10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ý Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 31, 2014

OR

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from        to        

Commission File number 1-8777

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)

Registrant’s Telephone Number, Including Area Code: (310) 533-0474

No change

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report.

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨		Accelerated filer	¨
Non-accelerated filer	¨	(Do not check if a smaller reporting company)	Smaller reporting company	ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares outstanding for each of the registrant’s classes of common stock, as of the latest practicable date:

Common Stock, $.01 par value —14,852,640 shares as of September 5, 2014.

TABLE OF CONTENTS

Part I. Financial Information	3
Item 1. Financial Statements	3
Unaudited condensed consolidated balance sheets — July 31, 2014, January 31, 2014 and July 31, 2013	3
Unaudited condensed consolidated statements of operations — Three months ended July 31, 2014 and 2013	5
Unaudited condensed consolidated statements of operations — Six months ended July 31, 2014 and 2013	6
Unaudited condensed consolidated statements of comprehensive income (loss) — Three months ended July 31, 2014 and 2013	7
Unaudited condensed consolidated statements of comprehensive income (loss) — Six months ended July 31, 2014 and 2013	8
Unaudited condensed consolidated statements of cash flows —Six months ended July 31, 2014 and 2013	9
Notes to unaudited condensed consolidated financial statements — July 31, 2014	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3. Quantitative and Qualitative Disclosures about Market Risk	19
Item 4. Controls and Procedures	20
Part II. Other Information	21
Item 1. Legal Proceedings	21
Item 1A. Risk Factors	21
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	21
Item 6. Exhibits	21
EX-3.2
EX-10.1
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

2

PART I. Financial Information

Item 1. Financial Statements

Virco Mfg. Corporation

Condensed Consolidated Balance Sheets

	7/31/2014		1/31/2014		7/31/2013
	(In thousands, except share data)
	Unaudited (Note 1)				Unaudited (Note 1)
Assets
Current assets
Cash	$	1,130	$	1,051	$	2,443
Trade accounts receivables, net	29,414		8,468		32,088
Other receivables	47		52		107
Income tax receivable	317		290		304
Inventories
Finished goods, net	20,145		7,237		14,137
Work in process, net	15,161		11,116		12,243
Raw materials and supplies, net	9,977		9,427		10,460
	45,283		27,780		36,840
Deferred tax assets, net	203		203		—
Prepaid expenses and other current assets	1,350		1,795		1,724
Total current assets	77,744		39,639		73,506
Property, plant and equipment
Land	1,671		1,671		1,671
Land improvements	1,189		1,185		1,213
Buildings and building improvements	47,047		47,271		47,263
Machinery and equipment	113,152		115,667		116,335
Leasehold improvements	1,957		2,328		2,417
	165,016		168,122		168,899
Less accumulated depreciation and amortization	128,970		131,817		132,204
Net property, plant and equipment	36,046		36,305		36,695
Deferred tax assets, net	305		611		1,404
Other assets	6,990		6,789		6,722
Total assets	$	121,085	$	83,344	$	118,327

See accompanying notes.

3

Virco Mfg. Corporation

Condensed Consolidated Balance Sheets

	7/31/2014			1/31/2014			7/31/2013
	(In thousands, except share data)
	Unaudited (Note 1)						Unaudited (Note 1)
Liabilities
Current liabilities
Accounts payable	$	20,382		$	12,355		$	17,282
Accrued compensation and employee benefits	3,860			3,594			4,143
Current portion of long-term debt	27,545			2,248			22,668
Deferred tax liabilities	—			—			572
Other accrued liabilities	7,293			4,459			8,110
Total current liabilities	59,080			22,656			52,775
Non-current liabilities
Accrued self-insurance retention	2,020			2,025			2,614
Accrued pension expenses	23,132			23,951			25,763
Income tax payable	37			69			98
Long-term debt, less current portion	6,000			6,000			6,000
Other accrued liabilities	1,092			1,038			1,372
Total non-current liabilities	32,281			33,083			35,847
Commitments and contingencies
Stockholders’ equity
Preferred stock:
Authorized 3,000,000 shares, $.01 par value; none issued or outstanding	—			—			—
Common stock:
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 14,852,640 shares at 7/31/2014 ; and 14,718,414 at 1/31/2014 and 14,730,319 shares at 07/31/2013	148			147			147
Additional paid-in capital	116,105			115,978			115,817
Accumulated deficit	(73,191		)	(74,540		)	(71,077		)
Accumulated other comprehensive loss	(13,338		)	(13,980		)	(15,182		)
Total stockholders’ equity	29,724			27,605			29,705
Total liabilities and stockholders’ equity	$	121,085		$	83,344		$	118,327

See accompanying notes.

4

Virco Mfg. Corporation

Condensed Consolidated Statements of Income

Unaudited (Note 1)

	Three months ended
	7/31/2014		7/31/2013
	(In thousands, except per share data)
Net sales	$	53,192	$	56,933
Costs of goods sold	32,346		35,347
Gross profit	20,846		21,586
Selling, general and administrative expenses	14,770		14,417
Restructuring expense	62		412
Interest expense, net	505		472
Income (loss) before income taxes	5,509		6,285
Income tax expense (benefit)	306		75
Net income (loss)	$	5,203	$	6,210
Net income (loss) per common share:
Basic	$	0.35	$	0.43
Diluted	$	0.35	$	0.42
Weighted average shares outstanding:
Basic	14,725		14,570
Diluted	14,874		14,647

 _______________

See accompanying notes.

5

Virco Mfg. Corporation

Condensed Consolidated Statements of Income

Unaudited (Note 1)

	Six Months Ended
	7/31/2014		7/31/2013
	(In thousands, except per share data)
Net sales	$	76,722	$	76,823
Costs of goods sold	47,699		48,828
Gross profit	29,023		27,995
Selling, general and administrative expenses	26,492		24,919
Restructuring expense	62		475
Interest expense, net	834		800
Income (loss) before income taxes	1,635		1,801
Income tax expense (benefit)	287		38
Net income (loss)	$	1,348	$	1,763
Net income (loss) per common share:
Basic	$	0.09	$	0.12
Diluted	$	0.09	$	0.12
Weighted average shares outstanding:
Basic	14,687		14,506
Diluted	14,839		14,591

 _______________

See accompanying notes.

6

Virco Mfg. Corporation

Condensed Consolidated Statements of Comprehensive Income (Loss)

Unaudited (Note 1)

	Three months ended
	7/31/2014		7/31/2013
	(In thousands)
Net income (loss)	$	5,203	$	6,210
Other comprehensive income (loss) :
Pension adjustments, net of tax	321		402
Comprehensive income (loss)	$	5,524	$	6,612

See accompanying notes.

7

Virco Mfg. Corporation

Condensed Consolidated Statements of Comprehensive Income (Loss)

Unaudited (Note 1)

	Six months ended
	7/31/2014		7/31/2013
	(In thousands)
Net income (loss)	$	1,348	$	1,763
Other comprehensive income (loss) :
Pension adjustments, net of tax	642		804
Comprehensive income (loss)	$	1,990	$	2,567

See accompanying notes.

8

Virco Mfg. Corporation

Condensed Consolidated Statements of Cash Flows

Unaudited (Note 1)

	Six months ended
	7/31/2014			7/31/2013
	(In thousands)
Operating activities
Net income (loss)	$	1,348		$	1,763
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,168			2,046
Provision for doubtful accounts	60			50
(Gain) loss on sale of property, plant and equipment	—			(13		)
Deferred income taxes	275			—
Stock-based compensation	259			275
Pension settlement	—			—
Changes in operating assets and liabilities:
Trade accounts receivable	(20,978		)	(23,304		)
Other receivables	5			1
Inventories	(17,504		)	(11,523		)
Income taxes	(27		)	(8		)
Prepaid expenses and other assets	244			53
Accounts payable and accrued liabilities	10,966			9,593
Net cash provided by (used in) operating activities	(23,184		)	(21,067		)
Investing activities
Capital expenditures	(1,904		)	(1,861		)
Proceeds from sale of property, plant and equipment	—			19
Net investment in life insurance	—			—
Net cash provided by (used in) investing activities	(1,904		)	(1,842		)
Financing activities
Proceeds from long-term debt	33,545			28,851
Repayment of long-term debt	(8,248		)	(4,236		)
Common stock repurchased	(130		)	(116		)
Cash dividend paid	—			—
Net cash provided by (used in) financing activities	25,167			24,499
Net increase (decrease) in cash	79			1,590
Cash at beginning of year	1,051			853
Cash at end of year	$	1,130		$	2,443

See accompanying notes.

9

VIRCO MFG. CORPORATION

Notes to unaudited Condensed Consolidated Financial Statements

July 31, 2014

Note 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended July 31, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2015. The balance sheet at January 31, 2014, has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014 (“Form 10-K”). All references to the “Company” refer to Virco Mfg. Corporation and its subsidiaries.

Note 2. Correction of Immaterial Errors

Subsequent to the year ended January 31, 2014, the Company identified certain errors in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended April 30, July 31 and October 31, 2013. The Company previously recorded its quarterly net periodic pension cost as an increase to accrued pension expenses, when a portion of the net periodic pension cost attributed to the recognized net actuarial loss or (gain) should have been recorded as a decrease in the Company’s accumulated other comprehensive loss. These errors have no impact on the amounts previously reported in the Company’s statements of operations or statements of cash flows. Further, these errors have no impact on its consolidated financial statements as of and for the year ended January 31, 2014.

Management has evaluated the materiality of these errors quantitatively and qualitatively and has concluded that the corrections of these errors are immaterial to the condensed consolidated balance sheets, consolidated statements of comprehensive income (loss), and the financial statements as a whole. Accordingly, the Company has corrected the accompanying condensed consolidated balance sheet and consolidated statement of comprehensive income (loss) for the three and six months ended July 31, 2013, and it intends to revise its condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended October 31, 2013 through subsequent periodic filings. The effect of recording immaterial corrections in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended July 31 and October 31, 2013 are as follows:

	For the Quarter Ended July 31, 2013				For the Quarter Ended October 31, 2013
(in thousands)	As Previously Reported		As Corrected		As Previously Reported		As Corrected
Accrued pension expenses	$	26,567	$	25,763	$	26,398	$	25,192
Total stockholder’s equity	28,901		29,705		33,181		34,387
Net income (loss)	6,210		6,210		3,408		3,408
Comprehensive income (loss)	6,210		6,612		4,208		4,610
Impact for period-to-date comprehensive income (loss)	1,763		2,567		5,971		7,177

Note 3. Seasonality

The market for educational furniture is marked by extreme seasonality, with approximately 50% of the Company’s total sales typically occurring from June to August each year, which is the Company’s peak season. Hence, the Company typically builds and carries significant amounts of inventory during and in anticipation of this peak summer season to facilitate the rapid delivery requirements of customers in the educational market. This requires a large up-front investment in inventory, labor, storage and related costs as inventory is built in anticipation of peak sales during the summer months. As the capital required for this build-up generally exceeds cash available from operations, the Company has historically relied on third-party bank

10

financing to meet cash flow requirements during the build-up period immediately preceding the peak season. In addition, the Company typically is faced with a large balance of accounts receivable during the peak season. This occurs for two primary reasons. First, accounts receivable balances typically increase during the peak season as shipments of products increase. Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly than commercial customers.

The Company’s working capital requirements during and in anticipation of the peak summer season require management to make estimates and judgments that affect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to market demand, labor costs, and stocking inventory.

Note 4. New Accounting Standards

In July 2013, the FASB issued accounting guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, or similar tax loss, or a tax carryforward exists. The Company adopted the guidance effective February 1, 2014, the beginning of the Company's 2014 fiscal year. The guidance did not have a material impact on the Company's financial statements.

In April 2014, the FASB issued accounting guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance will be effective for fiscal years beginning on or after January 31, 2015 and interim periods within those annual periods with early adoption allowed. The Company does not expect the adoption to have a material impact on its financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Note 5. Inventories

Inventories primarily consist of raw materials, work in progress, and finished goods of manufactured products. In addition, the Company maintains an inventory of finished goods purchased for resale. Inventories are stated at lower of cost or market and consist of materials, labor, and overhead. The Company determines the cost of inventory by the first-in, first-out method. The value of inventory includes any related production overhead costs incurred in bringing the inventory to its present location and condition. The Company records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation.

Management continually monitors production costs, material costs and inventory levels to determine that interim inventories are fairly stated.

Note 6. Debt

Outstanding balances (in thousands) for the Company’s long-term debt were as follows:

	7/31/2014		1/31/2014		7/31/2013
	(in thousands)
Revolving credit line	$	33,545	$	8,248	$	28,668
Other	—		—		—
Total debt	33,545		8,248		28,668
Less current portion	27,545		2,248		22,668
Non-current portion	$	6,000	$	6,000	$	6,000

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On December 22, 2011 (the Closing Date), the Company entered into a Revolving Credit and Security Agreement (the Credit Agreement) with PNC Bank, National Association, as administrative agent and lender (PNC). On June 15, 2012, the Company entered into Amendment No. 1 (Amendment No. 1) to the Credit Agreement which, among other things, increased the borrowing availability thereunder by $3,000,000 from $6,000,000 to $9,000,000 for the period from May 1 through July 14 of each year. On July 27, 2012, the Company entered into Amendment No. 2 (Amendment No. 2) to the Credit Agreement which, among other things, reduced the minimum EBITDA financial covenant contained therein for the five consecutive months ending June 2012 from $1,600,000 to $300,000. On September 12, 2012, the Company entered into Amendment No. 3 (Amendment No. 3) to the Credit Agreement which, among other things, modified the minimum EBITDA covenant for the balance of the fiscal year. On December 6, 2012, the Company entered into Amendment No. 4 (Amendment No. 4) to the Credit Agreement which, among other things, waived the violation of the minimum EBITDA and minimum tangible net worth covenants at October 31, 2012 and eliminated the minimum EBITDA covenant at November 30, 2012. On March 1, 2013, the Company entered into Amendment No. 5 (Amendment No. 5) to the Credit Agreement, which among other things modified the minimum tangible net worth covenant for the periods from January 31, 2013 to January 31, 2014, modified the minimum EBIDTA covenant for certain periods to January 31, 2014 and waived the violation of the minimum EBITDA covenant for the eleven consecutive fiscal month period ending December 31, 2012. On January 9, 2014, the Company entered into Amendment No. 6 (Amendment No. 6) to the Credit Agreement, which, among other things, amended the definition of “Peak Season” and increased the peak season borrowing capacity. On April 15, 2014, the Company entered into Amendment No. 7 (Amendment No. 7) to the Credit Agreement, which, among other things, extended the maturity date of the Credit Agreement for three years until December 22, 2017, reduced the maximum availability under the Credit Agreement by 10,000,000 from $60,000,000 to $50,000,000, waived the violation of the minimum EBITDA covenant at January 31, 2014, waived the violation of the fixed charge coverage ratio covenant at January 31, 2014, included levels for the minimum tangible net worth financial covenant and a minimum EBITDA financial covenant for fiscal year 2014 and the minimum fixed charge coverage ratio until the maturity date of the Credit Agreement. On August 18, 2014, the Company entered into Amendment No. 8 (Amendment No. 8) to the Credit Agreement which, among other things, extended the draw period under the temporary equipment line.

