We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.59 | 5.41% | 11.49 | 10.63 | 11.78 | 11.77 | 10.95 | 11.01 | 155,498 | 22:16:11 |
|
|
FORM 10-Q
|
ý
|
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
VIRCO MFG. CORPORATION
(Exact Name of Registrant as Specified in its Charter)
|
Delaware
|
|
95-1613718
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
2027 Harpers Way, Torrance, CA
|
|
90501
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
Large accelerated filer
|
¨
|
|
|
Accelerated filer
|
|
¨
|
Non-accelerated filer
|
¨
|
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
ý
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Item 3. Defaults Upon Senior Securities
|
|
|
Item 4. Mine Safety Disclosures
|
|
|
Item 5. Other Information
|
|
|
||
|
EX-31.1
|
|
|
EX-31.2
|
|
|
EX-32.1
|
|
|
EX-101 INSTANCE DOCUMENT
|
|
|
EX-101 SCHEMA DOCUMENT
|
|
|
EX-101 CALCULATION LINKBASE DOCUMENT
|
|
|
EX-101 LABELS LINKBASE DOCUMENT
|
|
|
EX-101 PRESENTATION LINKBASE DOCUMENT
|
|
|
7/31/2018
|
|
1/31/2018
|
|
7/31/2017
|
||||||
(In thousands, except share data)
|
|||||||||||
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
||||||
Cash
|
$
|
1,109
|
|
|
$
|
534
|
|
|
$
|
2,747
|
|
Trade accounts receivables, net
|
44,109
|
|
|
11,385
|
|
|
40,201
|
|
|||
Other receivables
|
161
|
|
|
29
|
|
|
73
|
|
|||
Income tax receivable
|
175
|
|
|
171
|
|
|
175
|
|
|||
Inventories
|
60,296
|
|
|
42,057
|
|
|
50,861
|
|
|||
Prepaid expenses and other current assets
|
2,117
|
|
|
1,537
|
|
|
1,888
|
|
|||
Total current assets
|
107,967
|
|
|
55,713
|
|
|
95,945
|
|
|||
Property, plant and equipment
|
|
|
|
|
|
||||||
Land
|
3,731
|
|
|
3,731
|
|
|
1,671
|
|
|||
Land improvements
|
688
|
|
|
688
|
|
|
680
|
|
|||
Buildings and building improvements
|
51,176
|
|
|
51,176
|
|
|
46,036
|
|
|||
Machinery and equipment
|
104,761
|
|
|
103,015
|
|
|
100,984
|
|
|||
Leasehold improvements
|
820
|
|
|
809
|
|
|
803
|
|
|||
|
161,176
|
|
|
159,419
|
|
|
150,174
|
|
|||
Less accumulated depreciation and amortization
|
119,792
|
|
|
116,977
|
|
|
114,591
|
|
|||
Net property, plant and equipment
|
41,384
|
|
|
42,442
|
|
|
35,583
|
|
|||
Deferred tax assets, net
|
9,973
|
|
|
10,093
|
|
|
15,611
|
|
|||
Other assets, net
|
8,491
|
|
|
8,375
|
|
|
8,308
|
|
|||
Total assets
|
$
|
167,815
|
|
|
$
|
116,623
|
|
|
$
|
155,447
|
|
|
7/31/2018
|
|
1/31/2018
|
|
7/31/2017
|
||||||
|
(In thousands, except share and par value data)
|
||||||||||
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
23,072
|
|
|
$
|
14,106
|
|
|
$
|
20,945
|
|
Accrued compensation and employee benefits
|
5,353
|
|
|
4,779
|
|
|
6,373
|
|
|||
Current portion of long-term debt
|
36,894
|
|
|
4,681
|
|
|
29,987
|
|
|||
Other accrued liabilities
|
8,583
|
|
|
4,157
|
|
|
7,543
|
|
|||
Total current liabilities
|
73,902
|
|
|
27,723
|
|
|
64,848
|
|
|||
Non-current liabilities
|
|
|
|
|
|
||||||
Accrued self-insurance retention
|
1,936
