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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Virco Manufacturing Company | NASDAQ:VIRC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -0.55% | 10.90 | 10.61 | 12.20 | 11.12 | 10.67 | 11.00 | 119,630 | 00:26:29 |
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FORM 10-Q
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ý
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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VIRCO MFG. CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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95-1613718
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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2027 Harpers Way, Torrance, CA
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90501
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
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ý
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Emerging growth company
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¨
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Item 3. Defaults Upon Senior Securities
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Item 4. Mine Safety Disclosures
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Item 5. Other Information
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EX-31.1
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EX-31.2
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EX-32.1
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EX-101 INSTANCE DOCUMENT
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EX-101 SCHEMA DOCUMENT
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EX-101 CALCULATION LINKBASE DOCUMENT
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EX-101 LABELS LINKBASE DOCUMENT
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EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
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10/31/2017
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1/31/2017
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|
10/31/2016
|
||||||
(In thousands, except share data)
|
|||||||||||
|
Unaudited (Note 1)
|
|
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Unaudited (Note 1)
|
||||||
Assets
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
||||||
Cash
|
$
|
1,536
|
|
|
$
|
788
|
|
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$
|
2,309
|
|
Trade accounts receivables, net
|
21,120
|
|
|
9,915
|
|
|
18,932
|
|
|||
Other receivables
|
58
|
|
|
216
|
|
|
465
|
|
|||
Income tax receivable
|
200
|
|
|
275
|
|
|
263
|
|
|||
Inventories, net
|
36,377
|
|
|
35,689
|
|
|
31,655
|
|
|||
Prepaid expenses and other current assets
|
1,536
|
|
|
1,610
|
|
|
1,279
|
|
|||
Total current assets
|
60,827
|
|
|
48,493
|
|
|
54,903
|
|
|||
Property, plant and equipment
|
|
|
|
|
|
||||||
Land
|
3,731
|
|
|
1,671
|
|
|
1,671
|
|
|||
Land improvements
|
688
|
|
|
675
|
|
|
674
|
|
|||
Buildings and building improvements
|
51,176
|
|
|
46,021
|
|
|
46,019
|
|
|||
Machinery and equipment
|
101,894
|
|
|
99,896
|
|
|
98,710
|
|
|||
Leasehold improvements
|
805
|
|
|
842
|
|
|
701
|
|
|||
|
158,294
|
|
|
149,105
|
|
|
147,775
|
|
|||
Less accumulated depreciation and amortization
|
115,551
|
|
|
114,780
|
|
|
113,550
|
|
|||
Net property, plant and equipment
|
42,743
|
|
|
34,325
|
|
|
34,225
|
|
|||
Deferred tax assets, net
|
13,793
|
|
|
17,008
|
|
|
18,382
|
|
|||
Other assets
|
8,282
|
|
|
8,361
|
|
|
7,071
|
|
|||
Total assets
|
$
|
125,645
|
|
|
$
|
108,187
|
|
|
$
|
114,581
|
|
|
10/31/2017
|
|
1/31/2017
|
|
10/31/2016
|
||||||
|
(In thousands, except share and par value data)
|
||||||||||
|
Unaudited (Note 1)
|
|
|
|
Unaudited (Note 1)
|
||||||
Liabilities
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
13,623
|
|
|
$
|
12,388
|
|
|
$
|
10,587
|
|
