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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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4/30/2018
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1/31/2018
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4/30/2017
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||||||
(In thousands, except share data)
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|||||||||||
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||||||
Assets
|
|
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||||||
Current assets
|
|
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|
|
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||||||
Cash
|
$
|
3,372
|
|
|
$
|
534
|
|
|
$
|
685
|
|
Trade accounts receivables, net
|
8,983
|
|
|
11,385
|
|
|
9,964
|
|
|||
Other receivables
|
135
|
|
|
29
|
|
|
39
|
|
|||
Income tax receivable
|
178
|
|
|
171
|
|
|
201
|
|
|||
Inventories
|
62,498
|
|
|
42,057
|
|
|
54,788
|
|
|||
Prepaid expenses and other current assets
|
2,656
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|
|
1,537
|
|
|
2,327
|
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|||
Total current assets
|
77,822
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|
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55,713
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|
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68,004
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|||
Property, plant and equipment
|
|
|
|
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||||||
Land
|
3,731
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3,731
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|
|
1,671
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|||
Land improvements
|
688
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|
|
688
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|
|
686
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|||
Buildings and building improvements
|
51,176
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|
51,176
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|
|
46,021
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|||
Machinery and equipment
|
103,610
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|
103,015
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|
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100,582
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|||
Leasehold improvements
|
815
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|
|
809
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|
|
848
|
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|||
|
160,020
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|
|
159,419
|
|
|
149,808
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|||
Less accumulated depreciation and amortization
|
118,382
|
|
|
116,977
|
|
|
114,883
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|
|||
Net property, plant and equipment
|
41,638
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|
|
42,442
|
|
|
34,925
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|||
Deferred tax assets, net
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11,534
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|
10,093
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18,491
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|||
Other assets, net
|
8,513
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|
|
8,375
|
|
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8,334
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|||
Total assets
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$
|
139,507
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|
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$
|
116,623
|
|
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$
|
129,754
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4/30/2018
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1/31/2018
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4/30/2017
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||||||
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(In thousands, except share and par value data)
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||||||||||
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||||||
Liabilities
|
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||||||
Current liabilities
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||||||
Accounts payable
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$
|
17,631
|
|
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$
|
14,106
|
|
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$
|
16,169
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|
Accrued compensation and employee benefits
|
4,698
|
|
|
4,779
|
|
|
4,401
|
|
|||
Current portion of long-term debt
|
24,266
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|
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4,681
|
|
|
18,336
|
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|||
Other accrued liabilities
|
4,817
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4,157
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|
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4,810
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Total current liabilities
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51,412
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27,723
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43,716
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Non-current liabilities
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|
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||||||
Accrued self-insurance retention
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2,242
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1,425
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|
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1,920
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|||
Accrued pension expenses
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14,380
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14,664
|
|
|
18,326
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Income tax payable
|
48
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44
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47
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Long-term debt, less current portion
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13,990
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12,000
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6,011
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Other long-term liabilities
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2,171
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2,055
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2,105
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Total non-current liabilities
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32,831
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30,188
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28,409
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Commitments and contingencies (notes 5 and 12)
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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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—
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—
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—
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Common stock:
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||||||
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 15,357,457 shares at 04/30/2018 and at 1/31/2018 and 15,179,664 at 04/30/2017
