Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2017 | Dec. 13, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | VIRCO MFG CORPORATION | |
Entity Central Index Key | 751,365 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 15,357,457 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Current assets: | |||
Cash | $ 1,536 | $ 788 | $ 2,309 |
Trade accounts receivables, net | 21,120 | 9,915 | 18,932 |
Other receivables | 58 | 216 | 465 |
Income tax receivable | 200 | 275 | 263 |
Inventories, net | 36,377 | 35,689 | 31,655 |
Prepaid expenses and other current assets | 1,536 | 1,610 | 1,279 |
Total current assets | 60,827 | 48,493 | 54,903 |
Property, plant and equipment: | |||
Land | 3,731 | 1,671 | 1,671 |
Land improvements | 688 | 675 | 674 |
Buildings and building improvements | 51,176 | 46,021 | 46,019 |
Machinery and equipment | 101,894 | 99,896 | 98,710 |
Leasehold improvements | 805 | 842 | 701 |
Total property, plant and equipment | 158,294 | 149,105 | 147,775 |
Less accumulated depreciation and amortization | 115,551 | 114,780 | 113,550 |
Net property, plant and equipment | 42,743 | 34,325 | 34,225 |
Deferred tax assets, net | 13,793 | 17,008 | 18,382 |
Other assets | 8,282 | 8,361 | 7,071 |
Total assets | 125,645 | 108,187 | 114,581 |
Current liabilities: | |||
Accounts payable | 13,623 | 12,388 | 10,587 |
Accrued compensation and employee benefits | 6,106 | 5,138 | 6,312 |
Current portion of long-term debt | 3,278 | 68 | 89 |
Other accrued liabilities | 5,047 | 3,991 | 5,099 |
Total current liabilities | 28,054 | 21,585 | 22,087 |
Non-current liabilities: | |||
Accrued self-insurance retention | 1,613 | 1,350 | 1,200 |
Accrued pension expenses | 17,404 | 18,699 | 22,244 |
Income tax payable | 33 | 36 | 33 |
Long-term debt, less current portion | 11,310 | 4,943 | 4,547 |
Other accrued liabilities | 1,657 | 2,220 | 2,245 |
Total non-current liabilities | 32,017 | 27,248 | 30,269 |
Commitments and contingencies | |||
Preferred stock: | |||
Authorized 3,000,000 shares, $.01 par value; none issued or outstanding | 0 | 0 | 0 |
Common stock: | |||
Authorized 25,000,000 shares, $.01 par value; issued and outstanding 15,357,457 shares at 10/31/2017 and 15,179,664 at 1/31/2017 and 10/31/2016 | 154 | 152 | 152 |
Additional paid-in capital | 117,237 | 116,976 | 116,809 |
Accumulated deficit | (40,868) | (46,380) | (41,396) |
Accumulated other comprehensive loss | (10,949) | (11,394) | (13,340) |
Total stockholders’ equity | 65,574 | 59,354 | 62,225 |
Total liabilities and stockholders’ equity | $ 125,645 | $ 108,187 | $ 114,581 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 3,000,000 | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 25,000,000 | 25,000,000 | 25,000,000 |
Common stock, shares issued (shares) | 15,357,457 | 15,179,664 | 15,179,664 |
Common stock, shares outstanding (shares) | 15,357,457 | 15,179,664 | 15,179,664 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income Unaudited - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 68,794 | $ 67,795 | $ 164,665 | $ 149,976 |
Costs of goods sold | 44,327 | 43,484 | 105,088 | 93,864 |
Gross profit | 24,467 | 24,311 | 59,577 | 56,112 |
Selling, general and administrative expenses | 19,798 | 17,780 | 49,768 | 44,915 |
Gain on sale of property, plant & equipment | (15) | (1) | (16) | (2) |
Operating income | 4,684 | 6,532 | 9,825 | 11,199 |
Interest expense, net | 456 | 326 | 1,280 | 1,076 |
Income (loss) before income taxes | 4,228 | 6,206 | 8,545 | 10,123 |
Income tax (benefit) expense | 1,704 | (17,792) | 3,204 | (17,622) |
Net income (loss) | $ 2,524 | $ 23,998 | $ 5,341 | $ 27,745 |
Net income (loss) per common share: | ||||
Basic (usd per share) | $ 0.16 | $ 1.59 | $ 0.35 | $ 1.84 |
Diluted (usd per share) | $ 0.16 | $ 1.57 | $ 0.35 | $ 1.83 |
Weighted average shares outstanding: | ||||
Basic (shares) | 15,317 | 15,128 | 15,220 | 15,047 |
Diluted (shares) | 15,483 | 15,293 | 15,324 | 15,186 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 2,524 | $ 23,998 | $ 5,341 | $ 27,745 |
Other comprehensive income | ||||
Pension adjustments | 148 | 330 | 444 | 990 |
Comprehensive income (loss) | $ 2,672 | $ 24,328 | $ 5,785 | $ 28,735 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension adjustments, tax | $ 92 | $ 0 | $ 276 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2017 | Oct. 31, 2016 | |
Operating activities | ||
Net income (loss) | $ 5,341 | $ 27,745 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 4,041 | 3,794 |
Provision for doubtful accounts | 60 | 68 |
Increase in inventory reserve | 720 | 93 |
Gain on sale of property, plant and equipment | (16) | (2) |
Deferred income taxes | 3,387 | (17,680) |
Stock-based compensation | 602 | 443 |
Amortization of net actuarial loss for pension plans, net of tax | 444 | 990 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (11,265) | (9,053) |
Other receivables | 152 | (431) |
Inventories, net | (1,408) | 2,948 |
Income taxes | 73 | 49 |
Prepaid expenses and other current assets | 152 | (289) |
Accounts payable and accrued liabilities | 1,721 | (1,708) |
Net cash provided by (used in) operating activities | 4,004 | 6,967 |
Investing activities | ||
Capital expenditures | (12,521) | (3,239) |
Proceeds from sale of property, plant and equipment | 28 | 2 |
Net cash provided by (used in) investing activities | (12,493) | (3,237) |
Financing activities | ||
Proceeds from long-term debt | 36,742 | 37,004 |
Repayment of long-term debt | (27,166) | (38,976) |
Common stock repurchased | (339) | (264) |
Net cash provided by (used in) financing activities | 9,237 | (2,236) |
Net increase in cash | 748 | 1,494 |
Cash at beginning of year | 788 | 815 |
Cash at end of year | $ 1,536 | $ 2,309 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended October 31, 2017 , are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2018 . The balance sheet at January 31, 2017 , has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2017 (“Form 10-K”). All references to the “Company” refer to Virco Mfg. Corporation and its subsidiaries. |