Accrued compensation and employee benefits
|
6,106
|
|
|
5,138
|
|
|
6,312
|
|
|||
Current portion of long-term debt
|
3,278
|
|
|
68
|
|
|
89
|
|
|||
Other accrued liabilities
|
5,047
|
|
|
3,991
|
|
|
5,099
|
|
|||
Total current liabilities
|
28,054
|
|
|
21,585
|
|
|
22,087
|
|
|||
Non-current liabilities
|
|
|
|
|
|
||||||
Accrued self-insurance retention
|
1,613
|
|
|
1,350
|
|
|
1,200
|
|
|||
Accrued pension expenses
|
17,404
|
|
|
18,699
|
|
|
22,244
|
|
|||
Income tax payable
|
33
|
|
|
36
|
|
|
33
|
|
|||
Long-term debt, less current portion
|
11,310
|
|
|
4,943
|
|
|
4,547
|
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|||
Other accrued liabilities
|
1,657
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|
2,220
|
|
|
2,245
|
|
|||
Total non-current liabilities
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32,017
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|
27,248
|
|
|
30,269
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|
|||
Commitments and contingencies
|
|
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||||||
Stockholders’ equity
|
|
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|
||||||
Preferred stock:
|
|
|
|
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|
||||||
Authorized 3,000,000 shares, $.01 par value; none issued or outstanding
|
—
|
|
|
—
|
|
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—
|
|
|||
Common stock:
|
|
|
|
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|
||||||
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 15,357,457 shares at 10/31/2017 and 15,179,664 at 1/31/2017 and 10/31/2016
|
154
|
|
|
152
|
|
|
152
|
|
|||
Additional paid-in capital
|
117,237
|
|
|
116,976
|
|
|
116,809
|
|
|||
Accumulated deficit
|
(40,868
|
)
|
|
(46,380
|
)
|
|
(41,396
|
)
|
|||
Accumulated other comprehensive loss
|
(10,949
|
)
|
|
(11,394
|
)
|
|
(13,340
|
)
|
|||
Total stockholders’ equity
|
65,574
|
|
|
59,354
|
|
|
62,225
|
|
|||
Total liabilities and stockholders’ equity
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$
|
125,645
|
|
|
$
|
108,187
|
|
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$
|
114,581
|
|
|
Three months ended
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||||||
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10/31/2017
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10/31/2016
|
||||
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(In thousands, except per share data)
|
||||||
Net sales
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$
|
68,794
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$
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67,795
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Costs of goods sold
|
44,327
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|
43,484
|
|
||
Gross profit
|
24,467
|
|
|
24,311
|
|
||
Selling, general and administrative expenses
|
19,798
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|
|
17,780
|
|
||
Gain on sale of property, plant & equipment
|
(15
|
)
|
|
(1
|
)
|
||
Operating income
|
4,684
|
|
|
6,532
|
|
||
Interest expense, net
|
456
|
|
|
326
|
|
||
Income before income taxes
|
4,228
|
|
|
6,206
|
|
||
Income tax expense (benefit)
|
1,704
|
|
|
(17,792
|
)
|
||
Net income
|
$
|
2,524
|
|
|
$
|
23,998
|
|
|
|
|
|
||||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
0.16
|
|
|
$
|
1.59
|
|
Diluted
|
$
|
0.16
|
|
|
$
|
1.57
|
|
Weighted average shares outstanding:
:
|
|
|
|
||||
Basic
|
15,317
|
|
|
15,128
|
|
||
Diluted
|
15,483
|
|
|
15,293
|
|
|
Nine months ended
|
||||||
|
10/31/2017
|
|
10/31/2016
|
||||
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(In thousands, except per share data)
|
||||||
Net sales
|
$
|
164,665
|
|
|
$
|
149,976
|
|
Costs of goods sold
|
105,088
|
|
|
93,864
|
|
||
Gross profit
|
59,577
|
|
|
56,112
|
|
||
Selling, general and administrative expenses
|
49,768
|
|
|
44,915
|
|
||
