10-K Filing

VIRCO MFG CORPORATION CIK: 751365 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001628280-19-005502`
Period End Date	20190131
Filing Date	20190501
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	virc-20190131.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 30 Cash Flow Statement 66 Stockholders Equity 19 Comprehensive Income 6

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$200.00K	USD	Point-in-time
Allowance for doubtful accounts receivables	`AllowanceForDoubtfulAccountsReceivableCurrent`	$200.00K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash	`Cash`	$738.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Cash	`Cash`	$788.00K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Cash	`Cash`	$534.00K	USD	Point-in-time
Trade accounts receivables (net of allowance for doubtful accounts of $200 at January 31, 2019 and 2018)	`AccountsReceivableNetCurrent`	$13.25M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Trade accounts receivables (net of allowance for doubtful accounts of $200 at January 31, 2019 and 2018)	`AccountsReceivableNetCurrent`	$11.38M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$29.00K	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$40.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$171.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.54M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.36M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$175.00K	USD	Point-in-time
Inventories, net	`InventoryNet`	$47.29M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.36M	shares	Point-in-time
Inventories, net	`InventoryNet`	$42.06M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.54M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.62M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.54M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$55.71M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$63.11M	USD	Point-in-time
Land	`Land`	$3.73M	USD	Point-in-time
Land	`Land`	$3.73M	USD	Point-in-time
Land improvements	`LandImprovements`	$688.00K	USD	Point-in-time
Land improvements	`LandImprovements`	$688.00K	USD	Point-in-time
Buildings and building improvements	`BuildingsAndImprovementsGross`	$51.18M	USD	Point-in-time
Buildings and building improvements	`BuildingsAndImprovementsGross`	$51.18M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$108.25M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$103.02M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$809.00K	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$830.00K	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$159.42M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$164.68M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$122.76M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$116.98M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$42.44M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$41.92M	USD	Point-in-time
Deferred income tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$10.09M	USD	Point-in-time
Deferred income tax assets, net	`DeferredTaxAssetsNetNoncurrent`	$9.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.38M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.48M	USD	Point-in-time
Total assets	`Assets`	$116.62M	USD	Point-in-time
Total assets	`Assets`	$123.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.76M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.11M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$4.78M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$4.57M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.68M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$5.50M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$4.16M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$4.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.72M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$1.43M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$1.19M	USD	Point-in-time
Accrued retirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansIncludingLifeInsuranceLiabilitiesNoncurrent`	$14.49M	USD	Point-in-time
Accrued retirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansIncludingLifeInsuranceLiabilitiesNoncurrent`	$14.66M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$44.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$45.00K	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$15.91M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$12.00M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.33M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.06M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$33.96M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$30.19M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Authorized 3,000,000 shares, $.01 par value; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Authorized 3,000,000 shares, $.01 par value; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 15,541,956 shares in 2019 and 15,357,457 shares in 2018	`CommonStockValue`	$155.00K	USD	Point-in-time
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 15,541,956 shares in 2019 and 15,357,457 shares in 2018	`CommonStockValue`	$154.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$117.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$118.11M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-52.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-49.65M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.26M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$57.03M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$59.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$58.71M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$123.11M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$116.62M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$200.72M	USD	Annual
Net sales	`SalesRevenueGoodsNet`	$189.29M	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$133.63M	USD	Annual
Costs of goods sold	`CostOfGoodsSold`	$123.82M	USD	Annual
Gross profit	`GrossProfit`	$67.08M	USD	Annual
Gross profit	`GrossProfit`	$65.47M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$60.35M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$64.75M	USD	Annual
Gain on sale of property, plant & equipment	`GainLossOnDispositionOfAssets`	$16.00K	USD	Annual
Gain on sale of property, plant & equipment	`GainLossOnDispositionOfAssets`	$1.00K	USD	Annual
Operating income	`OperatingIncomeLoss`	$5.14M	USD	Annual
Operating income	`OperatingIncomeLoss`	$2.33M	USD	Annual
Pension expense	`LaborAndRelatedExpense`	$1.18M	USD	Annual
Pension expense	`LaborAndRelatedExpense`	$1.26M	USD	Annual
Interest expense, net	`InterestExpense`	$2.19M	USD	Annual
Interest expense, net	`InterestExpense`	$1.54M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.12M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.41M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$5.62M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$497.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.61M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.21M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.10	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.21	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.10	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.21	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	15.24M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	15.42M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.42M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.24M	shares	Annual

