Virco Mfg. Corp. Files Q3 Fiscal 2024 10-Q

TL;DR

Virco Mfg. Corp. filed its 10-Q for Q3 FY24, check financials.

AI Summary

Virco Mfg. Corporation filed its 10-Q for the period ending April 30, 2024. The company reported financial results for the third quarter of its fiscal year. Specific financial figures and operational details are provided within the filing.

Why It Matters

This filing provides investors with an update on Virco Mfg. Corporation's financial performance and position as of April 30, 2024, crucial for assessing the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Players & Entities

• Virco Mfg. Corporation (company) — Filer of the 10-Q
• 20240430 (date) — End of the reporting period
• 20240607 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value per share VIRC The Nasdaq Sto

Filing Documents

• virc-20240430.htm (10-Q) — 540KB
• exhibit101-amendmentno4.htm (EX-10.1) — 1278KB
• virc-20240430xex311ng.htm (EX-31.1) — 8KB
• virc-20240430xex312ng.htm (EX-31.2) — 8KB
• virc-20240430xex321ng.htm (EX-32.1) — 6KB
• 0001628280-24-027218.txt ( ) — 5175KB
• virc-20240430.xsd (EX-101.SCH) — 33KB
• virc-20240430_cal.xml (EX-101.CAL) — 68KB
• virc-20240430_def.xml (EX-101.DEF) — 108KB
• virc-20240430_lab.xml (EX-101.LAB) — 385KB
• virc-20240430_pre.xml (EX-101.PRE) — 253KB
• virc-20240430_htm.xml (XML) — 334KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Unaudited condensed consolidated balance sheets - April 30, 2024, January 31, 2024 and April 30, 2023 3 Unaudited condensed consolidated statements of operations - Three months ended April 30, 2024 and 2023 5 Unaudited condensed consolidated statements of comprehensive income (loss) - Three months ended April 30, 2024 and 2023 6 Unaudited condensed consolidated statements of cash flows - Three months ended April 30, 2024 and 2023 7 Unaudited condensed consolidated statements of changes in stockholders' equity - Three months ended April 30, 2024 and 2023 8 Notes to unaudited condensed consolidated financial statements - April 30, 2024 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

Other Information

Part II. Other Information 20

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 20

Defaults Upon Senior Securities 20

Item 3. Defaults Upon Senior Securities 20

Mine Safety Disclosures 20

Item 4. Mine Safety Disclosures 20

Other Information 21

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 21 2

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements Virco Mfg. Corporation Unaudited Condensed Consolidated Balance Sheets 4/30/2024 1/31/2024 4/30/2023 (In thousands) Assets Current assets Cash $ 644 $ 5,286 $ 625 Trade accounts receivables, net 19,772 23,161 15,524 Income tax receivable 66 — 321 Inventories 71,333 58,371 85,640 Prepaid expenses and other current assets 3,974 2,208 2,733 Total current assets 95,789 89,026 104,843 Non-current assets Property, plant and equipment Land 3,731 3,731 3,731 Land improvements 694 694 686 Buildings and building improvements 51,575 51,576 51,391 Machinery and equipment 115,215 114,400 114,655 Leasehold improvements 523 523 983 Total property, plant and equipment 171,738 170,924 171,446 Less accumulated depreciation and amortization 137,664 136,356 136,779 Net property, plant and equipment 34,074 34,568 34,667 Operating lease right-of-use assets 6,274 6,508 9,326 Deferred tax assets, net 6,705 6,634 8,249 Other assets, net 9,631 9,709 8,848 Total assets $ 152,473 $ 146,445 $ 165,933 See accompanying notes to unaudited condensed consolidated financial statements. 3 Virco Mfg. Corporation Unaudited Condensed Consolidated Balance Sheets 4/30/2024 1/31/2024 4/30/2023 (In thousands, except share and par value data) Liabilities Current liabilities Accounts payable $ 19,202 $ 12,945 $ 23,628 Accrued compensation and employee benefits 5,626 10,880 9,416 Income tax payable — 145 — Current portion of long-term debt 250 248 20,362 Current portion operating lease liability 6,221 5,744 5,271 Other accrued liabilities 10,362 8,570 7,868 Total current liabilities 41,661 38,532 66,545 Non-current liabilities Accrued self-insurance retention 1,244 650 1,251 Accrued pension expenses 9,480 9,429 10,802 Income tax payable, less current portion 206 128 85 Long-term debt, less current portion 6,766 4,136 14,323 Operating lease liability, less current portion 915 1,829 5,648 Other long-term liabilities 564 562 557

View Full Filing

View this 10-Q filing on SEC EDGAR