Virco Amends Credit Facility To Allow Distributions To Shareholders
Torrance, Calif., October 1, 2021 – Virco Mfg. Corporation (Nasdaq: VIRC), the largest manufacturer and supplier of furniture and mobile equipment for the education market in the United States, today announced that it has signed an endorsement and rewording of its existing credit facility which restores its ability to resume distributions to shareholders. All other material terms and conditions of the credit facility remain in effect, including the maturity date of March 19, 2023.
Robert Virtue, Chairman and CEO of Virco, said: âThe re-establishment of our ability to resume distributions to shareholders reflects the positive trends we are experiencing in the business and the strength of our balance sheet. This will give us the flexibility to consider capital return to shareholders through cash dividends and / or share buybacks in the future, subject to approval by the Board of Directors of the Company. years to come, we believe that cash dividends and / or share buybacks can be important elements of a well-balanced approach to capital allocation that positively impacts the total return we generate for them. shareholders. ”
About Virco Mfg. Corporation
Founded in 1950, Virco Mfg. Corporation is the largest manufacturer and supplier of mobile educational furniture and equipment for the Kindergarten to Grade 12 market in the United States. The Company manufactures a wide assortment of products, including mobile tables, mobile storage equipment, desks, computer furniture, chairs, activity tables, folding chairs and folding tables. In addition to serving clients in the education market – which, in addition to Kindergarten through Grade 12, public and private schools include: junior and community colleges; four-year colleges and universities; commercial, technical and vocational schools – Virco is a supplier of furniture and equipment for convention centers and arenas; the hospitality industry with regard to banquet and meeting rooms; government facilities at federal, state, departmental and municipal levels; and places of worship. The Company also sells to wholesalers, distributors, traditional retailers and catalog retailers who serve these same markets. With operations entirely based in the United States, Virco designs, manufactures and ships its furniture and equipment from one facility in Torrance, California, and three facilities in Conway, AR. Further information on the Company is available at www.virco.com.
Virco Mfg. Corporation
Robert A. Virtue, President and CEO
Doug Vertu, President
Robert Dose, Chief Financial Officer
Statement regarding forward-looking information
This press release contains “forward-looking statements” as defined by the Private Securities Reform Act of 1995, including statements relating to our ability to make cash distributions or share repurchases in the future, trends in our business and our balance sheet, and the opportunities for profitability to grow in the future. Such statements involve known and unknown risks, uncertainties, assumptions and other factors, many of which are beyond our control and difficult to predict, and may cause actual results to differ materially from those anticipated. These factors include, but are not limited to: uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic; changes in general economic conditions, including the costs of raw materials, energy and freight; state and municipal bond financing; state, municipal and municipal tax receipts; order rates; the seasonality of our markets; the school and office furniture markets in general, the specific markets and the customers with whom we carry out our main activity; the impact of cost reduction initiatives on our business; the competitive landscape, including the responses of our competitors and customers to changes in our prices; demography; and the terms and conditions of available funding sources. See our Annual Report on Form 10-K for the fiscal year ended January 31, 2021, our Quarterly Reports on Form 10-Q, and other reports and documents we file with the Securities and Exchange Commission for a more detailed description of these and other risks. and the uncertainties applicable to our business. We assume no obligation and hereby disclaim any obligation to update any of our forward-looking statements. We reserve the right, however, to make such updates from time to time through press releases, periodic reports or other methods of public disclosure without the need to specifically refer to this release. hurry. None of such updates will be deemed to indicate that other statements which are not addressed by such update remain correct or create an obligation to provide further updates.
Virco manufacturing company published this content on 01 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 01 October 2021 06:31:16 PM UTC.