
  • Interest expense was $698,000 for the second quarter of fiscal 2023, compared to $359,000 for the same period of the prior fiscal year.

Virco Reports 13% Increase in First Quarter Revenue; Competitive Advantages of Domestic Factories and U.S. School Furniture Market Lead to Record Orders and Backlog

Retrieved on: 
Friday, June 10, 2022
CA, Table, Absorption, Company, Wind, School, Contract, WTO, CEO, Nasdaq, Investment, World, Growth, GLOBE, Review, World Trade Organization, Director, Acquisition, Human, Industry, Board, VIRC, Education, University, Renewable energy, Recycling, Virco

TORRANCE, Calif., June 10, 2022 (GLOBE NEWSWIRE) -- Virco Mfg. Corporation (Nasdaq: VIRC), the largest manufacturer and supplier of movable furniture and equipment for educational environments in the United States, today reported financial results for the period ended April 30, 2022 (first quarter of fiscal 2023).

Key Points: 
  • The increased loss in the first quarter was driven by orders that shipped in the first quarter after original booking and pricing before the current inflationary period.
  • These inflation-impacted orders have now largely been cleared from the Companys backlog.
  • Doug Virtue, President of Virco, added, After twenty years of competitive headwinds, we now have the wind at our back.
  • The higher interest expense was related to the financing of higher inventory levels to support higher order rates and record backlog.

Virco Announces Preliminary Fourth Quarter and Full-Year 2022 Results

Retrieved on: 
Thursday, April 21, 2022
Pressure, State government, CEO, PNC Financial Services, World Trade Organization, NASDAQ, Transport, CA, GLOBE, Education, SG, Review, World, Income tax, Company, Into, Management, SEC, VIRC, Absorption, Table, Industry, University, Renewable energy, Video game, Online gambling, Recycling, Life insurance, Airline, Health insurance, Virco

Corporation (NASDAQ: VIRC), the largest manufacturer and supplier of movable furniture and equipment to the education market in the United States, today reported preliminary, unaudited financial results for the fourth quarterand full year-ended January 31, 2022 (fiscal 2022).

Key Points: 
  • Corporation (NASDAQ: VIRC), the largest manufacturer and supplier of movable furniture and equipment to the education market in the United States, today reported preliminary, unaudited financial results for the fourth quarterand full year-ended January 31, 2022 (fiscal 2022).
  • Preliminary net sales were $40.1 million in the fourth quarter of fiscal 2022, an increase of 119% from $18.3 million in the same period of the prior fiscal year.
  • Preliminary pre-tax loss was $5.2 million for the fourth quarter of fiscal 2022, compared to a pre-tax loss of $6.5 million for the same period of the prior fiscal year.
  • As a percent of revenue, SG&A declined from 56.4% of revenue in the fourth quarter of the prior year to 38.0% in the fourth quarter of fiscal 2022.