Virco Announces Third Quarter Results
TORRANCE, Calif., Dec. 9, 2010 (GLOBE NEWSWIRE) -- Virco Mfg. Corporation (Nasdaq:VIRC) today announced third quarter and year-to-date results in the following letter to stockholders from Robert A. Virtue, President and CEO:
Results for the third quarter ended October 31, 2010, continued to track the constrained trajectory of the first half of the year, reflecting ongoing funding challenges in our core market of publicly-funded K-12 educational furniture and equipment.
For the three months of August through October, traditionally the tail end of our summer delivery season, revenue was $60,779,000 compared to $62,920,000 in the same period last year, a decline of 3.4%. Lower prices in response to a highly competitive environment reduced gross profit in the three months ended October 31, 2010 to $17,193,000 from $21,045,000 in the corresponding period last year, a decline of 18.3%. Revenue for the nine months ended October 31, 2010 was $158,002,000 versus $164,592,000 in the corresponding period last year, a decline of 4%. Gross profit for the nine months ended October 31, 2010 was $46,436,000 versus $55,121,000 in the corresponding period last year, a decline of 15.8%.As with the last several recessions, the public sector continues to lag the overall economic recovery. 2010 has been a year of significantly lower tax receipts for many states and municipalities and it now appears that 2011 will also be a challenging year for these smaller government entities. Here are our results for the third quarter and the nine months ended October 31, 2010, and the comparable period last year:
|Three Months Ended||Nine Months Ended|
|(In thousands, except share data)||(In thousands, except share data)|
|Cost of sales||43,586||41,875||111,566||109,471|
|Selling, general administrative & other expense||17,316||17,500||48,075||49,370|
|Income (loss) before income taxes||(123)||3,545||(1,639)||5,751|
|Income tax (benefits) expense||(277)||640||(749)||1,787|
|Net income (loss)||$154||$2,905||$(890)||$3,964|
|Cash dividend declared||$0.05||$0.05||$0.10||$0.10|
|Net income (loss) per share - basic (a)||$0.01||$0.21||$(0.06)||$0.28|
|Net income (loss) per share - diluted||0.01||0.20||(0.06)||0.28|
|Weighted average shares outstanding - basic (a)||14,152||14,162||14,123||14,172|
|Weighted average shares outstanding - diluted||14,174||14,182||14,123||14,182|
|(a) Net loss per share - diluted was calculated based on basic shares outstanding due to the anti-dilutive effect on the inclusion of common stock equivalent shares.|
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