Virco Mfg Corp 2026年季度报告

FORM 10-Q Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has beensubject to such filing requirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every InteractiveData File required to be submitted and posted pursuant to Rule405 of RegulationS-T during the preceding 12months (or for such shorter Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reportingcompany. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule12b-2 of the ExchangeAct.: LargeacceleratedfilerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. The number of shares outstanding for each of the registrant’s classes of common stock, as of the latest practicable date:Common Stock, $.01 par value — 15,729,543 shares as of June 2, 2026. TABLE OF CONTENTS Virco Mfg. Corporation VIRCO MFG. CORPORATION Notes to Unaudited Condensed Consolidated Financial Statements April30, 2026 Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principlesgenerally accepted in the United States ("U.S. GAAP") for interim financial information and pursuant to the rules and regulations of theSecurities and Exchange Commission. Accordingly, they do not include all of the information and notes required by generally acceptedaccounting principles for complete financial statements and are presented in accordance with the requirements of Form 10-Q and Rule 10-01of Regulation S-X. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidatedfinancial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January31, 2026 Note 2. Seasonality and Management Use of Estimates The market for educational furniture is marked by extreme seasonality, with approximately 50% of the Company’s total sales typicallyoccurring from June to August each year, the Company’s peak season. Hence, the Company typically builds and carries significant amountsof inventory during and in anticipation of this peak summer season to facilitate the rapid delivery requirements of customers in theeducational market. This requires a large up-front investment in inventory, labor, storage and related costs as inventory is built in anticipationof peak sales during the summer months. If the capital required for this build-up exceeds cash available from operations, the Company hasgenerally relied on third-party bank financing to meet cash flow requirements during the build-up period immediately preceding the peak The Company’s working capital requirements during and in anticipation of the peak summer season require management to make estimatesand judgments that affect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. On an ongoing basis,management evaluates its estimates, including those related to market demand, labor costs and stocking inventory. Significant estimates Note 3. Recently Issued Accounting Standards New Accounting Pronouncements Recently Adopted Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures. In December 2023, theFinancial Accounting Standards Board ("FASB")issued this ASU amending existing income tax disclosure guidance, primarily requiringmore detailed disclosure for income taxes paid and the effective tax rate reconciliation. We adopted this ASU for the year ended January 31, ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and ContractAssets. In July 2025, the FASB issued this ASU which provides a practical expedient to assume that the conditions as of the balance sheetdate remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and contract assetsarising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The Company adopted this ASU for the Recently Issued Accounting Pronouncements ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):Disaggregation of Income Statement Expenses. In November 2024, the FASB issued this ASU which requires a public entity to disclose additional inf