Virco Q1 revenue up 13% to $32.1M; backlog hits record $144.4M; net loss widens to $0.32/sh

VIRCO MFG CORPORATION

2023-Q1 EPS reported -$0.32 revenue$32,084,000

Net sales $32.1M (+13% YoY); net loss $5.1M ($0.32/sh) vs $3.9M loss ($0.25/sh) prior year.
Gross margin improved to 30.3% from 27.1%, helped by 45% increase in factory output.
Shipments + Backlog at May 31, 2022 reached $144.4M, a record, up 35% YoY and 20% above prior record.
Renegotiated public contracts for bi-annual price adjustments to offset inflation; expects positive margin impact.
Increased legal expenses for IP enforcement and special committee related to rejected acquisition proposal.

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