Virco Mfg Corporation 8-K, filed Feb 27, 2024
Virco Mfg Corporation (VIRC)
8-K
2024-02-27
For: 2024-02-27
View Original
Added on
April 11, 2026
About this 8-K
Virco Mfg Corporation filed this 8-K on February 27, 2024.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report: February 27, 2024
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (310) 533-0474
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
TABLE OF CONTENTS
Item 7.01 Regulation FD Disclosure.
On February 27, 2024, Virco Mfg. Corporation (“Virco”) issued a press release announcing that its Board of Directors declared a cash dividend for the Company’s first fiscal quarter of $0.02 per share on each outstanding share of common stock. The dividend is payable on April 10, 2024 to stockholders of record of the common stock as of the close of business on March 7, 2024. While the Company intends to pay future dividends on a quarterly basis, following review and approval by the Board of Directors, the declaration and payment of future dividends, as well as the amounts thereof, are subject to the discretion of the Board as well as restrictive covenants in the Company’s lending agreements. There can be no assurance that the Company will declare and pay dividends in future periods.
A copy of the press release is attached hereto as Exhibit 99.1. The information in this Item 7.01 and the exhibit attached hereto are furnished to, but not filed with, the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
(d) Exhibit 99.1 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VIRCO MFG. CORPORATION (Registrant) | |||||||||||
| Date: February 27, 2024 | /s/ Robert A. Virtue | ||||||||||
| (Signature) | |||||||||||
| Name: | Robert A. Virtue | ||||||||||
| Title: | Chief Executive Officer and Chairman of the Board of Directors | ||||||||||
Exhibit 99.1
Virco Announces First Quarter Cash Dividend
TORRANCE, CALIFORNIA, FEBRUARY 27, 2024 – Virco Mfg. Corporation (NASDAQ: VIRC), the largest manufacturer and supplier of movable furniture and equipment for educational environments in the United States, declared a cash dividend for the first quarter of fiscal 2025 of $0.02 per share of common stock, payable on April 10, 2024 to shareholders of record as of March 7, 2024.
The Company is currently in the closing process for its fiscal year ended January 31, 2024. After reviewing preliminary results for the year, Virco’s Board of Directors declared the dividend based on the Company’s expected continued strong performance.
Commenting on the dividend and Virco’s progress, Chairman and CEO Robert Virtue said:
“As long-time shareholders know, it has been our goal to restore a regular cash dividend as a way of sharing Virco’s success with its owners. In addition, we are in the process of implementing the previously-announced share repurchase program. In combination with the dividend, we anticipate that this will provide a balanced portfolio of shareholder returns. Our financial strength also permits us to follow through on our quality and service commitments to educators. They never need to wonder if someone will be there to answer the phone, or email, or a service call. We’re committed to supporting students and educators through economic ups and downs.”
“We also believe it’s fair and appropriate to reward the patient shareholders who allowed us to preserve our U.S. factories, warehouses, and employees during the last twenty years, when many other companies closed their U.S. facilities and outsourced their jobs. Our capabilities as a strong domestic supplier of school furniture have never been more needed or more essential. Our role in the recovery is small, but we take it seriously and look forward to the help we can provide by building comfortable and inspirational school furniture right here in our own American factories.”
Statement Concerning Forward-Looking Information
This news release contains “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and beliefs about future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, which may cause actual results to differ materially from those that are anticipated. The declaration and payment of future dividends, as well as the amounts thereof, are subject to the discretion of the Company’s Board of Directors. The amount and size of any future dividends will depend upon the Company’s future results of operations,financial condition, capital levels, cash requirements and other factors. There can be no assurance that the Company will declare and pay dividends in future periods.
Contact:
Virco Mfg. Corporation
(310) 533-0474
Robert A. Virtue, Chairman and Chief Executive Officer
Doug Virtue, President
Robert Dose, Chief Financial Officer