In a recent 8-K filing with the U.S. Securities and Exchange Commission, Virco Mfg. Corporation, a company specializing in public building and related furniture, announced the results of its 2024 Annual Meeting of Stockholders held on June 18, 2024.
During the meeting, the total number of ordinary shares with voting rights was 16,347,314 shares, and 12,909,738 shares were present in person or by proxy. Shareholders decide on two key matters.
The first item on the agenda is the election of directors. Shareholders elected three secondary directors to serve until the 2027 Annual Meeting of Shareholders. Robert A. Virtue received 11,479,734 votes in favor, Kathy Virtue Young received 10,946,215 votes in favor, and Agnieszka Winkler received 10,159,482 votes in favor. Withheld votes and broker non-votes are also reported for each nominee.
The second event was the approval of the appointment of Moss Adams LLP as the company’s independent registered public accounting firm for the fiscal year ending January 31, 2025.
The document, dated June 20, 2024, confirms that Robert A. Virtue, the company’s chief executive officer and chairman of the board of directors, signed the report. The annual meeting is a routine part of corporate governance and allows shareholders to make decisions regarding the company’s leadership and oversight of its financial practices.
In other recent news, educational furniture maker Virco Mfg. Corporation reported significantly improved first-quarter results, with shipments up 33.7% and net profit reaching $2.1 million. That’s a sizable turnaround from a loss of $1.4 million in the same period last year. The company’s gross profit margin also increased from 37.8% to 43.5% due to increased factory output and stable raw material costs.
Virco’s board of directors declared a quarterly dividend of $0.02 per share and has completed its first round of open market stock repurchases totaling $1.5 million. Authorizes an additional $3.5 million for future repurchases. Significant individual orders related to disaster relief and recovery contributed to strong first-quarter results.
The company’s balance sheet showed a 37.4% decrease in current liabilities, a 41.3% decrease in long-term liabilities, and a 37.3% increase in total shareholders’ equity to $91.6 million. Amid these recent developments, Virco is also evaluating potential acquisitions to expand its capabilities. However, Virco’s management advises caution in using “shipments plus order backlog” (a non-GAAP measure) for forecasting.
Investment Professional Insights
As Virco Mfg. Corporation (NASDAQ: VIRC ) continues to improve its corporate governance, the latest data from InvestingPro shows promising financial indicators that may be of interest to current and potential investors. The company has demonstrated a strong return on assets of 16.01% in the trailing twelve months to Q1 2025, indicating that it is effectively utilizing its assets to generate earnings. Additionally, Virco’s stock trades at an attractive price-to-earnings ratio of 9.49 times, which combined with revenue growth of more than 20% during the same period. These numbers show that the company is not only growing revenue, but also maintaining profitability.
InvestingPro Tips highlights that Virco’s high shareholder yield and its performance last year (a whopping 300.5% return) may indicate investor confidence in the company’s long-term strategy. Additionally, with liquid assets exceeding short-term debt, Virco appears to be in a solid financial position to meet its current financial commitments. For those considering a more in-depth analysis, InvestingPro has additional tips on Virco with coupon codes PRONEWS24interested parties can receive an additional 10% discount on annual or bi-annual subscriptions to Pro and Pro+.
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