Seasonality
Seasonality | 9 Months Ended |
Oct. 31, 2017 | |
Seasonality [Abstract] | |
Seasonality | Seasonality The market for educational furniture is marked by extreme seasonality, with approximately 50% of the Company’s total sales typically occurring from June to August each year, the Company’s peak season. Hence, the Company typically builds and carries significant amounts of inventory during and in anticipation of this peak summer season to facilitate the rapid delivery requirements of customers in the educational market. This requires a large up-front investment in inventory, labor, storage and related costs as inventory is built in anticipation of peak sales during the summer months. As the capital required for this build-up generally exceeds cash available from operations, the Company has generally relied on third-party bank financing to meet cash flow requirements during the build-up period immediately preceding the peak season. In addition, the Company typically is faced with a large balance of accounts receivable during the peak season. This occurs for two primary reasons. First, accounts receivable balances typically increase during the peak season as shipments of products increase. Second, many customers during this period are government institutions, which tend to pay accounts receivable more slowly than commercial customers. The Company’s working capital requirements during and in anticipation of the peak summer season require management to make estimates and judgments that affect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to market demand, labor costs, and stocking inventory. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Oct. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | In February 2016, the FASB issued ASU No. 2016-02, Leases . The new standard requires lessees to recognize most leases, including operating leases, on-balance sheet via a right of use asset and lease liability. Changes to the lessee accounting model may change key balance sheet measures and ratios, potentially effecting analyst expectations and compliance with financial covenants. The new standard becomes effective for the Company effective for fiscal years beginning after December 15, 2018, but may be adopted at any time, and requires a modified retrospective transition. The Company is currently evaluating the effect the standard will have on consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments. The new standard provides classification guidance on eight cash flow issues including debt prepayment, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlements of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. The new standard becomes effective for the Company for fiscal years beginning after December 15, 2017. The Company anticipates the standard will have an immaterial effect on consolidated statements of cash flows. In March 2017, the FASB issued authoritative guidance related to the presentation of net periodic pension cost in the income statement. This guidance requires that the service cost component of net periodic pension cost is presented in the same line as other compensation costs arising from services rendered by the respective employees during the period. The other components of net periodic pension cost are required to be presented in the income statement separately from the service cost component and outside of earnings from operations. This guidance also allows for the service cost component to be eligible for capitalization when applicable. This guidance is effective for fiscal years beginning after December 15, 2017, which will be the Company’s first quarter of fiscal 2019, and requires retrospective adoption for the presentation of the service cost component and other components of net periodic pension cost in the income statement and prospective adoption for capitalization of the service cost component. Early adoption is permitted at the beginning of a fiscal year. The Company adopted this standard in the first quarter of fiscal 2018 and it had no effect on the condensed consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. The new standard is intended to simplify accounting for share based employment awards to employees. Changes include: all excess tax benefits/deficiencies should be recognized as income tax expense/benefit; entities can make elections on how to account for forfeitures; and cash paid by an employer when directly withholding shares for tax withholding purposes should be classified as a financing activity on the cash flow statement. The Company implemented the new standard in the first quarter of fiscal 2018. The primary impact of implementation was the recognition of excess tax benefits in our provision for income taxes rather than paid-in capital beginning with the first quarter of fiscal 2018. Upon adoption, the balance of the unrecognized excess tax benefits of approximately $172,000 was reversed with the impact recorded to retained earnings. Prior to the adoption of this standard, that amount would have been recognized as an adjustment to "Additional paid-in capital" in the Condensed Consolidated Balance Sheets. Excess tax benefits will be recorded in the operating section of the Condensed Consolidated Statements of Cash Flows on a prospective basis. Prior to fiscal 2018, the tax benefits or shortfalls were recorded in financing cash flows. The presentation requirements for cash flows related to employee taxes paid for withheld shares in the financing section had no impact to any of the periods presented in our Condensed Consolidated Statements of Cash Flows since such cash flows have historically been presented as a financing activity. In July 2015, the FASB issued authoritative guidance to simplify the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. This guidance is effective for fiscal years beginning after December 15, 2016 and requires prospective adoption with early adoption permitted. The Company adopted this standard in the first quarter of fiscal 2018 and it had no effect on the condensed consolidated financial statements and related disclosures. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), and has modified the standard thereafter. The core principal of the standard requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The new revenue standard will be effective for the Company on February 1, 2018. The standard permits the use of either a full retrospective method, where the standard is applied to each prior reporting period presented or a cumulative effect transition method, or modified retrospective method, where the cumulative effect of initially applying the standard is recognized at the date of initial application. We anticipate using the modified retrospective method and we are currently evaluating the effect the new revenue standard will have on our consolidated financial statements. |
