Virco Mfg. (VIRC) 10-Q 14 Dec 20 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Oct. 31, 2020	Dec. 09, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Transition Report	false
Entity File Number	1-8777
Entity Registrant Name	VIRCO MFG CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-1613718
Entity Address, Address Line One	2027 Harpers Way
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90501
City Area Code	310
Local Phone Number	533-0474
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	VIRC
Security Exchange Name	NASDAQ
Entity Central Index Key	0000751365
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,918,642
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Current assets:
Cash	$ 1,202	$ 1,150	$ 697
Trade accounts receivables, net	16,877	11,762	17,697
Other receivables	60	57	54
Income tax receivable	322	298	314
Inventories	36,872	43,329	42,907
Prepaid expenses and other current assets	1,608	1,746	1,601
Total current assets	56,941	58,342	63,270
Property, plant and equipment:
Land	3,731	3,731	3,731
Land improvements	734	717	694
Buildings and building improvements	51,191	51,200	51,200
Machinery and equipment	111,844	110,610	110,104
Leasehold improvements	1,003	990	978
Total property, plant and equipment	168,503	167,248	166,707
Less accumulated depreciation and amortization	130,808	127,351	126,684
Net property, plant and equipment	37,695	39,897	40,023
Operating lease right-of-use assets	18,645	21,325	22,251
Deferred tax assets, net	10,682	11,230	6,087
Other assets, net	7,949	8,198	8,234
Total assets	131,912	138,992	139,865
Current liabilities:
Accounts payable	11,509	10,587	10,914
Accrued compensation and employee benefits	5,514	6,392	6,124
Current portion of long-term debt	885	878	872
Current portion operating lease liability	4,662	3,654	3,506
Other accrued liabilities	4,121	3,607	3,976
Total current liabilities	26,691	25,118	25,392
Non-current liabilities:
Accrued self-insurance retention	1,313	1,410	1,617
Accrued pension expenses	21,445	21,310	13,426
Income tax payable	72	70	59
Long-term debt, less current portion	5,185	15,818	13,485
Operating lease liability, less current portion	16,745	19,787	20,778
Other long-term liabilities	655	661	559
Total non-current liabilities	45,415	59,056	49,924
Commitments and contingencies (Notes 6, 7 and 13)
Preferred stock:
Authorized 3,000,000 shares, $0.01 par value; none issued or outstanding	0	0	0
Common stock:
Authorized 25,000,000 shares, $0.01 par value; issued and outstanding 15,918,642 shares at 10/31/2020 and 15,713,549 at 1/31/2020 and 10/31/2019	159	157	157
Additional paid-in capital	119,402	118,782	118,544
Accumulated deficit	(46,475)	(49,810)	(45,500)
Accumulated other comprehensive loss	(13,280)	(14,311)	(8,652)
Total stockholders’ equity	59,806	54,818	64,549
Total liabilities and stockholders’ equity	$ 131,912	$ 138,992	$ 139,865

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (shares)	3,000,000	3,000,000	3,000,000
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (shares)	0	0	0
Preferred stock, shares outstanding (shares)	0	0	0
Common stock, shares authorized (shares)	25,000,000	25,000,000	25,000,000
Common stock, par value (usd per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares issued (shares)	15,918,642	15,713,549	15,713,549
Common stock, shares outstanding (shares)	15,918,642	15,713,549	15,713,549

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Statement [Abstract]
Net sales	$ 56,741	$ 66,998	$ 133,625	$ 164,250
Costs of goods sold	34,466	40,153	83,243	99,582
Gross profit	22,275	26,845	50,382	64,668
Selling, general and administrative expenses	16,457	20,476	43,876	51,714
(Gain) loss on sale of property, plant & equipment	(7)	0	(7)	3
Operating income	5,825	6,369	6,513	12,951
Pension expense	542	188	1,626	564
Interest expense	419	603	1,317	2,210
Income before income taxes	4,864	5,578	3,570	10,177
Income tax expense	384	1,686	235	3,485
Net income	$ 4,480	$ 3,892	$ 3,335	$ 6,692
Net income per common share:
Basic (usd per share)	$ 0.28	$ 0.25	$ 0.21	$ 0.43
Diluted (usd per share)	$ 0.28	$ 0.25	$ 0.21	$ 0.43
Weighted average shares outstanding:
Basic (shares)	15,733	15,654	15,566	15,568
Diluted (shares)	15,767	15,710	15,586	15,621

