Virco(VIRC)2025-04-14 17:35Revenue Performance - Full year revenue for Virco Mfg. Corporation declined 1.1% to 269.12 million in the prior year[1] - Fourth quarter revenue decreased 33.2% to 42.60 million in the prior year, attributed to the absence of a counter-seasonal disaster recovery order[1] - Net sales for the year ended January 31, 2025, were 269,117 in 2024[21] Profitability Metrics - Gross margin for the full year remained steady at 43.1%, while it declined to 26.2% in the fourth quarter from 37.7% in the prior year[2] - Operating income for the full year was 31.88 million, or 11.8% of sales last year[4] - Operating income fell to 31,877 in 2024[21] - Net income for the full year reached 21.91 million last year[4] - Net income for the year was 21,910 in 2024[21] Cash and Equity - Cash at year-end increased significantly to 5.29 million last year[5] - Shareholder equity increased by 20% to 91.18 million last year[5] - Cash dividends declared per common share increased to 0.02 in the previous year[21] Expenses and Liabilities - Selling, general, and administrative expenses rose to 84,181 in 2024[21] - Interest expense, net significantly decreased to 2,679 in the previous year[21] - Income tax expense decreased to 7,330 in the previous year[21] Operational Insights - Shipments plus backlog as of January 31, 2025, totaled 318.40 million in the prior year[7] - The company executed a 5-year extension of its operating lease in Torrance, California, impacting right-of-use assets and liabilities[6] - Management emphasizes the importance of investing in domestic manufacturing to mitigate risks from global trade uncertainties[8] Shareholder Information - Basic net income per common share remained stable at $1.32, unchanged from the previous year[21] - Weighted average shares outstanding for basic shares increased to 16,365 from 16,295 in 2024[21]