Inventories
Inventories | 9 Months Ended |
Oct. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventory is valued at the lower of cost (determined on a first-in, first-out basis) or net realizable value and includes material, labor, and factory overhead. The Company maintains allowances for estimated slow-moving and obsolete inventory to reflect the difference between the cost of inventory and the estimated market value. Allowances for slow-moving and obsolete inventory are determined through a physical inspection of the product in connection with a physical inventory, a review of slow-moving product, and consideration of active marketing programs. The market for education furniture is traditionally driven by value, not style, and the Company has not typically incurred significant obsolescence expenses. If market conditions are less favorable than those anticipated by management, additional allowances may be required. Due to reductions in sales volume in the past years, the Company’s manufacturing facilities are operating at reduced levels of capacity. The Company records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation. The following table presents an updated breakdown of the Company’s net inventory (in thousands) as of October 31, 2017, January 31, 2017 and October 31, 2016: 10/31/2017 1/31/2017 10/31/2016 Finished goods $ 11,890 $ 11,174 $ 9,498 WIP 13,988 13,486 11,906 Raw materials 10,499 11,029 10,251 Inventories, net $ 36,377 $ 35,689 $ 31,655 Management continually monitors production costs, material costs and inventory levels to determine that interim inventories are fairly stated. |
Debt
Debt | 9 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Outstanding balances (in thousands) for the Company’s long-term debt were as follows: 10/31/2017 1/31/2017 10/31/2016 (in thousands) Revolving credit line $ 8,814 $ 4,914 $ 4,602 Other 5,774 97 34 Total debt 14,588 5,011 4,636 Less current portion 3,278 68 89 Non-current portion $ 11,310 $ 4,943 $ 4,547 On December 22, 2011, the Company entered into a Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association (“PNC”). The credit agreement currently matures on December 22, 2019 and has a maximum availability of $49,500,000 , plus sub-lines for letters of credit and a $2,500,000 line for equipment financing. Borrowings under the Credit Agreement bear interest at either the Alternate Base Rate (as defined in the Credit Agreement) plus 0.50% to 1.50% or the Eurodollar Currency Rate (as defined in the Credit Agreement) plus 1.50% to 2.50% . The interest rate at October 31, 2017 was 4.75% . Approximately $12,009,000 was available for borrowing as of October 31, 2017 . The Credit Agreement restricts the Company from issuing dividends or making payments with respect to the Company's capital stock to an annual limit of $1.3 million , and contains numerous other covenants, including these financial covenants: (1) fixed charge coverage ratio, and (2) minimum EBITDA amount, in each case as of the end of the relevant monthly, quarterly or annual measurement period. The Company was in compliance with its covenants during the second quarter of fiscal year ending January 31, 2018. Pursuant to the Credit Agreement, substantially all of the Company's accounts receivable are automatically and promptly swept to repay amounts outstanding under the Revolving Credit Facility upon receipt by the Company. On April 4, 2016, the Company entered into Amendment No. 12 to the Credit Agreement which, among other things, increased the borrowing availability for the period from June 1, 2016 through August 15, 2016 and modified the clean down provision to reduce borrowings under the line to less than $6,000,000 from a period of 60 consecutive days to 30 consecutive days. On October 26, 2016, the Company entered into Amendment No. 13 to the Credit Agreement which, among other things, reduced the maximum availability of $49,750,000 to $49,500,000 to allow for a sub-line for the company's credit card program. On March 13, 2017, the Company entered into Amendment No. 14 to the Credit Agreement which established a $2,500,000 equipment line to facilitate the capital expenditure plan for 2018 and to establish covenants for 2018. On June 8, 2017, the Company entered into Amendment No. 15 to the Credit Agreement which, among other things, will allow the restatement of the amount of revolving advances to $14,000,000 for June 2017 and $11,000,000 for July 2017 and extend the time to borrow under the $2,500,000 Equipment Line until March 12, 2018. In August 2017, the Company purchased a manufacturing building in Conway Arkansas for $7,200,000 with Virco making a 20% down payment and the seller providing financing for the remaining balance of $5,760,000 for 20 years at a fixed rate of 4% per year. The Company has been operating a component fabrication operation in this building since 1998 under a series of 10 year leases. The current lease would have expired in March 2018. Upon purchase of the building, annual depreciation expense for the building is anticipated to be approximately $300,000 per year less than current rent expense. Annual debt service payments are anticipated to be approximately $300,000 per year