VIRC — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-09-04

• and the likelihood of collection become probable, we may recognize a receivable for the amount of the IEEPA tariffs paid. We may also be entitled to interest on the amounts recovered. As of the date of this Quarterly Report on Form 10-Q, the Company has not received any portion of the requested refu…

• Selling, general and administrative ("SG&A") expenses for the three months ended July 31, 2026 decreased by $1.0 million. SG&A expenses as a percentage of sales for the three months ended July 31, 2026 were 28.0% compared to 27.7% in the same period last year. The slight increase as a percentage of …

• For the six months ended July 31, 2026, the Company earned a net income of $5.8 million on sales of $118.2 million, compared to net income of $10.9 million on sales of $125.8 million in the same period of the prior year. Sales for the six months ended July 31, 2026 decreased by approximately $7.7 mi…

• Cost of goods sold was 59.6% of net sales for the six months ended July 31, 2026, compared to 54.8% for the same period last year. Gross margin for the six months ended July 31, 2026 was 40.4% compared to 45.2% in the prior year. Gross margin declined in the current period primarily due to lower sal…

• SG&A expenses for the six months ended July 31, 2026 decreased by $0.8 million. SG&A expenses as a percentage of sales for the six months ended July 31, 2026 were 34.5% compared to 33.1% in the same period last year. The increase as a percentage of sales was the result of higher delivery costs and c…

Text removed vs the prior filing · source: 10-Q · 2026-06-03

• Selling, general and administrative ("SG&A") expenses for the three months ended April 30, 2026 increased by $0.2 million. SG&A expenses as a percentage of sales for the three months ended April 30, 2026 were 53.3% compared to 47.7% in the same period last year. This increase was the result of chang…

• Accounts receivable increased by $2.7 million at April 30, 2026 compared to last year. The increase is primarily due to a the timing of customer payments and collections around the fiscal quarter end, offset by lower sales in the current year.

• Despite recording a net loss for the three months ended April 30, 2026, the Company improved net cash used in operating activities by $9.7 million compared to the same period last year. Moderation of production and inventory levels led to favorable

• cash flow activity for inventories and accounts payable compared to last year. For the three months ended April 30, 2026, the Company spent $0.7 million for capital expenditures, issued $0.4 million of cash dividends and spent $0.2 million to repurchase 31,598 shares of its common stock. As of April…

• During the quarter ended October 31, 2025, the Company’s Board of Directors approved the termination of the VIP Plan, a supplemental retirement plan for certain key employees. This decision was part of the Company's ongoing efforts to reduce benefit obligations and ongoing administrative costs. The …

Text added vs the prior filing · source: 10-Q · 2026-09-04

• Effective September 3, 2026, the Company and Virco Inc., its wholly-owned subsidiary, entered into Amendment No. 8 (“Amendment No. 8”) to the Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”). Amendment No…

• •The maximum revolving advance amount under the Credit Agreement was changed to $40.0 million, replacing a schedule of maximum amounts that varied by calendar month. The Company may also request increases to the maximum revolving advance amount up to a cap of $60.0 million in minimum increments of $…

• •The term of the Credit Agreement was extended from April 15, 2027 to September 3, 2031.

• •The receivables advance rate was increased from 85% to 90% of “Eligible Receivables” (as defined in the Credit Agreement).

• •A new equipment loan sublimit of up to $3.0 million was added for equipment purchases, advanced at 85% of net invoice cost for new equipment or 80% for used equipment.

Text removed vs the prior filing · source: 10-Q · 2026-06-03

• During the fiscal quarter ended April 30, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.