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 4,480	$ 3,892	$ 3,335	$ 6,692
Other comprehensive income:
Pension adjustments, net of tax effect	341	130	1,031	390
Net comprehensive income	$ 4,821	$ 4,022	$ 4,366	$ 7,082

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) Unaudited (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Statement of Comprehensive Income [Abstract]
Pension adjustments, tax	$ 124	$ 45	$ 364	$ 137

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
Operating activities
Net income	$ 3,335	$ 6,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,895	4,350
Non-cash lease expense	645	258
Provision for doubtful accounts	60	60
(Gain) loss on sale of property, plant and equipment	(7)	3
Deferred income taxes	184	3,511
Stock-based compensation	759	686
Defined pension plan settlement	0	0
Amortization of net actuarial loss for pension plans	1,395	528
Changes in operating assets and liabilities:
Trade accounts receivable	(5,177)	(4,504)
Other receivables	0	(15)
Inventories	6,457	4,382
Income taxes	(23)	(124)
Prepaid expenses and other current assets	388	265
Accounts payable and accrued liabilities	741	(5,869)
Net cash provided by operating activities	12,652	10,223
Investing activities:
Capital expenditures	(1,900)	(2,963)
Proceeds from sale of property, plant and equipment	82	0
Net cash used in investing activities	(1,818)	(2,963)
Financing activities:
Borrowing from long-term debt	23,885	30,923
Repayment of long-term debt	(34,512)	(37,980)
Payment on deferred financing costs	0	0
Tax withholding payments on share-based compensation	(155)	(244)
Cash dividends paid	0	0
Net cash used in financing activities	(10,782)	(7,301)
Net increase (decrease) in cash	52	(41)
Cash at beginning of period	1,150	738
Cash at end of period	$ 1,202	$ 697

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Changes in Equity and Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (shares) at Jan. 31, 2019		15,541,956
Beginning balance at Jan. 31, 2019	$ 57,027	$ 155	$ 118,106	$ (52,192)	$ (9,042)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,692			6,692
Pension adjustments, net of tax effect	390				390
Shares vested and others (shares)		171,593
Shares vested and others	(246)	$ 2	(248)
Stock compensation expense	$ 686		686
Ending balance (shares) at Oct. 31, 2019	15,713,549	15,713,549
Ending balance at Oct. 31, 2019	$ 64,549	$ 157	118,544	(45,500)	(8,652)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Pension adjustments, tax	137
Beginning balance (shares) at Jul. 31, 2019		15,713,549
Beginning balance at Jul. 31, 2019	60,265	$ 157	118,282	(49,392)	(8,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,892			3,892
Pension adjustments, net of tax effect	130				130
Shares vested and others (shares)		0
Shares vested and others	0	$ 0	0
Stock compensation expense	$ 262		262
Ending balance (shares) at Oct. 31, 2019	15,713,549	15,713,549
Ending balance at Oct. 31, 2019	$ 64,549	$ 157	118,544	(45,500)	(8,652)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Pension adjustments, tax	$ 45
Beginning balance (shares) at Jan. 31, 2020	15,713,549	15,713,549
Beginning balance at Jan. 31, 2020	$ 54,818	$ 157	118,782	(49,810)	(14,311)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,335			3,335
Pension adjustments, net of tax effect	1,031				1,031
Shares vested and others (shares)		205,093
Shares vested and others	(137)	$ 2	(139)
Stock compensation expense	$ 759		759
Ending balance (shares) at Oct. 31, 2020	15,918,642	15,918,642
Ending balance at Oct. 31, 2020	$ 59,806	$ 159	119,402	(46,475)	(13,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Pension adjustments, tax	364
Beginning balance (shares) at Jul. 31, 2020		15,918,642
Beginning balance at Jul. 31, 2020	54,732	$ 159	119,149	(50,955)	(13,621)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,480			4,480
Pension adjustments, net of tax effect	341				341
Shares vested and others (shares)		0
Shares vested and others	0	$ 0	0
Stock compensation expense	$ 253		253
Ending balance (shares) at Oct. 31, 2020	15,918,642	15,918,642
Ending balance at Oct. 31, 2020	$ 59,806	$ 159	$ 119,402	$ (46,475)	$ (13,280)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Pension adjustments, tax	$ 124

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Changes in Equity and Accumulated Other Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Statement of Stockholders' Equity [Abstract]
Pension adjustments, tax	$ 124	$ 45	$ 364	$ 137

