Virco Cuts 160 Workers as Orders Fall
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Virco Manufacturing Corp., which makes classroom furniture, said it cut 160 employees in early September and would suspend cash dividends to reduce costs as orders from school districts fall.
The Torrance company had a net loss of $8.3 million, or 63 cents a share, in the fiscal second quarter ended July 31, contrasted with net income of $4.3 million, or 32 cents, a year earlier. Sales fell more than 20% to $65.9 million from $83.2 million.
State and school district budget cuts have slowed sales and forced Virco to reduce costs, the company said. Virco shares fell 35 cents, or 5.6%, to $5.95 on the American Stock Exchange.
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