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VIRC - Virco Manufacturing Corp.9:30:00 PM 12/5/2023
Price
$6.88
-0.45 (-6.14%)
The Virco Manufacturing Corporation, more commonly known as Virco is an American furniture manufacturer based in Torrance, California which focuses on providing products for educational markets. The principal products of the company include student desks and activity tables, school and office seating, computer stations, lightweight folding tables, and upholstered chairs. Prior to founding Virco, Julian Virtue had cofounded Virtue Chrome Plating with his brother Philip Virtue in August 1926. This company was quite successful, initially providing custom nickel and chrome plating for furniture manufacturers. By the mid-1930s, the company began to directly manufacture its own furniture from its factory on West Century Boulevard, producing dinette sets for restaurants and consumer homes, chrome-plated chairs for offices, and beauty-parlor equipment. During World War II, the company became a significant supplier of furniture for the military, providing furniture for the sleeping quarters and mess halls of US Navy ships, and thousands of bunkbeds for US Army and Marine barracks. Even after the conclusion of the war, the company remained a significant military contractor, while also expanding further into the consumer furniture market. However, due to a disagreement between the brothers, Julian Virtue left the company. After dividing their assets, Julian got a check for $1,000,000 and Philip continued to run Virtue Brothers.
Financials
Quarterly financials
(USD)Jul 2023Q/Q
Revenue107.3MM-
Gross Profit48.6MM-
Cost Of Revenue58.7MM-
Operating Income21.3MM-1720%
Operating Expenses27.3MM-
Net Income15.5MM-1177%
G&A27.3MM+88%
Interest Expense1.1MM+52%
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