less than current rent expense. In connection to this purchase, the Company entered into Amendment No. 16 to the Credit Agreement with PNC Bank which, among other things, will (a) consent to the acquisition of the building, (b) permit the Company to incur the additional indebtedness and (c) amend the Credit Agreement in certain respects, which Lenders and Agent are willing to do on the terms and subject to the conditions contained in this Amendment. The Company believes that the Revolving Credit Facility will provide sufficient liquidity to meet its capital requirements for at least the next 12 months . All of the Company's debt is a variable rate of interest or the debt was recently issued. Management believes that the carrying value of debt approximated fair value at October 31, 2017 and 2016, as all of the long-term debt bears interest at variable rates based on prevailing market conditions except for the fixed-rate debt issued to finance the purchase of the manufacturing building in Conway Arkansas as described above. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in accordance with the provisions of ASC No. 740, Accounting for Income Taxes. Deferred income taxes are recognized for differences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in effect for the years in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income or reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company maintains a partial valuation allowance against certain state deferred tax assets that the Company does not believe it is more-likely-than-not to realize. The Company's tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company's income tax expense for the three months ended October 31, 2017 was $1.7 million on pre-tax income of $4.2 million or an effective tax rate of 40.3 percent. The Company's income tax expense for the nine months ended October 31, 2017 was $3.2 million on pre-tax income of $8.5 million or an effective tax rate of 37.5 percent . For the three months ended October 31, 2016, the Company's income tax benefit was $17.8 million on pre-tax income of $6.2 million . The Company's income tax benefit for the nine months ended October 31, 2016 was $17.6 million on pre-tax income of $10.1 million . The Company adopted ASU 2016-09 related to stock compensation in the first quarter of fiscal 2018. Upon adoption, the balance of the unrecognized excess tax benefits of approximately $172,000 was recognized with the impact recorded to retained earnings. See "Note 3. Recently Adopted Accounting Standards" in the Notes to Condensed Consolidated Financial Statements" for more information regarding the implementation of ASU No. 2016-09. In 2016, the Company closed its IRS examination for its tax return for the year ended January 31, 2013 with no changes. The January 31, 2014 and subsequent years remain open for examination by the IRS and state tax authorities. The Company is not currently under any state examination. The Company is currently under IRS examination for its fiscal year ended January 31, 2016 Federal tax return. |
Net Income (Loss) per Share
Net Income (Loss) per Share | 9 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share | Net Income per Share Three Months Ended Nine Months Ended 10/31/2017 10/31/2016 10/31/2017 10/31/2016 (In thousands, except per share data) Net income $ 2,524 $ 23,998 $ 5,341 $ 27,745 Weighted average shares outstanding 15,317 15,128 15,220 15,047 Net effect of dilutive shares - based on the treasury stock method using average market price 166 165 104 139 Totals 15,483 15,293 15,324 15,186 Net income per share - basic $ 0.16 $ 1.59 $ 0.35 $ 1.84 Net income per share - diluted $ 0.16 $ 1.57 $ 0.35 $ 1.83 |
Stock-Based Compensation and St
Stock-Based Compensation and Stockholders' Rights | 9 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation and Stockholders' Rights | Stock-Based Compensation Stock Incentive Plans Under the 2011 Plan, the Company may grant an aggregate of 2,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2011 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. During the quarter ended July 31, 2017, the Company granted awards for 504,404 shares of restricted stock awards and 188,673 shares of restricted stock awards vested according to their terms. There were no additional awards granted or vested during the third quarter ended October 31, 2017. There were approximately 259,832 shares available for future issuance under the 2011 Plan as of October 31, 2017 . Under the 2007 Plan, the Company may grant an aggregate of 1,000,000 shares to its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock unit awards and related compensation expense as the difference between the market value of the awards on the date of grant less the exercise price of the awards granted. The Company granted no awards during the third quarter ended October 31, 2017. On June 19, 2017, the 2007 Plan expired and no further awards may be made under the 2007 Plan. Accounting for the Plans Restricted Stock Unit Awards The following table presents a summary of restricted stock and stock unit awards at October 31, 2017 and 2016 : Expense for 3 months ended Expense for 9 months ended Unrecognized Date of Grants Units Granted Terms of Vesting 10/31/2017 10/31/2016 10/31/2017 10/31/2016 10/31/2017 2011 Stock Incentive Plan 06/20/2017 40,404 1 year $ 50,000 $ — $ 83,000 $ — $ 116,000 06/20/2017 464,000 5 years 107,000 — 183,000 — 2,011,000 06/21/2016 51,284 1 year — 50,000 66,000 83,000 — 06/21/2016 36,000 3 years (8,000 ) 12,000 16,000 20,000 — 06/22/2015 48,000 4 years 8,000 8,000 25,000 24,000 52,000 06/22/2015 27,174 1 year — — — 25,000 — 06/24/2014 490,000 5 years 60,000 60,000 180,000 180,000 380,000 06/19/2012 520,000 5 years — 37,000 49,000 111,000 — Totals for the period $ 217,000 $ 167,000 $ 602,000 $ 443,000 $ 2,559,000 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Oct. 31, 2017 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity The Company’s Credit Agreement with PNC restricts the Company from issuing dividends or making payments with respect to the Company's capital stock to an annual limit of $1.3 million . Such dividends payments are also subject to compliance with financial and other covenants provided in the Credit Agreement. On December 12, 2017, the Company's Board of Directors authorized and approved a cash dividend program under which the Company will issue $0.015 per share of cash dividend to shareholders of record as of December 28, 2017. The Company adopted ASU 2016-09 related to stock compensation in the first quarter of fiscal 2018. Upon adoption, the balance of the unrecognized excess tax benefits of approximately $172,000 was reversed with the impact recorded to retained earnings. See "Note 3. Recently Adopted Accounting Standards" in the Notes to Condensed Consolidated Financial Statements" for more information regarding the implementation of ASU No. 2016-09. