$VIRC
VIRCO MFG CORPORATION

2023 Q2 Form 10-Q Financial Statement

#000162828023021822 Filed on June 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2
Revenue $34.94M
YoY Change 8.91%
Cost Of Revenue $21.74M
YoY Change -2.84%
Gross Profit $13.20M
YoY Change 36.0%
Gross Profit Margin 37.78%
Selling, General & Admin $14.51M
YoY Change 0.44%
% of Gross Profit 109.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.195M
YoY Change 5.85%
% of Gross Profit 9.05%
Operating Expenses $14.51M
YoY Change 0.44%
Operating Profit -$1.312M
YoY Change -72.34%
Interest Expense $712.0K
YoY Change 66.74%
% of Operating Profit
Other Income/Expense, Net -$161.0K
YoY Change -17.44%
Pretax Income -$1.886M
YoY Change -64.85%
Income Tax -$444.0K
% Of Pretax Income
Net Earnings -$1.442M
YoY Change -71.64%
Net Earnings / Revenue -4.13%
Basic Earnings Per Share -$0.09
Diluted Earnings Per Share -$0.09
COMMON SHARES
Basic Shares Outstanding 16.21M shares
Diluted Shares Outstanding 16.21M shares

Balance Sheet

Concept 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $625.0K
YoY Change 15.96%
Cash & Equivalents $625.0K
Short-Term Investments
Other Short-Term Assets $2.698M
YoY Change 25.14%
Inventory $85.64M
Prepaid Expenses
Receivables $15.52M
Other Receivables $35.00K
Total Short-Term Assets $104.8M
YoY Change 27.02%
LONG-TERM ASSETS
Property, Plant & Equipment $34.67M
YoY Change -0.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.848M
YoY Change 5.55%
Total Long-Term Assets $61.09M
YoY Change 7.42%
TOTAL ASSETS
Total Short-Term Assets $104.8M
Total Long-Term Assets $61.09M
Total Assets $165.9M
YoY Change 19.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.63M
YoY Change 21.56%
Accrued Expenses $22.56M
YoY Change 42.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $20.36M
YoY Change 7.71%
Total Short-Term Liabilities $66.55M
YoY Change 22.74%
LONG-TERM LIABILITIES
Long-Term Debt $14.32M
YoY Change -1.65%
Other Long-Term Liabilities $18.34M
YoY Change -34.2%
Total Long-Term Liabilities $32.67M
YoY Change -23.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.55M
Total Long-Term Liabilities $32.67M
Total Liabilities $99.21M
YoY Change 2.64%
SHAREHOLDERS EQUITY
Retained Earnings -$52.07M
YoY Change -27.94%
Common Stock $162.0K
YoY Change 0.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.72M
YoY Change
Total Liabilities & Shareholders Equity $165.9M
YoY Change 19.03%

Cashflow Statement

Concept 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.442M
YoY Change -71.64%
Depreciation, Depletion And Amortization $1.195M
YoY Change 5.85%
Cash From Operating Activities -$11.72M
YoY Change -38.23%
INVESTING ACTIVITIES
Capital Expenditures $1.533M
YoY Change 151.72%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.533M
YoY Change 151.72%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.300M
YoY Change 186.07%
Cash From Financing Activities $12.82M
YoY Change -31.67%
NET CHANGE
Cash From Operating Activities -$11.72M
Cash From Investing Activities -$1.533M
Cash From Financing Activities $12.82M
Net Change In Cash -$432.0K
YoY Change -47.32%
FREE CASH FLOW
Cash From Operating Activities -$11.72M
Capital Expenditures $1.533M
Free Cash Flow -$13.25M
YoY Change -32.32%

