In a recent 8-K filing with the 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, which took place on June 18, 2024.
During the meeting, a total of 16,347,314 shares of common stock were entitled to vote, and 12,909,738 shares were represented in person or by proxy. Two key matters were decided upon by the stockholders.
The first item on the agenda was the election of directors. The stockholders elected three Class II directors to serve until the 2027 Annual Meeting of Stockholders. 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. Votes withheld and broker non-votes were also reported for each nominee.
The second matter was the ratification of the appointment of Moss Adams LLP as the company's independent registered public accounting firm for the fiscal year ending January 31, 2025. This proposal was approved with 12,826,900 votes in favor, 11,844 against, and 70,994 abstentions.
The filing, dated June 20, 2024, confirms that the company's chief executive officer and chairman of the board, Robert A. Virtue, signed the report. This annual meeting is a routine part of corporate governance, allowing stockholders to make decisions on the company's leadership and oversight of financial practices.
In other recent news, educational furniture manufacturer Virco Mfg. Corporation reported a significant improvement in its first-quarter results, with shipments increasing by 33.7% and net income reaching $2.1 million. This is a considerable turnaround from the $1.4 million loss experienced in the same quarter last year. The company's gross margin also saw an increase to 43.5% from 37.8%, attributed to higher factory output and stable raw material costs.
The Board of Virco has declared a quarterly dividend of $0.02 per share and has completed the first round of open market share repurchases, totaling $1.5 million. An additional $3.5 million has been authorized for future repurchases. A significant individual order related to disaster relief and recovery contributed to the robust first-quarter results.
The company's balance sheet shows a 37.4% decline in current liabilities and a 41.3% reduction in long-term liabilities, with total stockholder's equity increasing by 37.3% to $91.6 million. Amidst these recent developments, Virco is also evaluating potential acquisitions to expand its capabilities. However, Virco's management advises caution regarding the use of "Shipments plus Backlog", a non-GAAP metric, for forecasting purposes.
InvestingPro Insights
As Virco Mfg. Corporation (NASDAQ:VIRC) continues to navigate its corporate governance, recent data from InvestingPro shows promising financial metrics that may interest current and potential investors. The company has demonstrated a strong return on assets over the last twelve months as of Q1 2025, with a notable 16.01%, indicating efficient use of its assets to generate earnings. Additionally, Virco's stock is trading at a low P/E ratio of 9.49, which is appealing when coupled with its revenue growth of over 20% in the same period. These figures suggest that the company is not only growing its top line but also maintaining profitability.
InvestingPro Tips highlight that Virco's high shareholder yield and its performance over the last year, with a staggering 300.5% return, could be a signal of strong investor confidence in the company's long-term strategy. Moreover, with liquid assets surpassing short-term obligations, Virco appears to be in a solid financial position to meet its immediate financial commitments. For those considering a deeper analysis, InvestingPro offers additional tips on Virco, and by using the coupon code PRONEWS24, interested parties can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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