10-K Filing

VIRCO MFG CORPORATION CIK: 751365 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001628280-21-007933`
Period End Date	20210131
Filing Date	20210428
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	virc-20210131_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 96 Income Statement 30 Cash Flow Statement 64 Stockholders Equity 16 Comprehensive Income 6

Balance Sheet 96 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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Cash	`Cash`	$402.00K	USD	Point-in-time
Cash	`Cash`	$738.00K	USD	Point-in-time
Cash	`Cash`	$1.15M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	3.00M	shares	Point-in-time
Trade accounts receivables (net of allowance for doubtful accounts of $200 at January 31, 2021 and 2020)	`AccountsReceivableNetCurrent`	$9.76M	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, 2021 and 2020)	`AccountsReceivableNetCurrent`	$11.76M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$26.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$57.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.92M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$298.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.71M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$199.00K	USD	Point-in-time
Inventories	`InventoryNet`	$38.27M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.92M	shares	Point-in-time
Inventories	`InventoryNet`	$43.33M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.71M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.31M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.97M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$58.34M	USD	Point-in-time
Land	`Land`	$3.73M	USD	Point-in-time
Land	`Land`	$3.73M	USD	Point-in-time
Land improvements	`LandImprovements`	$734.00K	USD	Point-in-time
Land improvements	`LandImprovements`	$717.00K	USD	Point-in-time
Buildings and building improvements	`BuildingsAndImprovementsGross`	$51.20M	USD	Point-in-time
Buildings and building improvements	`BuildingsAndImprovementsGross`	$51.26M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$112.10M	USD	Point-in-time
Machinery and equipment	`MachineryAndEquipmentGross`	$110.61M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$1.00M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$990.00K	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$167.25M	USD	Point-in-time
Total property, plant and equipment	`PropertyPlantAndEquipmentGross`	$168.83M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$127.35M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$132.00M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$39.90M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$36.83M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$17.60M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$21.32M	USD	Point-in-time
Deferred income tax assets, net	`DeferredIncomeTaxAssetsNet`	$11.23M	USD	Point-in-time
Deferred income tax assets, net	`DeferredIncomeTaxAssetsNet`	$11.72M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$8.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.93M	USD	Point-in-time
Total assets	`Assets`	$138.99M	USD	Point-in-time
Total assets	`Assets`	$125.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.59M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$4.58M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$6.39M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$878.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$887.00K	USD	Point-in-time
Current portion operating lease liability	`OperatingLeaseLiabilityCurrent`	$4.67M	USD	Point-in-time
Current portion operating lease liability	`OperatingLeaseLiabilityCurrent`	$3.65M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$3.55M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$3.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.11M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$935.00K	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$1.41M	USD	Point-in-time
Accrued retirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansIncludingLifeInsuranceLiabilitiesNoncurrent`	$21.31M	USD	Point-in-time
Accrued retirement benefits	`PensionAndOtherPostretirementDefinedBenefitPlansIncludingLifeInsuranceLiabilitiesNoncurrent`	$21.89M	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$65.00K	USD	Point-in-time
Income tax payable	`AccruedIncomeTaxesNoncurrent`	$70.00K	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$9.55M	USD	Point-in-time
Long-term debt, less current portion	`LongTermDebtNoncurrent`	$15.82M	USD	Point-in-time
Operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$15.62M	USD	Point-in-time
Operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$19.79M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$661.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$682.00K	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$48.74M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$59.06M	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, $0.01 par value; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Authorized 3,000,000 shares, $0.01 par value; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Authorized 25,000,000 shares, $0.01 par value; issued and outstanding 15,918,642 shares in 2021 and 15,713,549 shares in 2020	`CommonStockValue`	$159.00K	USD	Point-in-time
Authorized 25,000,000 shares, $0.01 par value; issued and outstanding 15,918,642 shares in 2021 and 15,713,549 shares in 2020	`CommonStockValue`	$157.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$119.66M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$118.78M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-49.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-52.04M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.31M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.59M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$54.19M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$54.82M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$57.03M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$138.99M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$125.04M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$193.00M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$152.79M	USD	Annual
Costs of goods sold	`CostOfGoodsAndServicesSold`	$121.33M	USD	Annual
Costs of goods sold	`CostOfGoodsAndServicesSold`	$97.87M	USD	Annual
Gross profit	`GrossProfit`	$54.92M	USD	Annual
Gross profit	`GrossProfit`	$71.67M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$54.20M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$65.73M	USD	Annual
(Gain) loss on sale of property, plant & equipment	`GainLossOnDispositionOfAssets`	$7.00K	USD	Annual
(Gain) loss on sale of property, plant & equipment	`GainLossOnDispositionOfAssets`	$-34.00K	USD	Annual
Operating income	`OperatingIncomeLoss`	$5.92M	USD	Annual
Operating income	`OperatingIncomeLoss`	$735.00K	USD	Annual
Pension expense	`LaborAndRelatedExpense`	$2.17M	USD	Annual
Pension expense	`LaborAndRelatedExpense`	$726.00K	USD	Annual
Interest expense, net	`InterestExpense`	$1.54M	USD	Annual
Interest expense, net	`InterestExpense`	$2.46M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.98M	USD	Annual
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$2.73M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-744.00K	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$345.00K	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-2.23M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$2.38M	USD	Annual
Basic	`EarningsPerShareBasic`	$0.15	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.14	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.14	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.15	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	15.59M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	15.76M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.69M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.76M	shares	Annual

