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<SEC-DOCUMENT>0000950148-03-001775.txt : 20030721
<SEC-HEADER>0000950148-03-001775.hdr.sgml : 20030721
<ACCEPTANCE-DATETIME>20030718211031
ACCESSION NUMBER:		0000950148-03-001775
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030718
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIRCO MFG CORPORATION
		CENTRAL INDEX KEY:			0000751365
		STANDARD INDUSTRIAL CLASSIFICATION:	PUBLIC BUILDING AND RELATED FURNITURE [2531]
		IRS NUMBER:				951613718
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08777
		FILM NUMBER:		03793751

	BUSINESS ADDRESS:	
		STREET 1:		2027 HARPERS WAY
		CITY:			TORRANCE
		STATE:			CA
		ZIP:			90501
		BUSINESS PHONE:		3105330474

	MAIL ADDRESS:	
		STREET 1:		P O BOX 44846
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90044
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v91588e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Virco Mfg. Corporation, Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT>


<DIV align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT></DIV>


<P align="center"><FONT size="5"><B>FORM 8-K
</B></FONT>


<P align="center"><FONT size="2"><B>CURRENT REPORT</B>
</FONT>


<P align="center"><FONT size="2">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
</FONT>


<P align="center"><FONT size="2">Date of Report (Date of earliest event reported): July&nbsp;18, 2003
</FONT>


<P align="center"><FONT size="2">Commission file number 1-8777
</FONT>


<P align="center"><FONT size="6"><B>VIRCO MFG. CORPORATION
</B></FONT>


<P align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">DELAWARE</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
95-1613718</FONT></TD>
</TR>
<TR>
    <TD valign="top" align="center"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR><TD>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">2027 Harpers Way, Torrance, California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
90501</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">(Address of principal executive officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">
(Zip Code)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">Registrant&#146;s telephone number, including area code (310)&nbsp;533-0474
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>


<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">INFORMATION TO BE INCLUDED IN THE REPORT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="v91588exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "INFORMATION TO BE INCLUDED IN THE REPORT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center"><FONT size="2"><B>INFORMATION TO BE INCLUDED IN THE REPORT</B>
</FONT>
<!-- link2 "ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;18, 2003, Virco Mfg. Corporation
issued an interim report on business
conditions and cost reduction initiatives. The press release is attached
hereto as an exhibit and is hereby incorporated in its entirety by reference.
</FONT>




<!-- link2 "ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS." -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left"><FONT size="2"><B>ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.</B>
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Exhibits</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><HR size="1" noshade></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated July&nbsp;18, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="52%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Virco Mfg. Corporation</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">Date: July&nbsp;18, 2003</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By: /S/ Robert A. Virtue<BR>
<HR size="1" noshade width="55%">
Robert A. Virtue<BR>
Chief Executive Officer and<BR>
Chairman of the Board of
Directors</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Press Release dated July&nbsp;18, 2003.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v91588exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Virco Mfg. Corporation, Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>EXHIBIT 99.1</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">FOR IMMEDIATE RELEASE</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Contact:</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Robert A. Virtue, President<BR>
Douglas A. Virtue, Executive Vice President<BR>
Robert E. Dose, Chief Financial Officer<BR>
Virco Mfg. Corporation<BR>
(310)&nbsp;533-0474</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"><B>Virco Issues Interim Report on Business Conditions, Cost Reduction Initiatives</B>
</FONT>

<P align="left"><FONT size="2">Torrance, California, July&nbsp;18, 2003 &#150; Virco Mfg. Corporation (AMEX: VIR)
announced today that due to persistent sluggishness in its core classroom
furniture market, it has implemented several voluntary programs that should
have a beneficial material effect on results in fiscal 2003 and future years.
Included among these measures is the voluntary separation of 485 employees,
equal to 25% of the workforce, who chose to accept a six-month pay package in
return.
</FONT>

