Quarterly ResultJun 3, 2026, 01:41 PM
Virco Reports Q1 Loss of $2.8M; Declares $0.025 Quarterly Dividend
AI Summary
Virco Mfg. Corporation reported a net loss of $2.8 million for the first quarter ended April 30, 2026, a decline from net income of $0.7 million in the prior year, primarily due to slowing demand for school furniture. Net sales decreased 9.1% to $30.7 million, and gross margin fell to 41.4%. Despite the challenging quarter, the Board of Directors declared a cash dividend of $0.025 per share, payable on July 10, 2026, and the company returned $0.6 million to shareholders through buybacks and dividends.
Key Highlights
- Q1 Net loss of $2.8 million, compared to net income of $0.7 million last year.
- Q1 Net sales declined 9.1% to $30.7 million from $33.8 million year-over-year.
- Gross margin for Q1 decreased to 41.4% from 47.5% in the prior year.
- Board declared a cash dividend of $0.025 per share, payable July 10, 2026.
- Shipments plus Backlog declined 1.8% to $103.7 million from $105.6 million.
- Q1 shareholder returns totaled $0.6 million, including $0.2 million in buybacks.
- Inventories decreased 7.7% to $68.3 million from $74.0 million last year.
Price Impact
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