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 31, 2020
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 (U.S. GAAP) 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 notes required by generally accepted accounting principles for complete financial statements and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (“Form 10-K”). In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three months and nine months ended October 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending January 31, 2021. The balance sheet at January 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and notes required by accounting principles generally accepted in the United States for complete financial statements. All references to the “Company” refer to Virco Mfg. Corporation and its subsidiaries. Liquidity Management evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern over the next twelve months through December 31, 2021. The Company has experienced an overall decline in net sales and net income through the first nine-months of fiscal 2021 as compared to fiscal 2020 as a result of the disruption to its business and its customers caused by the COVID-19 pandemic. As a result of the reduced revenue, the Company was not in compliance with its fixed-charge coverage ratio under its revolving and secured credit agreement with PNC Bank, as of July 31, 2020, prior to an amendment and waiver negotiated to satisfy the event of default that also reduced the ratio required for the rolling four-quarter period ended October 31, 2020 from 1.10:1.00 to 1.00:1.00. However the Company was not in compliance with this amended fixed-charge ratio of 1.00:1.00 as of October 31, 2020 due to the continuing decline in net sales and net income. The Company successfully negotiated a waiver and amendment on December 11, 2020 to the agreement to satisfy the event of default and amend the fixed-charge coverage ratio covenant. The amended covenant allows the Company to add back certain COVID-19 related costs incurred between May 1, 2020 through April 30, 2021, not to exceed $2 million, to adjusted EBITDA and retains a minimum fixed-charge coverage ratio of 1.10:1.00 beginning with the quarter ending January 31, 2021 (see Note 7).

Seasonality and Management Use

Seasonality and Management Use of Estimates	9 Months Ended
	Oct. 31, 2020
Seasonality [Abstract]
Seasonality and Management Use of Estimates	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 educational institutions and government entities, which tend to pay accounts receivable slower 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. Significant estimates made by management include, but are not limited to, valuation of inventory; deferred tax assets and liabilities; useful lives of property, plant and equipment; liabilities under pension, warranty, self-insurance and environmental claims; and the accounts receivable allowance for doubtful accounts. Due to the inherent uncertainty involved in making assumptions and estimates, events and changes in circumstances arising after October 31, 2020, including those resulting from the continuing impacts of the COVID-19 pandemic, may result in actual outcomes that differ from those contemplated by our assumptions and estimates.