The Credit Agreement, as amended, provides the Company with a secured revolving line of credit (the Revolving Credit Facility) of up to $50,000,000, with seasonal adjustments to the credit limit and subject to borrowing base limitations, and includes a sub-limit of up to $3,000,000 for issuances of letters of credit. The Revolving Credit Facility is an asset-based line of credit that is subject to a borrowing base limitation and generally provides for advances of up to 85% of eligible accounts receivable, plus a percentage equal to the lesser of 60% of the value of eligible inventory or 85% of the liquidation value of eligible inventory, plus an amount ranging from $8,000,000 to $14,000,000 from January 1 through July 31 of each year, minus undrawn amounts of letters of credit and reserves. The Revolving Credit Facility is secured by substantially all of the Company's personal property and certain of the Company's real property. The principal amount outstanding under the Credit Agreement and any accrued and unpaid interest is due no later than December 22, 2017, and the Revolving Credit Facility is subject to certain prepayment penalties upon earlier termination of the Revolving Credit Facility. Prior to the maturity date, principal amounts outstanding under the Credit Agreement may be repaid and reborrowed at the option of the Company without premium or penalty, subject to borrowing base limitations, seasonal adjustments and certain other conditions.

The Revolving Credit Facility bears interest, at the Company's option, at either the Alternate Base Rate (as defined in the Credit Agreement) or the Eurodollar Currency Rate (as defined in the Credit Agreement), in each case plus an applicable margin. The applicable margin for Alternate Base Rate loans is a percentage within a range of 0.75% to 1.75%, and the applicable margin for Eurodollar Currency Rate loans is a percentage within a range of 1.75% to 2.75%, in each case based on the EBITDA of the Company at the end of each fiscal quarter, and may be increased at PNC's option by 2.0% during the continuance of an event of default. Accrued interest with respect to principal amounts outstanding under the Credit Agreement is payable in arrears on a monthly basis for Alternative Base Rate loans, and at the end of the applicable interest period but at most every three months for Eurodollar Currency Rate loans.

The Credit Agreement contains a covenant that forbids the Company from issuing dividends or making payments with respect to the Company's capital stock, and contains numerous other covenants that limit under certain circumstances the ability of the Company and their subsidiaries to, among other things, merge with or acquire other entities, incur new liens, incur additional indebtedness, repurchase stock, sell assets outside of the ordinary course of business, enter into transactions with affiliates, or substantially change the general nature of the business of the Company, taken as a whole. The Credit Agreement also requires the Company to maintain the following financial maintenance covenants: (1) a minimum tangible net worth amount, (2) a minimum fixed charge coverage ratio, and (3) a minimum EBITDA amount, in each case as of the end of the relevant monthly, quarterly or annual measurement period. As of July 31, 2014 the Credit Agreement required the Company to maintain: (1) a minimum tangible net worth of at least $26,350,000 for the fiscal quarter ending July 31, 2014, (2) a minimum fixed charge coverage ratio of at least 1.00 to 1.00 for the four consecutive fiscal quarters ending January 31, 2015, and (3) a minimum EBITDA amount of $4,420,000 for the six months ended July 31, 2014 and $5,512,000 for the twelve consecutive fiscal months ending January 31, 2015.

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In addition, the Credit Agreement contains a clean down provision that requires the Company to reduce borrowings under the line to less than $6,000,000 for a period of 60 consecutive days each fiscal year. The Company believes that normal operating cash flow will allow it to meet the clean down requirement with no adverse impact on the Company's liquidity. The Company was in compliance with its covenants at July 31, 2014.

Events of default (subject to certain cure periods and other limitations) under the Credit Agreement include, but are not limited to, (i) non-payment of principal, interest or other amounts due under the Credit Agreement, (ii) the violation of terms, covenants, representations or warranties in the Credit Agreement or related loan documents, (iii) any event of default under agreements governing certain indebtedness of the Company and certain defaults by the Company under other agreements that would materially adversely affect the Company, (iv) certain events of bankruptcy, insolvency or liquidation involving the Company, (v) judgments or judicial actions against the Company in excess of $250,000, subject to certain conditions, (vi) the failure of the Company to comply with Pension Benefit Plans (as defined in the Credit Agreement), (vii) the invalidity of loan documents pertaining to the Credit Agreement, (viii) a change of control of the Company and (ix) the interruption of operations of any of the Company' manufacturing facilities for five consecutive days during the peak season or fifteen consecutive days during any other time, subject to certain conditions.

Pursuant to the Credit Agreement, substantially all of the Company' accounts receivable are automatically and promptly swept to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Company. Due to this automatic liquidating nature of the Revolving Credit Facility, if the Company breach any covenant, violate any representation or warranty or suffer a deterioration in their ability to borrow pursuant to the borrowing base calculation, the Company may not have access to cash liquidity unless provided by PNC at its discretion. In addition, certain of the covenants and representations and warranties set forth in the Credit Agreement contain limited or no materiality thresholds, and many of the representations and warranties must be true and correct in all material respects upon each borrowing, which the Company expect to occur on an ongoing basis. There can be no assurance that the Company will be able to comply with all such covenants and be able to continue to make such representations and warranties on an ongoing basis.

The Company's line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer season. The Company believes that the Revolving Credit Facility will provide sufficient liquidity to meet its capital requirements in the next 12 months. Approximately $18,360,000 was available for borrowing as of July 31, 2014.

The descriptions set forth herein of the Credit Agreement, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 are qualified in their entirety by the terms of such agreements, each of which has been filed with the Securities and Exchange Commission.

Management believes that the carrying value of debt approximated fair value at July 31, 2014 and 2013, as all of the long-term debt bears interest at variable rates based on prevailing market conditions.

Note 7. Income Taxes

The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in accordance with the provisions of ASC No. 740, “Accounting for Income Taxes.” Deferred income taxes are recognized for differences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. Based on this consideration, the Company determined the realization of a majority of the net deferred tax assets do not meet the more likely than not criteria and a valuation allowance was recorded against the majority of the net deferred tax assets at July 31, 2014. The effective tax rate for the quarter ended July 31, 2014 was impacted by the valuation allowance and a discrete item associated with uncertain tax positions.

The Company is currently under IRS examination for the year ended January 31, 2013. The years ended January 31, 2012 and January 31, 2014 remain open for examination by the IRS. The years ended January 31, 2010 through January 31, 2014 remain open for examination by state tax authorities. The Company is not currently under any state examinations.

The specific timing of when the resolution of each tax position will be reached is uncertain. As of July 31, 2014, we do not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

13

Note 8. Net Income (Loss) per Share

	Three Months Ended				Six Months Ended
	7/31/2014		7/31/2013		7/31/2014		7/31/2013
	(In thousands, except per share data)
Net income (loss)	$	5,203	$	6,210	$	1,348	$	1,763
Average shares outstanding	14,725		14,570		14,687		14,506
Net effect of dilutive stock options based on the treasury stock method using average market price	149		77		152		85
Totals	14,874		14,647		14,839		14,591
Net income (loss) per share - basic	$	0.35	$	0.43	$	0.09	$	0.12
Net income (loss) per share - diluted	$	0.35	$	0.42	$	0.09	$	0.12

Note 9. Stock-Based Compensation and Stockholders’ Rights

Stock Incentive Plans

The Company's two stock plans are the 2011 Employee Stock Incentive Plan (the “2011 Plan”) and the 2007 Employee Incentive Stock Plan (the “2007 Plan”). Under the 2011 Plan, the Company may grant an aggregate of 2,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2011 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted 518,626 awards under the 2011 Plan during the quarter ended July 31, 2014. As of July 31, 2014, there were approximately 830,694 shares available for future issuance under the 2011 Plan.

Under the 2007 Plan, the Company may grant an aggregate of 1,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted 0 awards under the 2007 Plan during 2013 and 0 awards under the 2007 Plan during the quarter ended July 31, 2014. As of July 31, 2014, there were approximately 13,075 shares available for future issuance under the 2007 Plan.

14

Accounting for the Plans

Restricted Stock Unit Awards

The following table presents a summary of restricted stock and stock unit awards at July 31, 2014 and 2013:

			Expense for 3 months ended				Expense for 6 months ended				Unrecognized Compensation Cost at
Date of Grants	Units Granted	Terms of Vesting	7/31/2014		7/31/2013		7/31/2014		7/31/2013		7/31/2014
2011 Stock Incentive Plan
6/24/2014	28,626	1 year	$	13,000	$	—	$	13,000	$	—	$	62,000
6/24/2014	490,000	5 year	43,000		—		43,000		—		1,237,000
12/3/2013	10,000	1 year	6,000		—		12,000		—		—
6/25/2013	71,430	1 year	13,000		30,000		50,000		30,000		—
6/19/2012	31,250	1 year	—		4,000		—		17,000		—
6/19/2012	520,000	5 year	39,000		40,000		79,000		82,000		444,000
2007 Stock Incentive Plan
6/19/2012	78,125	1 year	—		11,000		—		41,000		—
6/16/2009	382,500	5 year	15,000		49,000		62,000		105,000		—
Totals for the period			$	129,000	$	134,000	$	259,000	$	275,000	$	1,743,000

Stockholders’ Rights

On October 15, 1996, the Board of Directors declared a dividend of one preferred stock purchase right (the "Rights") for each outstanding share of the Company's common Stock. The Rights were terminated on July 28, 2014 prior to becoming exercisable.

Note 10. Stockholders’ Equity

During the three months ended July 31, 2014, the Company did not repurchase any shares of its common stock. As of July 31, 2014, $1.1 million remained available for repurchases of the Company’s common stock pursuant to the Company’s repurchase program approved by the Board of Directors, subject to restriction under the Company's Credit Agreement with PNC. Pursuant to the Company’s Credit Agreement with PNC, the Company is prohibited from repurchasing any shares of its stock except in cases where a repurchase is financed by a substantially concurrent issuance of new shares of the Company’s common stock.

Note 11. Retirement Plans

The Company and its subsidiaries cover employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension Plan”). Benefits under the Employees Retirement Plan are based on years of service and career average earnings. As more fully described in the Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003.

The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). The VIP Plan provides a benefit of up to 50% of average compensation for the last 5 years in the VIP Plan, offset by benefits earned under the Pension Plan. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The Company also provides a non-qualified plan for non-employee directors of the Company (the “Non-Employee Directors Retirement Plan”). The Non-Employee Directors Retirement Plan provides a lifetime annual retirement benefit equal to the director’s annual retainer fee for the fiscal year in which the director terminates his or her position with the Board, subject to the director providing 10 years of service to the Company. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The net periodic pension cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three months and six months ended July 31, 2014 and 2013 were as follows (in thousands):

	Three Months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2014			7/31/2013			7/31/2014		7/31/2013		7/31/2014			7/31/2013
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	315			322			88		83		4			4
Expected return on plan assets	(275		)	(276		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	284			350			45		55		(8		)	(3		)
Benefit cost	$	324		$	396		$	133	$	138	$	(4	)	$	1

	Six months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2014			7/31/2013			7/31/2014		7/31/2013		7/31/2014			7/31/2013
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	630			644			176		166		8			8
Expected return on plan assets	(550		)	(552		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	568			700			90		110		(16		)	(6		)
Benefit cost	$	648		$	792		$	266	$	276	$	(8	)	$	2

Note 12. Warranty Accrual

The Company provides a warranty against all substantial defects in material and workmanship. In 2005 the Company extended its standard warranty from five years to 10 years. Effective February 1, 2014 the Company modified its warranty to a limited lifetime warranty. The new warranty effective February 1, 2014 is not anticipated to have a significant effect on warranty expense. The Company’s warranty is not a guarantee of service life, which depends upon events outside the Company’s control and may be different from the warranty period. The Company accrues an estimate of its exposure to warranty claims based upon both product sales data and an analysis of actual warranty claims incurred.

The following is a summary of the Company’s warranty-claim activity for the three months and six months ended July 31, 2014 and 2013.

	Three Months Ended						Six Months Ended
	7/31/2014			7/31/2013			7/31/2014			7/31/2013
	(In thousands)
Beginning balance	$	1,000		$	1,000		$	1,000		$	1,000
Provision	83			75			218			216
Costs incurred	(83		)	(75		)	(218		)	(216		)
Ending balance	$	1,000		$	1,000		$	1,000		$	1,000

Note 13. Subsequent Events

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We have evaluated subsequent events to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Such events were evaluated through the date these financial statements were issued. Based upon this evaluation, it was determined that, no subsequent events occurred that required recognition or disclosure in the financial statements.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

The Company's order rates and results of operations for the first six months of 2014 continue to be affected by economic conditions and the related impact on tax receipts and budgeted expenditures for public schools. Orders from bond funded projects continue to decline, but business from other sources of funding increased. After many years of decline, tax proceeds and related operating budgets for schools are beginning to stabilize, even increase in some cases, and new funding from programs such as STEM (Science, Technology, Engineering, and Math) are contributing to order rates. For the first six months project orders, which are typically new school construction or major renovations usually financed by bonds declined by nearly 20%. This decline was offset by orders from operating budgets and other grant programs. Order rates for the six months ended July 31, 2014 are 5.5% higher than the corresponding period last year, and show volatility on a month-to-month basis. Order rates for the three month period ended July 31, 2014 were 5.6% greater than the corresponding period last year.

