Virco Reports Third Quarter Sales Slid 15.3%

Monday, 21 December 2020

VIRCO MFG. CORPORATION TUESDAY REPORTED ITS FINANCIAL RESULTS FOR THE THIRD FISCAL QUARTER ENDED OCTOBER 31, 2020. Net sales and earnings continue to be negatively im- pacted by economic conditions driven by the COVID-19 pandemic. Net sales for the third quarter were $56,741,000, a 15.3% decline from last year’s $66,998,000. Through nine months, net sales were $133,625,000 versus $164,250,000 last year, a decline of 18.6%. Operating income for the third quarter declined by 8.5% compared to the prior year, although net income for the quarter improved 15.1% to $4,480,000 or $0.28 per diluted share from $3,892,000 or $0.25 per diluted share, reflecting the positive impact of operational expense controls and favorable tax benefits.

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