Virco Mfg. Corporation (VIRC) announced a decrease in net income for the third quarter, posting $8.4 million compared to $10.2 million during the same period the previous year. This resulted in net income per share dropping from $0.62 to $0.52.
During the quarter, which encompasses August through October, revenue slipped to $82.62 million, down from $84.25 million the previous year. Notably, the company reported net interest income of $24,000, a significant improvement from the previous year's net interest expense of $765,000. This shift highlights Virco's effective debt-free status throughout most of the third quarter, as it did not need to draw on its seasonal line of credit for operational financing.
