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Virco(VIRC) - 2025 Q3 - Quarterly Results
VIRCVirco(VIRC)2024-12-09 19:04

Revenue Performance - Third Quarter revenue slightly declined to 82,620,000from82,620,000 from 84,252,000 in the same quarter last year, while revenue for the first nine months grew 5.0% to 237,774,000[2]−NetsalesforthethreemonthsendedOctober31,2024,were237,774,000[2] - Net sales for the three months ended October 31, 2024, were 82,620,000, a decrease of 1.9% compared to 84,252,000forthesameperiodin2023[27]−FortheninemonthsendedOctober31,2024,netsalesincreasedto84,252,000 for the same period in 2023[27] - For the nine months ended October 31, 2024, net sales increased to 237,774,000, up 4.9% from 226,516,000intheprioryear[29]ProfitabilityMetrics−GrossProfitfortheThirdQuarterdecreased4.0226,516,000 in the prior year[29] Profitability Metrics - Gross Profit for the Third Quarter decreased 4.0% to 36,678,000, with a Gross Margin of 44.4%, compared to 45.4% in the prior year[3] - Gross profit for the three months ended October 31, 2024, was 36,678,000,downfrom36,678,000, down from 38,211,000, reflecting a gross margin decrease[27] - Gross profit for the nine months ended October 31, 2024, was 107,243,000,anincreasefrom107,243,000, an increase from 99,991,000, indicating improved profitability[29] Operating Income - Operating Income for the Third Quarter declined to 11,113,000,or13.511,113,000, or 13.5% of sales, while it increased 3.8% to 35,978,000 for the first nine months[5] - Operating income for the three months ended October 31, 2024, was 11,113,000,adeclineof24.011,113,000, a decline of 24.0% from 14,706,000 in the prior year[27] - Operating income for the nine months ended October 31, 2024, rose to 35,978,000,comparedto35,978,000, compared to 34,648,000 in the previous year, showing a growth of 3.8%[29] Net Income - Net income for the Third Quarter was 8,401,000,downfrom8,401,000, down from 10,160,000 in the same period last year, but up to 27,374,000forthefirstninemonthsfrom27,374,000 for the first nine months from 24,252,000[7] - Net income for the three months ended October 31, 2024, was 8,401,000,comparedto8,401,000, compared to 10,160,000 for the same period in 2023, representing a decrease of 17.3%[27] - Net income for the nine months ended October 31, 2024, was 27,374,000,anincreaseof8.827,374,000, an increase of 8.8% from 24,252,000 in the same period last year[29] Expenses - Selling, General, and Administrative Expenses (SG&A) increased 8.8% to 25,565,000,representing30.925,565,000, representing 30.9% of revenue, primarily due to higher freight and installation costs[4] Cash and Equity - As of October 31, 2024, the Company had 38,858,000 in cash and was not utilizing any of its available credit under its seasonal revolver[9] - Stockholder's Equity increased 23.5% to 115,859,000from115,859,000 from 93,789,000 at the same period last year[13] Dividends - The Company declared a quarterly dividend of 0.025pershare,payableonJanuary10,2025[14]−CashdividendsdeclaredpercommonshareforthethreemonthsendedOctober31,2024,were0.025 per share, payable on January 10, 2025[14] - Cash dividends declared per common share for the three months ended October 31, 2024, were 0.025, while for the nine months, it was 0.065[27][29]InventoryandReceivables−Inventoriesdecreased16.90.065[27][29] Inventory and Receivables - Inventories decreased 16.9% to 48,948,000 compared to 58,931,000attheendoflastyear′sThirdQuarter[11]−AccountsReceivabledeclined14.758,931,000 at the end of last year's Third Quarter[11] - Accounts Receivable declined 14.7% to 28,168,000, reflecting faster collections on higher annual revenue[12] Earnings Per Share - Basic net income per common share for the three months ended October 31, 2024, was 0.52,downfrom0.52, down from 0.62 in the prior year[27]