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Virco Manufacturing Corporation (VIRC-2.24%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $82.6 million, a slight decrease from $84.3 million in the same quarter the previous year. The decrease is attributed to the timing of shipments.
Gross profit for the quarter was $36.7 million, compared to $38.2 million in the previous year, with the decline attributed to increased overhead expenses relative to sales.
Selling, general, and administrative expenses increased to $25.6 million from $23.5 million, primarily due to increased freight and selling expenses.
Net income for the quarter was $8.4 million, down from $10.2 million in the previous year. The decrease is attributed to reduced sales and increased expenses.
Cash provided by operating activities was $41.4 million, while cash used in investing and financing activities was $4.6 million and $3.2 million, respectively.
Virco had a working capital of $77.9 million as of October 31, 2024. The company acknowledges its dependence on seasonal sales and potential financing to meet future obligations.
The filing also details various financial agreements, including an amendment to the revolving credit and security agreement with PNC Bank.
Virco does not anticipate material changes to its business strategy or operations in the near future.
The company identified no significant changes in its internal controls over financial reporting during the quarter.
Virco continues to focus on its core market of educational furniture and highlights its dependence on seasonal sales cycles.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Virco Manufacturing Corporation quarterly 10-Q report dated December 9, 2024. To report an error, please email earnings@qz.com.