$VIRC
VIRCO MFG CORPORATION

2023 Q4 Form 10-Q Financial Statement

#000162828023041138 Filed on December 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $84.25M
YoY Change 8.86%
Cost Of Revenue $46.04M
YoY Change -1.24%
Gross Profit $38.21M
YoY Change 24.15%
Gross Profit Margin 45.35%
Selling, General & Admin $23.51M
YoY Change 6.95%
% of Gross Profit 61.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.303M
YoY Change 15.21%
% of Gross Profit 3.41%
Operating Expenses $23.51M
YoY Change 6.95%
Operating Profit $14.71M
YoY Change 67.11%
Interest Expense $765.0K
YoY Change 34.92%
% of Operating Profit 5.2%
Other Income/Expense, Net -$301.0K
YoY Change 16.22%
Pretax Income $13.46M
YoY Change 64.32%
Income Tax $3.304M
% Of Pretax Income 24.54%
Net Earnings $10.16M
YoY Change 29.02%
Net Earnings / Revenue 12.06%
Basic Earnings Per Share $0.62
Diluted Earnings Per Share $0.62
COMMON SHARES
Basic Shares Outstanding 16.35M shares
Diluted Shares Outstanding 16.43M shares

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.887M
YoY Change 124.69%
Cash & Equivalents $4.887M
Short-Term Investments
Other Short-Term Assets $1.961M
YoY Change 17.35%
Inventory $58.93M
Prepaid Expenses
Receivables $33.03M
Other Receivables $27.00K
Total Short-Term Assets $98.84M
YoY Change 10.37%
LONG-TERM ASSETS
Property, Plant & Equipment $34.94M
YoY Change 0.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.073M
YoY Change 10.04%
Total Long-Term Assets $58.20M
YoY Change 7.44%
TOTAL ASSETS
Total Short-Term Assets $98.84M
Total Long-Term Assets $58.20M
Total Assets $157.0M
YoY Change 9.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.35M
YoY Change -24.17%
Accrued Expenses $23.91M
YoY Change 9.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $245.0K
YoY Change -90.03%
Total Short-Term Liabilities $41.63M
YoY Change -3.67%
LONG-TERM LIABILITIES
Long-Term Debt $7.946M
YoY Change -44.99%
Other Long-Term Liabilities $13.67M
YoY Change -37.94%
Total Long-Term Liabilities $21.62M
YoY Change -40.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.63M
Total Long-Term Liabilities $21.62M
Total Liabilities $63.25M
YoY Change -20.63%
SHAREHOLDERS EQUITY
Retained Earnings -$26.38M
YoY Change -51.78%
Common Stock $164.0K
YoY Change 1.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.79M
YoY Change
Total Liabilities & Shareholders Equity $157.0M
YoY Change 9.27%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income $10.16M
YoY Change 29.02%
Depreciation, Depletion And Amortization $1.303M
YoY Change 15.21%
Cash From Operating Activities $43.42M
YoY Change 102.67%
INVESTING ACTIVITIES
Capital Expenditures $1.805M
YoY Change -265.6%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.805M
YoY Change 65.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.33M
YoY Change 88.45%
NET CHANGE
Cash From Operating Activities 43.42M
Cash From Investing Activities -1.805M
Cash From Financing Activities -38.33M
Net Change In Cash 3.290M
YoY Change -82350.0%
FREE CASH FLOW
Cash From Operating Activities $43.42M
Capital Expenditures $1.805M
Free Cash Flow $41.62M
YoY Change 84.85%

