Virco reports FY 2023 revenue up 25% to $231.1M; operating income of $10.8M vs loss year ago

VIRCO MFG CORPORATION

FY 2023 net sales $231.1M (+25% YoY from $184.8M); gross margin expanded to 36.9% from 33.0%.
Operating income $10.8M vs operating loss of $0.3M in prior year; reversed deferred tax asset valuation allowance for $8.5M non-cash benefit.
Q4 revenue $38.8M (down from $40.1M) but gross margin improved to 33.5% from 26.5%.
As of March 31, 2023, year-to-date 'shipments plus backlog' hit record $106.9M, up 25.7%.
Management cites post-pandemic recovery, reshoring trend, and strong order flows for continued profitability.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VIRCO MFG CORPORATION reported the fiscal year ended January 31, 2023 results: revenue $231.1 million.

Period: the fiscal year ended January 31, 2023
Revenue: $231.1 million
Result: reported results

Exact text from the filing

Net sales for the full fiscal year ended January 31, 2023 was $231.1 million, a 25.0% increase from $184.8 million in the prior fiscal year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

VIRCO MFG CORPORATION reported the fourth quarter ended January 31, 2023 results: revenue $38.8 million.

Period: the fourth quarter ended January 31, 2023
Revenue: $38.8 million
Result: reported results

Exact text from the filing

Net revenue in the Company’s seasonally light fourth quarter declined to $38.8 million compared to $40.1 million in the same period last year.

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Source: SEC EDGAR

accession 0001628280-23-014118

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