The Steelcase or Herman Miller for schools, convention centers, and government facilities.

Like HON Company, but specializing in furniture for education and other institutional markets.

• Seating Products: Virco offers a wide range of chairs and stools, including 4-leg chairs, stackable chairs, ergonomic chairs, and hard plastic seating for various commercial and educational settings.
• Tables: The company produces diverse tables such as folding, activity, office, computer, and mobile tables for classrooms, cafeterias, and offices.
• Computer Furniture: This category includes specialized furniture designed to support computer use, such as keyboard trays, CPU holders, desks, workstations, and instructor media stations.
• Combination Units: Virco provides integrated furniture solutions like chair desks, combo units, and tablet arm and caster units, primarily for educational environments.
• Administrative Office Furniture: A comprehensive suite of office furnishings is offered, including desks, returns, bookcases, storage cabinets, and mobile pedestals.
• Laboratory Furniture: Specialized furniture for science and lab settings is manufactured, comprising steel-based and wood-frame science tables and lab stools.
• Mobile Furniture: The company supplies versatile mobile tables and chairs designed for dynamic environments like cafeterias, schools, and offices.
• Handling and Storage Equipment: Virco also manufactures practical solutions for organization and transport, such as stackable storage trucks.

Virco Manufacturing (VIRC) primarily sells its products to other organizations and institutions, rather than directly to individuals. The provided company description does not list specific named customer companies. Instead, it identifies the following categories of major customers:

• Educational institutions
• Convention centers and arenas
• Hospitality providers
• Government facilities
• Places of worship

Robert A. Virtue, Chairman of the Board and Chief Executive Officer

Robert A. Virtue has been the Chairman of the Board and Chief Executive Officer of Virco Manufacturing Corporation since 1990. He was appointed CEO in January 1988. He has been a Director since 1956 and President since August 1982, bringing over 55 years of experience and knowledge of Virco's business. He is the son of Julian Virtue, who founded Virco in 1950 after co-founding Virtue Chrome Plating in 1926. Robert A. Virtue joined the company full-time in 1956 and is a significant stakeholder, owning approximately 19.63% of the company's shares as of 2026.

Bassey Yau, Chief Financial Officer, Treasurer, and Secretary

Bassey Yau was appointed Chief Financial Officer, Treasurer, and Secretary of Virco Mfg. Corporation effective April 30, 2025, succeeding Robert Dose upon his retirement. She has been with Virco since 1996, holding various positions since 2004, including Senior Vice President of Finance, Corporate Controller, and Principal Accounting Officer. Bassey Yau holds a bachelor's degree in accounting and an MBA from Pepperdine University.

Douglas A. Virtue, President and Director

Douglas A. Virtue has served as the President of Virco Mfg. Corporation since November 2014 and is also a Director. He previously held the roles of Executive Vice President since December 1997 and Chief Operating Officer since November 2014. Douglas A. Virtue joined the company in 1984 and has served in various capacities, including Production Control, Contract Administrator, Manager of Marketing Services, and General Manager of the Torrance Division. He is the son of Robert A. Virtue and the grandson of the company's founder, Julian Virtue.

J. Scott Bell, Senior Vice President & Chief Operating Officer

J. Scott Bell serves as the Senior Vice President & Chief Operating Officer at Virco Mfg. Corporation, overseeing and optimizing the company's operational activities. He was previously the Vice President and General Manager of the Conway Division since 2004. Mr. Bell has been with Virco for over 16 years, holding various roles in manufacturing, safety, and environmental positions.

Patricia L. Quinones, Chief Administrative Officer and Senior Vice President

Patricia L. Quinones holds the position of Chief Administrative Officer and Senior Vice President at Virco Mfg. Corporation. She previously served as Vice President of Logistics, Marketing Services & Information Technology since 2004. Ms. Quinones has been employed by Virco for 15 years in various customer and marketing service roles.

The key risks to Virco Manufacturing's business include its significant dependence on education funding and cyclical demand, intense competition, particularly from imports, coupled with market concentration, and the volatility of raw material prices alongside broader supply chain vulnerabilities.