|
|
|
1,425
|
|
|
1,904
|
|
|||
Accrued pension expenses
|
16,544
|
|
|
14,664
|
|
|
17,991
|
|
|||
Income tax payable
|
45
|
|
|
44
|
|
|
42
|
|
|||
Long-term debt, less current portion
|
14,139
|
|
|
12,000
|
|
|
6,000
|
|
|||
Other long-term liabilities
|
2,274
|
|
|
2,055
|
|
|
1,978
|
|
|||
Total non-current liabilities
|
34,938
|
|
|
30,188
|
|
|
27,915
|
|
|||
Commitments and contingencies (Notes 5 and 12)
|
|
|
|
|
|
||||||
Stockholders’ equity
|
|
|
|
|
|
||||||
Preferred stock:
|
|
|
|
|
|
||||||
Authorized 3,000,000 shares, $0.01 par value; none issued or outstanding
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock:
|
|
|
|
|
|
||||||
Authorized 25,000,000 shares, $0.01 par value; issued and outstanding 15,541,956 shares at 07/31/2018 and 15,357,457 at 1/31/2018 and 07/31/2017
|
155
|
|
|
154
|
|
|
154
|
|
|||
Additional paid-in capital
|
117,636
|
|
|
117,465
|
|
|
117,020
|
|
|||
Accumulated deficit
|
(48,208
|
)
|
|
(49,648
|
)
|
|
(43,392
|
)
|
|||
Accumulated other comprehensive loss
|
(10,608
|
)
|
|
(9,259
|
)
|
|
(11,098
|
)
|
|||
Total stockholders’ equity
|
58,975
|
|
|
58,712
|
|
|
62,684
|
|
|||
Total liabilities and stockholders’ equity
|
$
|
167,815
|
|
|
$
|
116,623
|
|
|
$
|
155,447
|
|
|
Three months ended
|
||||||
|
7/31/2018
|
|
7/31/2017
|
||||
|
(In thousands, except per share data)
|
||||||
Net sales
|
$
|
74,802
|
|
|
$
|
72,636
|
|
Costs of goods sold
|
47,670
|
|
|
45,953
|
|
||
Gross profit
|
27,132
|
|
|
26,683
|
|
||
Selling, general and administrative expenses
|
18,717
|
|
|
18,278
|
|
||
Gain on sale of property, plant & equipment
|
—
|
|
|
(1
|
)
|
||
Operating income
|
8,415
|
|
|
8,406
|
|
||
Interest expense, net
|
822
|
|
|
529
|
|
||
Income before income taxes
|
7,593
|
|
|
7,877
|
|
||
Income tax expense
|
2,118
|
|
|
2,849
|
|
||
Net income
|
$
|
5,475
|
|
|
$
|
5,028
|
|
|
|
|
|
||||
Dividend declared per share:
|
|
|
|
||||
Cash
|
$
|
0.015
|
|
|
$
|
—
|
|
|
|
|
|
||||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
0.36
|
|
|
$
|
0.33
|
|
Diluted
|
$
|
0.35
|
|
|
$
|
0.33
|
|
Weighted average shares of common stock outstanding:
:
|
|
|
|
||||
Basic
|
15,392
|
|
|
15,211
|
|
||
Diluted
|
15,435
|
|
|
15,285
|
|
|
Six months ended
|
||||||
|
7/31/2018
|
|
7/31/2017
|
||||
|
(In thousands, except per share data)
|
||||||
Net sales
|
$
|
97,371
|
|
|
$
|
95,871
|
|
Costs of goods sold
|
62,554
|
|
|
60,761
|
|
||
Gross profit
|
34,817
|
|
|
35,110
|
|
||
Selling, general and administrative expenses
|
30,991
|
|
|
29,970
|
|
||
Gain on sale of property, plant & equipment
|
(1
|
)
|
|
(1
|
)
|
||
Operating income
|
3,827
|
|
|
5,141
|
|
||
Interest expense, net
|
1,268
|
|
|
824
|
|
||
Income before income taxes
|
2,559
|
|
|
4,317
|
|
||
Income tax expense
|
656
|
|
|
1,500
|
|
||
Net income
|
$
|
1,903
|
|
|
$
|
2,817
|
|
|
|
|
|
||||
Dividend declared per share:
|
|
|
|
||||
Cash
|
$
|
0.03
|
|
|
$
|
—
|
|
|
|
|
|
||||
Net income per common share:
