Virco Mfg. Corp. Files Q2 2024 10-Q

TL;DR

Virco Mfg. Corp. 10-Q filed for Q2 2024. Financials updated.

AI Summary

Virco Mfg. Corporation filed its 10-Q for the period ending July 31, 2024. The filing details the company's financial performance and position. Specific financial figures and operational details for the quarter and year-to-date periods are provided, reflecting the company's ongoing business activities in the furniture manufacturing sector.

Why It Matters

This filing provides investors with an update on Virco Mfg. Corporation's financial health and operational performance for the second quarter of fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures without immediate red flags.

Key Players & Entities

• Virco Mfg. Corporation (company) — Filer of the 10-Q
• 20240731 (date) — End of the reporting period
• 20240909 (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-20240731.htm (10-Q) — 711KB
• virc-20240731xex311ng.htm (EX-31.1) — 8KB
• virc-20240731xex312ng.htm (EX-31.2) — 8KB
• virc-20240731xex321ng.htm (EX-32.1) — 6KB
• 0001628280-24-039826.txt ( ) — 4096KB
• virc-20240731.xsd (EX-101.SCH) — 34KB
• virc-20240731_cal.xml (EX-101.CAL) — 67KB
• virc-20240731_def.xml (EX-101.DEF) — 117KB
• virc-20240731_lab.xml (EX-101.LAB) — 396KB
• virc-20240731_pre.xml (EX-101.PRE) — 257KB
• virc-20240731_htm.xml (XML) — 446KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Unaudited condensed consolidated balance sheets - July 3 1 , 2024, January 31, 2024 and July 3 1 , 2023 3 Unaudited condensed consolidated statement s of income - Three months ended July 31, 2024 and 2023 5 Unaudited condensed consolidated statements of income - Six months ended July 31, 2024 and 2023 6 Unaudited condensed consolidated statements of comprehensive income - Three months ended July 31, 2024 and 2023 7 Unaudited condensed consolidated statements of comprehensive income - Six months ended July 31, 2024 and 2023 8 Unaudited condensed consolidated statements of cash flows - Six months ended July 31, 2024 and 2023 9 Unaudited condensed consolidated statements of changes in stockholders' equity - Three months and Six months ended July 31, 2024 and 2023 10 Notes to unaudited condensed consolidated financial statements - July 31, 2024 12

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 20

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

Part II. Other Information 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

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 24

Defaults Upon Senior Securities 24

Item 3. Defaults Upon Senior Securities 24

Mine Safety Disclosures 24

Item 4. Mine Safety Disclosures 24

Other Information 24

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25 2

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements Virco Mfg. Corporation Unaudited Condensed Consolidated Balance Sheets 7/31/2024 1/31/2024 7/31/2023 (In thousands) Assets Current assets Cash $ 7,771 $ 5,286 $ 1,600 Trade accounts receivables, net 56,065 23,161 68,592 Inventories 58,574 58,371 71,853 Prepaid expenses and other current assets 2,921 2,208 2,286 Total current assets 125,331 89,026 144,331 Non-current assets Property, plant and equipment Land 3,731 3,731 3,731 Land improvements 697 694 686 Buildings and building improvements 51,899 51,576 51,441 Machinery and equipment 116,284 114,400 115,899 Leasehold improvements 523 523 977 Total property, plant and equipment 173,134 170,924 172,734 Less accumulated depreciation and amortization 138,154 136,356 137,392 Net property, plant and equipment 34,980 34,568 35,342 Operating lease right-of-use assets 37,988 6,508 8,285 Deferred tax assets, net 6,682 6,634 7,100 Other assets, net 11,367 9,709 9,279 Total assets $ 216,348 $ 146,445 $ 204,337 See accompanying notes to unaudited condensed consolidated financial statements. 3 Virco Mfg. Corporation Unaudited Condensed Consolidated Balance Sheets 7/31/2024 1/31/2024 7/31/2023 (In thousands, except share and par value data) Liabilities Current liabilities Accounts payable $ 26,085 $ 12,945 $ 27,854 Accrued compensation and employee benefits 11,572 10,880 10,983 Income tax payable 3,648 145 3,325 Current portion of long-term debt 253 248 32,256 Current portion of operating lease liability 1,431 5,744 5,386 Other accrued liabilities 12,517 8,570 11,259 Total current liabilities 55,506 38,532 91,063 Non-current liabilities Accrued self-insurance retention 1,285 650 934 Accrued pension expenses 9,536 9,429 10,827 Income tax payable, less current portion 232 128 — Long-term debt, less current portion 4,008 4,136 14,261 Operating lease liability, less current portion 37,204 1,829 4,317 Other long-term liabilities 765 562 640 Total non-c

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