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Oct. 31, 2017 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company and its subsidiaries cover certain employees under a noncontributory defined benefit retirement plan, entitled the Virco Employees’ Retirement Plan (the “Pension Plan”). Benefits under the Employees Retirement Plan are based on years of service and career average earnings. As more fully described in the Form 10-K, benefit accruals under the Employees Retirement Plan were frozen effective December 31, 2003. There is no service cost incurred under this plan. The Company also provides a supplementary retirement plan for certain key employees, the VIP Retirement Plan (the “VIP Plan”). The VIP Plan provides a benefit of up to 50% of average compensation for the last 5 years in the VIP Plan, offset by benefits earned under the Pension Plan. As more fully described in the Form 10-K, benefit accruals under this plan were frozen since December 31, 2003. There is no service cost incurred under this plan. The Company also provides a non-qualified plan for certain former non-employee directors of the Company (the “Non-Employee Directors Retirement Plan”). The Non-Employee Directors Retirement Plan provides a lifetime annual retirement benefit equal to the director’s annual retainer fee for the fiscal year in which the director terminated his or her position with the Board, subject to the director having provided 10 years of service to the Company. As more fully described in the Form 10-K, benefit accruals under this plan were frozen effective December 31, 2003. There is no service cost incurred under this plan. The net periodic pension cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three and nine months ended October 31, 2017 and 2016 were as follows (in thousands): Three Months Ended Pension Plan VIP Plan Non-Employee Directors Retirement Plan 10/31/2017 10/31/2016 10/31/2017 10/31/2016 10/31/2017 10/31/2016 Service cost $ — $ — $ — $ — $ — $ — Interest cost 304 296 89 90 9 3 Expected return on plan assets (342 ) (284 ) — — — — Amortization of transition amount — — — — — — Recognized (gain) loss due to Curtailments — — — — — — Amortization of prior service cost — — — — — — Recognized net actuarial (gain) loss 179 282 60 77 — (29 ) Benefit cost $ 141 $ 294 $ 149 $ 167 $ 9 $ (26 ) Nine Months Ended Pension Plan VIP Plan Non-Employee Directors Retirement Plan 10/31/2017 10/31/2016 10/31/2017 10/31/2016 10/31/2017 10/31/2016 Service cost $ — $ — $ — $ — $ — $ — Interest cost 912 888 267 270 27 9 Expected return on plan assets (1,026 ) (852 ) — — — — Amortization of transition amount — — — — — — Recognized (gain) loss due to Curtailments — — — — — — Amortization of prior service cost — — — — — — Recognized net actuarial (gain) loss 537 846 180 231 — (87 ) Benefit cost $ 423 $ 882 $ 447 $ 501 $ 27 $ (78 ) |
Warranty Accrual
Warranty Accrual | 9 Months Ended |
Oct. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Warranty Accrual | Warranty Accrual The Company provides a warranty against all substantial defects in material and workmanship. The standard warranty offered on products sold through January 31, 2013 is 10 years. Effective February 1, 2014 the Company modified its warranty to a limited lifetime warranty. The warranty effective February 1, 2014 is not anticipated to have a significant effect on warranty expense. Effective January 1, 2017, the Company modified the warranty offered to provide specific warranty periods by product component, with no warranty period longer than ten years. The Company’s warranty is not a guarantee of service life, which depends upon events outside the Company’s control and may be different from the warranty period. The Company accrues an estimate of its exposure to warranty claims based upon both product sales data and an analysis of actual warranty claims incurred. The following is a summary of the Company’s warranty-claim activity for the three and nine months ended October 31, 2017 and 2016 . Three Months Ended Nine Months Ended 10/31/2017 10/31/2016 10/31/2017 10/31/2016 (In thousands) Beginning balance $ 1,000 $ 1,000 $ 1,000 $ 1,000 Provision 173 155 355 331 Costs incurred (173 ) (155 ) (355 ) (331 ) Ending balance $ 1,000 $ 1,000 $ 1,000 $ 1,000 |
Contingencies
Contingencies | 9 Months Ended |