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.61M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.21M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.79M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.47M	USD	Annual
(Decrease) increase in provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$55.00K	USD	Annual
(Decrease) increase in provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-3.00K	USD	Annual
Gain on sale of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.00K	USD	Annual
Gain on sale of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$16.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$5.82M	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$419.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$830.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$908.00K	USD	Annual
Defined benefit plan, recognized net loss due to settlements	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1`	$-538.00K	USD	Annual
Defined benefit plan, recognized net loss due to settlements	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1`	-	USD	Annual
Amortization of net actuarial loss for pension plans	`OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax`	$-955.00K	USD	Annual
Amortization of net actuarial loss for pension plans	`OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax`	$-795.00K	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.87M	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.47M	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$10.00K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-181.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$6.37M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$5.23M	USD	Annual
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$112.00K	USD	Annual
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$-3.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-73.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$79.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.72M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-748.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.68M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.36M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.39M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.21M	USD	Annual
Purchase of manufacturing facility	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	-	USD	Annual
Purchase of manufacturing facility	`PaymentsToAcquireOtherPropertyPlantAndEquipment`	$7.20M	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.00K	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$22.00K	USD	Annual
Proceeds for life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$-5.00K	USD	Annual
Proceeds for life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$-119.00K	USD	Annual
Investments in life insurance	`PaymentsToAcquireLifeInsurancePolicies`	$61.00K	USD	Annual
Investments in life insurance	`PaymentsToAcquireLifeInsurancePolicies`	-	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.27M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.45M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$54.71M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$36.74M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$49.98M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$25.07M	USD	Annual
Tax withholding payments on share-based compensation	`PaymentsForRepurchaseOfCommonStock`	$265.00K	USD	Annual
Tax withholding payments on share-based compensation	`PaymentsForRepurchaseOfCommonStock`	$339.00K	USD	Annual
Payment on deferred financing costs	`PaymentsOfFinancingCosts`	$249.00K	USD	Annual
Payment on deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	Annual
Cash dividend paid	`PaymentsOfDividends`	$930.00K	USD	Annual
Cash dividend paid	`PaymentsOfDividends`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.33M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.29M	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$204.00K	USD	Annual
Net increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-254.00K	USD	Annual
Cash at beginning of year	`Cash`	$738.00K	USD	Point-in-time
Cash at beginning of year	`Cash`	$788.00K	USD	Point-in-time
Cash at beginning of year	`Cash`	$534.00K	USD	Point-in-time
Cash at end of year	`Cash`	$738.00K	USD	Point-in-time
Cash at end of year	`Cash`	$788.00K	USD	Point-in-time
Cash at end of year	`Cash`	$534.00K	USD	Point-in-time
Cash paid during the year for interest	`InterestPaid`	$2.19M	USD	Annual
Cash paid during the year for interest	`InterestPaid`	$1.54M	USD	Annual
Cash paid during the year for income tax, net of refunds	`IncomeTaxesPaidNet`	$96.00K	USD	Annual
Cash paid during the year for income tax, net of refunds	`IncomeTaxesPaidNet`	$46.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Pension adjustment tax effects	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$1.27M	USD	Annual
Pension adjustment tax effects	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$76.00K	USD	Annual
Balance	`StockholdersEquity`	$57.03M	USD	Point-in-time
Balance	`StockholdersEquity`	$59.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$58.71M	USD	Point-in-time
Beginning balance adjustment to retained earnings as a result of the adoption of ASU 2016-09	`CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption`	$171.00K	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-1.61M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.21M	USD	Annual
Pension adjustments, net of tax effect	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-2.13M	USD	Annual
Pension adjustments, net of tax effect	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-217.00K	USD	Annual
Dividends	`Dividends`	$930.00K	USD	Annual
Dividends	`Dividends`	$230.00K	USD	Annual
Shares vested	`SharesVestedAndOtherDuringPeriodValue`	$339.00K	USD	Annual
Shares vested	`SharesVestedAndOtherDuringPeriodValue`	$266.00K	USD	Annual
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$908.00K	USD	Annual
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$830.00K	USD	Annual
Balance	`StockholdersEquity`	$57.03M	USD	Point-in-time
Balance	`StockholdersEquity`	$59.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$58.71M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.61M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.21M	USD	Annual
Pension adjustments (net of tax $76 and $1,267 in 2019 and 2018, respectively)	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-2.13M	USD	Annual
Pension adjustments (net of tax $76 and $1,267 in 2019 and 2018, respectively)	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-217.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.07M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.40M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.