$VIRC
VIRCO MFG CORPORATION

2013 Q3 Form 10-Q Financial Statement

#000144530513002269 Filed on September 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $56.79M $60.39M
YoY Change -5.96% -3.86%
Cost Of Revenue $35.35M $37.53M
YoY Change -5.8% -12.61%
Gross Profit $21.45M $22.87M
YoY Change -6.21% 15.01%
Gross Profit Margin 37.76% 37.86%
Selling, General & Admin $14.42M $15.15M
YoY Change -4.81% -9.37%
% of Gross Profit 67.22% 66.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.030M $1.080M
YoY Change -4.63% -15.63%
% of Gross Profit 4.8% 4.72%
Operating Expenses $14.42M $15.15M
YoY Change -4.81% -9.37%
Operating Profit $7.030M $7.722M
YoY Change -8.96% 143.44%
Interest Expense $472.0K $463.0K
YoY Change 1.94% -218.72%
% of Operating Profit 6.71% 6.0%
Other Income/Expense, Net
YoY Change
Pretax Income $6.285M $7.259M
YoY Change -13.42% 161.12%
Income Tax $75.00K $206.0K
% Of Pretax Income 1.19% 2.84%
Net Earnings $6.210M $7.053M
YoY Change -11.95% 158.16%
Net Earnings / Revenue 10.93% 11.68%
Basic Earnings Per Share $0.43 $0.49
Diluted Earnings Per Share $0.42 $0.49
COMMON SHARES
Basic Shares Outstanding 14.57M shares 14.37M shares
Diluted Shares Outstanding 14.65M shares 14.40M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $3.300M
YoY Change -27.27% 120.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $1.700M $1.900M
YoY Change -10.53% 5.56%
Inventory $36.84M $37.68M
Prepaid Expenses
Receivables $32.09M $32.67M
Other Receivables $107.0K $41.00K
Total Short-Term Assets $73.51M $75.94M
YoY Change -3.2% -7.39%
LONG-TERM ASSETS
Property, Plant & Equipment $36.70M $37.83M
YoY Change -3.01% -7.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.722M $6.972M
YoY Change -3.59% -22.53%
Total Long-Term Assets $44.82M $46.81M
YoY Change -4.25% -6.0%
TOTAL ASSETS
Total Short-Term Assets $73.51M $75.94M
Total Long-Term Assets $44.82M $46.81M
Total Assets $118.3M $122.7M
YoY Change -3.6% -6.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.28M $18.60M
YoY Change -7.07% -0.02%
Accrued Expenses $12.30M $11.70M
YoY Change 5.13% -3.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.67M $20.84M
YoY Change 8.76% -26.35%
Total Short-Term Liabilities $52.78M $52.83M
YoY Change -0.11% -12.53%
LONG-TERM LIABILITIES
Long-Term Debt $6.000M $6.000M
YoY Change 0.0%
Other Long-Term Liabilities $30.70M $30.90M
YoY Change -0.65% 27.69%
Total Long-Term Liabilities $35.85M $36.47M
YoY Change -1.71% 50.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.78M $52.83M
Total Long-Term Liabilities $35.85M $36.47M
Total Liabilities $88.62M $89.30M
YoY Change -0.76% 5.56%
SHAREHOLDERS EQUITY
Retained Earnings -$71.08M -$66.76M
YoY Change 6.47%
Common Stock $116.0M $115.5M
YoY Change 0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.71M $33.45M
YoY Change
Total Liabilities & Shareholders Equity $118.3M $122.7M
YoY Change -3.6% -6.87%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $6.210M $7.053M
YoY Change -11.95% 158.16%
Depreciation, Depletion And Amortization $1.030M $1.080M
YoY Change -4.63% -15.63%
Cash From Operating Activities -$7.300M -$6.610M
YoY Change 10.44% -11.98%
INVESTING ACTIVITIES
Capital Expenditures -$1.060M -$570.0K
YoY Change 85.96% 5.56%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00
YoY Change
Cash From Investing Activities -$1.050M -$570.0K
YoY Change 84.21% 5.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.620M 8.570M
YoY Change 12.25% -2.5%
NET CHANGE
Cash From Operating Activities -7.300M -6.610M
Cash From Investing Activities -1.050M -570.0K
Cash From Financing Activities 9.620M 8.570M
Net Change In Cash 1.270M 1.390M
YoY Change -8.63% 87.84%
FREE CASH FLOW
Cash From Operating Activities -$7.300M -$6.610M
Capital Expenditures -$1.060M -$570.0K
Free Cash Flow -$6.240M -$6.040M
YoY Change 3.31% -13.34%

