Virco Mfg. Corp. Files 10-K for Fiscal Year Ended January 31, 2024
Ticker: VIRC · Form: 10-K · Filed: Apr 12, 2024 · CIK: 751365
| Field | Detail |
|---|---|
| Company | Virco Mfg Corporation (VIRC) |
| Form Type | 10-K |
| Filed Date | Apr 12, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-K, Virco Mfg., Fiscal Year End, Financial Report, SEC Filing
TL;DR
<b>Virco Mfg. Corp. has filed its annual 10-K report for the fiscal year ending January 31, 2024, detailing financial performance and business operations.</b>
AI Summary
VIRCO MFG CORPORATION (VIRC) filed a Annual Report (10-K) with the SEC on April 12, 2024. Virco Mfg. Corp. reported its 10-K filing for the fiscal year ending January 31, 2024. The filing covers the period from February 1, 2023, to January 31, 2024. Key financial data points and risk factors are detailed within the report. The company's business address is listed as 2027 Harpers Way, Torrance, CA. The filing was made on April 12, 2024.
Why It Matters
For investors and stakeholders tracking VIRCO MFG CORPORATION, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Virco's financial health, operational risks, and strategic positioning for the fiscal year. Investors and stakeholders can use this report to assess the company's performance, understand its risk exposure, and make informed decisions.
Risk Assessment
Risk Level: medium — VIRCO MFG CORPORATION shows moderate risk based on this filing. The company faces risks related to supply chain interruptions, labor shortages, and COVID-19 related employee absences, which have impacted operations in previous periods and could continue to do so.
Analyst Insight
Review the detailed financial statements and risk factors in the 10-K to understand Virco's current financial standing and potential challenges.
Key Numbers
- 2024-01-31 — Fiscal Year End (Reporting period)
- 2024-04-12 — Filing Date (Date of submission)
- 001-08777 — SEC File Number (Company's SEC file number)
- 0000751365 — Central Index Key (Company's unique identifier)
Key Players & Entities
- VIRCO MFG CORPORATION (company) — Filer name
- 2024-01-31 (date) — Fiscal year end
- 2024-04-12 (date) — Filing date
- 2027 HARPERS WAY (address) — Business street address
- TORRANCE (location) — Business city
- CA (location) — Business state
- 90501 (postal_code) — Business zip code
- 3105330474 (phone_number) — Business phone
FAQ
When did VIRCO MFG CORPORATION file this 10-K?
VIRCO MFG CORPORATION filed this Annual Report (10-K) with the SEC on April 12, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by VIRCO MFG CORPORATION (VIRC).
Where can I read the original 10-K filing from VIRCO MFG CORPORATION?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by VIRCO MFG CORPORATION.
What are the key takeaways from VIRCO MFG CORPORATION's 10-K?
VIRCO MFG CORPORATION filed this 10-K on April 12, 2024. Key takeaways: Virco Mfg. Corp. reported its 10-K filing for the fiscal year ending January 31, 2024.. The filing covers the period from February 1, 2023, to January 31, 2024.. Key financial data points and risk factors are detailed within the report..
Is VIRCO MFG CORPORATION a risky investment based on this filing?
Based on this 10-K, VIRCO MFG CORPORATION presents a moderate-risk profile. The company faces risks related to supply chain interruptions, labor shortages, and COVID-19 related employee absences, which have impacted operations in previous periods and could continue to do so.
What should investors do after reading VIRCO MFG CORPORATION's 10-K?
Review the detailed financial statements and risk factors in the 10-K to understand Virco's current financial standing and potential challenges. The overall sentiment from this filing is neutral.
Risk Factors
- Supply Chain Interruptions, Labor Shortages, and COVID-19 Related Employee Absences [medium — operational]: The company has experienced and may continue to experience disruptions due to supply chain issues, labor availability, and employee health concerns.
- Geographic Concentration Risk [medium — market]: A significant portion of the company's net sales are derived from operations outside the U.S., exposing it to risks associated with international markets.
- Product Liability [low — financial]: The company is subject to potential claims and litigation related to its products.
- Workers' Compensation [low — financial]: The company faces potential costs and liabilities associated with workers' compensation claims.
- General Liability [low — financial]: The company is exposed to risks and potential claims arising from general business operations.
Key Dates
- 2024-01-31: Fiscal Year End — End of the reporting period for the 10-K filing.
