{"id":26674,"date":"2014-06-20T10:37:21","date_gmt":"2014-06-20T14:37:21","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=26674"},"modified":"2014-06-20T10:37:21","modified_gmt":"2014-06-20T14:37:21","slug":"virco-mfg-corporation-nasdaqvircs-first-quarter-results-continue-to-underline-the-companys-growth-since-2011","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/virco-mfg-corporation-nasdaqvircs-first-quarter-results-continue-to-underline-the-companys-growth-since-2011-26674","title":{"rendered":"Virco Mfg. Corporation (NASDAQ:VIRC)\u2019S First Quarter Results Continue To Underline The Company\u2019s Growth Since 2011"},"content":{"rendered":"<p style=\"text-align: justify;\">Boston, MA 06\/20\/2014 (wallstreetpr) \u2013<b> Virco Mfg. Corporation (NASDAQ:VIRC)<\/b> announced its first quarter results for the period ended April 30, 2014.<\/p>\n<p style=\"text-align: justify;\">Virco Mfg. Corporation (NASDAQ:VIRC)\u2019s first quarter results highlight the growing trend that the company has been following since the last winter. It reported an increase of 18.3% in revenue as compared to the results of the previous year. Revenue this was around $24 million, $4 million more than the prior year\u2019s. The company demonstrated growth in internal efficiencies and saw the potential of stabilization of funding in its main market of publicly funded educational institutions.<\/p>\n<p style=\"text-align: justify;\">The furniture designer, producer and distributor also reported a decline in its pre- tax operating loss in the first quarter of the year. Results improved as the loss declined to around $3.8 million, from the previous year\u2019s approximate figure of $4.5 million. The company however believes that operating losses in the first and fourth quarter are typical on account of the fact that these are seasonally light periods of the year.<\/p>\n<p style=\"text-align: justify;\"><b>Q1\u201914 versus Q1\u201913 Results<\/b><\/p>\n<p style=\"text-align: justify;\">The Virco Mfg. Corporation (NASDAQ:VIRC) reported net sales in the reported quarter to be $23.5 million. This marks a significant increase in net sales over last year which was reported to be $19.9 million. Cost of sales also surged from $13 million to $15 million, amounting to a gross profit of $8 million this year. Last year, the company had reported a gross profit of $6.4 million. A net loss of approximately $3.8 million was reported in the first quarter of 2014, which is comparable to the net loss of $4.4 million in the first quarter of 2013.<\/p>\n<p style=\"text-align: justify;\">Virco Mfg. Corporation (NASDAQ:VIRC) has been engaged in cost cutting since the fall of 2011, and the company has cut down the workforce by almost 35% over the period. These efforts are in line with its efforts to increase gross margins. It has reported improved gross margins of 29.4%, 32.2% and 34.8% in 2012, 2013 and 2014 respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston, MA 06\/20\/2014 (wallstreetpr) \u2013 Virco Mfg. Corporation (NASDAQ:VIRC) announced its first quarter results for the period ended April 30, 2014. Virco Mfg. Corporation (NASDAQ:VIRC)\u2019s [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":26675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[7524,7523,7522],"stock_ticker":[],"class_list":["post-26674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nasdaqvirc","tag-virco-mfg-corporation","tag-virco-mfg-corporation-nasdaqvirc","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Virco Mfg. 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