As discussed more fully in the Form 10-K for the fiscal year ended January 31, 2014 (“Form 10-K”), the Company implemented a variety of cost saving initiatives over the prior 2.5 years that have reduced the number of full time employees by approximately 33% going into the beginning of the first quarter of 2014. This reduced cost structure has enabled the Company to reduce operating losses during the seasonally slow first and fourth quarters. The reduction in headcount was concentrated in manufacturing, and included both direct labor and indirect positions. It is the intent of the Company to meet the seasonal demand for production and distribution through more aggressive use of temporary seasonal workers. As a result of operating losses incurred during 2010 and 2011, the Company has established a substantial valuation allowance for deferred tax assets. For this reason, the discussion below will focus on pre-tax operating results.

For the three months ended July 31, 2014, the Company earned a pre-tax profit of $5,509,000 on net sales of $53,192,000 compared to a pre-tax profit of $6,285,000 on net sales of $56,933,000 in the same period last year. Net sales for the three months ended July 31, 2014 decreased by $3,741,000, a 6.6% decrease, compared to the same period last year. This decrease was the result of a reduction in unit volume partially offset by a slight increase in selling prices.

Unit volume during the second quarter declined largely as a result increased seasonality in our business. Order rates increased in the second quarter, and although shipments declined, backlog at July 31, 2014 increased compared to the prior year. Substantially all of the increased backlog at July 31, 2014 was shipped in August.

Gross margin as a percentage of sales increased to 39.2% for the three months ended July 31, 2014 compared to 37.9% in the same period last year. Gross margin was favorably affected primarily by an increase in overhead absorption as a result of a 13% increase in production hours and a slight increase in selling prices. Commodity costs were stable compared to the prior year.

Selling, general and administrative expenses for the three months ended July 31, 2014, increased by $353,000 compared to the same period last year , and increased as a percentage of sales by nearly 2.5%. The increase in selling, general and administrative expenses as a percentage of sales was attributable to increased freight and service expenses, increased selling and marketing initiatives, and what the Company believes will be non- recurring legal costs.

For the six months ended July 31, 2014, the Company earned a pre-tax profit of $1,635,000 on net sales of $76,722,000 compared to a pre-tax profit of $1,801,000 on net sales of $76,823,000 in the same period last year. Net sales for the six months ended July 31, 2014 decreased by $101,000 compared to the same period last year. This decrease was the result of a slight increase in unit volume offset by a slight decrease in selling prices.

Gross margin as a percentage of sales improved to 37.8% for the six months ended July 31, 2014 compared to 36.4% in the same period last year. The improvement in gross margin was attributable to improved overhead absorption related to a 12% increase in production hours, factory spending that did not increase at the same rate as production hours, and stable commodity costs.

Selling, general and administrative expenses for the six months ended July 31, 2014, increased by approximately $1,573,000 compared to the same period last year , and increased as a percentage of sales by 2.1%. The increase in selling, general and administrative expenses was attributable to increased freight and service expenses, increased selling and marketing initiatives, and what the Company believes will be non- recurring legal costs.

In the first six months of 2014 the Company did not record significant income tax expense / (benefit). During the fourth quarter of 2010 the Company established a valuation allowance on the majority of deferred tax assets. The effective income tax rate for

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the quarter ended July 31, 2014 was impacted by the valuation allowance, alternative minimum taxes, franchise taxes required by various states and a discrete item associated with uncertain tax positions.

Liquidity and Capital Resources

Interest expense increased by approximately $34,000 for the six months ended July 31, 2014, compared to the same period last year. The increase was primarily due to increased borrowing costs related to the Company's line of credit with PNC Bank National Association (“PNC Bank”).

Net accounts receivable was $2,674,000 lower at July 31, 2014 than at July 31, 2013 due to decreased sales. Accounts receivable was $20,946,000 greater at July 31, 2014 than at January 31, 2014 due to the seasonal business cycle. As discussed in the Company's Form 10-K, approximately 50% of the Company's annual sales volume is shipped in June through August. The Company traditionally builds large quantities of inventory during the first quarter of each fiscal year in anticipation of seasonally high summer shipments. For the first six months, the Company increased inventory by approximately $17,503,000 compared to January 31, 2014. This increase was $5,980,000 more than the $11,523,000 increase in the comparable period in 2013. At the end of the second quarter inventory was approximately $8,443,000 more compared to July 31, 2013. Inventory increased more than prior year to accommodate the earlier opening of schools in August and increased backlog at July 31, 2014 compared to the prior year. The increase in accounts receivable and inventory at July 31, 2014 compared to the January 31, 2014, was financed through the Company's credit facility with PNC Bank.

Borrowings under the Company's revolving line of credit with PNC Bank at July 31, 2014 increased by approximately $4,877,000 compared to the borrowings at July 31, 2013. The Company established a goal of limiting capital spending to less than $3,000,000 for fiscal year 2014, which is less than the Company's anticipated depreciation expense. Capital spending for the six months ended July 31, 2014 was $1,904,000 compared to $1,861,000 for the same period last year. Capital expenditures are being financed through the Company's credit facility with PNC Bank and operating cash flow.

Net cash used in operating activities for the six months ended July 31, 2014, was $23,184,000 compared to $21,067,000 for the same period last year. The increase in cash used was primarily attributable to an increase in cash used for inventory, a decrease in cash used for receivables, and an increase in accounts payable and accrued liabilities.

The Company believes that cash flows from operations, together with the Company's unused borrowing capacity with PNC Bank will be sufficient to fund the Company's debt service requirements, capital expenditures and working capital needs for the next twelve months.

Off Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The Company's critical accounting policies are outlined in its Form 10-K. There have been no changes in the quarter ended July 31, 2014.

Forward-Looking Statements

From time to time, including in this Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2014, the Company or its representatives have made and may make forward-looking statements, orally or in writing, including those contained herein. Such forward-looking statements may be included in, without limitation, reports to stockholders, press releases, oral statements made with the approval of an authorized executive officer of the Company and filings with the Securities and Exchange Commission. The words or phrases “anticipates,” “expects,” “will continue,” “believes,” “estimates,” “projects,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The results contemplated by the Company's forward-looking statements are subject to certain risks and uncertainties that could cause actual results to vary materially from anticipated results, including without limitation, availability of funding for educational institutions, availability and cost of materials, especially steel, availability and cost of labor, demand for the Company's products, competitive conditions affecting selling prices and margins, capital costs and general economic conditions. Such risks and uncertainties are discussed in more detail in the Company's Form 10-K.

The Company's forward-looking statements represent its judgment only on the dates such statements were made. By making any forward-looking statements, the Company assumes no duty to update them to reflect new, changed or unanticipated events or circumstances.

18

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.

19

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of the Company's management, including its Principal Executive Officer along with its Principal Financial Officer, of the effectiveness of the design and operation of disclosure controls and procedures. Based upon the foregoing, the Company's Principal Executive Officer along with the Company's Principal Financial Officer concluded that the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) were effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control Over Financial Reporting

There was no change in the Company's internal control over financial reporting during the second fiscal quarter of 2014 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II — Other Information

Item 1. Legal Proceedings

The Company has various legal actions pending against it arising in the ordinary course of business, which in the opinion of the Company, are not material in that management either expects that the Company will be successful on the merits of the pending cases or that any liabilities resulting from such cases will be substantially covered by insurance. While it is impossible to estimate with certainty the ultimate legal and financial liability with respect to these suits and claims, management believes that the aggregate amount of such liabilities will not be material to the results of operations, financial position, or cash flows of the Company.

Item 1A. Risk Factors

Not applicable.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit 3.2 - Amended and Restated Bylaws of the Company dated May 7, 2014.

Exhibit 10.1 - Eighth Amendment to Revolving Credit and Security Agreement, dated as of December 6, 2012, by and among Virco Mfg. Corporation and Virco, Inc., as borrowers, and PNC Bank, National Association, as the lender and administrative agent.

Exhibit 31.1 — Certification of Robert A. Virtue, President, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2 — Certification of Robert E. Dose, Vice President, Finance, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act, as adopted pursuant to section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1 — Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101.INS — XBRL Instance Document.

Exhibit 101.SCH — XBRL Taxonomy Extension Schema Document.

Exhibit 101.CAL — XBRL Taxonomy Extension Calculation Linkbase Document.

Exhibit 101.LAB — XBRL Taxonomy Extension Label Linkbase Document.

Exhibit 101.PRE — XBRL Taxonomy Extension Presentation Linkbase Document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	VIRCO MFG. CORPORATION
Date: September 11, 2014	By:	/s/ Robert E. Dose
		Robert E. Dose
		Vice President — Finance

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EX-3.2

Exhibit 3.2

VIRCO MFG. CORPORATION

SECOND AMENDED AND RESTATED BYLAWS

Article I - STOCKHOLDERS

Section 1.01Annual Meeting.

(a)    An annual meeting of the stockholders, for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting, shall be held at such place, on such date, and at such time as the Board of Directors shall each year fix, which date shall be within 13 months of the last annual meeting of stockholders.

(b)    To be properly brought before an annual meeting of stockholders, nominations of persons for election to the Board of Directors of the Corporation and the proposal of business to be considered by the stockholders at an annual meeting of stockholders must be either (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized committee thereof), (ii) otherwise properly brought before the annual meeting by or at the direction of the President, the Chairman of the Board of Directors or by vote of a majority of the full Board of Directors, or (iii) otherwise brought before the annual meeting by any stockholder of the Corporation who is a stockholder of record on the date of the giving of the notice provided for in the following paragraph (c), who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 1.01.

(c)    For nominations or other business to be properly brought before an annual meeting by a stockholder under this Section 1.01, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and such business must be a proper subject for stockholder action under the Delaware General Corporation Law (“DGCL”). To be timely, a stockholder’s notice must be delivered to the Secretary at the principal executive offices of the Corporation not less than 120 days prior to the first anniversary of the preceding year’s annual meeting; provided, however, that if the date of the annual meeting is advanced by more than 40 days or delayed by more than 40 days from such anniversary date, then notice by the stockholder to be timely must be delivered not later than the close of business on the later of the 120th day prior to the annual meeting or the 10th day following the day on which the date of the meeting is publicly announced. Such stockholder’s notice must set forth (i) as to each person whom the stockholder proposes to nominate for election or reelection as a director all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (including such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); (ii) as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the stockholder giving the notice and the beneficial owners, if any, on whose behalf the nomination or proposal is made, (A) the name and address of such stockholder, as they appear on the Corporation’s books, and of such beneficial owner, (B) the number of shares of the Corporation which are owned (beneficially or of record) by such stockholder and such beneficial owner, (C) a description of all arrangements or understandings between such stockholder and such beneficial owner and any other person or persons (including their names) in connection with the proposal of such business by such stockholder and any material interest of such stockholder and of such beneficial owner in such business, and (D) a representation that such stockholder or its agent or designee intends to appear in person or by proxy at the annual meeting to bring such business before the meeting.

(d)    Notwithstanding anything in this Section 1.01 to the contrary, if the number of directors to be elected to the Board of Directors of the Corporation is increased and there is no public announcement specifying the size of the increased Board of Directors made by the Corporation at least 120 days prior to the first anniversary of the preceding year’s annual meeting, then a stockholder’s notice required by this Section 1.01 will also be considered timely, but only with respect to nominees for any new positions created by such increase, if it is delivered to the Secretary at the principal executive offices

of the Corporation not later than the close of business on the 10th day following the day on which such public announcement is first made by the Corporation.

(e)    Only such business may be conducted at a special meeting of stockholders as has been brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of meeting (i) by or at the direction of the Board of Directors or (ii) by any stockholder of the Corporation who is a stockholder of record at the time of giving the notice required by this Section 1.01, who is entitled to vote at the meeting and who complies with the notice procedures set forth in this Section 1.01. Nominations by stockholders of persons for election to the Board of Directors may be made at such a special meeting of stockholders if the stockholder’s notice required by this Section 1.01 is delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the later of the 120th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting.

(f)    Only those persons who are nominated in accordance with the procedures set forth in this Section 1.01 will be eligible for election as directors at any meeting of stockholders. Only business brought before the meeting in accordance with the procedures set forth in this Section 1.01 may be conducted at a meeting of stockholders. The chairman of the meeting has the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made in accordance with the procedures set forth in this Section 1.01 and, if any proposed nomination or business is not in compliance with this Section 1.01, to declare that such defective proposal shall be disregarded.

(g)    For purposes of this Section 1.01, “public announcement” shall include disclosure in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or comparable national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to the Exchange Act.

(h)    Notwithstanding the foregoing provisions of this Section 1.01, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 1.01. Nothing in this Section 1.01 shall be deemed to remove any obligation of stockholders to comply with the requirements of Rule 14a-8 under the Exchange Act with respect to proposals requested to be included in the Corporation’s proxy statement pursuant to said Rule 14a-8.

Section 1.02Special Meetings.

(a)    Special meetings of the stockholders, other than those required by statute, may be called at any time as set forth in the Certificate of Incorporation of the Corporation.

(b)    Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of persons for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation’s notice of meeting (i) by or at the direction of the Board of Directors or (ii) by any stockholder of record of the Corporation who is a stockholder of record at the time of giving of notice provided for in this paragraph, who shall be entitled to vote at the meeting and who complies with the notice procedures set forth in Section 1.01. Nominations by stockholders of persons for election to the Board of Directors may be made at such a special meeting of stockholders if the stockholder’s notice required by paragraph (c) of Section 1.01 shall be delivered to the Secretary at the principal executive offices of the Corporation not later than the close of business on the later of the 120th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting.

(c)    Notwithstanding the foregoing provisions of this Section 1.02, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to matters set forth in this Section 1.02. Nothing in this Section 1.02 shall be deemed to affect any rights of stockholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to Rule 14a-8 under the Exchange Act.

Section 1.03Notice of Meetings. Notice of the place, if any, date, and time of all meetings of the stockholders, and the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such meeting, shall be given, not less than 10 nor more than 60 days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting, except as otherwise provided herein or required by law

(meaning, here and hereinafter, as required from time to time by the DGCL or the Certificate of Incorporation of the Corporation). When a meeting is adjourned to another time or place, notice need not be given of the adjourned meeting if the time and place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken; provided, however, that if the date of any adjourned meeting is more than 30 days after the date for which the meeting was originally noticed, or if a new record date is fixed for the adjourned meeting, notice of the place, if any, date, and time of the adjourned meeting and the means of remote communications, if any, by which stockholders and proxyholders may be deemed to be present in person and vote at such adjourned meeting, shall be given in conformity herewith. At any adjourned meeting, any business may be transacted which might have been transacted at the original meeting.