|
|
|
|
||||
Basic
|
$
|
0.12
|
|
|
$
|
0.19
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.18
|
|
Weighted average shares of common stock outstanding:
: |
|
|
|
||||
Basic
|
15,355
|
|
|
15,170
|
|
||
Diluted
|
15,395
|
|
|
15,233
|
|
|
Three months ended
|
||||||
|
7/31/2018
|
|
7/31/2017
|
||||
|
(In thousands)
|
||||||
Net income
|
$
|
5,475
|
|
|
$
|
5,028
|
|
Other comprehensive income
|
|
|
|
||||
Pension adjustments (net of tax ($522) and $92 in 2019 and 2018, respectively)
|
(1,476
|
)
|
|
148
|
|
||
Comprehensive income
|
$
|
3,999
|
|
|
$
|
5,176
|
|
|
Six months ended
|
||||||
|
7/31/2018
|
|
7/31/2017
|
||||
|
(In thousands)
|
||||||
Net income
|
$
|
1,903
|
|
|
$
|
2,817
|
|
Other comprehensive income
|
|
|
|
||||
Pension adjustments (net of tax ($477) and $184 in 2019 and 2018, respectively)
|
(1,349
|
)
|
|
296
|
|
||
Comprehensive income
|
$
|
554
|
|
|
$
|
3,113
|
|
|
Six months ended
|
||||||
7/31/2018
|
|
7/31/2017
|
|||||
|
(In thousands)
|
||||||
Operating activities
|
|
|
|
||||
Net income
|
$
|
1,903
|
|
|
$
|
2,817
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
2,825
|
|
|
2,601
|
|
||
Provision for doubtful accounts
|
35
|
|
|
35
|
|
||
(Gain) Loss on sale of property, plant and equipment
|
(1
|
)
|
|
(1
|
)
|
||
Deferred income taxes
|
120
|
|
|
1,569
|
|
||
Stock-based compensation
|
438
|
|
|
385
|
|
||
Defined pension plan settlement
|
319
|
|
|
—
|
|
||
Amortization of net actuarial loss for pension plans
|
345
|
|
|
296
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Trade accounts receivable
|
(32,759
|
)
|
|
(30,321
|
)
|
||
Other receivables
|
(132
|
)
|
|
143
|
|
||
Inventories
|
(18,239
|
)
|
|
(15,172
|
)
|
||
Income taxes
|
(3
|
)
|
|
105
|
|
||
Prepaid expenses and other current assets
|
(696
|
)
|
|
(224
|
)
|
||
Accounts payable and accrued liabilities
|
14,604
|
|
|
12,980
|
|
||
Net cash used in operating activities
|
(31,241
|
)
|
|
(24,787
|
)
|
||
Investing activities
|
|
|
|
||||
Capital expenditures
|
(1,686
|
)
|
|
(3,891
|
)
|
||
Proceeds from sale of property, plant and equipment
|
3
|
|
|
1
|
|
||
Net cash used in investing activities
|
(1,683
|
)
|
|
(3,890
|
)
|
||
Financing activities
|
|
|
|
||||
Proceeds from long-term debt
|
51,033
|
|
|
36,742
|
|
||
Repayment of long-term debt
|
(16,681
|
)
|
|
(5,767
|
)
|
||
Payment on deferred financing costs
|
(124
|
)
|
|
—
|
|
||
Tax withholding payments on share based compensation
|
(265
|
)
|
|
(339
|
)
|
||
Cash dividends paid
|
(464
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
33,499
|
|
|
30,636
|
|
||
|
|
|
|
||||
Net increase in cash
|
575
|
|
|
1,959
|
|
||
Cash at beginning of period
|
534
|
|
|
788
|
|
||
Cash at end of period
|
$
|
1,109
|
|
|
$
|
2,747
|
|
|
|
7/31/2018
|
|
1/31/2018
|
|
7/31/2017
|
||||||
Finished goods
|
|
$
|
27,055
|
|
|
$
|
13,054
|
|
|
$
|
21,912
|
|
WIP
|
|
20,331
|
|
|
16,627
|
|
|
16,923
|
|
|||
Raw materials
|
|
12,910
