Virco(US:VIRC)2024-12-09 19:04Revenue Performance - Third Quarter revenue slightly declined to $82,620,000 from $84,252,000 in the same quarter last year, while revenue for the first nine months grew 5.0% to $237,774,000[2] - Net sales for the three months ended October 31, 2024, were $82,620,000, a decrease of 1.9% compared to $84,252,000 for the same period in 2023[27] - For the nine months ended October 31, 2024, net sales increased to $237,774,000, up 4.9% from $226,516,000 in the prior year[29] Profitability Metrics - Gross Profit for the Third Quarter decreased 4.0% to $36,678,000, with a Gross Margin of 44.4%, compared to 45.4% in the prior year[3] - Gross profit for the three months ended October 31, 2024, was $36,678,000, down from $38,211,000, reflecting a gross margin decrease[27] - Gross profit for the nine months ended October 31, 2024, was $107,243,000, an increase from $99,991,000, indicating improved profitability[29] Operating Income - Operating Income for the Third Quarter declined to $11,113,000, or 13.5% of sales, while it increased 3.8% to $35,978,000 for the first nine months[5] - Operating income for the three months ended October 31, 2024, was $11,113,000, a decline of 24.0% from $14,706,000 in the prior year[27] - Operating income for the nine months ended October 31, 2024, rose to $35,978,000, compared to $34,648,000 in the previous year, showing a growth of 3.8%[29] Net Income - Net income for the Third Quarter was $8,401,000, down from $10,160,000 in the same period last year, but up to $27,374,000 for the first nine months from $24,252,000[7] - Net income for the three months ended October 31, 2024, was $8,401,000, compared to $10,160,000 for the same period in 2023, representing a decrease of 17.3%[27] - Net income for the nine months ended October 31, 2024, was $27,374,000, an increase of 8.8% from $24,252,000 in the same period last year[29] Expenses - Selling, General, and Administrative Expenses (SG&A) increased 8.8% to $25,565,000, representing 30.9% of revenue, primarily due to higher freight and installation costs[4] Cash and Equity - As of October 31, 2024, the Company had $38,858,000 in cash and was not utilizing any of its available credit under its seasonal revolver[9] - Stockholder's Equity increased 23.5% to $115,859,000 from $93,789,000 at the same period last year[13] Dividends - The Company declared a quarterly dividend of $0.025 per share, payable on January 10, 2025[14] - Cash dividends declared per common share for the three months ended October 31, 2024, were $0.025, while for the nine months, it was $0.065[27][29] Inventory and Receivables - Inventories decreased 16.9% to $48,948,000 compared to $58,931,000 at the end of last year's Third Quarter[11] - Accounts Receivable declined 14.7% to $28,168,000, reflecting faster collections on higher annual revenue[12] Earnings Per Share - Basic net income per common share for the three months ended October 31, 2024, was $0.52, down from $0.62 in the prior year[27]