Section 1.04Quorum. At any meeting of the stockholders, the holders of a majority of all of the shares of the stock entitled to vote at the meeting, present in person or by proxy, shall constitute a quorum for all purposes, unless or except to the extent that the presence of a larger number may be required by law. Where a separate vote by a class or classes or series is required, a majority of the shares of such class or classes or series present in person or represented by proxy shall constitute a quorum entitled to take action with respect to that vote on that matter. If a quorum shall fail to attend any meeting, the chairman of the meeting may adjourn the meeting to another place, if any, date, or time.

Section 1.05Organization. Such person as the Board of Directors may have designated or, in the absence of such a person, the Chairman of the Board or, in his or her absence, the President of the Corporation or, in his or her absence, such person as may be chosen by the holders of a majority of the shares entitled to vote who are present, in person or by proxy, shall call to order any meeting of the stockholders and act as chairman of the meeting. In the absence of the Secretary of the Corporation, the secretary of the meeting shall be such person as the chairman of the meeting appoints.

Section 1.06Conduct of Business. The chairman of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seem to him or her in order. The chairman shall have the power to adjourn the meeting to another place, if any, date and time. The date and time of the opening and closing of the polls for each matter upon which the stockholders will vote at the meeting shall be announced at the meeting.

Section 1.07Proxies and Voting. At any meeting of the stockholders, every stockholder entitled to vote may vote in person or by proxy authorized by an instrument in writing or by a transmission permitted by law filed in accordance with the procedure established for the meeting. Any copy, facsimile telecommunication or other reliable reproduction of the writing or transmission created pursuant to this paragraph may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used, provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission.

The Corporation may, and to the extent required by law, shall, in advance of any meeting of stockholders, appoint one or more inspectors to act at the meeting and make a written report thereof. The Corporation may designate one or more alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting may, and to the extent required by law, shall, appoint one or more inspectors to act at the meeting. Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability. Every vote taken by ballots shall be counted by a duly appointed inspector or inspectors.

All elections shall be determined by a plurality of the votes cast, and except as otherwise required by law, all other matters shall be determined by a majority of the votes cast affirmatively or negatively.

Section 1.08Stock List. A complete list of stockholders entitled to vote at any meeting of stockholders, arranged in alphabetical order for each class of stock and showing the address of each such stockholder and the number of shares registered in his or her name, shall be open to the examination of any such stockholder for a period of at least 10 days prior to the meeting in the manner provided by law.

The stock list shall also be open to the examination of any stockholder during the whole time of the meeting as provided by law. This list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them.

Article II - BOARD OF DIRECTORS

Section 2.01Number of Directors. The authorized number of directors of the Corporation shall be five, and such authorized number shall not be changed except by a Bylaw or amendment thereof duly adopted by the stockholders in accordance with the Certificate of Incorporation or by a majority of the Whole Board amending this Section 2.01. For purposes of these Bylaws, the term “Whole Board” shall mean the total number of authorized directors whether or not there exist any vacancies in previously authorized directorships.

Section 2.02Newly Created Directorships and Vacancies. Subject to the rights of the holders of any series of preferred stock then outstanding, newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause shall, unless otherwise required by law or by resolution of the Board of Directors, be filled only by a majority vote of the directors then in office, though less than a quorum (and not by stockholders), and directors so chosen shall serve for a term expiring at the annual meeting of stockholders at which the term of office of the class to which they have been elected expires or until such director’s successor shall have been duly elected and qualified. No decrease in the number of authorized directors shall shorten the term of any incumbent director.

Section 2.03Regular Meetings. Regular meetings of the Board of Directors shall be held at such place or places, on such date or dates, and at such time or times as shall have been established by the Board of Directors and publicized among all directors. A notice of each regular meeting shall not be required.

Section 2.04Special Meetings. Special meetings of the Board of Directors may be called by the Chairman of the Board, the President or by a majority of the Whole Board and shall be held at such place, on such date, and at such time as they or he or she shall fix. Notice of the place, date, and time of each such special meeting shall be given to each director by whom it is not waived by mailing written notice not less than two days before the meeting or by telephone or by telegraphing or telexing or by facsimile or electronic transmission of the same not less than 24 hours before the meeting. Unless otherwise indicated in the notice thereof, any and all business may be transacted at a special meeting.

The Board of Directors may postpone or reschedule any previously scheduled special meeting.

Section 2.05Quorum. At any meeting of the Board of Directors, a majority of the total number of the Whole Board shall constitute a quorum for all purposes. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another place, date, or time, without further notice or waiver thereof.

Section 2.06Participation in Meetings By Conference Telephone. Members of the Board of Directors, or of any committee thereof, may participate in a meeting of such Board of Directors or committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

Section 2.07Conduct of Business. At any meeting of the Board of Directors, business shall be transacted in such order and manner as the Board of Directors may from time to time determine, and all matters shall be determined by the vote of a majority of the directors present, except as otherwise provided herein or required by law. Action may be taken by the Board of Directors without a meeting if all members thereof consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board of Directors. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

Section 2.08Compensation of Directors. Unless otherwise restricted by the Certificate of Incorporation, the Board of Directors shall have the authority to fix the compensation of the directors. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or paid a stated salary or paid other compensation as director. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed compensation for attending committee meetings.

Article III - COMMITTEES

Section 3.01Committees of the Board of Directors. The Board of Directors may from time to time designate committees of the Board of Directors, with such lawfully delegable powers and duties as it thereby confers, to serve at the pleasure of the Board of Directors and shall, for those committees and any others provided for herein, elect a director or

directors to serve as the member or members, designating, if it desires, other directors as alternate members who may replace any absent or disqualified member at any meeting of the committee.

In the absence or disqualification of any member of any committee and any alternate member in his or her place, the member or members of the committee present at the meeting and not disqualified from voting, whether or not he or she or they constitute a quorum, may by unanimous vote appoint another member of the Board of Directors to act at the meeting in the place of the absent or disqualified member.

Section 3.02Conduct of Business. Each committee may determine the procedural rules for meeting and conducting its business and shall act in accordance therewith, except as otherwise provided herein or required by law.

Adequate provision shall be made for notice to members of all meetings; one-third of the members shall constitute a quorum unless the committee shall consist of one or two members, in which event one member shall constitute a quorum; and all matters shall be determined by a majority vote of the members present. Action may be taken by any committee without a meeting if all members thereof consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filed with the minutes of the proceedings of such committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

Article IV - OFFICERS

Section 4.01Generally. The officers of the Corporation shall consist of a Chairman of the Board, a President, one or more Vice Presidents, a Secretary, a Treasurer and such other officers as may from time to time be appointed by the Board of Directors. Officers shall be elected annually by the Board of Directors. Each officer shall hold office until his or her successor is elected and qualified or until his or her earlier resignation or removal. Any number of offices may be held by the same person. The salaries of officers elected by the Board of Directors shall be fixed from time to time by the Board of Directors or by such officers as may be designated by resolution of the Board of Directors.

Section 4.02Chairman of the Board. The Chairman of the Board shall be the chief executive officer of the Corporation. Subject to the provisions of these Bylaws and to the direction of the Board of Directors, he or she shall have the responsibility for the general management and control of the business and affairs of the Corporation and shall perform all duties and have all powers which are commonly incident to the office of chief executive or which are delegated to him or her by the Board of Directors. He or she shall have power to sign all stock certificates, contracts and other instruments of the Corporation that are authorized and shall have general supervision and direction of all of the other officers, employees and agents of the Corporation.

Section 4.03President. The President shall be the chief operating officer of the Corporation. He or she shall have general responsibility for the management and control of the operations of the Corporation and shall perform all duties and have all powers which are commonly incident to the office of chief operating officer or which are delegated to him or her by the Board of Directors. Subject to the direction of the Board of Directors and the Chairman of the Board, the President shall have power to sign all stock certificates, contracts and other instruments of the Corporation which are authorized and shall have general supervision of all of the other officers (other than the Chairman of the Board or any Vice Chairman), employees and agents of the Corporation.

Section 4.04Vice President. Each Vice President shall have such powers and duties as may be delegated to him or her by the Board of Directors. One Vice President shall be designated by the Board of Directors to perform the duties and exercise the powers of the President in the event of the President’s absence or disability.

Section 4.05Treasurer and Chief Financial Officer. The Treasurer shall be the Chief Financial Officer of the Corporation and shall have the responsibility for maintaining the financial records of the Corporation. He or she shall make such disbursements of the funds of the Corporation as are authorized and shall render from time to time an account of all such transactions and of the financial condition of the Corporation. The Treasurer shall also perform such other duties as the Board of Directors may from time to time prescribe.

Section 4.06Secretary. The Secretary shall issue all authorized notices for, and shall keep minutes of, all meetings of the stockholders and the Board of Directors. He or she shall have charge of the corporate books and shall perform such other duties as the Board of Directors may from time to time prescribe.

Section 4.07Delegation of Authority. The Board of Directors may from time to time delegate the powers or duties of any officer to any other officers or agents, notwithstanding any provision hereof.

Section 4.08Removal. Any officer of the Corporation may be removed at any time, with or without cause, by the Board of Directors.

Section 4.09Action with Respect to Securities of Other Corporations. Unless otherwise directed by the Board of Directors, the President or any officer of the Corporation authorized by the President shall have power to vote and otherwise act on behalf of the Corporation, in person or by proxy, at any meeting of stockholders of or with respect to any action of stockholders of any other Corporation in which this Corporation may hold securities and otherwise to exercise any and all rights and powers which this Corporation may possess by reason of its ownership of securities in such other Corporation.

Article V - STOCK

Section 5.01Certificates of Stock. The shares of stock of the Corporation shall be represented by certificates, uncertificated shares that may be evidenced by a book-entry system maintained by the registrar of such stock, or a combination of both. To the extent that shares are represented by certificates, such certificates whenever authorized by the Board of Directors, shall be in such form as shall be approved by the Board of Directors. The certificates representing shares of stock of each class shall be signed by, or in the name of, the Corporation by the President or a Vice-President, and by the Secretary or an Assistant Secretary or the Treasurer or an Assistant Treasurer of the Corporation, and sealed with the seal of the Corporation, which may be a facsimile thereof. Any or all such signatures may be by facsimile.

Section 5.02Transfers of Stock. Transfers of stock shall be made only upon the transfer books of the Corporation kept at an office of the Corporation or by transfer agents designated to transfer shares of the stock of the Corporation. Except where a certificate is issued in accordance with Section 5.04, an outstanding certificate for the number of shares involved shall be surrendered for cancellation before a new certificate is issued therefor.

Section 5.03Record Date. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders, or to receive payment of any dividend or other distribution or allotment of any rights or to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may, except as otherwise required by law, fix a record date, which record date shall not precede the date on which the resolution fixing the record date is adopted and which record date shall not be more than 60 nor less than 10 days before the date of any meeting of stockholders, nor more than 60 days prior to the time for such other action as hereinbefore described; provided, however, that if no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held, and, for determining stockholders entitled to receive payment of any dividend or other distribution or allotment of rights or to exercise any rights of change, conversion or exchange of stock or for any other purpose, the record date shall be at the close of business on the day on which the Board of Directors adopts a resolution relating thereto.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

Section 5.04Lost, Stolen or Destroyed Certificates. In the event of the loss, theft or destruction of any certificate of stock, another may be issued in its place pursuant to such regulations as the Board of Directors may establish concerning proof of such loss, theft or destruction and concerning the giving of a satisfactory bond or bonds of indemnity.

Section 5.05Regulations. The issue, transfer, conversion and registration of certificates of stock shall be governed by such other regulations as the Board of Directors may establish.

Article VI - NOTICES

Section 6.01Notices. If mailed, notice to stockholders shall be deemed given when deposited in the mail, postage prepaid, directed to the stockholder at such stockholder’s address as it appears on the records of the Corporation.

Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders may be given by electronic transmission in the manner provided in Section 232 of the DGCL.

Section 6.02Waivers. A written waiver of any notice, signed by a stockholder or director, or waiver by electronic transmission by such person, whether given before or after the time of the event for which notice is to be given, shall be deemed equivalent to the notice required to be given to such person. Neither the business nor the purpose of any meeting need be specified in such a waiver. Attendance at any meeting shall constitute waiver of notice except attendance for the sole purpose of objecting to the timeliness of notice.

Article VII - MISCELLANEOUS

Section 7.01Facsimile Signatures. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these Bylaws, facsimile signatures of any officer or officers of the Corporation may be used whenever and as authorized by the Board of Directors or a committee thereof.

Section 7.02Corporate Seal. The Board of Directors may provide a suitable seal, containing the name of the Corporation, which seal shall be in the charge of the Secretary. If and when so directed by the Board of Directors or a committee thereof, duplicates of the seal may be kept and used by the Treasurer or by an Assistant Secretary or Assistant Treasurer.

Section 7.03Reliance upon Books, Reports and Records. Each director, each member of any committee designated by the Board of Directors, and each officer of the Corporation shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or other records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board of Directors so designated, or by any other person as to matters which such director or committee member reasonably believes are within such other person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

Section 7.04Fiscal Year. The fiscal year of the Corporation shall be as fixed by the Board of Directors.

Section 7.05Time Periods. In applying any provision of these Bylaws which requires that an act be done or not be done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be used, the day of the doing of the act shall be excluded, and the day of the event shall be included.

Article VIII - INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 8.01Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she is or was a director or an officer of the Corporation or is or was serving at the request of the Corporation as a director, officer or trustee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (hereinafter an “indemnitee”), whether the basis of such proceeding is alleged action in an official capacity as a director, officer or trustee or in any other capacity while serving as a director, officer or trustee, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than such law permitted the Corporation to provide prior to such amendment), against all expense, liability and loss (including attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith; provided, however, that, except as provided in Section 8.03 with respect to proceedings to enforce rights to indemnification, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.

Section 8.02Right to Advancement of Expenses. In addition to the right to indemnification conferred in Section 8.01, an indemnitee shall also have the right to be paid by the Corporation the expenses (including attorney’s fees) incurred in defending any such proceeding in advance of its final disposition (hereinafter an “advancement of expenses”); provided, however, that, if the DGCL requires, an advancement of expenses incurred by an indemnitee in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such indemnitee, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking (hereinafter an “undertaking”), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (hereinafter a “final adjudication”) that such indemnitee is not entitled to be indemnified for such expenses under this Section 8.02 or otherwise.