Gain on sale of property, plant & equipment
|
(16
|
)
|
|
(2
|
)
|
||
Operating income
|
9,825
|
|
|
11,199
|
|
||
Interest expense, net
|
1,280
|
|
|
1,076
|
|
||
Income before income taxes
|
8,545
|
|
|
10,123
|
|
||
Income tax expense (benefit)
|
3,204
|
|
|
(17,622
|
)
|
||
Net Income
|
$
|
5,341
|
|
|
$
|
27,745
|
|
|
|
|
|
||||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
0.35
|
|
|
$
|
1.84
|
|
Diluted
|
$
|
0.35
|
|
|
$
|
1.83
|
|
Weighted average shares outstanding:
: |
|
|
|
||||
Basic
|
15,220
|
|
|
15,047
|
|
||
Diluted
|
15,324
|
|
|
15,186
|
|
|
Three months ended
|
||||||
|
10/31/2017
|
|
10/31/2016
|
||||
|
(In thousands)
|
||||||
Net Income
|
$
|
2,524
|
|
|
$
|
23,998
|
|
Other comprehensive income
|
|
|
|
||||
Pension adjustments (net of tax $92, $0 in 2018 and 2017)
|
148
|
|
|
330
|
|
||
Comprehensive income
|
$
|
2,672
|
|
|
$
|
24,328
|
|
|
Nine months ended
|
||||||
|
10/31/2017
|
|
10/31/2016
|
||||
|
(In thousands)
|
||||||
Net income
|
$
|
5,341
|
|
|
$
|
27,745
|
|
Other comprehensive income
|
|
|
|
||||
Pension adjustments (net of tax $276, $0 in 2018 and 2017)
|
444
|
|
|
990
|
|
||
Comprehensive income
|
$
|
5,785
|
|
|
$
|
28,735
|
|
|
Nine months ended
|
||||||
10/31/2017
|
|
10/31/2016
|
|||||
|
(In thousands)
|
||||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
5,341
|
|
|
$
|
27,745
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
4,041
|
|
|
3,794
|
|
||
Provision for doubtful accounts
|
60
|
|
|
68
|
|
||
Increase in inventory reserve
|
720
|
|
|
93
|
|
||
Gain on sale of property, plant and equipment
|
(16
|
)
|
|
(2
|
)
|
||
Deferred income taxes
|
3,387
|
|
|
(17,680
|
)
|
||
Stock-based compensation
|
602
|
|
|
443
|
|
||
Amortization of net actuarial loss for pension plans, net of tax
|
444
|
|
|
990
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade accounts receivable
|
(11,265
|
)
|
|
(9,053
|
)
|
||
Other receivables
|
152
|
|
|
(431
|
)
|
||
Inventories, net
|
(1,408
|
)
|
|
2,948
|
|
||
Income taxes
|
73
|
|
|
49
|
|
||
Prepaid expenses and other current assets
|
152
|
|
|
(289
|
)
|
||
Accounts payable and accrued liabilities
|
1,721
|
|
|
(1,708
|
)
|
||
Net cash provided by operating activities
|
4,004
|
|
|
6,967
|
|
||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(12,521
|
)
|
|
(3,239
|
)
|
||
Proceeds from sale of property, plant and equipment
|
28
|
|
|
2
|
|
||
Net cash used in investing activities
|
(12,493
|
)
|
|
(3,237
|
)
|
||
Financing activities
|
|
|
|
||||
Proceeds from long-term debt
|
36,742
|
|
|
37,004
|
|
||
Repayment of long-term debt
|
(27,166
|
)
|
|
(38,976
|
)
|
||
Common stock repurchased
|
(339
|
)
|
|
(264
|
)
|
||
Net cash provided by (used in) financing activities
|
9,237
|
|
|
(2,236
|
)
|
||
|
|
|
|
||||
Net increase in cash
|
748
|
|
|
1,494
|
|
||
Cash at beginning of period
|
788
|
|
|
815
|
|
||
Cash at end of period
|
$
|
1,536
|
|
|
$
|
2,309
|
|
|
|
10/31/2017
|
|
1/31/2017
|
|
10/31/2016
|
||||||
Finished goods
|
|
$
|
11,890
|
|
|
$
|
11,174
|
|
|
$
|
9,498
|
|
WIP
|
|
13,988
|
|
|
13,486
|
|
|
11,906
|
|
|||
Raw materials
|
|
10,499
|
|
|
11,029
|
|
|
10,251
|
|
|||
Inventories, net
|
|
$
|
36,377
|
|
|
$
|
35,689
|
|
|
$
|
31,655
|
|
|
10/31/2017
|
|
1/31/2017
|
|
10/31/2016
|
||||||
|
(in thousands)
|
||||||||||
Revolving credit line
|
$
|
8,814
|
|
|
$
|
4,914
|
|
|
$
|
4,602
|
|
Other
|
5,774
|
|
|
97
|
|
|
34
|
|
|||
Total debt
|
14,588
|
|
|
5,011
|
|
|
4,636
|
|
|||
Less current portion
|
3,278
|
|
|
68
|
|
|
89
|
|
|||
Non-current portion
|
$
|
11,310
|
|
|
$
|
4,943
|
|
|
$
|
4,547
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
||||||||
|
|
(In thousands, except per share data)
|
||||||||||||||
Net income
|
|
$
|
2,524
|
|
|
$
|
23,998
|
|
|
$
|
5,341
|
|
|
$
|
27,745
|
|
Weighted average shares outstanding
|
|
15,317
|
|
|
15,128
|
|
|
15,220
|
|
|
15,047
|
|
||||
