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Virco Mfg Corporation's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Defined Benefit Obligations: The Company has two defined benefit plans, the Virco Employees Retirement Plan ("Employee Plan") and the Virco Important Performers Plan ("VIP Plan"), which provide retirement benefits to employees.
Contingent Liabilities In fiscal 2022 and 2021, the Company was self-insured for product liability losses of up to $250,000 per occurrence, general liability losses of up to $50,000 per occurrence, workers' compensation losses up to $250,000 per accident and auto liability up to $50,000 per accident.
Self-Insured Retention: For fiscal 2022 and 2021 the Company was self-insured for product liability losses up to $250,000 per occurrence, workers' compensation losses up to $250,000 per occurrence, auto and general liability losses up to $50,000 per occurrence.
For the insurance year beginning April 1, 2022, the Company will be self-insured for product liability losses up to $250,000 per occurrence, general liability losses up to $50,000 per occurrence, workers' compensation losses up to $250,000 per occurrence, and auto liability up to $50,000 per occurrence.
In fiscal 2022, the cost of commodities was extremely volatile and unfavorably impacted the results of operations.
With respect to any of...Read more
It is the Company's policy...Read more
Fourth quarter sales more than...Read more
Retirement Obligations The Company provides...Read more
The applicable margin for Alternate...Read more
Benefits payable under the VIP...Read more
Contributions to the Qualified Plan...Read more
In prior years, due to...Read more
In past, due to a...Read more
Interest expense was $343,000 lower...Read more
Moreover, Virco has enacted policies...Read more
In effort to "de-risk" the...Read more
In effort to "de-risk" the...Read more
While the Company has taken...Read more
Anticipated adverse volatility for fiscal...Read more
This adversely impacted margins in...Read more
Increased selling costs were attributable...Read more
A one percent reduction in...Read more
During the year ending January...Read more
See " Risk Factors: We...Read more
For fiscal 2023, the Company...Read more
Product liability, workers' compensation and...Read more
Short term transactional business increased...Read more
Due to current economic conditions,...Read more
On an on-going basis, management...Read more
Should such eventualities occur, the...Read more
Service costs, including warehousing, freight...Read more
The Company's future taxable income...Read more
Net Sales Virco's net sales...Read more
The increase in cost of...Read more
Finally, management continues to hone...Read more
If the Company were to...Read more
It does this by increasing...Read more
The Company incurred severe increases...Read more
If management underestimates any of...Read more
Violations of, and liabilities under,...Read more
In addition to increased costs,...Read more
Our financing activities primarily consist...Read more
New Accounting Pronouncements See disclosure...Read more
The Company has renewed health...Read more
Factors that could cause or...Read more
Customers with large projects may...Read more
Valuation allowances of $11,412,000 are...Read more
Though the Company has negotiated...Read more
If management overestimates any of...Read more
First, the underlying demographics of...Read more
Labor shortages and absences contributed...Read more
Significant cost increases in manufacturing...Read more
Net cash used in operating...Read more
Other material costs increased, but...Read more
The amount of the deferred...Read more
The Company also anticipates continued...Read more
Where cost effective, the Company...Read more
The clean-down provision allows the...Read more
The strong rebound in order...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Virco Mfg Corporation provided additional information to their SEC Filing as exhibits
Ticker: VIRC
CIK: 751365
Form Type: 10-K Annual Report
Accession Number: 0001628280-22-011185
Submitted to the SEC: Thu Apr 28 2022 5:11:30 PM EST
Accepted by the SEC: Thu Apr 28 2022
Period: Monday, January 31, 2022
Industry: Public Bldg And Related Furniture