Business
Virco Amends Credit Facility to Allow for Shareholder Distributions
TORRANCE, Calif., Oct. 01, 2021 (GLOBE NEWSWIRE) -- Virco Mfg. Corporation (Nasdaq: VIRC), the largest manufacturer and supplier of movable furniture and
About this update from Virco Manufacturing Corporation
[{"type":"text","content":"TORRANCE, Calif., Oct. 01, 2021 (GLOBE NEWSWIRE) -- Virco Mfg. Corporation (Nasdaq: VIRC), the largest manufacturer and supplier of movable furniture and equipment to the education market in the United States, today announced that it has signed an amendment and restatement of its existing credit facility that restores its ability to resume shareholder distributions. 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, “The restoration of our ability to resume shareholder distributions reflects the positive trends that we are experiencing in the business and the strength of our balance sheet. This will provide us with the flexibility to consider returning capital to shareholders through cash dividends and/or stock repurchases in the future, subject to approval from the Company’s Board of Directors. While we have made no decisions regarding any shareholder distributions at this time, given the opportunities we have to generate profitable growth in the coming years, we believe that cash dividends and/or stock repurchases can be important components of a well balanced approach to capital allocation that positively impacts the total return that we generate for shareholders.” About Virco Mfg. Corporation Founded in 1950, Virco Mfg. Corporation is the largest manufacturer and supplier of moveable educational furniture and equipment for the preschool through 12th grade 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. Along with serving customers in the education market - which in addition to preschool through 12th grade public and private schools includes: junior and community colleges; four-year colleges and universities; trade, technical and vocational schools - Virco is a furniture and equipment supplier for convention centers and arenas; the hospitality industry with respect to banquet and meeting facilities; government facilities at the federal, state, county and municipal levels; and places of worship. The Company also sells to wholesalers, distributors, traditional retailers and catalog retailers that serve these same markets. With operati...