Section 8.03Right of Indemnitee to Bring Suit. If a claim under Section 8.01 or 8.02 is not paid in full by the Corporation within 60 days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be 20 days, the indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In (a) any suit brought by the indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (b) in any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that, the indemnitee has not met any applicable standard for indemnification set forth in the DGCL. Neither the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the indemnitee is proper in the circumstances because the indemnitee has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel, or its stockholders) that the indemnitee has not met such applicable standard of conduct, shall create a presumption that the indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the indemnitee, be a defense to such suit. In any suit brought by the indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article VIII or otherwise shall be on the Corporation.

Section 8.04Non-Exclusivity of Rights. The rights to indemnification and to the advancement of expenses conferred in this Article VIII shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, the Corporation’s Certificate of Incorporation, Bylaws, agreement, vote of stockholders or directors or otherwise.

Section 8.05Insurance. The Corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the DGCL.

Section 8.06Indemnification of Employees and Agents of the Corporation. The Corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification and to the advancement of expenses to any employee or agent of the Corporation to the fullest extent of the provisions of this Article VIII with respect to the indemnification and advancement of expenses of directors and officers of the Corporation.

Section 8.07Nature of Rights. The rights conferred upon indemnitees in this Article VIII shall be contract rights and such rights shall continue as to an indemnitee who has ceased to be a director, officer or trustee and shall inure to the benefit of the indemnitee’s heirs, executors and administrators. Any amendment, alteration or repeal of this Article VIII that adversely affects any right of an indemnitee or its successors shall be prospective only and shall not limit or eliminate any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal.

Article IX - AMENDMENTS

In furtherance and not in limitation of the powers conferred by law, the Board of Directors is expressly authorized to adopt, amend and repeal these Bylaws subject to the power of the holders of capital stock of the Corporation to adopt, amend or repeal the Bylaws; provided, however, that, with respect to the power of holders of capital stock to adopt, amend and repeal Bylaws of the Corporation, notwithstanding any other provision of these Bylaws or any provision of law which might otherwise permit a lesser vote or no vote, but in addition to any affirmative vote of the holders of any particular class or series of the capital stock of the Corporation required by law, these Bylaws or any preferred stock, the affirmative vote of the holders of at least 75% of the voting power of all of the then-outstanding shares entitled to vote generally in the election of directors, voting together as a single class, shall be required to adopt, amend or repeal any provision of these Bylaws.

CERTIFICATE OF SECRETARY

The undersigned hereby certifies:

1.    That I am the duly elected and acting Secretary of Virco Mfg. Corporation, a Delaware corporation; and

2.    That the foregoing Second Amended and Restated Bylaws, comprising 13 pages, including this page, constitute the Bylaws of said corporation as duly adopted by action of the Board of Directors as of May 7, 2014.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of said corporation as of the 7th day of May, 2014.

                   /s/ Robert E. Dose                           

Robert E. Dose, Secretary

EX-10.1

Exhibit 10.1

EIGHTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT

This EIGHTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is entered into as of August 18, 2014, by and among VIRCO MFG. CORPORATION, a Delaware corporation (“VMC”), VIRCO INC., a Delaware corporation (“Virco”, and together with VMC, “Borrowers” and, each individually, a “Borrower”), the financial institutions from time to time party to the Credit Agreement (as defined below) as lenders (collectively, “Lenders”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrative agent for Lenders (PNC, in such capacity, “Agent”), with respect to the following:

A.Borrowers, Lenders and Agent have previously entered into that certain Revolving Credit and Security Agreement, dated as of December 22, 2011 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”).

B.Borrowers have requested that Agent and Lenders extend the draw period under the Temporary Equipment Line and make certain other changes to the Credit Agreement. Agent and Lenders are agreeable to the Borrowers’ requests but only on the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Credit Agreement, the Loan Documents and this Amendment, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

1.Definitions Incorporated. Initially capitalized terms used but not otherwise defined in this Amendment have the respective meanings set forth in the Credit Agreement, as amended hereby.

2.Amendments to the Credit Agreement. The Credit Agreement is hereby amended as follows:

(a)The definition of “Temporary Equipment Line” set forth in to Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“‘Temporary Equipment Line’ means a temporary line of credit terminating on January 1, 2015 of up to $1,000,000 in the aggregate outstanding to be used exclusively by Borrowers to finance up to 80% of the invoice cost of new or used equipment, net of tax, freight and installation charges.”

3.Repayment of Temporary Equipment Line. Section 2.5(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:

“(e)    Unpaid advances on the Temporary Equipment Line must be repaid beginning February 1, 2015 and continuing on the first date of each month thereafter, in an amount that will reduce the 80% advance rate against each item of equipment financed through the Temporary Equipment Line by 2.77% per month.”

4.Conditions Precedent. The obligations of Agent and Lenders hereunder, and this Amendment, will be effective on the date (the “Eighth Amendment Effective Date”) of satisfaction of each of the following conditions precedent, each in a manner in form and substance acceptable to Agent:

(a)Representations and Warranties. The representations and warranties contained herein and in the Credit Agreement, as amended hereby, shall be true and correct in all material respects as of the date hereof as if made on the date hereof, except for such representations and warranties limited by their terms to a specific date, in which case each such representation and warranty shall be true and correct in all material respects as of such specific date;

(b)No Default. After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing;

(c)Amendment. Borrowers shall have delivered to Agent an executed original of this Amendment; and

(d)Other. All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated hereby shall be satisfactory in form and substance to Agent and its counsel.

5.Representations and Warranties. To induce Lenders and Agent to enter into this Amendment, each Borrower represents and warrants to Lenders and Agent as of the date hereof as follows:

(a)Such Borrower has full power, authority and legal right to enter into this Amendment and to perform all its respective Obligations hereunder. This Amendment has been duly executed and delivered by such Borrower and the Credit Agreement, as amended by this Amendment constitutes the legal, valid and binding obligation of such Borrower enforceable in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally. The execution, delivery and performance of this Amendment (i) are within such Borrower’s powers, have been duly authorized by all necessary company action, are not in contravention of law or the terms of such Borrower’s by-laws, certificate of incorporation, or other applicable

documents relating to such Borrower’s formation or to the conduct of such Borrower’s business or of any material agreement or undertaking to which such Borrower is a party or by which such Borrower is bound, (ii) will not conflict with or violate any law or regulation, or any judgment, order, writ, injunction or decree of any court or Governmental Body, (iii) will not require the Consent of any Governmental Body or any other Person, except those Consents which will have been duly obtained, made or compiled prior to date hereof and which are in full force and effect, and (iv) will not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation of any Lien except Permitted Encumbrances upon any asset of such Borrower under the provisions of any material agreement, charter document, instrument, by-law or other instrument to which such Borrower is a party or by which it or its property is a party or by which it may be bound.

(b)After giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct in all material respects except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case each such representation and warranty is true and correct in all material respects as of such specific date, and no Default or Event of Default has occurred and is continuing.

6.Reaffirmation. Except as specifically modified by this Amendment, the Credit Agreement and the other Loan Documents remain in full force and effect in accordance with their respective terms and are hereby ratified, reaffirmed and confirmed by Borrowers.

7.Events of Default. Any failure to comply with the terms of this Amendment will constitute an Event of Default under the Credit Agreement.

8.Integration. This Amendment, together with the Credit Agreement and the Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.

9.Severability. If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.

10.Submission of Amendment. The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute a commitment by Agent or Lenders to amend or otherwise modify any of the provisions of the Credit Agreement and this Amendment shall have no binding force or effect until the Seventh Amendment Effective Date.

11.Counterparts; Facsimile Signatures. This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.

12.Governing Law. This Amendment is a Loan Document and is governed by the Applicable Law pertaining in the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance on, among other things, Section 5-1401 of the General Obligations Law of the State of New York, as amended (as and to the extent applicable), and other Applicable Law.

13.Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of Borrowers, Lenders, Agent, and all future holders of the Obligations and their respective successors and assigns, except that no Borrower may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of Agent.

14.Attorneys’ Fees; Costs. Borrowers agree to promptly pay, upon written demand, all reasonable and documented attorneys’ fees and costs incurred in connection with the negotiation, documentation and execution of this Amendment. If any legal action or proceeding shall be commenced at any time by any party to this Amendment in connection with its interpretation or enforcement, the prevailing party or parties in such action or proceeding shall be entitled to reimbursement of its reasonable attorneys’ fees and costs in connection therewith, in addition to all other relief to which the prevailing party or parties may be entitled.

15.Jury Trial Waiver. To the extent not prohibited by applicable law, each party to this Amendment hereby expressly waives any right to trial by jury of any claim, demand, action, or cause of action (a) arising under this Amendment or any other instrument, document, or agreement executed or delivered in connection herewith, or (b) in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Amendment or any other instrument, document, or agreement executed or delivered in connection herewith, or the transactions related hereto or thereto in each case whether now existing or hereafter arising, and whether sounding in contract or tort or otherwise and each party hereto hereby consents that any such claim, demand, action, or cause of action shall be decided by court trial without a jury, and that any party to this Amendment may file an original counterpart or a copy of this Section with any court as written evidence of the consents of the parties hereto to the waiver of their right to trial by jury. Without limiting the applicability of any other provision of the Credit Agreement, the terms of Article XII of the Credit Agreement shall apply to this Amendment.

16.Total Agreement. This Amendment, the Credit Agreement, and the other Loan Documents contain the entire understanding among Borrowers, Lenders and Agent and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations, warranties, or guarantees not herein contained and hereinafter made have no force and effect unless in writing, signed by Borrowers’ and Agent’s respective officers. Neither this Amendment nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled, or terminated

orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged. Each Borrower acknowledges that it has been advised by counsel in connection with the execution of this Amendment and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Amendment.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first written above.

VIRCO MFG. CORPORATION,

a Delaware corporation, as a Borrower

/s/ Robert E. Dose

Robert E. Dose

Vice President

VIRCO INC.

a Delaware corporation, as a Borrower

/s/ Robert E. Dose

Robert E. Dose

Vice President

PNC BANK, NATIONAL ASSOCIATION,

as Lender and as Agent

/s/ Jeanette Vandenbergh

Jeanette Vandenbergh

Vice President

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Robert A. Virtue, certify that:

1. I have reviewed this Form 10-Q of Virco Mfg. Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Robert A. Virtue
	Robert A. Virtue
Date: September 11, 2014	President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Robert E. Dose, certify that:

1. I have reviewed this Form 10-Q of Virco Mfg. Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Robert E. Dose
	Robert E. Dose
Date: September 11, 2014	Vice President — Finance, Secretary and Treasurer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, in his capacity as an officer of Virco Mfg. Corporation (the “Company”), for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his own knowledge:

• The Quarterly Report of the Company on Form 10-Q for the period ended July 31, 2014, fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

• The information contained in such report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated: September 11, 2014

/s/ Robert A. Virtue

Robert A. Virtue

President, Chief Executive Officer

and Chairman of the Board

(Principal Executive Officer)

/s/ Robert E. Dose

Robert E. Dose

Vice President — Finance, Secretary and Treasurer

(Principal Financial Officer)

A signed original of this written statement required by Section 906 has been provided to Virco Mfg. Corporation and will be retained by Virco Mfg. Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

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Stockholders' Equity (Details) In Millions, unless otherwise specified	Jul. 31, 2014
Equity [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	1.1

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Warranty Accrual Warranty (Tables)

6 Months Ended

Jul. 31, 2014

Guarantees [Abstract]

Schedule of Product Warranty Liability

The following is a summary of the Company’s warranty-claim activity for the three months and six months ended July 31, 2014 and 2013.

	Three Months Ended						Six Months Ended
	7/31/2014			7/31/2013			7/31/2014			7/31/2013
	(In thousands)
Beginning balance	$	1,000		$	1,000		$	1,000		$	1,000
Provision	83			75			218			216
Costs incurred	(83		)	(75		)	(218		)	(216		)
Ending balance	$	1,000		$	1,000		$	1,000		$	1,000

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Seasonality

6 Months Ended

Jul. 31, 2014

Seasonality [Abstract]

Seasonality

Seasonality

The market for educational furniture is marked by extreme seasonality, with approximately 50% of the Company’s total sales typically occurring from June to August each year, which is the Company’s peak season. Hence, the Company typically builds and carries significant amounts of inventory during and in anticipation of this peak summer season to facilitate the rapid delivery requirements of customers in the educational market. This requires a large up-front investment in inventory, labor, storage and related costs as inventory is built in anticipation of peak sales during the summer months. As the capital required for this build-up generally exceeds cash available from operations, the Company has historically relied on third-party bank financing to meet cash flow requirements during the build-up period immediately preceding the peak season. In addition, the Company typically is faced with a large balance of accounts receivable during the peak season. This occurs for two primary reasons. First, accounts receivable balances typically increase during the peak season as shipments of products increase. Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly than commercial customers.

The Company’s working capital requirements during and in anticipation of the peak summer season require management to make estimates and judgments that affect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to market demand, labor costs, and stocking inventory.

