$VIRC

VIRCO MFG CORPORATION

CIK:0000751365|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2026	Jul. 31, 2025
Income Statement [Abstract]
Net sales	$ 87,466	$ 92,086	$ 118,158	$ 125,840
Cost of goods sold	52,453	51,212	70,450	68,946
Gross profit	35,013	40,874	47,708	56,894
Selling, general and administrative expenses	24,466	25,503	40,821	41,617
Operating income	10,547	15,371	6,887	15,277
Unrealized (gain) loss on investment in trust account	(656)	968	(529)	(207)
Pension (benefit) expense	(203)	27	(392)	54
Interest expense, net	170	205	276	265
Income before income taxes	11,236	14,171	7,532	15,165
Income tax expense	2,623	3,985	1,696	4,247
Net income	$ 8,613	$ 10,186	$ 5,836	$ 10,918
Cash dividends declared per common share (usd per share)	$ 0.025	$ 0.025	$ 0.050	$ 0.050
Net income per common share:
Basic (usd per share)	0.55	0.65	0.37	0.69
Diluted (usd per share)	$ 0.55	$ 0.65	$ 0.37	$ 0.69
Weighted average shares of common stock outstanding:
Basic (shares)	15,734	15,741	15,733	15,749
Diluted (shares)	15,737	15,743	15,735	15,750

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2026	Jul. 31, 2025
Operating activities
Net income	$ 5,836	$ 10,918
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,913	3,086
Non-cash lease (benefit) expense	(182)	2,780
Provision for credit losses	30	30
Amortization of debt issuance costs	76	68
Deferred income taxes	1,981	20
Stock-based compensation	98	114
Amortization of net actuarial gain for pension plans	(552)	(180)
Non-cash unrealized gain on investment	(529)	(207)
Surrender of life insurance policies	0	(300)
Changes in operating assets and liabilities:
Trade accounts receivable	(32,000)	(33,843)
Inventories	3,702	(4,219)
Income taxes	(362)	4,130
Prepaid expenses and other assets	(161)	3
Accounts payable and accrued liabilities	16,337	1,774
Net cash used in operating activities	(2,813)	(15,826)
Investing activities
Purchases of property, plant and equipment	(1,301)	(3,816)
Proceeds from surrendering life insurance policies	0	300
Net cash used in investing activities	(1,301)	(3,516)
Financing activities
Repayment of long-term debt	(133)	(128)
Common stock repurchased	(190)	(4,000)
Cash dividends paid	(788)	(787)
Net cash used in financing activities	(1,111)	(4,915)
Net decrease in cash	(5,225)	(24,257)
Cash at beginning of period	14,437	26,867
Cash at end of period	9,212	2,610
Supplemental disclosures of cash flow information:
Property, plant and equipment acquired and not yet paid at end of period	627	716
Cash paid during the period for interest, net of interest income	205	265
Cash paid during the period for income taxes, net of refunds	$ 58	$ 104

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2026	Jan. 31, 2026	Jul. 31, 2025
Current assets:
Cash	$ 9,212	$ 14,437	$ 2,610
Trade accounts receivable, net	45,560	13,590	46,817
Income tax receivable	4,237	3,863	0
Inventories	53,032	56,735	59,866
Prepaid expenses and other current assets	10,568	10,104	2,592
Total current assets	122,609	98,729	111,885
Non-current assets
Property, plant and equipment, net	33,396	34,578	36,120
Operating lease right-of-use assets	27,396	30,415	33,019
Deferred income tax assets, net	3,594	5,437	5,847
Other assets, net	5,171	5,020	11,770
Total assets	192,166	174,179	198,641
Current liabilities:
Accounts payable	20,034	7,393	17,069
Accrued compensation and employee benefits	12,850	11,434	6,856
Income tax payable	0	0	14
Current portion of long-term debt	274	269	263
Current portion of operating lease liability	6,623	6,490	4,790
Other accrued liabilities	8,714	6,396	8,747
Total current liabilities	48,495	31,982	37,739
Non-current liabilities:
Long-term debt, less current portion	3,471	3,609	3,745
Operating lease liability, less current portion	26,672	30,006	33,096
Other long-term liabilities	3,054	2,651	8,685
Total non-current liabilities	33,197	36,266	45,526
Commitments and Contingencies
Preferred stock:
Preferred Stock, Value, Issued	0	0	0
Common stock:
Common Stock, Value, Issued	157	157	157
Additional paid-in capital	113,669	113,761	113,667
(Accumulated deficit) retained earnings	(2,827)	(7,875)	1,264
Accumulated other comprehensive (loss) income	(525)	(112)	288
Total stockholders’ equity	110,474	105,931	115,376
Total liabilities and stockholders’ equity	$ 192,166	$ 174,179	$ 198,641