Oct. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company has a self-insured retention for product and general liability losses up to $250,000 per occurrence, workers’ compensation liability losses up to $250,000 per occurrence, and for automobile liability losses up to $50,000 per occurrence. The Company has purchased insurance to cover losses in excess of the retention up to a limit of $30,000,000 . The Company has obtained an actuarial estimate of its total expected future losses for liability claims and recorded a liability equal to the net present value. The Company and its subsidiaries are defendants in various legal proceedings resulting from operations in the normal course of business. It is the opinion of management, in consultation with legal counsel, that the ultimate outcome of all such matters will not materially affect the Company’s financial position, results of operations or cash flows. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On November 14, 2017, Virco entered into a fourth amendment (the “Amendment”) to the lease agreement pursuant to which the Company leases its office manufacturing and warehouse facility in Torrance, California. The Amendment extends the term of the lease for an additional 62 months through April 30, 2025, and provides for monthly base lease payments that increase after each 12-month period. The monthly base lease payments range from approximately $396,890.00 per month (which applies for the period from May 1, 2020 to February 28, 2021) to $446,703.19 per month (which applies for the period from March 1, 2024 to April 30, 2025). On December 12, 2017, the Company's Board of Directors declared a cash dividend of $0.015 per share to shareholders of record as of December 28, 2017, with a payment date of January 10, 2018. |
Inventories (Policies)
Inventories (Policies) | 9 Months Ended |
Oct. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventory is valued at the lower of cost (determined on a first-in, first-out basis) or net realizable value and includes material, labor, and factory overhead. The Company maintains allowances for estimated slow-moving and obsolete inventory to reflect the difference between the cost of inventory and the estimated market value. Allowances for slow-moving and obsolete inventory are determined through a physical inspection of the product in connection with a physical inventory, a review of slow-moving product, and consideration of active marketing programs. The market for education furniture is traditionally driven by value, not style, and the Company has not typically incurred significant obsolescence expenses. If market conditions are less favorable than those anticipated by management, additional allowances may be required. Due to reductions in sales volume in the past years, the Company’s manufacturing facilities are operating at reduced levels of capacity. The Company records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation. The following table presents an updated breakdown of the Company’s net inventory (in thousands) as of October 31, 2017, January 31, 2017 and October 31, 2016: 10/31/2017 1/31/2017 10/31/2016 Finished goods $ 11,890 $ 11,174 $ 9,498 WIP 13,988 13,486 11,906 Raw materials 10,499 11,029 10,251 Inventories, net $ 36,377 $ 35,689 $ 31,655 Management continually monitors production costs, material costs and inventory levels to determine that interim inventories are fairly stated. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The following table presents an updated breakdown of the Company’s net inventory (in thousands) as of October 31, 2017, January 31, 2017 and October 31, 2016: 10/31/2017 1/31/2017 10/31/2016 Finished goods $ 11,890 $ 11,174 $ 9,498 WIP 13,988 13,486 11,906 Raw materials 10,499 11,029 10,251 Inventories, net $ 36,377 $ 35,689 $ 31,655 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Debt Disclosure [Abstract] | |
Outstanding balances of long-term debt | Outstanding balances (in thousands) for the Company’s long-term debt were as follows: 10/31/2017 1/31/2017 10/31/2016 (in thousands) Revolving credit line $ 8,814 $ 4,914 $ 4,602 Other 5,774 97 34 Total debt 14,588 5,011 4,636 Less current portion 3,278 68 89 Non-current portion $ 11,310 $ 4,943 $ 4,547 |
Net Income (Loss) per Share (Ta
Net Income (Loss) per Share (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Nine Months Ended 10/31/2017 10/31/2016 10/31/2017 10/31/2016 (In thousands, except per share data) Net income $ 2,524 $ 23,998 $ 5,341 $ 27,745 Weighted average shares outstanding 15,317 15,128 15,220 15,047 Net effect of dilutive shares - based on the treasury stock method using average market price 166 165 104 139 Totals 15,483 15,293 15,324 15,186 Net income per share - basic $ 0.16 $ 1.59 $ 0.35 $ 1.84 Net income per share - diluted $ 0.16 $ 1.57 $ 0.35 $ 1.83 |
Stock-Based Compensation and 25
Stock-Based Compensation and Stockholders' Rights (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Stock and Stock Unit Award Activity | The following table presents a summary of restricted stock and stock unit awards at October 31, 2017 and 2016 : Expense for 3 months ended Expense for 9 months ended Unrecognized Date of Grants Units Granted Terms of Vesting 10/31/2017 10/31/2016 10/31/2017 10/31/2016 10/31/2017 2011 Stock Incentive Plan 06/20/2017 40,404 1 year $ 50,000 $ — $ 83,000 $ — $ 116,000 06/20/2017 464,000 5 years 107,000 — 183,000 — 2,011,000 06/21/2016 51,284 1 year — 50,000 66,000 83,000 — 06/21/2016 36,000 3 years (8,000 ) 12,000 16,000 20,000 — 06/22/2015 48,000 4 years 8,000 8,000 25,000 24,000 52,000 06/22/2015 27,174 1 year — — — 25,000 — 06/24/2014 490,000 5 years 60,000 60,000 180,000 180,000 380,000 06/19/2012 520,000 5 years — 37,000 49,000 111,000 — Totals for the period $ 217,000 $ 167,000 $ 602,000 $ 443,000 $ 2,559,000 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost (income) for the Pension Plan, the VIP Plan, and the Non-Employee Directors Retirement Plan for the three and nine months ended October 31, 2017 and 2016 were as follows (in thousands): Three Months Ended Pension Plan VIP Plan Non-Employee Directors Retirement Plan 10/31/2017 10/31/2016 10/31/2017 10/31/2016 10/31/2017 10/31/2016 Service cost $ — $ — $ — $ — $ — $ — Interest cost 304 296 89 90 9 3 Expected return on plan assets (342 ) (284 ) — — — — Amortization of transition amount — — — — — — Recognized (gain) loss due to Curtailments — — — — — — Amortization of prior service cost — — — — — — Recognized net actuarial (gain) loss 179 282 60 77 — (29 ) Benefit cost $ 141 $ 294 $ 149 $ 167 $ 9 $ (26 ) Nine Months Ended Pension Plan VIP Plan Non-Employee Directors Retirement Plan 10/31/2017 10/31/2016 10/31/2017 10/31/2016 10/31/2017 10/31/2016 Service cost $ — $ — $ — $ — $ — $ — Interest cost 912 888 267 270 27 9 Expected return on plan assets (1,026 ) (852 ) — — — — Amortization of transition amount — — — — — — Recognized (gain) loss due to Curtailments — — — — — — Amortization of prior service cost — — — — — — Recognized net actuarial (gain) loss 537 846 180 231 — (87 ) Benefit cost $ 423 $ 882 $ 447 $ 501 $ 27 $ (78 ) |
