Virco Q1 net income $0.7M, down 67% YoY; backlog drops 23% as school demand slows

VIRCO MFG CORPORATION

2026-Q1 EPS reported $0.05 revenue$33,754,000

Net income $0.7M vs $2.1M last year; gross margin improved 400 bps to 47.5% on mix shift.
Shipments plus backlog fell 22.9% to $105.6M; underlying demand within normal bond-cycle range.
Board declared Q2 dividend $0.025/share, payable July 11, 2025 to holders of record June 20.
Q1 shareholder returns: $4.0M share repurchases plus $0.4M dividends; over $2.0M factory capex.
Moss Adams merged into Baker Tilly; no audit disagreements or adverse opinions in prior years.

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