Facts In Submission

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CY2022Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2023Q2 us-gaap Repayments Of Long Term Debt
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CY2023Q1 us-gaap Stockholders Equity
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CY2023Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2023Q2 us-gaap Stockholders Equity
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CY2022Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2022Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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253000 usd
CY2022Q2 us-gaap Stockholders Equity
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42750000 usd
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CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q2 us-gaap Inventory Raw Materials Net Of Reserves
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18352000 usd
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CY2023Q2 us-gaap Operating Lease Cost
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1269000 usd
CY2022Q2 us-gaap Operating Lease Cost
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1327000 usd
CY2023Q2 us-gaap Short Term Lease Cost
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CY2022Q2 us-gaap Short Term Lease Cost
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CY2023Q2 us-gaap Sublease Income
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10000 usd
CY2022Q2 us-gaap Sublease Income
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CY2022Q2 us-gaap Variable Lease Cost
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CY2023Q2 us-gaap Lease Cost
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CY2022Q2 us-gaap Lease Cost
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CY2023Q2 us-gaap Payments For Rent
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292000 usd
CY2022Q2 us-gaap Capital Lease Obligations Incurred
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98000 usd
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CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0633
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4344000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5794000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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1536000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2023Q2 virc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
0 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11676000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5271000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5271000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5648000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
10919000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
757000 usd
CY2023Q2 us-gaap Long Term Debt
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34685000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
21744000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
33469000 usd
CY2023Q2 us-gaap Long Term Debt Current
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20362000 usd
CY2023Q1 us-gaap Long Term Debt Current
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7360000 usd
CY2022Q2 us-gaap Long Term Debt Current
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18905000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14323000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14384000 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14564000 usd
CY2021Q3 virc Dividend Payable Maximum Amount In Fiscal Year
DividendPayableMaximumAmountInFiscalYear
3000000.0 usd
CY2023Q2 virc Line Of Credit Facility Borrowing Capacity Term
LineOfCreditFacilityBorrowingCapacityTerm
15000000.0 usd
CY2023Q2 virc Lineof Credit Facility Periodfor Reduced Borrowingsduring Fourth Quarterof Each Fiscal Year
LineofCreditFacilityPeriodforReducedBorrowingsduringFourthQuarterofEachFiscalYear
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CY2023Q2 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
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0.00375
CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
575000 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
864000 usd
CY2022Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10099000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.235
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.053
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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16033000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
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-0.09
CY2023Q2 us-gaap Net Income Loss
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-1442000 usd
CY2022Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16211000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16211000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16033000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16211000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.32
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.32
CY2023Q2 virc Incremental Common Shares Excluded To Dilutive Effect
IncrementalCommonSharesExcludedToDilutiveEffect
85000 shares
CY2022Q2 virc Incremental Common Shares Excluded To Dilutive Effect
IncrementalCommonSharesExcludedToDilutiveEffect
169000 shares
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
103000 usd
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
253000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2023Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
41000 usd
CY2022Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
34000 usd
CY2023Q2 us-gaap Product Warranty Expense
ProductWarrantyExpense
41000 usd
CY2022Q2 us-gaap Product Warranty Expense
ProductWarrantyExpense
34000 usd
CY2023Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2023Q2 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a self-insured retention for product losses up to $250,000 per occurrence, workers’ compensation liability losses up to $250,000 per occurrence, general liability losses up to $50,000 per occurrence and automobile liability losses up to $50,000 per occurrence. The Company has purchased insurance to cover losses in excess of the self-insurance retention or deductible up to a limit of $30,000,000. The Company has obtained an actuarial estimate of its total expected future losses for liability claims and recorded a liability equal to the net present value.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company and its subsidiaries are defendants in various legal proceedings resulting from operations in the normal course of business. It is the opinion of management, in consultation with legal counsel, that the ultimate outcome of all such matters will not materially affect the Company’s financial position, results of operations or cash flows.</span></div>
CY2023Q2 virc Shipping And Classroom Delivery Costs
ShippingAndClassroomDeliveryCosts
3343000 usd
CY2022Q2 virc Shipping And Classroom Delivery Costs
ShippingAndClassroomDeliveryCosts
3254000 usd

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