|
|
|
12,376
|
|
|
12,026
|
|
|||
Inventories
|
|
$
|
60,296
|
|
|
$
|
42,057
|
|
|
$
|
50,861
|
|
|
7/31/2018
|
|
1/31/2018
|
|
7/31/2017
|
||||||
|
|
||||||||||
Revolving credit line
|
$
|
43,907
|
|
|
$
|
10,059
|
|
|
$
|
35,924
|
|
Other
|
7,126
|
|
|
6,622
|
|
|
63
|
|
|||
Total debt
|
51,033
|
|
|
16,681
|
|
|
35,987
|
|
|||
Less current portion
|
36,894
|
|
|
4,681
|
|
|
29,987
|
|
|||
Non-current portion
|
$
|
14,139
|
|
|
$
|
12,000
|
|
|
$
|
6,000
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
7/31/2018
|
|
7/31/2017
|
|
7/31/2018
|
|
7/31/2017
|
||||||||
|
|
(In thousands, except per share data)
|
||||||||||||||
Net income
|
|
$
|
5,475
|
|
|
$
|
5,028
|
|
|
$
|
1,903
|
|
|
$
|
2,817
|
|
Weighted average shares of common stock outstanding
|
|
15,392
|
|
|
15,211
|
|
|
15,355
|
|
|
15,170
|
|
||||
Net effect of dilutive shares - based on the treasury stock method using average market price
|
|
43
|
|
|
74
|
|
|
40
|
|
|
63
|
|
||||
Totals
|
|
15,435
|
|
|
15,285
|
|
|
15,395
|
|
|
15,233
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income per share - basic
|
|
$
|
0.36
|
|
|
$
|
0.33
|
|
|
$
|
0.12
|
|
|
$
|
0.19
|
|
Net income per share - diluted
|
|
$
|
0.35
|
|
|
$
|
0.33
|
|
|
$
|
0.12
|
|
|
$
|
0.18
|
|
|
Three Months Ended
|
||||||||||||||
|
Pension Plan
|
|
VIP Plan
|
||||||||||||
7/31/2018
|
|
7/31/2017
|
|
7/31/2018
|
|
7/31/2017
|
|||||||||
Service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest cost
|
266
|
|
|
304
|
|
|
89
|
|
|
89
|
|
||||
Expected return on plan assets
|
(407
|
)
|
|
(342
|
)
|
|
—
|
|
|
—
|
|
||||
Plan settlement
|
319
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial (gain) loss
|
91
|
|
|
179
|
|
|
82
|
|
|
60
|
|
||||
Benefit cost
|
$
|
269
|
|
|
$
|
141
|
|
|
$
|
171
|
|
|
$
|
149
|
|
|
Six Months Ended
|
||||||||||||||
|
Pension Plan
|
|
VIP Plan
|
||||||||||||
7/31/2018
|
|
7/31/2017
|
|
7/31/2018
|
|
7/31/2017
|
|||||||||
Service cost
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Interest cost
|
532
|
|
|
608
|
|
|
178
|
|
|
178
|
|
||||
Expected return on plan assets
|
(814
|
)
|
|
(684
|
)
|
|
—
|
|
|
—
|
|
||||
Plan settlement
|
319
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Recognized net actuarial (gain) loss
|
181
|
|
|
358
|
|
|
164
|
|
|
120
|
|
||||
Benefit cost
|
$
|
218
|
|
|
$
|
282
|
|
|
$
|
342
|
|
|
$
|
298
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
7/31/2018
|
|
7/31/2017
|
|
7/31/2018
|
|
7/31/2017
|
||||||||
|
(In thousands)
|
||||||||||||||
Beginning balance
|
$
|
925
|
|
|
$
|
1,000
|
|
|
$
|
925
|
|
|
$
|
1,000
|
|
Provision
|
86
|
|
|
112
|
|
|
141
|
|
|
182
|
|
||||
Costs incurred
|
(86
|
)
|
|
(112
|
)
|
|
(141
|
)
|
|
(182
|
)
|
||||
Ending balance
|
$
|
925
|
|
|
$
|
1,000
|
|
|
$
|
925
|
|
|
$
|
1,000
|
|
|
VIRCO MFG. CORPORATION
|
|
Date: September 14, 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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions