Brief: Virco Reports Qtrly Loss Per Share At $0.42

Virco Mfg

01/05/2019 14:36

May 1 (Reuters) - Virco Mfg. Corp  VIRC.O :
    * VIRCO REPORTS RESULTS FOR FOURTH QUARTER AND YEAR-ENDED
JANUARY
31, 2019
    * REVENUE UP 8% FOR QUARTER AND 6% FOR FULL FISCAL YEAR
    * HIGHER INPUT COSTS IMPACT OPERATING MARGINS IN QUARTER
    * QTRLY ORDER CYCLE MAY HAVE BEEN IMPACTED BY HEAVY WINTER
    * QTRLY LOSS PER SHARE $0.42
    * VOLATILE ENVIRONMENT FOR RAW MATERIALS APPEARS TO HAVE
BEEN
TRIGGERED BY UNCERTAINTY ASSOCIATED WITH GLOBAL TRADE TENSIONS
    * BOARD HAS SUSPENDED PAYMENT OF A CASH DIVIDEND FOR CURRENT
QUARTER
    * WILL CONSIDER RESUMING DIVIDENDS IN FUTURE QUARTERS
SUBJECT TO
LOAN COVENANTS AND WHEN POSITIVE IMPACT OF PRICE INCREASE IS
RECORDED
    * BELIEVES THAT BUSINESS ACTIVITY IS SUFFICIENTLY ELASTIC TO
ABSORB HIGHER PRICES WITH ONLY MINIMAL IMPACTS TO OVERALL
REVENUE.
    * QTRLY NET SALES $26.5 MILLION VERSUS $24.6 MILLION
    * MANAGEMENT BELIEVES CUMULATIVE IMPACT OF WINTER WEATHER
HAS
SLOWED ANNUAL ORDER CYCLE BY APPROXIMATELY 4-6 WEEKS

Source text for Eikon:  ID:nGNX73qTG0 
Further company coverage:  VIRC.O 

 ((Briefs@thomsonreuters.com;))