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-2.23M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$2.38M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.09M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.77M	USD	Annual
Non-cash lease expense	`NoncashRentExpense`	$341.00K	USD	Annual
Non-cash lease expense	`NoncashRentExpense`	$579.00K	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$83.00K	USD	Annual
(Gain) loss on sale of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$7.00K	USD	Annual
(Gain) loss on sale of property, plant and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-34.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-742.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$209.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.01M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$924.00K	USD	Annual
Defined benefit plan, recognized net loss due to settlements	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1`	-	USD	Annual
Defined benefit plan, recognized net loss due to settlements	`DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1`	-	USD	Annual
Amortization of net actuarial loss for pension plans	`DefinedBenefitPlanAmortizationOfGainsLosses`	$-1.83M	USD	Annual
Amortization of net actuarial loss for pension plans	`DefinedBenefitPlanAmortizationOfGainsLosses`	$-776.00K	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.00M	USD	Annual
Trade accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.41M	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-31.00K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$17.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-3.96M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-5.06M	USD	Annual
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$-97.00K	USD	Annual
Income taxes	`IncreaseDecreaseInIncomeTaxes`	$93.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-215.00K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$234.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.68M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-6.23M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.80M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.76M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.22M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.15M	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$82.00K	USD	Annual
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$17.00K	USD	Annual
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$5.00K	USD	Annual
Proceeds from life insurance	`ProceedsFromLifeInsurancePolicies`	$5.00K	USD	Annual
Investments in life insurance	`PaymentsToAcquireLifeInsurancePolicies`	$64.00K	USD	Annual
Investments in life insurance	`PaymentsToAcquireLifeInsurancePolicies`	$68.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.13M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.26M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$32.24M	USD	Annual
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$39.77M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$38.50M	USD	Annual
Repayment of long-term debt	`RepaymentsOfLongTermDebt`	$44.49M	USD	Annual
Tax withholding payments on share-based compensation	`PaymentsForRepurchaseOfCommonStock`	$246.00K	USD	Annual
Tax withholding payments on share-based compensation	`PaymentsForRepurchaseOfCommonStock`	$156.00K	USD	Annual
Payment on deferred financing costs	`PaymentsOfFinancingCosts`	$125.00K	USD	Annual
Payment on deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-5.09M	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.41M	USD	Annual
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-748.00K	USD	Annual
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$412.00K	USD	Annual
Cash at beginning of year	`Cash`	$402.00K	USD	Point-in-time
Cash at beginning of year	`Cash`	$738.00K	USD	Point-in-time
Cash at beginning of year	`Cash`	$1.15M	USD	Point-in-time
Cash at end of year	`Cash`	$402.00K	USD	Point-in-time
Cash at end of year	`Cash`	$738.00K	USD	Point-in-time
Cash at end of year	`Cash`	$1.15M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaidNet`	$2.46M	USD	Annual
Cash paid during the year for interest	`InterestPaidNet`	$1.54M	USD	Annual
Cash paid during the year for income tax paid (received)	`IncomeTaxesPaidNet`	$-309.00K	USD	Annual
Cash paid during the year for income tax paid (received)	`IncomeTaxesPaidNet`	$81.00K	USD	Annual

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Pension adjustment tax effects	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$1.84M	USD	Annual
Pension adjustment tax effects	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax`	$-257.00K	USD	Annual
Balance	`StockholdersEquity`	$54.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$57.03M	USD	Point-in-time
(Loss) income	`NetIncomeLoss`	$-2.23M	USD	Annual
(Loss) income	`NetIncomeLoss`	$2.38M	USD	Annual
Pension adjustments, net of tax (benefit) expense	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-726.00K	USD	Annual
Pension adjustments, net of tax (benefit) expense	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$5.27M	USD	Annual
Shares vested	`SharesVestedAndOtherDuringPeriodValue`	$246.00K	USD	Annual
Shares vested	`SharesVestedAndOtherDuringPeriodValue`	$137.00K	USD	Annual
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.01M	USD	Annual
Stock compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$924.00K	USD	Annual
Balance	`StockholdersEquity`	$54.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.82M	USD	Point-in-time
Balance	`StockholdersEquity`	$57.03M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-2.23M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$2.38M	USD	Annual
Pension adjustments (net of $257 tax expense in 2021 and $1,840 tax benefit in 2020)	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$5.27M	USD	Annual
Pension adjustments (net of $257 tax expense in 2021 and $1,840 tax benefit in 2020)	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-726.00K	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.89M	USD	Annual
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.51M	USD	Annual

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