|
154
|
|
|
154
|
|
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152
|
|
|||
Additional paid-in capital
|
117,693
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117,465
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117,143
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Accumulated deficit
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(53,451
|
)
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|
(49,648
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)
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(48,420
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)
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|||
Accumulated other comprehensive loss
|
(9,132
|
)
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(9,259
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)
|
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(11,246
|
)
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|||
Total stockholders’ equity
|
55,264
|
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58,712
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57,629
|
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Total liabilities and stockholders’ equity
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$
|
139,507
|
|
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$
|
116,623
|
|
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$
|
129,754
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Three months ended
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||||||
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4/30/2018
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4/30/2017
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||||
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(In thousands, except per share data)
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||||||
Net sales
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$
|
22,569
|
|
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$
|
23,235
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Costs of goods sold
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14,884
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14,808
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Gross profit
|
7,685
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|
|
8,427
|
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Selling, general and administrative expenses
|
12,274
|
|
|
11,692
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|
||
Gain on sale of property, plant & equipment
|
(1
|
)
|
|
—
|
|
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Operating loss
|
(4,588
|
)
|
|
(3,265
|
)
|
||
Interest expense, net
|
446
|
|
|
295
|
|
||
Loss before income taxes
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(5,034
|
)
|
|
(3,560
|
)
|
||
Income tax benefits
|
(1,462
|
)
|
|
(1,349
|
)
|
||
Net loss
|
$
|
(3,572
|
)
|
|
$
|
(2,211
|
)
|
|
|
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|
||||
Dividend declared per share:
|
|
|
|
||||
Cash
|
$
|
0.015
|
|
|
—
|
|
|
|
|
|
|
||||
Net loss per common share:
|
|
|
|
||||
Basic
|
$
|
(0.23
|
)
|
|
$
|
(0.15
|
)
|
Diluted (a)
|
$
|
(0.23
|
)
|
|
$
|
(0.15
|
)
|
Weighted average shares outstanding:
:
|
|
|
|
||||
Basic
|
15,317
|
|
|
15,128
|
|
||
Diluted (a)
|
15,317
|
|
|
15,128
|
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Three months ended
|
||||||
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4/30/2018
|
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4/30/2017
|
||||
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(In thousands)
|
||||||
Net Loss
|
$
|
(3,572
|
)
|
|
$
|
(2,211
|
)
|
Other comprehensive income
|
|
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|
||||
Pension adjustments (net of tax $45 and $92 in 2019 and 2018, respectively)
|
127
|
|
|
148
|
|
||
Comprehensive loss
|
$
|
(3,445
|
)
|
|
$
|
(2,063
|
)
|
|
Three months ended
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||||||
4/30/2018
|
|
4/30/2017
|
|||||
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(In thousands)
|
||||||
Operating activities
|
|
|
|
||||
Net loss
|
$
|
(3,572
|
)
|
|
$
|
(2,211
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
1,415
|
|
|
1,267
|
|
||
Provision for doubtful accounts
|
15
|
|
|
15
|
|
||
(Gain) Loss on sale of property, plant and equipment
|
(1
|
)
|
|
—
|
|
||
Deferred income taxes
|
(1,442
|
)
|
|
(1,311
|
)
|
||
Stock-based compensation
|
228
|
|
|
167
|
|
||
Amortization of net actuarial loss for pension plans, net of tax
|
127
|
|
|
148
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade accounts receivable
|
2,387
|
|
|
(65
|
)
|
||
Other receivables
|
(106
|
)
|
|
177
|
|
||
Inventories
|
(20,441
|
)
|
|
(19,099
|
)
|
||
Income taxes
|
(2
|
)
|
|
85
|
|
||
Prepaid expenses and other current assets
|
(1,033
|
)
|
|
(691
|
)
|
||
Accounts payable and accrued liabilities
|
5,433
|
|
|
3,975
|
|
||
Net cash used in operating activities
|
(16,992
|
)
|
|
(17,543
|
)
|
||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(1,144
|
)
|
|
(1,896
|
)
|
||
Proceeds from sale of property, plant and equipment
|
3
|
|
|
—
|
|
||
Net cash used in investing activities
|
(1,141
|
)
|
|
(1,896
|
)
|
||
Financing activities
|
|
|
|
||||
Proceeds from long-term debt
|
38,006
|
|
|
24,347
|
|
||
Repayment of long-term debt
|
(16,681
|
)
|
|
(5,011
|
)
|
||
Payment on deferred financing costs
|
(124
|
)
|
|
—
|
|
||
Common stock repurchased
|
—
|
|
|
—
|
|
||
Cash dividends paid
|
(230
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
20,971
|
|
|
19,336
|
|
||
|
|
|
|
||||
Net increase (decrease) in cash
|
2,838
|
|
|
(103
|
)
|
||
Cash at beginning of period
|
534
|
|
|
788
|
|
||
Cash at end of period
|
$
|
3,372
|
|
|
$
|
685
|
|
|
|
4/30/2018
|
|
1/31/2018
|
|
4/30/2017
|
||||||
Finished goods
|
|
$
|
26,655
|
|
|
$
|
13,054
|
|
|
$
|
21,829
|
|
WIP
|
|
22,796
|
|
|
16,627
|
|
|
20,977
|
|
|||
Raw materials
|
|
13,047
|
|
|
12,376
|
|
|
11,982
|
|
|||
Inventories
|
|
$
|
62,498
|
|
|
$
|
42,057
|
|
|
$
|
54,788
|
|
|
4/30/2018
|
|
1/31/2018
|
|
4/30/2017
|
||||||
|
|
||||||||||
Revolving credit line
|
$
|
31,432
|
|
|
$
|
10,059
|
|
|
$
|
24,267
|
|
Other
|
6,824
|
|
|
6,622
|
|
|
80
|
|
|||
Total debt
|
38,256
|
|
|
16,681
|
|
|
24,347
|
|
|||
Less current portion
|
24,266
|
|
|
4,681
|
|
|
18,336
|
|
|||
Non-current portion
|
$
|
13,990
|
|
|
$
|
12,000
|
|
|
$
|
6,011
|
|
|
|
Three Months Ended
|
||||||
|
|
4/30/2018
|
|
4/30/2017
|
||||
|
|
(In thousands, except per share data)
|
||||||
Net loss
|
|
$
|
(3,572
|
)
|
|
$
|
(2,211
|
)
|
Weighted average shares outstanding
|
|
15,317
|
|
|
15,128
|
|
||
Net effect of dilutive shares - based on the treasury stock method using average market price
|
|
—
|
|
|
—
|
|
||
Totals
|
|
15,317
|
|
|
15,128
|
|
||
|
|
|
|
|
||||
Net loss per share - basic
|
|
$
|
(0.23
|
)
|
|
$
|
(0.15
|
)
|
Net loss per share - diluted (a)
|
|
$
|
(0.23
|
)
|
|
$
|
(0.15
|
)
|
|
Three Months Ended
|
||||||||||||||
|
Pension Plan
|
|
VIP Plan
|
||||||||||||
4/30/2018
|
|
4/30/2017
|
|
4/30/2018
|
|
4/30/2017
|
|||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
266
|
|
|
304
|
|
|
89
|
|
|
89
|
|
||||
Expected return on plan assets
|
(407
|
)
|
|
(342
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of transition amount
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized (gain) loss due to Curtailments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial (gain) loss
|
90
|
|
|
179
|
|
|
82
|
|
|
60
|
|
||||
Benefit cost
|
$
|
(51
|
)
|
|
$
|
141
|
|
|
$
|
171
|
|
|
$
|
149
|
|
|
VIRCO MFG. CORPORATION
|
|
Date: June 8, 2018
|
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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