(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Item 2.02 - Results of Operations and Financial Condition | |||||
Item 9.01 - Financial Statements and Exhibits | |||||
SIGNATURES | |||||
Exhibit No. | Description | |||||||
(d) Exhibit 99.1 |
VIRCO MFG. CORPORATION (Registrant) | |||||||||||
Date: June 12, 2023 | /s/ Robert A. Virtue | ||||||||||
(Signature) | |||||||||||
Name: | Robert A. Virtue | ||||||||||
Title: | Chief Executive Officer and Chairman of the Board of Directors |
4/30/2023 | 1/31/2023 | 4/30/2022 | |||||||||||||||
(In thousands, except share and par value data) | |||||||||||||||||
Assets | |||||||||||||||||
Current assets | |||||||||||||||||
Cash | $ | 625 | $ | 1,057 | $ | 539 | |||||||||||
Trade accounts receivables, net | 15,524 | 18,435 | 13,326 | ||||||||||||||
Other receivables | 35 | 68 | 85 | ||||||||||||||
Income tax receivable | 321 | 19 | 135 | ||||||||||||||
Inventories | 85,640 | 67,406 | 66,297 | ||||||||||||||
Prepaid expenses and other current assets | 2,698 | 2,083 | 2,156 | ||||||||||||||
Total current assets | 104,843 | 89,068 | 82,538 | ||||||||||||||
Non-current assets | |||||||||||||||||
Property, plant and equipment | |||||||||||||||||
Land | 3,731 | 3,731 | 3,731 | ||||||||||||||
Land improvements | 686 | 686 | 653 | ||||||||||||||
Buildings and building improvements | 51,391 | 51,310 | 51,375 | ||||||||||||||
Machinery and equipment | 114,655 | 113,662 | 113,901 | ||||||||||||||
Leasehold improvements | 983 | 983 | 1,009 | ||||||||||||||
Total property, plant and equipment | 171,446 | 170,372 | 170,669 | ||||||||||||||
Less accumulated depreciation and amortization | 136,779 | 135,810 | 135,844 | ||||||||||||||
Net property, plant and equipment | 34,667 | 34,562 | 34,825 | ||||||||||||||
Operating lease right-of-use assets | 9,326 | 10,120 | 12,892 | ||||||||||||||
Deferred tax assets, net | 8,249 | 7,800 | 769 | ||||||||||||||
Other assets, net | 8,848 | 8,576 | 8,383 | ||||||||||||||
Total assets | $ | 165,933 | $ | 150,126 | $ | 139,407 |
Liabilities | |||||||||||||||||
Current liabilities | |||||||||||||||||
Accounts payable | $ | 23,628 | $ | 19,448 | $ | 19,437 | |||||||||||
Accrued compensation and employee benefits | 9,416 | 9,554 | 5,055 | ||||||||||||||
Current portion of long-term debt | 20,362 | 7,360 | 18,905 | ||||||||||||||
Current portion operating lease liability | 5,271 | 5,082 | 4,769 | ||||||||||||||
Other accrued liabilities | 7,868 | 7,081 | 6,049 | ||||||||||||||
Total current liabilities | 66,545 | 48,525 | 54,215 | ||||||||||||||
Non-current liabilities | |||||||||||||||||
Accrued self-insurance retention | 1,251 | 1,050 | 1,533 | ||||||||||||||
Accrued pension expenses | 10,802 | 10,676 | 15,332 | ||||||||||||||
Income tax payable | 85 | 79 | 76 | ||||||||||||||
Long-term debt, less current portion | 14,323 | 14,384 | 14,564 | ||||||||||||||
Operating lease liability, less current portion | 5,648 | 6,796 | 10,297 | ||||||||||||||
Other long-term liabilities | 557 | 555 | 640 | ||||||||||||||
Total non-current liabilities | 32,666 | 33,540 | 42,442 | ||||||||||||||
Commitments and contingencies | — | — | — |
Stockholders’ equity | |||||||||||||||||
Preferred stock: | |||||||||||||||||
Authorized 3,000,000 shares, $0.01 par value; none issued or outstanding | — | — | — | ||||||||||||||
Common stock: | |||||||||||||||||
Authorized 25,000,000 shares, $0.01 par value; issued and outstanding 16,210,985 shares at 4/30/2023 and 1/31/2023, and 16,102,023 at 4/30/202 | 162 | 162 | 161 | ||||||||||||||
Additional paid-in capital | 120,993 | 120,890 | 120,745 | ||||||||||||||
Accumulated deficit | (52,073) | (50,631) | (72,262) | ||||||||||||||
Accumulated other comprehensive loss | (2,360) | (2,360) | (5,894) | ||||||||||||||
Total stockholders’ equity | 66,722 | 68,061 | 42,750 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 165,933 | $ | 150,126 | $ | 139,407 |
Three months ended | |||||||||||
4/30/2023 | 4/30/2022 | ||||||||||
(In thousands, except per share data) | |||||||||||
Net sales | $ | 34,943 | $ | 32,084 | |||||||
Costs of goods sold | 21,741 | 22,377 | |||||||||
Gross profit | 13,202 | 9,707 | |||||||||
Selling, general and administrative expenses | 14,514 | 14,451 | |||||||||
Operating loss | (1,312) | (4,744) | |||||||||
Unrealized gain on investment in trust account | (299) | — | |||||||||
Pension expense | 161 | 195 | |||||||||
Interest expense | 712 | 427 | |||||||||
Loss before income taxes | (1,886) | (5,366) | |||||||||
Income tax benefits | (444) | (282) | |||||||||
Net loss | $ | (1,442) | $ | (5,084) | |||||||
Net loss per common share: | |||||||||||
Basic | $ | (0.09) | $ | (0.32) | |||||||
Diluted | $ | (0.09) | $ | (0.32) | |||||||
Weighted average shares of common stock outstanding: | |||||||||||
Basic | 16,211 | 16,033 | |||||||||
Diluted | 16,211 | 16,033 |
Cover |
Jun. 12, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jun. 12, 2023 |
Entity Registrant Name | VIRCO MFG. CORPORATION |
City Area Code | (310) |
Local Phone Number | 533-0474 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000751365 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-8777 |
Entity Tax Identification Number | 95-1613718 |
Entity Address, Address Line One | 2027 Harpers Way |
Entity Address, Postal Zip Code | 90501 |
Entity Address, City or Town | Torrance |
Entity Address, State or Province | CA |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | VIRC |
Security Exchange Name | NASDAQ |
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