Net effect of dilutive shares - based on the treasury stock method using average market price
|
|
166
|
|
|
165
|
|
|
104
|
|
|
139
|
|
||||
Totals
|
|
15,483
|
|
|
15,293
|
|
|
15,324
|
|
|
15,186
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income per share - basic
|
|
$
|
0.16
|
|
|
$
|
1.59
|
|
|
$
|
0.35
|
|
|
$
|
1.84
|
|
Net income per share - diluted
|
|
$
|
0.16
|
|
|
$
|
1.57
|
|
|
$
|
0.35
|
|
|
$
|
1.83
|
|
|
|
|
|
Expense for 3 months ended
|
|
Expense for 9 months ended
|
|
Unrecognized
Compensation Cost at |
||||||||||||||
Date of Grants
|
Units Granted
|
Terms of Vesting
|
|
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
||||||||||
2011 Stock Incentive Plan
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
06/20/2017
|
40,404
|
1 year
|
|
$
|
50,000
|
|
|
$
|
—
|
|
|
$
|
83,000
|
|
|
$
|
—
|
|
|
$
|
116,000
|
|
06/20/2017
|
464,000
|
5 years
|
|
107,000
|
|
|
—
|
|
|
183,000
|
|
|
—
|
|
|
2,011,000
|
|
|||||
06/21/2016
|
51,284
|
1 year
|
|
—
|
|
|
50,000
|
|
|
66,000
|
|
|
83,000
|
|
|
—
|
|
|||||
06/21/2016
|
36,000
|
3 years
|
|
(8,000
|
)
|
|
12,000
|
|
|
16,000
|
|
|
20,000
|
|
|
—
|
|
|||||
06/22/2015
|
48,000
|
4 years
|
|
8,000
|
|
|
8,000
|
|
|
25,000
|
|
|
24,000
|
|
|
52,000
|
|
|||||
06/22/2015
|
27,174
|
1 year
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,000
|
|
|
—
|
|
|||||
06/24/2014
|
490,000
|
5 years
|
|
60,000
|
|
|
60,000
|
|
|
180,000
|
|
|
180,000
|
|
|
380,000
|
|
|||||
06/19/2012
|
520,000
|
5 years
|
|
—
|
|
|
37,000
|
|
|
49,000
|
|
|
111,000
|
|
|
—
|
|
|||||
Totals for the period
|
|
|
|
$
|
217,000
|
|
|
$
|
167,000
|
|
|
$
|
602,000
|
|
|
$
|
443,000
|
|
|
$
|
2,559,000
|
|
|
Three Months Ended
|
||||||||||||||||||||||
|
Pension Plan
|
|
VIP Plan
|
|
Non-Employee Directors Retirement Plan
|
||||||||||||||||||
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
|||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
304
|
|
|
296
|
|
|
89
|
|
|
90
|
|
|
9
|
|
|
3
|
|
||||||
Expected return on plan assets
|
(342
|
)
|
|
(284
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition amount
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recognized (gain) loss due to Curtailments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recognized net actuarial (gain) loss
|
179
|
|
|
282
|
|
|
60
|
|
|
77
|
|
|
—
|
|
|
(29
|
)
|
||||||
Benefit cost
|
$
|
141
|
|
|
$
|
294
|
|
|
$
|
149
|
|
|
$
|
167
|
|
|
$
|
9
|
|
|
$
|
(26
|
)
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
Pension Plan
|
|
VIP Plan
|
|
Non-Employee Directors Retirement Plan
|
||||||||||||||||||
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
|||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
912
|
|
|
888
|
|
|
267
|
|
|
270
|
|
|
27
|
|
|
9
|
|
||||||
Expected return on plan assets
|
(1,026
|
)
|
|
(852
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition amount
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recognized (gain) loss due to Curtailments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Recognized net actuarial (gain) loss
|
537
|
|
|
846
|
|
|
180
|
|
|
231
|
|
|
—
|
|
|
(87
|
)
|
||||||
Benefit cost
|
$
|
423
|
|
|
$
|
882
|
|
|
$
|
447
|
|
|
$
|
501
|
|
|
$
|
27
|
|
|
$
|
(78
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
10/31/2017
|
|
10/31/2016
|
|
10/31/2017
|
|
10/31/2016
|
||||||||
|
(In thousands)
|
||||||||||||||
Beginning balance
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
Provision
|
173
|
|
|
155
|
|
|
355
|
|
|
331
|
|
||||
Costs incurred
|
(173
|
)
|
|
(155
|
)
|
|
(355
|
)
|
|
(331
|
)
|
||||
Ending balance
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
VIRCO MFG. CORPORATION
|
|
Date: December 15, 2017
|
By:
|
/s/ Robert E. Dose
|
|
|
Robert E. Dose
|
|
|
Vice President — Finance
|
|
|
(Principal Financial Officer)
|
1 Year Virco Manufacturing Chart |
1 Month Virco Manufacturing Chart |
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