Virco reports Q2 EPS $1.04 vs. 95c last year

Reports Q2 revenue $108.4M vs. $107.3M last year. Commenting on the strong quarter and year-to-date results, Virco Chairman and CEO Robert Virtue said: “I’m very proud of our performance, not just this summer, but over the last four years. These years included the first-ever school closures in Virco’s history, as well as an unprecedented surge in re-openings. The fact that we could respond so effectively to challenges both up and down is a testament to our staff and their dedication to serving America’s students and educators…Given the strength of our current position, we are actively reviewing our options for capital allocation. Among these are fair and equitable returns to shareholders in the form of dividends, share repurchases-we still have $3.5 million remaining in board-authorized funds for this purpose-and potential share price appreciation. We are also reviewing possible acquisitions, although as always we are quite careful in assessing the risks as well as the likely net contributions of such actions. Finally, we continue to invest in capital equipment, especially in processes and systems that expand the scope of our present capabilities and give us access to new and/or adjacent markets. I also want to personally recognize the support we’ve received from our shareholders, many of whom share the same owner/manager vision that we do. We look forward to using our financial strength to continue serving students and educators as well as providing a well-deserved return to the partners who have made our continuity of service possible.”