Warranty Accrual (Tables)
Warranty Accrual (Tables) | 9 Months Ended |
Oct. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | The following is a summary of the Company’s warranty-claim activity for the three and nine months ended October 31, 2017 and 2016 . Three Months Ended Nine Months Ended 10/31/2017 10/31/2016 10/31/2017 10/31/2016 (In thousands) Beginning balance $ 1,000 $ 1,000 $ 1,000 $ 1,000 Provision 173 155 355 331 Costs incurred (173 ) (155 ) (355 ) (331 ) Ending balance $ 1,000 $ 1,000 $ 1,000 $ 1,000 |
Seasonality (Details)
Seasonality (Details) | 9 Months Ended |
Oct. 31, 2017 | |
Sales [Member] | |
Seasonality (Textual) [Abstract] | |
The market for educational furniture is marked by extreme seasonality | 50.00% |
New Accounting Standards (Detai
New Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2017 | Oct. 31, 2017 | |
Accounting Standards Update 2016-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unrecognized excess tax benefits reversed | $ 172 | $ 172 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Inventory Disclosure [Abstract] | |||
Finished goods | $ 11,890 | $ 11,174 | $ 9,498 |
WIP | 13,988 | 13,486 | 11,906 |
Raw materials | 10,499 | 11,029 | 10,251 |
Inventories, net | $ 36,377 | $ 35,689 | $ 31,655 |
Inventories Narrative (Details)
Inventories Narrative (Details) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Inventory Disclosure [Abstract] | |||
Finished goods | $ 11,890 | $ 11,174 | $ 9,498 |
WIP | 13,988 | 13,486 | 11,906 |
Raw materials | $ 10,499 | $ 11,029 | $ 10,251 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Thousands | Oct. 31, 2017 | Jan. 31, 2017 | Oct. 31, 2016 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 14,588 | $ 5,011 | $ 4,636 |
Less current portion | 3,278 | 68 | 89 |
Non-current portion | 11,310 | 4,943 | 4,547 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 8,814 | 4,914 | 4,602 |
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 5,774 | $ 97 | $ 34 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Aug. 01, 2017 | Apr. 04, 2016 | Oct. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | Mar. 13, 2017 | Oct. 26, 2016 | Oct. 25, 2016 |
Line of Credit Facility [Line Items] | ||||||||
Purchase Agreement, Non-binding Commitment | $ 7,200,000 | |||||||
Purchase Agreement, Non-binding Commitment, Down Payment | 20.00% | |||||||
Purchase Agreement, Non-binding Commitment, Seller Financed Portion | $ 5,760,000 | |||||||
Purchase Agreement, Non-binding Commitment, Financing Period | 20 years | |||||||
Purchase Agreement, Non-binding Commitment, Financing, Interest Rate | 4.00% | |||||||
Line of Credit Facility, Interest Rate at Period End | 4.75% | |||||||
Company restriction from issuing dividends or making payments with respect to the Company's Capital Stock to it's annual limit | $ 1,300,000 | |||||||
Provision to reduce borrowings under the line | $ 6,000,000 | |||||||
Provision to reduce borrowings under the line, period | 30 days | |||||||
Depreciation Expense, Decrease Per Year | $ 300,000 | |||||||
Debt Service Payment, Amount Less than Current Depreciation Per Year | $ 300,000 | |||||||
PNC [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Remaining borrowing capacity | $ 12,009,000 | |||||||
Revolving advances | $ 11,000,000 | $ 14,000,000 | ||||||
PNC [Member] | Revolving Credit Facility [Member] | Amendment No. 7 To The Credit Agreement [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 49,500,000 | $ 49,750,000 | ||||||
Line of Credit Facility, Capacity Available for Equipment Financing | $ 2,500,000 | |||||||
Eurodollar [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit facility bears interest range of | 1.50% | |||||||
Eurodollar [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit facility bears interest range of | 2.50% | |||||||
Alternate Base Rate Loans [Member] | London Interbank Offered Rate LIBOR [Member] | Minimum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit facility bears interest range of | 0.50% | |||||||
Alternate Base Rate Loans [Member] | London Interbank Offered Rate LIBOR [Member] | Maximum [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Revolving credit facility bears interest range of | 1.50% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Income tax expense (benefit) | $ (1,704) | $ 17,792 | $ (3,204) | $ 17,622 |
Income (Loss) before income taxes | $ 4,228 | $ 6,206 | $ 8,545 | $ 10,123 |
Effective tax rate (percent) | 40.30% | 37.50% | ||
Accounting Standards Update 2016-09 [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Unrecognized excess tax benefits reversed | $ 172 | $ 172 |
Net Income (Loss) per Share (De
Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 2,524 | $ 23,998 | $ 5,341 | $ 27,745 |
Weighted average shares outstanding (shares) | 15,317 | 15,128 | 15,220 | 15,047 |
Net effect of dilutive share-based on the treasury stock method using average market price (shares) | 166 | 165 | 104 | 139 |
Totals (shares) | 15,483 | 15,293 | 15,324 | 15,186 |
Net income (loss) per share - basic (usd per share) | $ 0.16 | $ 1.59 | $ 0.35 | $ 1.84 |
Net income (loss) per share - diluted (usd per share) | $ 0.16 | $ 1.57 | $ 0.35 | $ 1.83 |
Stock-Based Compensation and 36
Stock-Based Compensation and Stockholders' Rights (Narrative) (Details) - Restricted Stock Units (RSUs) [Member] - shares | 3 Months Ended | |
Oct. 31, 2017 | Jul. 31, 2017 | |
2011 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant of stock option or awards (shares) | 2,000,000 | |
Granted in the period (shares) | 504,404 | |
Vested in period (shares) | 188,673 | |
Stock available for future issuance (shares) | 259,832 | |
2007 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant of stock option or awards (shares) | 1,000,000 | |
Granted in the period (shares) | 0 |
Stock-Based Compensation and 37
