Exhibit 99.1
Virco Reports Financial Results for First Quarter of Fiscal 2018
Revenue up 12%
Shipments plus backlog up 19%
Recovery in public school funding continues

Torrance, California-June 12, 2017-Virco Mfg. Corporation today announced results for its first fiscal quarter ended April 30, 2017.

Revenue for the three months ended April 30, 2017 increased 12% to $23,235,000 from $20,827,000 for the same quarter in 2016. The Company’s preferred early-season indicator of overall demand-actual YTD shipments through May plus backlog-was up 25% compared to the prior year. Management believes that the recovery in public school funding seems to be accelerating through the first quarter and into summer, but cautions investors not to read too much into these early-season indicators.

Due to advance preparations for a busy summer delivery season, the Company incurred greater operating and selling costs in the first quarter, impacting gross margin and operating profit. Management considers these preparations to be essential in order for the Company to make timely deliveries before schools open in the fall.

 
 
Three Months Ended
 
 
4/30/2017
 
4/30/2016
 
 
(In thousands, except per share data)
 
 
 
 
 
Net sales
 
 $ 23,235
 
 $ 20,827
Cost of sales
 
                    14,808
 
                   12,764
Gross profit
 
                      8,427
 
                     8,063
Selling, general administrative & other expense
 
                    11,692
 
                   10,908
Operating loss
 
                    (3,265)
 
                   (2,845)
Interest expense, net
 
                         295
 
                        264
Loss before income taxes
 
                    (3,560)
 
                   (3,109)
Income tax (expense)
 
                    (1,349)
 
                          29
Net loss
 
 $ (2,211)
 
 $ (3,138)
 
 
 
 
 
Net loss per share - basic
 
 $ (0.15)
 
 $ (0.21)
Net loss per share - diluted (a)
 
 $ (0.15)
 
 $ (0.21)
 
 
 
 
 
 
Weighted average shares outstanding - basic
 
                    15,128
 
                   14,971
Weighted average shares outstanding - diluted (a)
 
                    15,128
 
                   14,971
 
 
 
 
 
(a) Net loss per share was calculated based on basic shares outstanding due to the anti-dilutive effect on the inclusion of common stock equivalent shares.
 
 
 
 
 
 
 
4/30/2017
 
1/31/2017
 
4/30/2016
Current assets
 $ 68,004
 
 $ 48,493
 
 $ 66,070
Non-current assets
                  61,750
 
                    59,694
 
                   42,111
Current liabilities
                  43,716
 
                    21,585
 
                   44,317
Non-current liabilities
                  28,409
 
                    27,248
 
                   33,236
Stockholders' equity
                  57,629
 
                    59,354
 
                   30,628
 
 
 
 
 
 




The following information was filed by Virco Mfg Corporation (VIRC) on Monday, June 12, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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