Facts In Submission

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us-gaap Net Income Loss
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24252000 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
93789000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
47446000 usd
us-gaap Net Income Loss
NetIncomeLoss
12471000 usd
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-3815000 usd
virc Shares Vested And Other During Period Value
SharesVestedAndOtherDuringPeriodValue
-213000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
509000 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
64028000 usd
CY2023Q4 us-gaap Sublease Income
SubleaseIncome
10000 usd
CY2022Q4 us-gaap Sublease Income
SubleaseIncome
10000 usd
CY2023Q4 us-gaap Variable Lease Cost
VariableLeaseCost
252000 usd
CY2022Q4 us-gaap Variable Lease Cost
VariableLeaseCost
16000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
673000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
547000 usd
CY2023Q4 us-gaap Lease Cost
LeaseCost
1639000 usd
CY2022Q4 us-gaap Lease Cost
LeaseCost
1407000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
20587000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
25740000 usd
CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
23270000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
25303000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
15074000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
16363000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
58931000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
67406000 usd
CY2023Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1278000 usd
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
1288000 usd
CY2023Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
119000 usd
CY2022Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
113000 usd
us-gaap Payments For Rent
PaymentsForRent
4345000 usd
us-gaap Payments For Rent
PaymentsForRent
4306000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
364000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
469000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0636
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0634
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1447000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5825000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1564000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2023Q4 virc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8844000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5465000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2933000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2933000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
8398000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
446000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
8191000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
21744000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
16901000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
245000 usd
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
7360000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2457000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7946000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14384000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
14444000 usd
CY2021Q3 virc Dividend Payable Maximum Amount In Fiscal Year
DividendPayableMaximumAmountInFiscalYear
3000000.0 usd
CY2023Q4 virc Line Of Credit Facility Borrowing Capacity Term
LineOfCreditFacilityBorrowingCapacityTerm
15000000.0 usd
virc Lineof Credit Facility Periodfor Reduced Borrowingsduring Fourth Quarterof Each Fiscal Year
LineofCreditFacilityPeriodforReducedBorrowingsduringFourthQuarterofEachFiscalYear
P30D
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.1000
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00375
CY2023Q2 virc Increase Decrease In Inventory Sublimit Under Credit Agreement
IncreaseDecreaseInInventorySublimitUnderCreditAgreement
35000000 usd
CY2023Q2 virc Increase Decrease In Assemble To Ship Inventory Sublimit Under Credit Agreement
IncreaseDecreaseInAssembleToShipInventorySublimitUnderCreditAgreement
15000000 usd
CY2023Q2 virc Credit Agreement Amendment Fee
CreditAgreementAmendmentFee
50000 usd
CY2023Q2 virc Incremental Credit Line Increase Decrease Percentage
IncrementalCreditLineIncreaseDecreasePercentage
0.0067
CY2023Q2 virc Incremental Credit Line Increase Decrease
IncrementalCreditLineIncreaseDecrease
7500000 usd
CY2023Q2 virc Increase Decrease Applicable Margin Basis Points
IncreaseDecreaseApplicableMarginBasisPoints
0.0025
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
255000 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
864000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
8893000 usd
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.245
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.039
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.240
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.026
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
10160000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
7875000 usd
us-gaap Net Income Loss
NetIncomeLoss
24252000 usd
us-gaap Net Income Loss
NetIncomeLoss
12471000 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16347000 shares
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16347000 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16211000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16277000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16118000 shares
CY2023Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
81000 shares
CY2022Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
38000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
57000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
18000 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16428000 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16249000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16334000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16136000 shares
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.62
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.62
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.48
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.77
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
171000 usd
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
103000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
423000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
509000 usd
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
650000 usd
CY2023Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
CY2023Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
54000 usd
CY2022Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
106000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
145000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
256000 usd
CY2023Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
54000 usd
CY2022Q4 us-gaap Product Warranty Expense
ProductWarrantyExpense
56000 usd
us-gaap Product Warranty Expense
ProductWarrantyExpense
145000 usd
us-gaap Product Warranty Expense
ProductWarrantyExpense
156000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
600000 usd
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 </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$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>
CY2023Q4 virc Shipping And Classroom Delivery Costs
ShippingAndClassroomDeliveryCosts
8634000 usd
CY2022Q4 virc Shipping And Classroom Delivery Costs
ShippingAndClassroomDeliveryCosts
8393000 usd
virc Shipping And Classroom Delivery Costs
ShippingAndClassroomDeliveryCosts
21968000 usd
virc Shipping And Classroom Delivery Costs
ShippingAndClassroomDeliveryCosts
18776000 usd

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