Filing Stats: 4,438 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-04-12 14:15:49
Key Financial Figures
- $0.01 — nge on which registered: Common Stock, $0.01 Par Value VIRC The NASDAQ Stock Market
Filing Documents
- virc-20240131.htm (10-K) — 1213KB
- virc-202413110kexhibit211.htm (EX-21.1) — 2KB
- virc-202413110kexhibit231.htm (EX-23.1) — 3KB
- virc-2024131xex311ng.htm (EX-31.1) — 8KB
- virc-2024131xex312ng.htm (EX-31.2) — 8KB
- virc-2024131xex321ng.htm (EX-32.1) — 6KB
- exhibit97-clawbackpolicy.htm (EX-97) — 19KB
- 0001628280-24-016004.txt ( ) — 7519KB
- virc-20240131.xsd (EX-101.SCH) — 59KB
- virc-20240131_cal.xml (EX-101.CAL) — 118KB
- virc-20240131_def.xml (EX-101.DEF) — 239KB
- virc-20240131_lab.xml (EX-101.LAB) — 716KB
- virc-20240131_pre.xml (EX-101.PRE) — 490KB
- virc-20240131_htm.xml (XML) — 951KB
Risk Factors
Item 1A. Risk Factors 14
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 22
Cybersecurity
Item 1C. Cybersecurity 22
Properties
Item 2. Properties 24
Legal Proceedings
Item 3. Legal Proceedings 24
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 24 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25
[ Reserved]
Item 6. [ Reserved] 25
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures about Market Risk
Item 7A. Quantitative and Qualitative Disclosures about Market Risk 36
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 37
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62
Controls and Procedures
Item 9A. Controls and Procedures 63
Other Information
Item 9B. Other Information 64
C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9 C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 64 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 65
Executive Compensation
Item 11. Executive Compensation 65
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 65
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 65
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 65 PART IV
Exhibits, Financial Statement Schedules
Item 15. Exhibits, Financial Statement Schedules 66
Form 10-K Summary
Item 16. Form 10-K Summary 68
SIGNATURES
SIGNATURES 68 2 PART I Cautionary Statement Regarding Forward-Looking Statements This report on Form 10-K contains a number of "forward-looking statements" that reflect the current views of Virco Mfg. Corporation (the "Company" or "Virco") with respect to future events and financial performance, including, but not limited to, statements concerning: school funding, the ability to operate our manufacturing and distribution operations and the availability of labor; availability of funding for educational institutions; plans and objectives of management for future operations, including relating to the Company's future products, pricing, marketing, seasonal fluctuations in demand, expansion, manufacturing processes, and business strategies; the Company's ability to control costs and inventory levels; supply chain issues and the availability and cost of raw materials, especially steel and petroleum-based products; the cost and availability of imported components; the availability and cost of labor; the ongoing effects of the COVID-19 pandemic; transportation costs; market demand; the Company's ability to position itself in the market; current and future investments in and utilization of infrastructure; and management's beliefs that cash flow from current operations, existing cash reserves, and available lines of credit will be sufficient to support the Company's working capital requirements to fund existing operations. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions and other factors, many of which are out of the Company's control and difficult to forecast, that may cause actual results to differ materially from those which are expressed or implied in any forward-looking statements. Such factors include, but are not limited to, changes in, or the Company's
Business
Item 1. Business Introduction Designing, producing, and distributing high-value furniture for a diverse family of customers is a 74-year tradition at Virco Mfg. Corporation ("Virco" or the "Company", or in the first person, "we", "us" or "our"). Virco was incorporated in California in February 1950 and reincorporated in Delaware in April 1984. Virco started as a local manufacturer of chairs and desks for Los Angeles-area schools, and over the years has become the largest manufacturer and supplier of moveable educational furniture and equipment for the preschool through 12th grade market in the United States. As the market for school furniture has evolved, the Company has developed significant selling and service capabilities. The Company employs interior designers, CAD layout specialists, and project management specialists to support its direct sales force. These resources utilize proprietary PlanSCAPE software which enables our selling and service professionals to provide project management from design and layout to full-service campus delivery and set up. The Company manufactures a wide assortment of products offering the breadth and depth to furnish all areas of a campus, including mobile tables, mobile storage equipment, student and teacher desks, technology tables, 4-leg and mobile chairs and stools, activity tables, folding chairs and folding tables. Virco has worked with accomplished designers - such as Peter Glass and Bob Mills - to develop additional products for contemporary 3 applications. These include the best-selling ZUMA Series; Analogy and Civitas furniture collections; Metaphor and Sage Series items for educational settings; the wide-ranging Plateau and Text Series; and the new Topaz Series. Along with serving customers in the education market - which in addition to preschool through 12th grade public and private schools includes: junior and community colleges; four-year colleges and universities; trade, technical and vocational schools - V