<P align="left"><FONT size="2">Payroll-related separation costs of $6,600,000 will be charged to the second
quarter ending July&nbsp;31. Additional pension-related charges of approximately
$3,000,000 will be recorded in the second half of the year. Annual savings
from the separations are expected to be $14,000,000.
</FONT>

<P align="left"><FONT size="2">Volume-related savings and ongoing initiatives, including Assemble-to-Ship and
seasonal job shifting, have saved an additional $8,600,000 through five months
of fiscal 2003. Annual savings from these programs are estimated at
$16,000,000 for the full year. Some of these savings will partially offset the
second quarter separation charges. Total savings from voluntary separations
and ongoing initiatives should approximate $30,000,000 annually by year-end
2004.
</FONT>

<P align="left"><FONT size="2">The overlapping and offsetting nature of one-time charges versus permanent
structural savings will create confusing second quarter figures for
shareholders accustomed to Virco&#146;s normal seasonal pattern. Management
cautions <I>against </I>using second quarter results to estimate full-year earnings,
since less controllable factors such as sales volume, selling prices and raw
material costs also affect earnings.
</FONT>

<P align="left"><FONT size="2">As previously reported, incoming orders and shipments continue to lag
prior-year levels by approximately 20%. After extensive surveys of commercial
dealers and long-time public school customers across the nation, management
determined that current business conditions are likely to extend through the
summer delivery season of 2004.
</FONT>

<P align="left"><FONT size="2">Confronted with this decline, Virco employees participated in developing three
voluntary methods of balancing operating costs with demand: 1) expansion of the
Company&#146;s sabbatical program; 2) off-season part-time hours with full benefits
at 20 hours per week
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">or more; and 3) voluntary separation with six months&#146; pay. The voluntary
separation program was closed to further participation in early July. The
other programs remain open through fiscal 2003 and are expected to generate
$3,000,000 of one-time savings in the second half of the year.
</FONT>

<P align="left"><FONT size="2">Robert A. Virtue, Virco&#146;s President and CEO, commented on the reasons behind
the Company&#146;s use of voluntary methods to reduce costs: &#147;The short-term
benefits may be hard to quantify, but long-term advantages to morale are
significant. In challenging markets, a unified workforce confident of its
future becomes a critical competitive weapon. Development of new products and
services is also important, and these efforts are continuing at pre-recession
levels. In particular, we are having success with the nationwide rollout of
our Furniture Focus service package. As always, we remain dedicated to a
long-term vision that balances the interests of shareholders, customers and
employees.&#148;
</FONT>

<P align="left"><FONT size="2"><I>This news release contains &#147;forward-looking statements&#148; as defined by the
Private Securities Litigation Reform Act of 1995. These statements include,
but are not limited to, statements regarding: new business strategies, our
ability to continue to control costs and inventory levels, the potential impact
of our Assemble-to-Ship program on earnings, market demand, pricing and
seasonality. Forward-looking statements are based on current expectations and
beliefs about future events or circumstances, and you should not place undue
reliance on these statements. Such statements involve known and unknown risks,
uncertainties, assumptions and other factors, many of which are out of our
control and difficult to forecast, that may cause actual results to differ
materially from those which are anticipated. Such factors include, but are not
limited to, changes in general economic conditions, the markets for school and
office furniture generally and specifically in areas and with customers with
which we conduct our principal business activities, customer confidence, and
competition. See our Annual Report on Form-10K for year ended January&nbsp;31,
2002, and other materials filed with the Securities and Exchange Commission for
further description of these and other risks and uncertainties applicable to
our business. We assume no, and hereby disclaim any, obligation to update any
of our forward-looking statements. We nonetheless reserve the right to make
such updates from time to time by press release, periodic reports or other
methods of public disclosure without the need for specific reference to this
press release. No such update shall be deemed to indicate that other
statements which are not addressed by such an update remain correct or create
an obligation to provide any other updates.</I>
</FONT>


<P align="center"><FONT size="2"><B>End of Filing</B>
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