Stock-Based Compensation and Stockholders' Rights (Restricted Stock Units) (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2017 | Jul. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Summary of restricted stock and stock unit awards | |||||
Expense | $ 217,000 | $ 167,000 | $ 602,000 | $ 443,000 | |
Unrecognized compensation cost | 2,559,000 | $ 2,559,000 | |||
2011 Plan [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 504,404 | ||||
2011 Plan [Member] | June 20, 2017 [Member] | 1 year [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 40,404 | ||||
Terms of vesting | 1 year | ||||
Expense | 50,000 | 0 | $ 83,000 | 0 | |
Unrecognized compensation cost | 116,000 | $ 116,000 | |||
2011 Plan [Member] | June 20, 2017 [Member] | 5 years [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 464,000 | ||||
Terms of vesting | 5 years | ||||
Expense | 107,000 | 0 | $ 183,000 | 0 | |
Unrecognized compensation cost | 2,011,000 | $ 2,011,000 | |||
2011 Plan [Member] | June 21, 2016 [Member] | 1 year [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 51,284 | ||||
Terms of vesting | 1 year | ||||
Expense | 0 | 50,000 | $ 66,000 | 83,000 | |
Unrecognized compensation cost | 0 | $ 0 | |||
2011 Plan [Member] | June 21, 2016 [Member] | 3 years [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 36,000 | ||||
Terms of vesting | 3 years | ||||
Expense | (8,000) | 12,000 | $ 16,000 | 20,000 | |
Unrecognized compensation cost | 0 | $ 0 | |||
2011 Plan [Member] | June 22, 2015 [Member] | 1 year [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 27,174 | ||||
Terms of vesting | 1 year | ||||
Expense | 0 | 0 | $ 0 | 25,000 | |
Unrecognized compensation cost | 0 | $ 0 | |||
2011 Plan [Member] | June 22, 2015 [Member] | 4 years [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 48,000 | ||||
Terms of vesting | 4 years | ||||
Expense | 8,000 | 8,000 | $ 25,000 | 24,000 | |
Unrecognized compensation cost | 52,000 | $ 52,000 | |||
2011 Plan [Member] | June 24, 2014 [Member] | 5 years [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 490,000 | ||||
Terms of vesting | 5 years | ||||
Expense | 60,000 | 60,000 | $ 180,000 | 180,000 | |
Unrecognized compensation cost | 380,000 | $ 380,000 | |||
2011 Plan [Member] | June 19, 2012 [Member] | 5 years [Member] | |||||
Summary of restricted stock and stock unit awards | |||||
Units granted (units) | 520,000 | ||||
Terms of vesting | 5 years | ||||
Expense | 0 | $ 37,000 | $ 49,000 | $ 111,000 | |
Unrecognized compensation cost | $ 0 | $ 0 |
Stockholders Equity (Details)
Stockholders Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2017 | Oct. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Company restriction from issuing dividends or making payments with respect to the Company's Capital Stock to it's annual limit | $ 1,300 | |
Accounting Standards Update 2016-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Unrecognized excess tax benefits reversed | $ 172 | $ 172 |
Retirement Plans (Narrative) (D
Retirement Plans (Narrative) (Details) | Dec. 31, 2003 |
VIP Retirement Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Rate of compensation increase | 50.00% |
Benefit Of Average Compensation Years | 5 years |
Other Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Director providing service to company | 10 years |
Retirement Plans (Periodic Pens
Retirement Plans (Periodic Pension Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Pension Plan [Member] | ||||
Components of Net Cost | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 304 | 296 | 912 | 888 |
Expected return on plan assets | (342) | (284) | (1,026) | (852) |
Amortization of transition amount | 0 | 0 | 0 | 0 |
Recognized (gain) loss due to curtailments | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | 179 | 282 | 537 | 846 |
Benefit cost | 141 | 294 | 423 | 882 |
VIP Retirement Plan [Member] | ||||
Components of Net Cost | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 89 | 90 | 267 | 270 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of transition amount | 0 | 0 | 0 | 0 |
Recognized (gain) loss due to curtailments | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | 60 | 77 | 180 | 231 |
Benefit cost | 149 | 167 | 447 | 501 |
Non-Employee Directors Retirement Plan [Member] | ||||
Components of Net Cost | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 9 | 3 | 27 | 9 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of transition amount | 0 | 0 | 0 | 0 |
Recognized (gain) loss due to curtailments | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | 0 | (29) | 0 | (87) |
Benefit cost | $ 9 | $ (26) | $ 27 | $ (78) |
Warranty (Details)
Warranty (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Warranty claim activity | ||||
Beginning balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 |
Provision | 173 | 155 | 355 | 331 |
Costs incurred | (173) | (155) | (355) | (331) |
Ending balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 |
Maximum [Member] | ||||
Warranty [Line Items] | ||||
Product warranty period | 10 years |
Contingencies (Details)
Contingencies (Details) - Maximum [Member] | Oct. 31, 2017USD ($) |
Loss Liability [Member] | |
Loss Contingencies [Line Items] | |
Self insurance retention | $ 30,000,000 |
Automobile Liability Loss [Member] | |
Loss Contingencies [Line Items] | |
Self insurance retention | 50,000 |
Workers compensation Liability Insurance [Member] | |
Loss Contingencies [Line Items] | |
Self insurance retention | 250,000 |
Product and General Liability Insurance [Member] | |
Loss Contingencies [Line Items] | |
Self insurance retention | $ 250,000 |
Subsequent (Details)
Subsequent (Details) - Subsequent Event [Member] - USD ($) | Dec. 12, 2017 | Nov. 14, 2017 |
Subsequent Event [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 62 months | |
Dividends | $ 0.015 | |
Lease Tranche One [Member] | ||
Subsequent Event [Line Items] | ||
Monthly Lease Payment | $ 396,890 | |
Lease Tranche Two [Member] | ||
Subsequent Event [Line Items] | ||
Monthly Lease Payment | $ 446,703.19 |