$VIRC
VIRCO MFG CORPORATION

2013 Q4 Form 10-Q Financial Statement

#000144530513003134 Filed on December 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2012 Q4
Revenue $59.06M $56.64M
YoY Change 4.26% 6.72%
Cost Of Revenue $38.29M $37.32M
YoY Change 2.6% 0.79%
Gross Profit $20.76M $19.32M
YoY Change 7.47% 20.43%
Gross Profit Margin 35.16% 34.11%
Selling, General & Admin $16.65M $16.17M
YoY Change 3.01% 8.02%
% of Gross Profit 80.21% 83.68%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.060M $1.060M
YoY Change 0.0% -14.52%
% of Gross Profit 5.11% 5.49%
Operating Expenses $16.65M $16.17M
YoY Change 3.01% 8.02%
Operating Profit $4.109M $3.152M
YoY Change 30.36% 193.21%
Interest Expense $323.0K $395.0K
YoY Change -18.23% 32.55%
% of Operating Profit 7.86% 12.53%
Other Income/Expense, Net
YoY Change
Pretax Income $3.394M $2.757M
YoY Change 23.1% -188.25%
Income Tax -$14.00K -$151.0K
% Of Pretax Income -0.41% -5.48%
Net Earnings $3.408M $2.908M
YoY Change 17.19% -188.15%
Net Earnings / Revenue 5.77% 5.13%
Basic Earnings Per Share $0.23 $0.20
Diluted Earnings Per Share $0.23 $0.20
COMMON SHARES
Basic Shares Outstanding 14.65M shares 14.44M shares
Diluted Shares Outstanding 14.79M shares 14.63M shares

Balance Sheet

Concept 2013 Q4 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.100M $1.300M
YoY Change -15.38% -7.14%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $2.000M $1.900M
YoY Change 5.26% 46.15%
Inventory $24.48M $25.54M
Prepaid Expenses
Receivables $17.54M $14.50M
Other Receivables $188.0K $137.0K
Total Short-Term Assets $45.60M $43.67M
YoY Change 4.42% -7.03%
LONG-TERM ASSETS
Property, Plant & Equipment $36.51M $37.35M
YoY Change -2.24% -6.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.659M $6.909M
YoY Change -3.62% 7.82%
Total Long-Term Assets $44.61M $46.43M
YoY Change -3.93% -4.71%
TOTAL ASSETS
Total Short-Term Assets $45.60M $43.67M
Total Long-Term Assets $44.61M $46.43M
Total Assets $90.21M $90.10M
YoY Change 0.12% -5.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.77M $11.61M
YoY Change 9.96% 11.97%
Accrued Expenses $9.600M $9.300M
YoY Change 3.23% 3.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.777M $1.810M
YoY Change 108.67% -66.57%
Total Short-Term Liabilities $26.75M $23.99M
YoY Change 11.49% -8.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $30.30M $29.60M
YoY Change 2.36% 6.86%
Total Long-Term Liabilities $29.07M $29.61M
YoY Change -1.83% 6.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.75M $23.99M
Total Long-Term Liabilities $29.07M $29.61M
Total Liabilities $55.82M $53.60M
YoY Change 4.13% -0.6%
SHAREHOLDERS EQUITY
Retained Earnings -$67.60M -$63.85M
YoY Change 5.87% 4.43%
Common Stock $116.0M $115.7M
YoY Change 0.25% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.39M $36.50M
YoY Change
Total Liabilities & Shareholders Equity $90.21M $90.10M
YoY Change 0.12% -5.85%

Cashflow Statement

Concept 2013 Q4 2012 Q4
OPERATING ACTIVITIES
Net Income $3.408M $2.908M
YoY Change 17.19% -188.15%
Depreciation, Depletion And Amortization $1.060M $1.060M
YoY Change 0.0% -14.52%
Cash From Operating Activities $24.51M $23.66M
YoY Change 3.59% 2.11%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$590.0K
YoY Change 49.15% 68.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $50.00K
YoY Change -100.0%
Cash From Investing Activities -$880.0K -$530.0K
YoY Change 66.04% 51.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.93M -25.13M
YoY Change -0.8% 9.79%
NET CHANGE
Cash From Operating Activities 24.51M 23.66M
Cash From Investing Activities -880.0K -530.0K
Cash From Financing Activities -24.93M -25.13M
Net Change In Cash -1.300M -2.000M
YoY Change -35.0% 2757.14%
FREE CASH FLOW
Cash From Operating Activities $24.51M $23.66M
Capital Expenditures -$880.0K -$590.0K
Free Cash Flow $25.39M $24.25M
YoY Change 4.7% 3.1%

Facts In Submission

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PaymentsToAcquirePropertyPlantAndEquipment
1486000 USD
CY2012Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
24989000 USD
CY2013Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
26385000 USD
CY2013Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
26398000 USD
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
28422000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
19000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
53000 USD
CY2013Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000 USD
CY2012Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000 USD
CY2012Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1300000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
900000 USD
CY2013Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
117000 USD
CY2013Q4 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
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2013Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
3000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2013Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1875000 USD
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1975000 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1665000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
28851000 USD
CY2012Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1400000 USD
CY2013Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
1000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
233000 USD
CY2013Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
17000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
24000 USD
CY2012Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
-175000 USD
CY2012Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
125000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
424000 USD
us-gaap Product Warranty Expense
ProductWarrantyExpense
333000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
136277000 USD
CY2013Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
172446000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
167233000 USD
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
173249000 USD
CY2012Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
37348000 USD
CY2013Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
36882000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
36510000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-75000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
42000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
29127000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
38117000 USD
CY2012Q4 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2013Q4 us-gaap Restructuring Charges
RestructuringCharges
791000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
1266000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67597000 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-63852000 USD
CY2013Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-72810000 USD
CY2013Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
59454000 USD
CY2012Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
56642000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
140702000 USD
CY2013Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2585000 USD
CY2013Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2565000 USD
CY2012Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
2027000 USD
dei Document Period End Date
DocumentPeriodEndDate
2013-10-31
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0000751365
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
14730319 shares
us-gaap Share Based Compensation
ShareBasedCompensation
404000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
557000 USD
us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
1100000 USD
CY2013Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16653000 USD
CY2012Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16166000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
41572000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
42840000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
33181000 USD
CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
27020000 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
36495000 USD
CY2013Q4 virc Judicial Actions Against Excess Line Of Credit Facility
JudicialActionsAgainstExcessLineOfCreditFacility
250000 USD
CY2013Q4 virc Line Of Credit Facility Increase Accrued Interest Percentage
LineOfCreditFacilityIncreaseAccruedInterestPercentage
0.02
CY2013Q4 virc Line Of Credit Facility Sub Limit
LineOfCreditFacilitySubLimit
3000000 USD
CY2013Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14790000 shares
CY2012Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14629000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14474000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14712000 shares
CY2013Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14647000 shares
CY2012Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14441000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14582000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14369000 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
virc Nonqualifiedretirementplanbenefits
Nonqualifiedretirementplanbenefits
0.50
virc Product Warranty
ProductWarranty
P10Y
CY2013Q4 virc Provision To Reduce Borrowings Under Line Of Credit Facility For Period
ProvisionToReduceBorrowingsUnderLineOfCreditFacilityForPeriod
P60D
CY2013Q4 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 Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
VIRCO MFG CORPORATION

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