VIRCO MFG CORPORATION

Listed Company

VIRCCIK 0000751365NasdaqAcceleratedSmaller ReportingPublic Bldg & Related FurnitureDelawareFY ends Jan 31

Period

FY 2026

Revenue

$199.65M

Net Income

$2.57M

Total Assets

$174.18M

Equity

$105.93M

Shares Out

15.76M

Op. Cash Flow

$-841.0K

Business

VIRCO MFG CORPORATION designs, produces, and distributes high-value furniture and related equipment primarily for educational and institutional customers. It offers a broad product portfolio including student and teacher desks, mobile and activity tables, seating and stools, technology tables, laboratory and administrative furniture, storage equipment, folding and event seating, and accompanying services such as interior design, CAD layouts, PlanSCAPE® project management, delivery, and turnkey classroom set up. The company operates domestic manufacturing, assembly, distribution and warehousing facilities and sells through a large direct sales force, dealer network and corporate sales group utilizing an Assemble-to-Ship (ATS) model. Virco distributes mainly throughout the United States to K–12 and higher education institutions, convention centers, hospitality and government customers, additionally serving wholesalers, retailers and certain international accounts.

Summary from filing dated 2025-04-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Net sales	200	266	269	231	185
Costs of goods sold	118	152	153	146	124
Gross profit	81	115	116	85	61
Selling, general and administrative expenses	78	87	84	75	61
Operating income	4	28	32	11	−336,000
Unrealized gain on investment in trust account	−239,000	−1	−1	−194,000	—
Pension expense	135,000	451,000	1	816,000	2
Interest expense, net	300,000	349,000	3	2	1
Income before income taxes	3	28	29	8	−4
Income tax expense	895,000	7	7	−9	11
Net income	3	22	22	17	−15
Cash dividends declared per common share:	0.1	0.09	0.02	0	—
Basic (in dollars per share)	0.16	1.32	1.34	1.03	−0.95
Diluted (in dollars per share)	0.16	1.32	1.34	1.02	−0.95
Basic (in shares)	16	16	16	16	16
Diluted (in shares)	16	16	16	16	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash	14	27	5	1	1
Trade accounts receivables (net of allowance of $200 at January 31, 2026 and 2025)	14	13	23	18	18
Income tax receivable	4	4	0	19,000	152,000
Inventories	57	56	58	67	47
Prepaid expenses and other current assets	10	3	2	2	2
Total current assets	99	102	89	89	69
Property, plant and equipment, net	35	36	35	35	35
Operating lease right-of-use assets	30	36	7	10	14
Deferred income tax assets, net	5	6	7	8	399,000
Other assets	5	12	10	9	8
Total assets	174	192	146	150	126
Accounts payable	7	12	13	19	20
Accrued compensation and employee benefits	11	11	11	10	6
Current portion of long-term debt	269,000	258,000	248,000	7	340,000
Current portion of operating lease liability	6	2	6	5	5
Other accrued liabilities	6	10	9	7	6
Total current liabilities	32	34	39	49	36
Accrued self-insurance retention	730,000	780,000	650,000	1	965,000
Accrued pension expenses	839,000	7	9	11	15
Income tax payable, less current portion	227,000	200,000	128,000	79,000	71,000
Long-term debt, less current portion	4	4	4	14	14
Operating lease liability, less current portion	30	36	2	7	11
Other long-term liabilities	855,000	795,000	562,000	555,000	639,000
Total non-current liabilities	36	48	17	34	43
Commitments and contingencies (Note 8)	—	—	—	—	—
Authorized 3,000,000 shares, $0.01 par value; none issued or outstanding	0	0	0	0	0
Authorized 25,000,000 shares, $0.01 par value; issued and outstanding 15,761,141 shares at January 31, 2026, 16,087,082 shares at January 31, 2025	157,000	161,000	164,000	162,000	161,000
Additional paid-in capital	114	118	121	121	120
Accumulated deficit	−8	−9	−29	−51	−67
Accumulated other comprehensive (loss) income	−112,000	422,000	−1	−2	−6
Total stockholders equity	106	109	91	68	47
Total liabilities and stockholders equity	174	192	146	150	126

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Depreciation and amortization	6	6	5	5	5
Non-cash lease expense	4	1	−694,000	−543,000	−395,000
Provision for credit losses	53,000	0	—	—	—
Amortization of debt issuance costs	139,000	72,000	115,000	122,000	116,000
Deferred income taxes	563,000	230,000	800,000	−9	11
Stock-based compensation	208,000	395,000	595,000	612,000	1
Defined benefit plan, recognized net loss due to settlements	26,000	0	375,000	70,000	298,000
Amortization of net actuarial gain for pension plans	−363,000	−142,000	−4,000	437,000	1
Decrease in non-cash surrender value of life insurance policies	0	−982,000	−14,000	−78,000	0
Non-cash gain on investment	−239,000	−1	−1	−194,000	0
Surrender of life insurance policies	−219,000	−727,000	−634,000	0	−588,000
Trade accounts receivable	−639,000	10	−5	−720,000	−8
Inventories	−1	3	9	−20	−9
Income taxes	224,000	−4	213,000	141,000	55,000
Prepaid expenses and other assets	−699,000	−370,000	−46,000	−106,000	221,000
Accounts payable and accrued liabilities	−12	−1	−4	4	14
Net cash (used in) provided by operating activities	−841,000	33	27	−4	−401,000
Purchases of property, plant and equipment	−6	−6	−5	−3	−3
Purchases of marketable securities in trust accounts	0	−1	0	−7	0
Proceeds from sale of marketable securities in trust accounts	0	1	0	5	0
Proceeds for surrendering life insurance policies	119,000	732,000	489,000	3	0
Net cash used in investing activities	−6	−6	−5	−3	−2
Proceeds from long-term debt	0	23	42	50	30
Repayment of long-term debt	−258,000	−23	−59	−42	−26
Common stock repurchased	−4	−4	0	−213,000	−176,000
Tax withholding payments on share-based compensation	0	−412,000	−110,000	—	—
Payment on deferred financing costs	−20,000	−50,000	−175,000	−200,000	−169,000
Cash dividend paid	−2	−1	−327,000	0	—
Net cash used in financing activities	−6	−6	−18	7	4
Net (decrease) increase in cash	−12	22	4	−302,000	957,000
Cash paid during the period for interest, net of interest income	300,000	349,000	3	2	1
Cash paid during the period for income taxes, net of refunds	108,000	11	6	67,000	37,000
Noncash investment in right-of-use assets in exchange for a lease liability	542,000	34	—	—	—

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