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Virco Mfg. Corporation (VIRC) delivers American-made educational furniture solutions through its vertically integrated manufacturing model. This news hub provides investors and education professionals with essential updates on operational developments, product innovations, and market positioning.
Access official press releases and verified news covering earnings reports, facility expansions, government contracts, and sustainability initiatives. Our curated collection helps stakeholders track manufacturing milestones, material innovations, and educational sector partnerships.
Key updates on classroom furniture trends, supply chain developments, and institutional procurement contracts. Discover how Virco's Torrance and Conway facilities adapt to evolving educational needs through modular designs and durable material solutions.
Bookmark this page for reliable updates on Virco's compliance with education standards, partnerships with school districts, and advancements in classroom ergonomics. Check regularly for insights into the company's operational resilience and market leadership in educational furnishings.
Virco (NASDAQ: VIRC) reported strong financial results for fiscal year ending January 31, 2025, marking its 75th anniversary. Despite a slight 1.1% revenue decline to $266.24 million, the company maintained a steady gross margin of 43.1% and achieved net income of $21.64 million.
Key highlights include:
- Operating cash flow exceeded $33 million
- Shareholder returns through dividends and share repurchases topped $5 million
- Strategic capital expenditures reached $6 million
- Shareholder equity increased 20% to $109 million
- Year-end cash position strengthened to $26.87 million from $5.29 million last year
The company's focus on domestic manufacturing and service, combined with its strong presence in America's educational sector, positions it well despite global trade uncertainties. Management views current conditions as optimal for continued investment in equipment and personnel, particularly in domestic fabrication capabilities.
Virco Mfg. (NASDAQ:VIRC) has announced a new share repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to $10 million worth of the company's Common Stock, commencing February 1, 2025.
The company, which specializes in manufacturing and supplying movable furniture and equipment for educational environments and public spaces, will execute the repurchases through various means, including open market purchases, privately negotiated transactions, and trading plans under Rule 10b5-1. The program has no time limit and can be suspended or discontinued at the company's discretion.
Virco plans to fund the repurchases using existing cash and cash equivalents. The timing and amount of stock repurchases will be determined based on various factors, including market conditions, stock prices, trading volume, and regulatory requirements.
Virco Mfg. (NASDAQ:VIRC) reported its Third Quarter and Nine Months results ended October 31, 2024. Third quarter revenue slightly declined to $82.62M from $84.25M, while nine-month revenue grew 5.0% to $237.77M. Gross profit for Q3 declined 4.0% to $36.68M, though nine-month gross profit increased 7.3% to $107.24M.
The company's financial position strengthened with $38.86M cash on hand and no credit utilization. Inventories decreased 16.9% to $48.95M, and accounts receivable declined 14.7% to $28.17M. The Board declared a quarterly dividend of $0.025 per share. The company maintains $3.5M for share repurchases and reports Shipments plus Backlog approximately 1% higher than last year.
Virco Mfg. (NASDAQ: VIRC) reported improved financial results for Q2 and H1 2024. Key highlights include:
- Q2 revenue up 1.0% to $108.4M; H1 revenue up 9.1% to $155.2M
- Q2 EPS improved 9.5%; H1 EPS up 33.3% to record $1.16 per share
- Q2 operating income reached 20.2% of revenue; H1 at 16.0%
- Company is effectively debt-free, financing growth through cash flow
- Quarterly dividend increased to $0.025 per share
The company noted strong order rates but signs of slowing post-pandemic recovery. Virco completed a 5-year lease renewal for its Torrance, CA headquarters and owns significant space in Conway, AR, providing logistical advantages in the seasonal school furniture market.
Virco (NASDAQ: VIRC) reported a strong first quarter for 2024, with a 33.7% increase in revenue, reaching $46.7 million. The company achieved a net income of $2.1 million, a significant improvement from a $1.4 million loss in the same quarter last year. This growth was largely driven by a large disaster recovery order. Gross margin improved to 43.5%, up from 37.8% the previous year.
Virco's board declared a quarterly dividend of $0.02 per share, payable on July 12, 2024. The company completed $1.5 million in share repurchases, with authorization for an additional $3.5 million. Despite increased Selling, General and Administrative expenses, they decreased as a percentage of sales. Interest expenses also fell due to lower borrowings.
On the balance sheet, current liabilities dropped 37.4%, and long-term liabilities fell 41.3%. Total stockholder equity rose 37.3% to $91.6 million. Inventories decreased by 16.7%, and working capital borrowings dropped significantly. The management highlighted their strong balance sheet and operational efficiency as key drivers for these results.
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