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Virco Mfg. Corporation - VIRC STOCK NEWS

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Virco Mfg. Corporation (NASDAQ: VIRC) is a leading manufacturer and supplier of moveable furniture and equipment specifically designed for educational environments in the United States. Established in 1950, Virco has built a strong reputation for American quality and innovation. The company offers an extensive range of products, including mobile tables, storage equipment, desks, computer furniture, chairs, activity tables, folding chairs, and folding tables. These products are primarily constructed using tubular metal legs and frames, with wood and plastic tops, plastic seats and backs, and upholstered options.

Virco's commitment to excellence is evident in its state-of-the-art manufacturing facilities located in Torrance, California, and Conway, Arkansas. The company’s vertically integrated operations ensure that all products are designed, manufactured, and assembled in the USA, utilizing the highest quality raw materials. This enables Virco to maintain stringent quality control standards and deliver reliable solutions for schools, colleges, universities, trade and technical schools, and vocational institutions.

The company has recently reported strong financial performance. For the fiscal year ended January 31, 2024, Virco achieved net revenue of $269.1 million, a 16.5% increase from the previous year. This growth was driven by the robust execution of a record backlog and stabilizing material and freight costs. Operating income for the year was $31.9 million, while net income amounted to $21.9 million. The company’s gross margin improved to 43.1%, reflecting operational efficiencies and higher volumes.

Virco’s operations are highly seasonal, with significant activity during the summer months when schools are out of session. This seasonality poses logistical and operational challenges, which the company addresses through its experienced workforce and a comprehensive strategy encompassing production scheduling, staffing, and inventory management. The company uses a proprietary metric, 'Shipments + Backlog,' to evaluate business performance and plan for the busy delivery season.

In response to its strong financial position, Virco has reinstated a quarterly dividend and authorized a $5 million share repurchase program, reflecting its commitment to delivering shareholder value. The company’s leadership is confident in sustaining growth and adapting to evolving market conditions, ensuring continued support for educational institutions.

Virco’s ability to deliver high-quality, durable products has cemented its role as a trusted partner within the education sector. The company remains dedicated to supporting 21st-century learning environments, contributing to the well-being of students and educators across the nation.

Rhea-AI Summary

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.

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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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Virco Mfg. (VIRC) reports strong financial results for the fourth quarter and full fiscal year ended January 31, 2024. Net revenue increased to $269.1 million, with a 16.5% growth from the prior year. The company achieved a record Net Income of $21.9 million, improved Gross Margin of 43.1%, and a debt-free status. The vertical business model and experienced staff supported efficient operations and financial performance. Virco's integrated strategy ensured timely delivery of school furniture, enhancing customer service and order-to-cash cycle control.
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Virco Mfg. (VIRC) updates investors on its strong recovery post-pandemic school closures, showcasing record-breaking financial results. CEO Robert Virtue highlights the company's resilience and successful strategy during challenging times.
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Virco Mfg. Corporation (VIRC) announces a cash dividend for Q1 of fiscal 2025, showcasing strong performance and commitment to shareholders. The company is in the closing process for fiscal year 2024, with a focus on quality and service commitments.
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Virco Mfg. Corporation (NASDAQ: VIRC) reported a 29% increase in net income and 9% growth in sales for the third quarter ended October 31, 2023. The company declared a regular quarterly dividend of $0.02 per share and authorized a $5 million share repurchase program. Gross margin improved to 45.4% from 39.8%, and operating income grew 67.1% to $14,706,000. For the nine months ended October 31, 2023, sales increased 17.8% to $226,516,000 from the prior year. The company's preferred measure of business momentum, YTD shipments + unshipped backlog, stood at $268,067,000 on October 31, 2023, reflecting a 76% growth since the low point of the pandemic. The company attributes this strong growth to its domestically-based, vertically-integrated business model and the resilience of the markets for public and private school furniture.
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Virco Mfg. Corporation reports strong Q2 results with revenue up 30% YoY to $107.3 million and operating income nearly doubling to $21.3 million. Year-to-date revenue increased 23.8% to $142.3 million and operating income improved to $19.9 million. Gross margin for Q2 improved from 38.5% to 45.3%.
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Virco Mfg. Corporation (Nasdaq: VIRC) reported a robust third quarter with net revenue rising 35% to $77.4 million and year-to-date revenue up 32.9% to $192.3 million. Improved operational efficiencies and a gross margin increase to 39.8%, driven by higher volume and price adjustments, supported this growth. Operating income soared from $2.5 million to $8.8 million, while net income reached $7.9 million compared to $1.3 million last year. SG&A expenses declined to 28.4% as the company focuses on enhancing U.S. operations and delivering strong returns to shareholders.

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FAQ

What is the current stock price of Virco Mfg. Corporation (VIRC)?

The current stock price of Virco Mfg. Corporation (VIRC) is $13.5 as of October 4, 2024.

What is the market cap of Virco Mfg. Corporation (VIRC)?

The market cap of Virco Mfg. Corporation (VIRC) is approximately 218.0M.

What does Virco Mfg. Corporation specialize in?

Virco specializes in manufacturing and supplying moveable furniture and equipment for educational environments, including desks, chairs, tables, and storage solutions.

Where are Virco's manufacturing facilities located?

Virco's manufacturing facilities are located in Torrance, California, and Conway, Arkansas.

How did Virco perform financially in the fiscal year 2024?

Virco reported a net revenue of $269.1 million for the fiscal year ended January 31, 2024, a 16.5% increase from the prior year, with an operating income of $31.9 million and net income of $21.9 million.

What products does Virco offer?

Virco offers a wide range of products, including mobile tables, storage equipment, desks, computer furniture, chairs, activity tables, folding chairs, and folding tables.

How does Virco manage its highly seasonal business operations?

Virco uses a proprietary metric called 'Shipments + Backlog' for production planning and employs a comprehensive strategy that includes experienced staffing, inventory management, and scheduling to manage its seasonal operations.

What recent financial strategies has Virco implemented?

Virco has reinstated a quarterly dividend of $0.02 per share and authorized a $5 million share repurchase program to deliver shareholder value.

How does Virco's vertical integration benefit its operations?

Virco’s vertical integration allows for stringent quality control, efficient production, and timely delivery, supporting the company's commitment to high-quality American-made products.

What is Virco's approach to innovation and quality?

Virco is dedicated to American quality and innovation, utilizing state-of-the-art facilities and the highest quality raw materials to design, manufacture, and assemble its products.

Who are Virco's primary customers?

Virco primarily serves educational institutions, including preschools, K-12 schools, colleges, universities, technical and vocational schools, as well as convention centers, hospitality venues, government facilities, and places of worship.

What is the significance of 'Shipments + Backlog' for Virco?

'Shipments + Backlog' is a non-GAAP metric used by Virco for evaluating business performance and planning production, staffing, and inventory management ahead of the peak delivery season.

Virco Mfg. Corporation

Nasdaq:VIRC

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217.95M
16.29M
15.64%
45.54%
7.24%
Furnishings, Fixtures & Appliances
Public Bldg & Related Furniture
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