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Net Income (Loss) per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended			6 Months Ended
	Jul. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Jul. 31, 2014	Jul. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ 5,203	$ 3,408	$ 6,210	$ 1,348	$ 1,763
Average shares outstanding	14,725		14,570	14,687	14,506
Net effect of dilutive stock options based on the treasury stock method using average market price	149		77	152	85
Totals	14,874		14,647	14,839	14,591
Earnings Per Share, Basic	$ 0.35		$ 0.43	$ 0.09	$ 0.12
Earnings Per Share, Diluted	$ 0.35		$ 0.42	$ 0.09	$ 0.12

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Debt (Long-term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Jul. 31, 2014	Jan. 31, 2014	Jul. 31, 2013
Debt Instrument [Line Items]
Long-term debt	$ 33,545	$ 8,248	$ 28,668
Less current portion	27,545	2,248	22,668
Non-current portion	6,000	6,000	6,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	33,545	8,248	28,668
Other Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 0	$ 0

XML

Debt (Narrative) (Details) (USD $)	3 Months Ended	6 Months Ended								3 Months Ended				0 Months Ended				6 Months Ended
	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014 Accounts receivable [Member]	Jul. 31, 2014 Inventory [Member]	Jul. 31, 2014 Minimum [Member]	Jul. 31, 2014 Maximum [Member]	Jul. 31, 2014 Maximum [Member] Accounts receivable [Member]	Jul. 31, 2014 Credit Agreement [Member]	Jul. 31, 2014 PNC [Member] Revolving Credit Facility [Member]	Jul. 14, 2012 PNC [Member] Revolving Credit Facility [Member] Amendment No. 1 to the Credit Agreement [Member]	Jun. 15, 2012 PNC [Member] Revolving Credit Facility [Member] Amendment No. 1 to the Credit Agreement [Member]	Jun. 14, 2012 PNC [Member] Revolving Credit Facility [Member] Amendment No. 1 to the Credit Agreement [Member]	Jul. 27, 2012 PNC [Member] Revolving Credit Facility [Member] Amendment No. 2 to the Credit Agreement [Member]	Apr. 15, 2014 PNC [Member] Revolving Credit Facility [Member] Amendment No. 7 To The Credit Agreement [Member]	Apr. 14, 2014 PNC [Member] Revolving Credit Facility [Member] Amendment No. 7 To The Credit Agreement [Member]	Jul. 31, 2014 PNC [Member] Revolving Credit Facility [Member] Credit Agreement [Member]	Dec. 22, 2011 PNC [Member] Revolving Credit Facility [Member] Credit Agreement [Member]	Jul. 31, 2014 Eurodollar [Member] Minimum [Member]	Jul. 31, 2014 Eurodollar [Member] Maximum [Member]	Jul. 31, 2014 Alternate Base Rate Loans [Member] London Interbank Offered Rate LIBOR [Member] Minimum [Member]	Jul. 31, 2014 Alternate Base Rate Loans [Member] London Interbank Offered Rate LIBOR [Member] Maximum [Member]	Jan. 31, 2015 Scenario, Forecast [Member] Credit Agreement [Member]
Line of Credit Facility [Line Items]
Increase(Decrease) in borrowing capacity										$ 3,000,000				$ (10,000,000)
Line of Credit Facility, Maximum Borrowing Capacity											9,000,000	6,000,000		50,000,000	60,000,000
Minimum EBITDA								4,420,000					300,000				1,600,000					5,512,000
Revolving credit facility					8,000,000	14,000,000
Sub-limit for issuances of letters of credit		3,000,000
Revolving credit facility borrowing base limitation			85.00%	60.00%			85.00%
Revolving credit facility bears interest range of																		1.75%	2.75%	0.75%	1.75%
Revolving Credit Facility bears interest increased		2.00%
Minimum tangible net worth covenant																26,350,000
Minimum fixed charge coverage ratio								1.00
Provision to reduce borrowings under the line	6,000,000
Provision to reduce borrowings under the line, period	60 days
Judgments or judicial actions against the borrowers in excess		250,000
Remaining borrowing capacity									$ 18,360,000

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Stock-Based Compensation and Stockholders' Rights (Restricted Stock Units) (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended			6 Months Ended		3 Months Ended					6 Months Ended		3 Months Ended		12 Months Ended
	Jul. 31, 2014 Restricted Stock or Stock Units [Member]	Jul. 31, 2013 Restricted Stock or Stock Units [Member]	Jul. 31, 2014 Restricted Stock or Stock Units [Member]	Jul. 31, 2013 Restricted Stock or Stock Units [Member]	Jul. 31, 2014 2011 Plan [Member] 28626 units of restricted stock issued on 6/24/2014 vesting over 1 year [Member]	Jul. 31, 2014 2011 Plan [Member] 28626 units of restricted stock issued on 6/24/2014 vesting over 1 year [Member]	Jul. 31, 2014 2011 Plan [Member] 490,000 units of restricted stock issued on 6/24/2014 vesting over 5 Year [Member]	Jul. 31, 2014 2011 Plan [Member] 490,000 units of restricted stock issued on 6/24/2014 vesting over 5 Year [Member]	Jul. 31, 2014 2011 Plan [Member] 10000 units of restricted stock issued on 12/3/2013 vesting over 1 year [Member]	Jul. 31, 2013 2011 Plan [Member] 10000 units of restricted stock issued on 12/3/2013 vesting over 1 year [Member]	Jul. 31, 2014 2011 Plan [Member] 10000 units of restricted stock issued on 12/3/2013 vesting over 1 year [Member]	Jul. 31, 2013 2011 Plan [Member] 10000 units of restricted stock issued on 12/3/2013 vesting over 1 year [Member]	Jul. 31, 2014 2011 Plan [Member] 71,430 units of restricted stock issued on 6/25/2013 vesting over 1yr [Member]	Jul. 31, 2013 2011 Plan [Member] 71,430 units of restricted stock issued on 6/25/2013 vesting over 1yr [Member]	Jul. 31, 2014 2011 Plan [Member] 71,430 units of restricted stock issued on 6/25/2013 vesting over 1yr [Member]	Jul. 31, 2013 2011 Plan [Member] 71,430 units of restricted stock issued on 6/25/2013 vesting over 1yr [Member]	Jul. 31, 2014 2011 Plan [Member] 31,250 units of restricted stock issued on 6/19/2012 vesting over 1 year	Jul. 31, 2013 2011 Plan [Member] 31,250 units of restricted stock issued on 6/19/2012 vesting over 1 year	Jul. 31, 2014 2011 Plan [Member] 31,250 units of restricted stock issued on 6/19/2012 vesting over 1 year	Jul. 31, 2013 2011 Plan [Member] 31,250 units of restricted stock issued on 6/19/2012 vesting over 1 year	Jul. 31, 2014 2011 Plan [Member] 520,000 Grants of Restricted Stock, issued 6/19/2012, vesting over 5 years [Member]	Jul. 31, 2013 2011 Plan [Member] 520,000 Grants of Restricted Stock, issued 6/19/2012, vesting over 5 years [Member]	Jul. 31, 2014 2011 Plan [Member] 520,000 Grants of Restricted Stock, issued 6/19/2012, vesting over 5 years [Member]	Jul. 31, 2013 2011 Plan [Member] 520,000 Grants of Restricted Stock, issued 6/19/2012, vesting over 5 years [Member]	Jul. 31, 2014 2011 Plan [Member] Restricted Stock or Stock Units [Member]	Jul. 31, 2014 2007 Plan [Member] Grants of Restricted Stock, issued 6/19/2012, vesting over 1 year [Member]	Jul. 31, 2013 2007 Plan [Member] Grants of Restricted Stock, issued 6/19/2012, vesting over 1 year [Member]	Jul. 31, 2014 2007 Plan [Member] Grants of Restricted Stock, issued 6/19/2012, vesting over 1 year [Member]	Jul. 31, 2013 2007 Plan [Member] Grants of Restricted Stock, issued 6/19/2012, vesting over 1 year [Member]	Jul. 31, 2014 2007 Plan [Member] 40,000 Grants of Restricted Stock, issued 3/21/2012, vesting immediately [Member]	Jul. 31, 2014 2007 Plan [Member] 68,960 Grants of Restricted Stock, issued 6/21/2011, vesting over 1 year [Member]	Jul. 31, 2014 2007 Plan [Member] 56,455 Grants of Restricted Stock, issued 6/8/2010, vesting over 1 year [Member]	Jul. 31, 2014 2007 Plan [Member] 382,500 Restricted Stock Units, issued 6/16/2009, vesting over 5 years [Member]	Jul. 31, 2013 2007 Plan [Member] 382,500 Restricted Stock Units, issued 6/16/2009, vesting over 5 years [Member]	Jul. 31, 2014 2007 Plan [Member] 382,500 Restricted Stock Units, issued 6/16/2009, vesting over 5 years [Member]	Jul. 31, 2013 2007 Plan [Member] 382,500 Restricted Stock Units, issued 6/16/2009, vesting over 5 years [Member]	Jul. 31, 2014 2007 Plan [Member] 262,500 Restricted Stock Units, issued 6/19/2007, vesting over 5 years [Member]	Jul. 31, 2014 2007 Plan [Member] Restricted Stock or Stock Units [Member]	Jan. 31, 2014 2007 Plan [Member] Restricted Stock or Stock Units [Member]
Summary of restricted stock and stock unit awards
Granted					28,626		490,000		10,000				71,430				31,250				520,000				518,626	78,125				40,000	68,960	56,455	382,500				262,500	0	0
Maximum term of stock options					1 year		5 years		1 year				1 year				1 year				5 years					1 year					1 year	1 year	5 years				5 years
Expense for 3 months and 6 months ended	$ 129,000	$ 134,000	$ 259,000	$ 275,000	$ 13,000	$ 13,000	$ 43,000	$ 43,000	$ 6,000	$ 0	$ 12,000	$ 0	$ 13,000	$ 30,000	$ 50,000	$ 30,000	$ 0	$ 4,000	$ 0	$ 17,000	$ 39,000	$ 40,000	$ 79,000	$ 82,000		$ 0	$ 11,000	$ 0	$ 41,000				$ 15,000	$ 49,000	$ 62,000	$ 105,000
Unrecognized compensation at cost	$ 1,743,000		$ 1,743,000		$ 62,000	$ 62,000	$ 1,237,000	$ 1,237,000	$ 0		$ 0		$ 0		$ 0		$ 0		$ 0		$ 444,000		$ 444,000			$ 0		$ 0					$ 0		$ 0
Restricted Stock Units
Granted					28,626		490,000		10,000				71,430				31,250				520,000				518,626	78,125				40,000	68,960	56,455	382,500				262,500	0	0

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Correction of Immaterial Errors

6 Months Ended

Jul. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Correction of Immaterial Errors

Correction of Immaterial Errors

Subsequent to the year ended January 31, 2014, the Company identified certain errors in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended April 30, July 31 and October 31, 2013. The Company previously recorded its quarterly net periodic pension cost as an increase to accrued pension expenses, when a portion of the net periodic pension cost attributed to the recognized net actuarial loss or (gain) should have been recorded as a decrease in the Company’s accumulated other comprehensive loss. These errors have no impact on the amounts previously reported in the Company’s statements of operations or statements of cash flows. Further, these errors have no impact on its consolidated financial statements as of and for the year ended January 31, 2014.

Management has evaluated the materiality of these errors quantitatively and qualitatively and has concluded that the corrections of these errors are immaterial to the condensed consolidated balance sheets, consolidated statements of comprehensive income (loss), and the financial statements as a whole. Accordingly, the Company has corrected the accompanying condensed consolidated balance sheet and consolidated statement of comprehensive income (loss) for the three and six months ended July 31, 2013, and it intends to revise its condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended October 31, 2013 through subsequent periodic filings. The effect of recording immaterial corrections in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended July 31 and October 31, 2013 are as follows:

	For the Quarter Ended July 31, 2013				For the Quarter Ended October 31, 2013
(in thousands)	As Previously Reported		As Corrected		As Previously Reported		As Corrected
Accrued pension expenses	$	26,567	$	25,763	$	26,398	$	25,192
Total stockholder’s equity	28,901		29,705		33,181		34,387
Net income (loss)	6,210		6,210		3,408		3,408
Comprehensive income (loss)	6,210		6,612		4,208		4,610
Impact for period-to-date comprehensive income (loss)	1,763		2,567		5,971		7,177

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Stock-Based Compensation and Stockholders' Rights (Textual) (Details) (USD $)			3 Months Ended	12 Months Ended	3 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2014 Restricted Stock or Stock Units [Member] 2007 Plan [Member]	Jan. 31, 2014 Restricted Stock or Stock Units [Member] 2007 Plan [Member]	Jul. 31, 2014 Restricted Stock or Stock Units [Member] 2011 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant of stock option or awards			2,000,000
Granted during the year			0	0	518,626
Stock available for future issuance			13,075		830,694
Preferred stock, par value	$ 0.01	$ 0.01

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Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jul. 31, 2014	Jan. 31, 2014	Jul. 31, 2013
Current assets:
Cash	$ 1,130	$ 1,051	$ 2,443
Trade accounts receivables, net	29,414	8,468	32,088
Other receivables	47	52	107
Income tax receivable	317	290	304
Inventories:
Finished goods, net	20,145	7,237	14,137
Work in process, net	15,161	11,116	12,243
Raw materials and supplies, net	9,977	9,427	10,460
Total inventories	45,283	27,780	36,840
Deferred Tax Assets, Net, Current	203	203	0
Prepaid expenses and other current assets	1,350	1,795	1,724
Total current assets	77,744	39,639	73,506
Property, plant and equipment:
Land	1,671	1,671	1,671
Land improvements	1,189	1,185	1,213
Buildings and building improvements	47,047	47,271	47,263
Machinery and equipment	113,152	115,667	116,335
Leasehold improvements	1,957	2,328	2,417
Total property, plant and equipment	165,016	168,122	168,899
Less accumulated depreciation and amortization	128,970	131,817	132,204
Net property, plant and equipment	36,046	36,305	36,695
Deferred tax assets, net	305	611	1,404
Other assets	6,990	6,789	6,722
Total assets	121,085	83,344	118,327
Current liabilities:
Accounts payable	20,382	12,355	17,282
Accrued compensation and employee benefits	3,860	3,594	4,143
Current portion of long-term debt	27,545	2,248	22,668
Deferred tax liabilities	0	0	572
Other accrued liabilities	7,293	4,459	8,110
Total current liabilities	59,080	22,656	52,775
Non-current liabilities:
Accrued self-insurance retention	2,020	2,025	2,614
Accrued pension expenses	23,132	23,951	25,763
Income tax payable	37	69	98
Long-term debt, less current portion	6,000	6,000	6,000
Other accrued liabilities	1,092	1,038	1,372
Total non-current liabilities	32,281	33,083	35,847
Commitments and contingencies
Preferred stock:
Authorized 3,000,000 shares, $.01 par value; none issued or outstanding	0	0	0
Common stock:
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 14,852,640 shares at 7/31/2014 ; and 14,718,414 at 1/31/2014 and 14,730,319 shares at 07/31/2013	148	147	147
Additional paid-in capital	116,105	115,978	115,817
Accumulated deficit	(73,191)	(74,540)	(71,077)
Accumulated other comprehensive loss	(13,338)	(13,980)	(15,182)
Total stockholders’ equity	29,724	27,605	29,705
Total liabilities and stockholders’ equity	$ 121,085	$ 83,344	$ 118,327

