Virco Announces Fourth Quarter and Annual Results

TORRANCE, Calif.-Virco Mfg. Corp. (AMEX: VIR) released its annual results in a letter to shareholders from Robert A. Virtue, president and CEO.

The letter stated that January 31, 2004, marked the close of the fourth quarter, and the end of the company’s most challenging year in history. In 54 years, Virco has only lost money three times: 1950, 1987, and 2003. The amount lost in fiscal 2003, $21,961,000, far exceeded the combined losses in the other two years, according to the letter. Virco is a manufacturer of classroom and institutional furniture.

The company views last year’s recession as a shortfall in funding, not demand.