Quarterly ResultJun 3, 2026, 08:31 AM
Virco Q1 Net Loss $2.8M; Sales Down 9.1%; Declares Dividend
AI Summary
Virco Mfg. Corporation reported a modest loss in its first quarter ended April 30, 2026, with net sales declining 9.1% to $30.7 million and a net loss of $2.8 million. Gross margin also decreased to 41.4% due to lower revenue and factory output. Despite the financial downturn, the company highlighted a strengthening trend in full-service orders, which management views as a competitive advantage for its domestic factories. The Board declared a quarterly dividend of $0.025 per share, and the company returned $0.6 million to shareholders through buybacks and dividends in the quarter.
Key Highlights
- Net sales for Q1 declined 9.1% to $30.7 million from $33.8 million in the prior year.
- The company reported a net loss of $2.8 million for the quarter, compared to net income of $0.7 million last year.
- Gross margin decreased to 41.4% from 47.5% in the prior year's first quarter.
- Shipments plus Backlog, a key forward metric, declined 1.8% to $103.7 million.
- Inventories were adjusted down 7.7% to $68.3 million from $74.0 million last year.
- The Board declared a quarterly cash dividend of $0.025 per share, payable July 10, 2026.
- Shareholder returns in Q1 totaled $0.6 million, including $0.2 million in buybacks and $0.4 million in dividends.
- Cash on hand at quarter-end increased to $3.7 million from $0.9 million last year.
Price Impact
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