Virco Mfg. Q3 Net Income Declines
(RTTNews) - Virco Mfg. Corporation (VIRC) reported third quarter net income of $8.4 million, down from $10.2 million, prior year. Net income per share was $0.52 compared to $0.62.
For the third quarter, including the months of August, September, and October, revenue declined to $82.62 million from $84.25 million, last year. Net interest income was $24 thousand compared to net interest expense of $765 thousand, prior year. The company said this swing to net interest income reflects the fact that it was effectively debt-free during the bulk of the third quarter, and was not utilizing its seasonal line of credit to finance operations.
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