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jul. 31, 2014	Jul. 31, 2013
Operating activities
Net income (loss)	$ 1,348	$ 1,763
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,168	2,046
Provision for doubtful accounts	60	50
(Gain) loss on sale of property, plant and equipment	0	(13)
Deferred income taxes	275	0
Stock-based compensation	259	275
Pension settlement	0	0
Changes in operating assets and liabilities:
Trade accounts receivable	(20,978)	(23,304)
Other receivables	5	1
Inventories	(17,504)	(11,523)
Income taxes	(27)	(8)
Prepaid expenses and other assets	244	53
Accounts payable and accrued liabilities	10,966	9,593
Net cash provided by (used in) operating activities	(23,184)	(21,067)
Investing activities
Capital expenditures	(1,904)	(1,861)
Proceeds from sale of property, plant and equipment	0	19
Net investment in life insurance	0	0
Net cash provided by (used in) investing activities	(1,904)	(1,842)
Financing activities
Proceeds from long-term debt	33,545	28,851
Repayment of long-term debt	(8,248)	(4,236)
Common stock repurchased	(130)	(116)
Cash dividend paid	0	0
Net cash provided by (used in) financing activities	25,167	24,499
Net increase (decrease) in cash	79	1,590
Cash at beginning of year	1,051	853
Cash at end of year	$ 1,130	$ 2,443

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Retirement Plans Pension plan actuarial gain or loss (Details)	6 Months Ended
	Jul. 31, 2014
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit Of Average Compensation Years	5 years

XML

Net Income (Loss) per Share (Tables)

6 Months Ended

Jul. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended				Six Months Ended
	7/31/2014		7/31/2013		7/31/2014		7/31/2013
	(In thousands, except per share data)
Net income (loss)	$	5,203	$	6,210	$	1,348	$	1,763
Average shares outstanding	14,725		14,570		14,687		14,506
Net effect of dilutive stock options based on the treasury stock method using average market price	149		77		152		85
Totals	14,874		14,647		14,839		14,591
Net income (loss) per share - basic	$	0.35	$	0.43	$	0.09	$	0.12
Net income (loss) per share - diluted	$	0.35	$	0.42	$	0.09	$	0.12

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Warranty (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2014	Jul. 31, 2013
Warranty claim activity
Beginning balance	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Provision	83	75	218	216
Costs incurred	(83)	(75)	(218)	(216)
Ending balance	$ 1,000	$ 1,000	$ 1,000	$ 1,000
Minimum [Member]
Warranty [Line Items]
Product warranty period			5 years
Maximum [Member]
Warranty [Line Items]
Product warranty period			10 years

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Retirement Plans Retirement Plans (Tables)

6 Months Ended

Jul. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Schedule of Defined Benefit Plans Disclosures

The net periodic pension cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three months and six months ended July 31, 2014 and 2013 were as follows (in thousands):

	Three Months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2014			7/31/2013			7/31/2014		7/31/2013		7/31/2014			7/31/2013
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	315			322			88		83		4			4
Expected return on plan assets	(275		)	(276		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	284			350			45		55		(8		)	(3		)
Benefit cost	$	324		$	396		$	133	$	138	$	(4	)	$	1

	Six months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2014			7/31/2013			7/31/2014		7/31/2013		7/31/2014			7/31/2013
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	630			644			176		166		8			8
Expected return on plan assets	(550		)	(552		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	568			700			90		110		(16		)	(6		)
Benefit cost	$	648		$	792		$	266	$	276	$	(8	)	$	2

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Basis of Presentation

6 Months Ended

Jul. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended July 31, 2014, are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2015. The balance sheet at January 31, 2014, has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2014 (“Form 10-K”). All references to the “Company” refer to Virco Mfg. Corporation and its subsidiaries.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Jul. 31, 2014	Jul. 31, 2013
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	14,852,640	14,730,319
Common stock, shares outstanding	14,852,640	14,730,319

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Retirement Plans Retirement Plans

6 Months Ended

Jul. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

Retirement Plans

The Company and its subsidiaries cover employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension Plan”). Benefits under the Employees Retirement Plan are based on years of service and career average earnings. As more fully described in the Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003.

The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). The VIP Plan provides a benefit of up to 50% of average compensation for the last 5 years in the VIP Plan, offset by benefits earned under the Pension Plan. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The Company also provides a non-qualified plan for non-employee directors of the Company (the “Non-Employee Directors Retirement Plan”). The Non-Employee Directors Retirement Plan provides a lifetime annual retirement benefit equal to the director’s annual retainer fee for the fiscal year in which the director terminates his or her position with the Board, subject to the director providing 10 years of service to the Company. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003.

The net periodic pension cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three months and six months ended July 31, 2014 and 2013 were as follows (in thousands):

	Three Months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2014			7/31/2013			7/31/2014		7/31/2013		7/31/2014			7/31/2013
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	315			322			88		83		4			4
Expected return on plan assets	(275		)	(276		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	284			350			45		55		(8		)	(3		)
Benefit cost	$	324		$	396		$	133	$	138	$	(4	)	$	1

	Six months Ended
	Pension Plan						VIP Plan				Non-Employee Directors Retirement Plan
	7/31/2014			7/31/2013			7/31/2014		7/31/2013		7/31/2014			7/31/2013
Service cost	$	—		$	—		$	—	$	—	$	—		$	—
Interest cost	630			644			176		166		8			8
Expected return on plan assets	(550		)	(552		)	—		—		—			—
Amortization of transition amount	—			—			—		—		—			—
Recognized (gain) loss due to curtailments	—			—			—		—		—			—
Amortization of prior service cost	—			—			—		—		—			—
Recognized net actuarial (gain) loss	568			700			90		110		(16		)	(6		)
Benefit cost	$	648		$	792		$	266	$	276	$	(8	)	$	2

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Document and Entity Information (USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended
	Jul. 31, 2014	Sep. 05, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	VIRCO MFG CORPORATION
Entity Central Index Key	0000751365
Document Type	10-Q
Document Period End Date	Jul. 31, 2014
Amendment Flag	false
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--01-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 38
Entity Common Stock, Shares Outstanding		14,852,640

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Warranty Accrual

6 Months Ended

Jul. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Warranty Accrual

Warranty Accrual

The Company provides a warranty against all substantial defects in material and workmanship. In 2005 the Company extended its standard warranty from five years to 10 years. Effective February 1, 2014 the Company modified its warranty to a limited lifetime warranty. The new warranty effective February 1, 2014 is not anticipated to have a significant effect on warranty expense. The Company’s warranty is not a guarantee of service life, which depends upon events outside the Company’s control and may be different from the warranty period. The Company accrues an estimate of its exposure to warranty claims based upon both product sales data and an analysis of actual warranty claims incurred.

The following is a summary of the Company’s warranty-claim activity for the three months and six months ended July 31, 2014 and 2013.

	Three Months Ended						Six Months Ended
	7/31/2014			7/31/2013			7/31/2014			7/31/2013
	(In thousands)
Beginning balance	$	1,000		$	1,000		$	1,000		$	1,000
Provision	83			75			218			216
Costs incurred	(83		)	(75		)	(218		)	(216		)
Ending balance	$	1,000		$	1,000		$	1,000		$	1,000

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2014	Jul. 31, 2013
Income Statement [Abstract]
Net sales	$ 53,192	$ 56,933	$ 76,722	$ 76,823
Costs of goods sold	32,346	35,347	47,699	48,828
Gross profit	20,846	21,586	29,023	27,995
Selling, general and administrative expenses	14,770	14,417	26,492	24,919
Restructuring Costs	62	412	62	475
Interest expense, net	505	472	834	800
Income (loss) before income taxes	5,509	6,285	1,635	1,801
Income tax expense (benefit)	306	75	287	38
Net income (loss)	$ 5,203	$ 6,210	$ 1,348	$ 1,763
Net income (loss) per common share:
Basic	$ 0.35	$ 0.43	$ 0.09	$ 0.12
Diluted	$ 0.35	$ 0.42	$ 0.09	$ 0.12
Weighted average shares outstanding:
Basic	14,725	14,570	14,687	14,506
Diluted	14,874	14,647	14,839	14,591

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Debt

6 Months Ended

Jul. 31, 2014

Debt Disclosure [Abstract]

Debt

Debt

Outstanding balances (in thousands) for the Company’s long-term debt were as follows:

	7/31/2014		1/31/2014		7/31/2013
	(in thousands)
Revolving credit line	$	33,545	$	8,248	$	28,668
Other	—		—		—
Total debt	33,545		8,248		28,668
Less current portion	27,545		2,248		22,668
Non-current portion	$	6,000	$	6,000	$	6,000

On December 22, 2011 (the Closing Date), the Company entered into a Revolving Credit and Security Agreement (the Credit Agreement) with PNC Bank, National Association, as administrative agent and lender (PNC). On June 15, 2012, the Company entered into Amendment No. 1 (Amendment No. 1) to the Credit Agreement which, among other things, increased the borrowing availability thereunder by $3,000,000 from $6,000,000 to $9,000,000 for the period from May 1 through July 14 of each year. On July 27, 2012, the Company entered into Amendment No. 2 (Amendment No. 2) to the Credit Agreement which, among other things, reduced the minimum EBITDA financial covenant contained therein for the five consecutive months ending June 2012 from $1,600,000 to $300,000. On September 12, 2012, the Company entered into Amendment No. 3 (Amendment No. 3) to the Credit Agreement which, among other things, modified the minimum EBITDA covenant for the balance of the fiscal year. On December 6, 2012, the Company entered into Amendment No. 4 (Amendment No. 4) to the Credit Agreement which, among other things, waived the violation of the minimum EBITDA and minimum tangible net worth covenants at October 31, 2012 and eliminated the minimum EBITDA covenant at November 30, 2012. On March 1, 2013, the Company entered into Amendment No. 5 (Amendment No. 5) to the Credit Agreement, which among other things modified the minimum tangible net worth covenant for the periods from January 31, 2013 to January 31, 2014, modified the minimum EBIDTA covenant for certain periods to January 31, 2014 and waived the violation of the minimum EBITDA covenant for the eleven consecutive fiscal month period ending December 31, 2012. On January 9, 2014, the Company entered into Amendment No. 6 (Amendment No. 6) to the Credit Agreement, which, among other things, amended the definition of “Peak Season” and increased the peak season borrowing capacity. On April 15, 2014, the Company entered into Amendment No. 7 (Amendment No. 7) to the Credit Agreement, which, among other things, extended the maturity date of the Credit Agreement for three years until December 22, 2017, reduced the maximum availability under the Credit Agreement by 10,000,000 from $60,000,000 to $50,000,000, waived the violation of the minimum EBITDA covenant at January 31, 2014, waived the violation of the fixed charge coverage ratio covenant at January 31, 2014, included levels for the minimum tangible net worth financial covenant and a minimum EBITDA financial covenant for fiscal year 2014 and the minimum fixed charge coverage ratio until the maturity date of the Credit Agreement. On August 18, 2014, the Company entered into Amendment No. 8 (Amendment No. 8) to the Credit Agreement which, among other things, extended the draw period under the temporary equipment line.

The Credit Agreement, as amended, provides the Company with a secured revolving line of credit (the Revolving Credit Facility) of up to $50,000,000, with seasonal adjustments to the credit limit and subject to borrowing base limitations, and includes a sub-limit of up to $3,000,000 for issuances of letters of credit. The Revolving Credit Facility is an asset-based line of credit that is subject to a borrowing base limitation and generally provides for advances of up to 85% of eligible accounts receivable, plus a percentage equal to the lesser of 60% of the value of eligible inventory or 85% of the liquidation value of eligible inventory, plus an amount ranging from $8,000,000 to $14,000,000 from January 1 through July 31 of each year, minus undrawn amounts of letters of credit and reserves. The Revolving Credit Facility is secured by substantially all of the Company's personal property and certain of the Company's real property. The principal amount outstanding under the Credit Agreement and any accrued and unpaid interest is due no later than December 22, 2017, and the Revolving Credit Facility is subject to certain prepayment penalties upon earlier termination of the Revolving Credit Facility. Prior to the maturity date, principal amounts outstanding under the Credit Agreement may be repaid and reborrowed at the option of the Company without premium or penalty, subject to borrowing base limitations, seasonal adjustments and certain other conditions.

The Revolving Credit Facility bears interest, at the Company's option, at either the Alternate Base Rate (as defined in the Credit Agreement) or the Eurodollar Currency Rate (as defined in the Credit Agreement), in each case plus an applicable margin. The applicable margin for Alternate Base Rate loans is a percentage within a range of 0.75% to 1.75%, and the applicable margin for Eurodollar Currency Rate loans is a percentage within a range of 1.75% to 2.75%, in each case based on the EBITDA of the Company at the end of each fiscal quarter, and may be increased at PNC's option by 2.0% during the continuance of an event of default. Accrued interest with respect to principal amounts outstanding under the Credit Agreement is payable in arrears on a monthly basis for Alternative Base Rate loans, and at the end of the applicable interest period but at most every three months for Eurodollar Currency Rate loans.

The Credit Agreement contains a covenant that forbids the Company from issuing dividends or making payments with respect to the Company's capital stock, and contains numerous other covenants that limit under certain circumstances the ability of the Company and their subsidiaries to, among other things, merge with or acquire other entities, incur new liens, incur additional indebtedness, repurchase stock, sell assets outside of the ordinary course of business, enter into transactions with affiliates, or substantially change the general nature of the business of the Company, taken as a whole. The Credit Agreement also requires the Company to maintain the following financial maintenance covenants: (1) a minimum tangible net worth amount, (2) a minimum fixed charge coverage ratio, and (3) a minimum EBITDA amount, in each case as of the end of the relevant monthly, quarterly or annual measurement period. As of July 31, 2014 the Credit Agreement required the Company to maintain: (1) a minimum tangible net worth of at least $26,350,000 for the fiscal quarter ending July 31, 2014, (2) a minimum fixed charge coverage ratio of at least 1.00 to 1.00 for the four consecutive fiscal quarters ending January 31, 2015, and (3) a minimum EBITDA amount of $4,420,000 for the six months ended July 31, 2014 and $5,512,000 for the twelve consecutive fiscal months ending January 31, 2015.

In addition, the Credit Agreement contains a clean down provision that requires the Company to reduce borrowings under the line to less than $6,000,000 for a period of 60 consecutive days each fiscal year. The Company believes that normal operating cash flow will allow it to meet the clean down requirement with no adverse impact on the Company's liquidity. The Company was in compliance with its covenants at July 31, 2014.