1. Cyclicality and Dependence on Education Funding: Virco Manufacturing's financial performance is highly susceptible to the cyclical nature of education funding, which is directly influenced by tax revenues and general economic conditions. Should the economy weaken, funding for educational institutions may fail to improve, directly impacting the company's sales. Recent reports indicate a notable slowdown in demand and declining order backlogs, contributing to reduced revenue and profitability, with projections suggesting a potential breakeven year. This risk is further amplified by the inherent seasonality of the education market, where a substantial portion of annual sales occurs within specific quarters.
2. Intense Competition, Particularly from Imports, and Market Concentration: The company operates in a highly competitive landscape, having historically faced significant pressure from imported furniture, which contributed to a decline in its business for two decades prior to recent supply chain disruptions. While Virco has carved out a strong position within the K-12 education market, this specialization also represents a degree of market concentration. A considerable portion of its sales, approximately 64% in fiscal years 2023 and 2024, is generated through a single exclusive contract for classroom furniture, making the company vulnerable to shifts in competitive dynamics or potential changes related to this key contract.
3. Raw Material Price Volatility and Supply Chain Vulnerabilities: As a furniture manufacturer, Virco is exposed to the volatile prices of key raw materials, with steel and plastics representing its largest cost components. Although its domestic manufacturing strategy offers a buffer against some international supply chain disruptions, fluctuations in material costs, coupled with rising freight and logistics expenses, can significantly impact production costs. This volatility can erode profit margins and affect the company's ability to maintain competitive pricing, thereby challenging its profitability in the broader market.

The widespread adoption of remote and hybrid work models is an emerging threat. This trend directly reduces the demand for traditional office and commercial furniture by diminishing the need for physical office spaces, thereby impacting a significant portion of Virco's market for administrative office furniture, computer furniture, and related products.

Virco Manufacturing primarily serves the education and commercial furniture markets in the United States.

Addressable Market Sizes for Virco Manufacturing's Main Products and Services (U.S. Region)

• U.S. Education Furniture Market: This market was estimated at approximately USD 3,793.7 million in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.8% from 2024 to 2030.
• U.S. K-12 Furniture Market: A significant segment within education, the U.S. K-12 furniture market size was approximately USD 1.94 billion in 2024 and is projected to reach around USD 3.26 billion by 2034, growing at a CAGR of 5.32% from 2025 to 2034.
• North American Business and Institutional Furniture Market: This broader market, which includes commercial and institutional sectors, was projected to reach USD 21.58 billion in 2024.
• United States Office Furniture Market: A component of the commercial market, the U.S. office furniture market size is expected to be USD 17.26 billion in 2026 and is projected to increase to USD 23.87 billion by 2031, demonstrating a CAGR of 6.71% from 2026 to 2031.

Here are 3-5 expected drivers of future revenue growth for Virco Manufacturing (VIRC) over the next 2-3 years:

1. Leveraging Ongoing Stimulus Funding in Education: Virco Manufacturing is expected to benefit from increased stimulus funding allocated for educational furniture. This funding has already contributed to a record backlog for the company and is anticipated to drive increased revenue through 2025.
2. Expansion into New Market Opportunities: Management at Virco is actively seeking and exploring new market opportunities. This strategic initiative focuses on areas that favor a reliable, financially stable domestic manufacturer, particularly in light of increasing global trade uncertainty.
3. Sustained Strength and Expansion within the K-12 Education Market: Virco's strategic goal is to maintain and expand its position as the premier domestic supplier to the K-12 education market. The company has a history of growth in this sector, evidenced by past successes with new product lines and a high order backlog as schools prepare for re-opening. This indicates continued efforts to deepen market penetration and respond to evolving educational facility needs.
4. Competitive Advantage from Domestic Manufacturing and Vertical Integration: Virco's 100% domestic manufacturing footprint and vertically integrated operations provide significant advantages, including insulation from global volatility and supply chain disruptions. This competitive edge, coupled with a reputation for superior product quality and certifications, can enable the company to gain market share from competitors reliant on imports and potentially secure higher-margin revenue.

Share Repurchases

• Virco Manufacturing's Board of Directors authorized a new share repurchase program for up to $10 million of the company's common stock, commencing February 1, 2025.
• This program has no time limit and the company expects to fund repurchases using existing cash and cash equivalents.
• Share repurchases may be conducted through open market purchases, privately negotiated transactions, or Rule 10b5-1 trading plans.

Share Issuance

• The number of shares outstanding for Virco Manufacturing increased by 1.91% in fiscal year 2021 and 1.11% in fiscal year 2022.
• In fiscal year 2023, the number of outstanding shares saw an increase of 0.84%.

Capital Expenditures

• Virco Manufacturing's capital expenditures were approximately $3.47 million for the fiscal year ending January 31, 2025.
• Capital expenditures were approximately $3.622 million for the fiscal year ending January 31, 2024, and $4.832 million for the fiscal year ending January 31, 2023.
• The company has projected annual capital expenditures of $5 million for the fiscal years 2026 through 2030, which is estimated to be 2% of revenue.