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Virco Mfg Corporation (VIRC) SEC Filing 10-K Annual Report for the fiscal year ending Monday, January 31, 2022

SEC Filings

Virco Mfg Corporation

CIK: 751365 Ticker: VIRC

Exhibit 99.1



Virco Announces Preliminary Fourth Quarter and Full-Year 2022 Results

Revenue increased 119% for Fiscal Fourth Quarter, 21% for Fiscal Year Ended January 31, 2022, as Stimulus Funding Aids Recovery in School Furniture Market
Order Rates Accelerated Through Year-End and Into First Quarter of fiscal year ending January 31, 2023
Company Signs 5-Year Extension of $70,000,000 Working Capital Credit Facility
Domestic Fabrication and Distribution Provide Reliable Foundation for Growth
Index Mechanisms in Public Contracts Anticipated to Correct Margin Decay Caused by Higher Material, Freight Costs

Torrance, California, April 21, 2022—Virco Mfg. Corporation (NASDAQ: VIRC), the largest manufacturer and supplier of movable furniture and equipment to the education market in the United States, today reported preliminary, unaudited financial results for the fourth quarter—and full year-ended January 31, 2022 (“fiscal 2022”).

Preliminary net sales were $40.1 million in the fourth quarter of fiscal 2022, an increase of 119% from $18.3 million in the same period of the prior fiscal year.

Preliminary pre-tax loss was $5.2 million for the fourth quarter of fiscal 2022, compared to a pre-tax loss of $6.5 million for the same period of the prior fiscal year. Unrecovered material cost increases combined with higher costs associated with material costs, freight and logistic costs had a negative impact on operating margins, largely offsetting the doubling of revenue.

Order rates and demand for school furniture remain strong. In the fourth quarter, typically a slow time for orders in the seasonal cycle for school furniture, orders were up 65% compared to the same period of the prior year. This led to a record backlog at year-end. Order rates in the early months of fiscal year ending January 31, 2023 (“fiscal 2023”) have expanded the backlog even further, into record territory compared to the past twenty years. As of March 31, 2022, fiscal year-to-date shipments plus unshipped backlog (“Shipments + Backlog”), the Company’s preferred measure of current and future business activity, was $85.1 million. This compares to $52.1 million and $44.8 million on March 31, 2021 and 2020, respectively. The backlog component of this measure was $67.8 million, compared to $35.8 million and $32.7 million on March 31, 2021 and 2020, respectively. For fiscal 2022, order rates increased by 39%, returning to levels last seen immediately before China was admitted to the World Trade Organization in 2001.

Robert Virtue, Chairman and CEO of Virco, said: “As expected, we had a very strong finish to fiscal 2022 with net sales more than doubling from the fourth quarter of fiscal 2021. We have been able to successfully add staff in order to increase our production levels to support the strong demand we are seeing, and the increased efficiencies we are getting from our operations led to improvement to both gross margin and SG&A as a percentage of net sales compared to the fourth quarter of fiscal 2021. Our pricing for fiscal 2023 has been adjusted upward and reflects the higher material and freight costs we are seeing due to inflationary pressures, which should enable us to offset the margin pressure that we experienced throughout most of fiscal 2022. We believe this will allow more of our revenue growth to have a positive impact on profitability going forward.”







The following information was filed by Virco Mfg Corporation (VIRC) on Thursday, April 21, 2022 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Virco Mfg Corporation's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Comprehensive Loss (Parenthetical)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders??? Equity
Consolidated Statements Of Stockholders??? Equity (Parentheticals)
Contingencies
Contingencies (Details Textual)
Contingencies (Minimum Self Insurance Payments) (Details)
Contingencies (Tables)
Debt
Debt (Long-Term Debt Repayments) (Details)
Debt (Long-Term Debt) (Details)
Debt (Narrative) (Details)
Debt (Tables)
Income Taxes
Income Taxes (Components Of Income Tax Expense) (Details)
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Details Textual)
Income Taxes (Income Tax Expense Reconciliation) (Details)
Income Taxes (Tables)
Income Taxes (Unrecognized Tax Benefits) (Details)
Leases And Commitments
Leases And Commitments (Lease Terms) (Details)
Leases And Commitments (Tables)
Leases And Commitments Leases And Commitments (Asc 842 Quantitative Information) (Details)
Leases And Commitments Leases And Commitments (Minimum Future Lease Payments 842) (Details)
New Accounting Pronouncements
Retirement Plans
Retirement Plans (401(K) Retirement Plan) (Details)
Retirement Plans (Fair Value Of Employee Plan Assets) (Details)
Retirement Plans (Funded Status) (Details)
Retirement Plans (Life Insurance) (Details)
Retirement Plans (Pension Plans, Narrative) (Details)
Retirement Plans (Periodic Pension Cost) (Details)
Retirement Plans (Tables)
Schedule Ii - Valuation And Qualifying Accounts (Details)
Schedule Ii - Valuation And Qualifying Accounts (Notes)
Stock-Based Compensation
Stock-Based Compensation (Restricted Stock Units) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Textual) (Details)
Subsequent Events
Summary Of Business And Significant Accounting Policies
Summary Of Business And Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details)
Summary Of Business And Significant Accounting Policies (Advertising Costs) (Details)
Summary Of Business And Significant Accounting Policies (Asset Retirement Obligations) (Details)
Summary Of Business And Significant Accounting Policies (Business) (Details)
Summary Of Business And Significant Accounting Policies (Computation Of Basic And Diluted Loss Per Share) (Details)
Summary Of Business And Significant Accounting Policies (Concentration Of Credit Risk) (Details)
Summary Of Business And Significant Accounting Policies (Effects Of Covid-19 Pandemic) (Details)
Summary Of Business And Significant Accounting Policies (Inventory, Net) (Details)
Summary Of Business And Significant Accounting Policies (Manufacturing Operations And Shipping Fees) (Details)
Summary Of Business And Significant Accounting Policies (Policies)
Summary Of Business And Significant Accounting Policies (Product Warranty Expense) (Details)
Summary Of Business And Significant Accounting Policies (Property, Plant, And Equipment) (Details)
Summary Of Business And Significant Accounting Policies (Self-Insurance) (Details)
Summary Of Business And Significant Accounting Policies (Stock-Based Compensation Plans) (Details)
Summary Of Business And Significant Accounting Policies (Tables)
Warranty
Warranty (Details)
Warranty (Tables)
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

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