Facts In Submission

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CY2013Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY1996Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2012Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2013Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2012Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1724000 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1665000 USD
CY2012Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1897000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
28851000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
28423000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
19000 USD
CY2012Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1300000 USD
CY2012Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1400000 USD
CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000 USD
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000 USD
CY2013Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000 USD
CY2012Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1400000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
216000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
199000 USD
CY2013Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
75000 USD
CY2012Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
88000 USD
CY2013Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71077000 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-66759000 USD
CY2013Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
56933000 USD
CY2012Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
60392000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
84060000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
76823000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
216000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
299000 USD
CY2012Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
188000 USD
CY2013Q3 us-gaap Product Warranty Expense
ProductWarrantyExpense
75000 USD
CY2013Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
168899000 USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
172446000 USD
CY2012Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
172725000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
36882000 USD
CY2013Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
36695000 USD
CY2012Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37833000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-20000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
50000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
13075000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4236000 USD
CY2012Q3 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2013Q3 us-gaap Restructuring Charges
RestructuringCharges
412000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
475000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-72810000 USD
CY2013Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2585000 USD
CY2013Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2614000 USD
CY2012Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2281000 USD
CY2013Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14417000 USD
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15145000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24919000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
26674000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
275000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
415000 USD
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
1100000 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
33446000 USD
CY2013Q3 us-gaap Stockholders Equity
StockholdersEquity
28901000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
27020000 USD
CY2013Q3 virc Line Of Credit Facility Increase Accrued Interest Percentage
LineOfCreditFacilityIncreaseAccruedInterestPercentage
0.02
CY2013Q3 virc Line Of Credit Facility Sub Limit
LineOfCreditFacilitySubLimit
3000000 USD
virc Nonqualifiedretirementplanbenefits
Nonqualifiedretirementplanbenefits
0.50
virc Product Warranty
ProductWarranty
P10Y
CY2013Q3 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-07-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000751365
CY2013Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14730319 shares
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14647000 shares
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14395000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14358000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14591000 shares
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14570000 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14369000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14506000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14333000 shares
CY1996Q4 virc Adjusted For Stock Splits And Stock Dividends Price
AdjustedForStockSplitsAndStockDividendsPrice
20.70
virc Benefit Of Average Compensation Years
BenefitOfAverageCompensationYears
P5Y
virc Director Providing Service To Company
DirectorProvidingServiceToCompany
P10Y
CY1996Q4 virc Exercisable Beneficial Interest Percentage
ExercisableBeneficialInterestPercentage
0.20
CY2013Q3 virc Judicial Actions Against Excess Line Of Credit Facility
JudicialActionsAgainstExcessLineOfCreditFacility
250000 USD
CY2013Q3 virc Provision To Reduce Borrowings Under Line Of Credit Facility For Period
ProvisionToReduceBorrowingsUnderLineOfCreditFacilityForPeriod
P60D
CY2013Q3 virc Provision To Requires Reduce Borrowings Under Line Of Credit Facility
ProvisionToRequiresReduceBorrowingsUnderLineOfCreditFacility
6000000 USD
CY1996Q4 virc Rights Entitles Stockholder To Purchase For Stock On Exercise Price
RightsEntitlesStockholderToPurchaseForStockOnExercisePrice
50.00
CY1996Q4 virc Stockholders Rights Condition Description
StockholdersRightsConditionDescription
Each of the Rights entitles a stockholder to purchase for an exercise price of $50.00 ($20.70, as adjusted for stock splits and stock dividends), subject to adjustment, one one-hundredth of a share of Series A Junior Participating Cumulative Preferred Stock of the Company, or under certain circumstances, shares of common stock of the Company or a successor company with a market value equal to two times the exercise price.
dei Amendment Flag
AmendmentFlag
false
CY2014 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-31
dei Entity Registrant Name
EntityRegistrantName
VIRCO MFG CORPORATION

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