Virco Announces Third Quarter Results
December 15 2011 - 9:30AM
Virco Mfg. Corporation (Nasdaq:VIRC) today announced third quarter
and year-to-date results in the following letter to stockholders
from Robert A. Virtue, President and CEO:
For the three months of August through October, traditionally
the tail end of our summer delivery season, revenue was $53,074,000
compared to $60,779,000 in the same period last year, a decline of
12.7%. Revenue for the nine months ended October 31, 2011 was
$140,147,000 versus $158,002,000 in the corresponding period last
year, a decline of 11.3%. Sales backlog at October 31, 2011
was approximately $5 million higher than the prior year.
The Company's order rates and results of operations for the
first nine months of 2011 continue to be adversely impacted by
economic conditions and the related impact on tax receipts and
budgeted expenditures for public schools. Order rates for the
first nine months of 2011 have declined by approximately 11%
compared to the same period last year and have been volatile from
quarter to quarter. Order rates for the first quarter of 2011
declined by nearly 22% compared to the same period last
year. Order rates for the seasonally important second quarter
declined by nearly 9% compared to the same period last
year. Third quarter order rates stabilized and showed a
slight (
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