Events of default (subject to certain cure periods and other limitations) under the Credit Agreement include, but are not limited to, (i) non-payment of principal, interest or other amounts due under the Credit Agreement, (ii) the violation of terms, covenants, representations or warranties in the Credit Agreement or related loan documents, (iii) any event of default under agreements governing certain indebtedness of the Company and certain defaults by the Company under other agreements that would materially adversely affect the Company, (iv) certain events of bankruptcy, insolvency or liquidation involving the Company, (v) judgments or judicial actions against the Company in excess of $250,000, subject to certain conditions, (vi) the failure of the Company to comply with Pension Benefit Plans (as defined in the Credit Agreement), (vii) the invalidity of loan documents pertaining to the Credit Agreement, (viii) a change of control of the Company and (ix) the interruption of operations of any of the Company' manufacturing facilities for five consecutive days during the peak season or fifteen consecutive days during any other time, subject to certain conditions.

Pursuant to the Credit Agreement, substantially all of the Company' accounts receivable are automatically and promptly swept to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Company. Due to this automatic liquidating nature of the Revolving Credit Facility, if the Company breach any covenant, violate any representation or warranty or suffer a deterioration in their ability to borrow pursuant to the borrowing base calculation, the Company may not have access to cash liquidity unless provided by PNC at its discretion. In addition, certain of the covenants and representations and warranties set forth in the Credit Agreement contain limited or no materiality thresholds, and many of the representations and warranties must be true and correct in all material respects upon each borrowing, which the Company expect to occur on an ongoing basis. There can be no assurance that the Company will be able to comply with all such covenants and be able to continue to make such representations and warranties on an ongoing basis.

The Company's line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer season. The Company believes that the Revolving Credit Facility will provide sufficient liquidity to meet its capital requirements in the next 12 months. Approximately $18,360,000 was available for borrowing as of July 31, 2014.

The descriptions set forth herein of the Credit Agreement, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 are qualified in their entirety by the terms of such agreements, each of which has been filed with the Securities and Exchange Commission.

Management believes that the carrying value of debt approximated fair value at July 31, 2014 and 2013, as all of the long-term debt bears interest at variable rates based on prevailing market conditions.

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Inventories

6 Months Ended

Jul. 31, 2014

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories primarily consist of raw materials, work in progress, and finished goods of manufactured products. In addition, the Company maintains an inventory of finished goods purchased for resale. Inventories are stated at lower of cost or market and consist of materials, labor, and overhead. The Company determines the cost of inventory by the first-in, first-out method. The value of inventory includes any related production overhead costs incurred in bringing the inventory to its present location and condition. The Company records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation.

Management continually monitors production costs, material costs and inventory levels to determine that interim inventories are fairly stated.

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Stock-Based Compensation and Stockholders' Rights (Tables)

6 Months Ended

Jul. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Restricted Stock and Stock Unit Award Activity

Restricted Stock Unit Awards

The following table presents a summary of restricted stock and stock unit awards at July 31, 2014 and 2013:

			Expense for 3 months ended				Expense for 6 months ended				Unrecognized Compensation Cost at
Date of Grants	Units Granted	Terms of Vesting	7/31/2014		7/31/2013		7/31/2014		7/31/2013		7/31/2014
2011 Stock Incentive Plan
6/24/2014	28,626	1 year	$	13,000	$	—	$	13,000	$	—	$	62,000
6/24/2014	490,000	5 year	43,000		—		43,000		—		1,237,000
12/3/2013	10,000	1 year	6,000		—		12,000		—		—
6/25/2013	71,430	1 year	13,000		30,000		50,000		30,000		—
6/19/2012	31,250	1 year	—		4,000		—		17,000		—
6/19/2012	520,000	5 year	39,000		40,000		79,000		82,000		444,000
2007 Stock Incentive Plan
6/19/2012	78,125	1 year	—		11,000		—		41,000		—
6/16/2009	382,500	5 year	15,000		49,000		62,000		105,000		—
Totals for the period			$	129,000	$	134,000	$	259,000	$	275,000	$	1,743,000

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Subsequent Events

6 Months Ended

Jul. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

We have evaluated subsequent events to assess the need for potential recognition or disclosure in this Quarterly Report on Form 10-Q. Such events were evaluated through the date these financial statements were issued. Based upon this evaluation, it was determined that, no subsequent events occurred that required recognition or disclosure in the financial statements.

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Stock-Based Compensation and Stockholders' Rights

6 Months Ended

Jul. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation and Stockholders' Rights

Stock-Based Compensation and Stockholders’ Rights

Stock Incentive Plans

The Company's two stock plans are the 2011 Employee Stock Incentive Plan (the “2011 Plan”) and the 2007 Employee Incentive Stock Plan (the “2007 Plan”). Under the 2011 Plan, the Company may grant an aggregate of 2,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2011 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted 518,626 awards under the 2011 Plan during the quarter ended July 31, 2014. As of July 31, 2014, there were approximately 830,694 shares available for future issuance under the 2011 Plan.

Under the 2007 Plan, the Company may grant an aggregate of 1,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted 0 awards under the 2007 Plan during 2013 and 0 awards under the 2007 Plan during the quarter ended July 31, 2014. As of July 31, 2014, there were approximately 13,075 shares available for future issuance under the 2007 Plan.

Accounting for the Plans

Restricted Stock Unit Awards

The following table presents a summary of restricted stock and stock unit awards at July 31, 2014 and 2013:

			Expense for 3 months ended				Expense for 6 months ended				Unrecognized Compensation Cost at
Date of Grants	Units Granted	Terms of Vesting	7/31/2014		7/31/2013		7/31/2014		7/31/2013		7/31/2014
2011 Stock Incentive Plan
6/24/2014	28,626	1 year	$	13,000	$	—	$	13,000	$	—	$	62,000
6/24/2014	490,000	5 year	43,000		—		43,000		—		1,237,000
12/3/2013	10,000	1 year	6,000		—		12,000		—		—
6/25/2013	71,430	1 year	13,000		30,000		50,000		30,000		—
6/19/2012	31,250	1 year	—		4,000		—		17,000		—
6/19/2012	520,000	5 year	39,000		40,000		79,000		82,000		444,000
2007 Stock Incentive Plan
6/19/2012	78,125	1 year	—		11,000		—		41,000		—
6/16/2009	382,500	5 year	15,000		49,000		62,000		105,000		—
Totals for the period			$	129,000	$	134,000	$	259,000	$	275,000	$	1,743,000

Stockholders’ Rights

On October 15, 1996, the Board of Directors declared a dividend of one preferred stock purchase right (the "Rights") for each outstanding share of the Company's common Stock. The Rights were terminated on July 28, 2014 prior to becoming exercisable.

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Net Income (Loss) per Share

6 Months Ended

Jul. 31, 2014

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Net Income (Loss) per Share

	Three Months Ended				Six Months Ended
	7/31/2014		7/31/2013		7/31/2014		7/31/2013
	(In thousands, except per share data)
Net income (loss)	$	5,203	$	6,210	$	1,348	$	1,763
Average shares outstanding	14,725		14,570		14,687		14,506
Net effect of dilutive stock options based on the treasury stock method using average market price	149		77		152		85
Totals	14,874		14,647		14,839		14,591
Net income (loss) per share - basic	$	0.35	$	0.43	$	0.09	$	0.12
Net income (loss) per share - diluted	$	0.35	$	0.42	$	0.09	$	0.12

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Income Taxes

6 Months Ended

Jul. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in accordance with the provisions of ASC No. 740, “Accounting for Income Taxes.” Deferred income taxes are recognized for differences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. Based on this consideration, the Company determined the realization of a majority of the net deferred tax assets do not meet the more likely than not criteria and a valuation allowance was recorded against the majority of the net deferred tax assets at July 31, 2014. The effective tax rate for the quarter ended July 31, 2014 was impacted by the valuation allowance and a discrete item associated with uncertain tax positions.

The Company is currently under IRS examination for the year ended January 31, 2013. The years ended January 31, 2012 and January 31, 2014 remain open for examination by the IRS. The years ended January 31, 2010 through January 31, 2014 remain open for examination by state tax authorities. The Company is not currently under any state examinations.

The specific timing of when the resolution of each tax position will be reached is uncertain. As of July 31, 2014, we do not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

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Stockholders’ Equity

6 Months Ended

Jul. 31, 2014

Equity [Abstract]

Stockholders’ Equity

Stockholders’ Equity

During the three months ended July 31, 2014, the Company did not repurchase any shares of its common stock. As of July 31, 2014, $1.1 million remained available for repurchases of the Company’s common stock pursuant to the Company’s repurchase program approved by the Board of Directors, subject to restriction under the Company's Credit Agreement with PNC. Pursuant to the Company’s Credit Agreement with PNC, the Company is prohibited from repurchasing any shares of its stock except in cases where a repurchase is financed by a substantially concurrent issuance of new shares of the Company’s common stock.

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Retirement Plans (Periodic Pension Cost) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2014	Jul. 31, 2013
Components of Net Cost
Amortization of prior service cost		$ 0		$ 0
Employee Plan [Member]
Components of Net Cost
Service cost	0	0	0	0
Interest cost	315	322	630	644
Expected return on plan assets	(275)	(276)	(550)	(552)
Amortization of transition amount	0	0	0	0
Recognized (gain) loss due to curtailments	0	0	0	0
Amortization of prior service cost	0	0	0	0
Recognized net actuarial (gain) loss	284	350	568	700
Benefit cost	324	396	648	792
VIP Retirement Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase			50.00%
Components of Net Cost
Service cost	0	0	0	0
Interest cost	88	83	176	166
Expected return on plan assets	0	0	0	0
Amortization of transition amount	0	0	0	0
Recognized (gain) loss due to curtailments	0	0	0	0
Amortization of prior service cost	0	0	0	0
Recognized net actuarial (gain) loss	45	55	90	110
Benefit cost	133	138	266	276
Directors Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Director Providing Service To Company			10 years
Components of Net Cost
Service cost	0	0	0	0
Interest cost	4	4	8	8
Expected return on plan assets	0	0	0	0
Amortization of transition amount	0	0	0	0
Recognized (gain) loss due to curtailments	0	0	0	0
Recognized net actuarial (gain) loss	(8)	(3)	(16)	(6)
Benefit cost	$ (4)	$ 1	$ (8)	$ 2

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Debt (Tables)

6 Months Ended

Jul. 31, 2014

Debt Disclosure [Abstract]

Outstanding balances of long-term debt

Debt

Outstanding balances (in thousands) for the Company’s long-term debt were as follows:

	7/31/2014		1/31/2014		7/31/2013
	(in thousands)
Revolving credit line	$	33,545	$	8,248	$	28,668
Other	—		—		—
Total debt	33,545		8,248		28,668
Less current portion	27,545		2,248		22,668
Non-current portion	$	6,000	$	6,000	$	6,000

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Seasonality (Details) (Sales [Member])	6 Months Ended
	Jul. 31, 2014
Sales [Member]
Seasonality (Textual) [Abstract]
The market for educational furniture is marked by extreme seasonality	50.00%

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Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
	Jul. 31, 2014	Jul. 31, 2013	Jul. 31, 2014	Jul. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 5,203,000	$ 6,210,000	$ 1,348,000	$ 1,763,000
Other comprehensive income (loss) :
Pension adjustments, net of tax	321,000	402,000	642,000	804,000
Comprehensive income (loss)	$ 5,524,000	$ 6,612,000	$ 1,990,000	$ 2,567,000

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New Accounting Standards

6 Months Ended

Jul. 31, 2014

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Standards

New Accounting Standards

In July 2013, the FASB issued accounting guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, or similar tax loss, or a tax carryforward exists. The Company adopted the guidance effective February 1, 2014, the beginning of the Company's 2014 fiscal year. The guidance did not have a material impact on the Company's financial statements.

In April 2014, the FASB issued accounting guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance will be effective for fiscal years beginning on or after January 31, 2015 and interim periods within those annual periods with early adoption allowed. The Company does not expect the adoption to have a material impact on its financial statements.

In May 2014, the FASB issued a comprehensive new revenue recognition standard which will supersede previous existing revenue recognition guidance. The standard creates a five-step model for revenue recognition that requires companies to exercise judgment when considering contract terms and relevant facts and circumstances. The five-step model includes (1) identifying the contract, (2) identifying the separate performance obligations in the contract, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations and (5) recognizing revenue when each performance obligation has been satisfied. The standard also requires expanded disclosures surrounding revenue recognition. The standard is effective for fiscal periods beginning after December 15, 2016 and allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

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Correction of Immaterial Errors (Effect of recording immaterial corrections in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss))(Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			6 Months Ended		9 Months Ended
	Jul. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Jul. 31, 2014	Jul. 31, 2013	Oct. 31, 2013	Jan. 31, 2014
Accrued pension expenses	$ 23,132	$ 25,192	$ 25,763	$ 23,132	$ 25,763	$ 25,192	$ 23,951
Total stockholder’s equity	29,724	34,387	29,705	29,724	29,705	34,387	27,605
Net income (loss)	5,203	3,408	6,210	1,348	1,763
Comprehensive income (loss)	5,524	4,610	6,612	1,990	2,567	7,177
As Previously Reported
Accrued pension expenses		26,398	26,567		26,567	26,398
Total stockholder’s equity		33,181	28,901		28,901	33,181
Net income (loss)		3,408	6,210
Comprehensive income (loss)		$ 4,208	$ 6,210		$ 1,763	$ 5,971

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Correction of Immaterial Errors (Tables)

6 Months Ended

Jul. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Schedule of effect of recording immaterial corrections in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss)

The effect of recording immaterial corrections in the condensed consolidated balance sheets and consolidated statements of comprehensive income (loss) for the quarters ended July 31 and October 31, 2013 are as follows:

	For the Quarter Ended July 31, 2013				For the Quarter Ended October 31, 2013
(in thousands)	As Previously Reported		As Corrected		As Previously Reported		As Corrected
Accrued pension expenses	$	26,567	$	25,763	$	26,398	$	25,192
Total stockholder’s equity	28,901		29,705		33,181		34,387
Net income (loss)	6,210		6,210		3,408		3,408
Comprehensive income (loss)	6,210		6,612		4,208		4,610
Impact for period-to-date comprehensive income (loss)	1,763		2,567		5,971		7,177