Virco Mfg. Corp. Files Q3 2024 10-Q

TL;DR

**Virco Mfg. Corp. Q3 2024 10-Q filed. Financials out.**

AI Summary

Virco Mfg. Corporation filed a 10-Q for the period ending October 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 are presented, reflecting the company's business activities in furniture manufacturing.

Why It Matters

This filing provides investors and analysts with the latest financial data for Virco Mfg. Corporation, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating any immediate or significant new risks.

Key Numbers

• 2024-10-31 — Period End Date (Latest financial reporting period)
• 2024-01-31 — Fiscal Year End (Company's fiscal year end)
• 2023-10-31 — Prior Year Period End (Comparison point for financial performance)

Key Players & Entities

• VIRCO MFG CORPORATION (company) — Filer
• 20241031 (date) — Period of Report
• 20241209 (date) — Filing Date
• 2531 (number) — Standard Industrial Classification
• DE (state) — State of Incorporation
• 0131 (date) — Fiscal Year End
• 3105330474 (phone_number) — Business Phone

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-20241031.htm (10-Q) — 729KB
• exhibit101-pncxvircoamendm.htm (EX-10.1) — 66KB
• virc-20241031xex311ng.htm (EX-31.1) — 8KB
• virc-20241031xex312ng.htm (EX-31.2) — 8KB
• virc-20241031xex321ng.htm (EX-32.1) — 6KB
• image_0.jpg (GRAPHIC) — 5KB
• 0001628280-24-050392.txt ( ) — 4274KB
• virc-20241031.xsd (EX-101.SCH) — 35KB
• virc-20241031_cal.xml (EX-101.CAL) — 70KB
• virc-20241031_def.xml (EX-101.DEF) — 118KB
• virc-20241031_lab.xml (EX-101.LAB) — 406KB
• virc-20241031_pre.xml (EX-101.PRE) — 261KB
• virc-20241031_htm.xml (XML) — 460KB

Financial Information

Part I. Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Unaudited condensed consolidated balance sheets - October 31, 2024, January 31, 2024 and October 31, 2023 3 Unaudited condensed consolidated statements of income - Three months ended October 31, 2024 and 2023 5 Unaudited condensed consolidated statements of income - Nine months ended October 31, 2024 and 2023 6 Unaudited condensed consolidated statements of comprehensive income - Three months ended October 31, 2024 and 2023 7 Unaudited condensed consolidated statements of comprehensive income - Nine months ended October 31, 2024 and 2023 8 Unaudited condensed consolidated statements of cash flows - Nine months ended October 31, 2024 and 2023 9 Unaudited condensed consolidated statements of changes in stockholders' equity - Three months and Nine months ended October 31, 2024 and 2023 10 Notes to unaudited condensed consolidated financial statements - October 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 25

Item 5. Other Information 25

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 10/31/2024 1/31/2024 10/31/2023 (In thousands) Assets Current assets Cash $ 38,858 $ 5,286 $ 4,887 Trade accounts receivables, net 28,168 23,161 33,029 Inventories 48,948 58,371 58,931 Prepaid expenses and other current assets 3,479 2,208 1,988 Total current assets 119,453 89,026 98,835 Non-current assets Property, plant and equipment Land 3,731 3,731 3,731 Land improvements 697 694 694 Buildings and building improvements 51,950 51,576 51,498 Machinery and equipment 118,324 114,400 116,695 Leasehold improvements 523 523 976 Total property, plant and equipment 175,225 170,924 173,594 Less accumulated depreciation and amortization 139,604 136,356 138,650 Net property, plant and equipment 35,621 34,568 34,944 Operating lease right-of-use assets 36,876 6,508 7,156 Deferred tax assets, net 6,550 6,634 7,031 Other assets, net 11,645 9,709 9,073 Total assets $ 210,145 $ 146,445 $ 157,039 See accompanying notes to unaudited condensed consolidated financial statements. 3 Virco Mfg. Corporation Unaudited Condensed Consolidated Balance Sheets 10/31/2024 1/31/2024 10/31/2023 (In thousands, except share and par value data) Liabilities Current liabilities Accounts payable $ 15,381 $ 12,945 $ 14,351 Accrued compensation and employee benefits 12,439 10,880 11,102 Income tax payable 1,463 145 3,130 Current portion of long-term debt 256 248 245 Current portion of operating lease liability 863 5,744 5,465 Other accrued liabilities 11,142 8,570 7,339 Total current liabilities 41,544 38,532 41,632 Non-current liabilities Accrued self-insurance retention 1,033 650 748 Accrued pension expenses 9,345 9,429 9,334 Income tax payable, less current portion 261 128 — Long-term debt, less current portion 3,943 4,136 7,946 Operating lease liability, less current portion 37,380 1,829 2,933 Other long-term liabilities 780 562 657 Total non-curre

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