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Oct. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Updates In response to the large volume of anticipated lease concessions to be granted related to the effects of the COVID-19 pandemic, and the resultant expected cost and complexity of applying the lease modification requirements in ASC 842, the FASB issued Staff Q&A—Topic 842 and Topic 840: Accounting For Lease Concessions Related to the Effects of the COVID-19 Pandemic , in April 2020 as interpretive guidance to provide clarity in response to the crisis. The FASB staff indicated that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how they would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Consequently, for such lease concessions, an entity will not need to reassess each existing contract to determine whether enforceable rights and obligations for concessions exist and an entity can elect to apply or not to apply the lease modification guidance in ASC 842 to those contracts. The election is available for concessions related to the effects of the COVID-19 pandemic that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract. In accordance with this interpretive guidance, the Company elected to account for lease concessions related to the effects of the COVID-19 pandemic that resulted in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract consistent with how they would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Consequently, for such lease concessions, the Company did not reassess each existing contract to determine whether enforceable rights and obligations for concessions existed and elected not to apply the lease modification guidance in ASC 842 to those contracts. In the second fiscal quarter ended July 31, 2020, the Company accounted for COVID-19 lease abatements of $136,000 as reductions to variable lease expense as if no changes to the lease contract were made while continuing to recognize expense and reductions in the operating lease liability, as well as the operating lease right-of-use asset during the abatement period. There were no lease concessions recorded in the first and third quarters of fiscal 2021. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes . This update simplifies various aspects related to accounting for income taxes, removes certain exceptions to the general principles in ASC 740, and clarifies and amends existing guidance to improve consistent application. The Company adopted this ASU as of February 1, 2020 and the adoption of this standard did not have a material effect on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement ( Topic 820 ) which modifies the disclosure requirements of fair value measurements in Topic 820, Fair Value Measurement . For public companies the ASU removes disclosure requirements for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU modifies the disclosure requirements for investments in certain entities that calculate net asset value and clarifies that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. The ASU adds the disclosure requirement for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The Company adopted this ASU as of February 1, 2020 and the adoption of this standard did not have a material effect on our condensed consolidated financial statements. Recently Issued Accounting Updates In August 2018, the FASB issued Accounting Standards Update No. 2018-14 (ASU 2018-14 ), Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20) , which amends the current disclosure requirements regarding defined benefit pensions and other post retirement plans , and allows for the removal of certain disclosures, while adding certain new disclosure requirements. This standard is effective for fiscal years beginning after December 15, 2020 and allows for early adoption. The Company is currently evaluating the effect the standard will have on the consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology for measuring and recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The adoption date, as modified by the recently issued ASU 2019-10 discussed below, will be for the fiscal year ending after December 15, 2022 and interim periods therein. The Company is currently evaluating the effect the standard will have on the consolidated financial statements and related disclosures. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates . ASU 2019-10 moves the effective date for certain previously issued amendments to later dates, depending on the filing status of the respective entity. Specifically, due to the amendment and the Company’s status as a smaller reporting company, the new effective dates for relevant previously issued amendments not yet adopted by the Company relate to ASU 2016-13 as described above. Other recently issued accounting updates are not expected to have a material impact on the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition The Company manufactures, markets and distributes a wide variety of school and office furniture to wholesalers, distributors, educational institutions and governmental entities. Revenue is recorded for promised goods or services when control is transferred to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company's sales generally involve a single performance obligation to deliver goods pursuant to customer purchase orders. Prices for our products are based on published price lists and customer agreements. The Company has determined that the performance obligations are satisfied at a point in time when the Company completes delivery per the customer contract. The majority of sales are free on board ("FOB") destination where the destination is specified per the customer contract and may include delivering the furniture into the classroom, school site or warehouse. Sales of furniture that are sold FOB factory are typically made to resellers of our product who in turn provide logistics to the ultimate customer. Once a product has been delivered per the shipping terms, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. The Company considers control to have transferred upon shipment or delivery in accordance with shipping terms because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset. Sales are recorded net of discounts, sales incentives and rebates, sales taxes and estimated returns and allowances. The Company offers sales incentives and discounts through various regional and national programs to our customers. These programs include product rebates, product returns allowances and trade promotions. Variable consideration for these programs is estimated in the transaction price at contract inception based on current sales levels and historical experience using the expected value method, subject to constraint. We do not consider our revenue generated through direct-to-customers and resellers to be meaningfully different revenue streams given similarities in the nature of the products, performance obligation and distribution processes. Sales are predominately in the United States and to a similar class of customer. We do not manage or evaluate the business based on product line or any other discernable category.

Inventories

Inventories	9 Months Ended
	Oct. 31, 2020
Inventory Disclosure [Abstract]
Inventories	InventoriesInventories are 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 valuation allowances for estimated slow-moving and obsolete inventory to reflect the difference between the cost of inventory and the estimated net realizable value. Valuation 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 valuation 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 a breakdown of the Company’s inventories as of October 31, 2020, January 31, 2020 and October 31, 2019: 10/31/2020 1/31/2020 10/31/2019 (in thousands) Finished goods $ 15,442 $ 15,401 $ 15,380 WIP 11,440 15,957 15,567 Raw materials 9,990 11,971 11,960 Total inventories $ 36,872 $ 43,329 $ 42,907

Leases

Leases	9 Months Ended
	Oct. 31, 2020
Leases [Abstract]
Leases	Leases The Company has operating leases on real property, equipment, and automobiles that expire at various dates. The Company determines if an arrangement is a lease at inception and assesses classification of the lease at commencement. All of the Company’s leases are classified as operating leases, as a lessee. The Company uses the implicit rate when readily determinable, or the incremental borrowing rate. Our incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments using company specific credit spreads. The Company’s lease terms include options to extend or terminate the lease only when it is reasonably certain that we will exercise that option. Lease expense for our operating leases is recognized on a straight-line basis over the lease term. In accordance with ASC 842, quantitative information regarding our leases is as follows: Three-Months Ended Nine-Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (in thousands, except lease term and discount rate) Operating lease cost $ 1,431 $ 1,365 $ 4,343 $ 4,065 Short-term lease cost 55 115 214 251 Short-term sublease income (10) (30) (30) (60) Variable lease cost (1) (18) 340 352 849 Total lease cost $ 1,458 $ 1,790 $ 4,879 $ 5,105 Other operating leases information: Cash paid for amounts included in the measurement of lease liabilities $ 3,697 $ 3,976 Right-of-use assets obtained in exchange for new lease liabilities $ 587 $ 1,420 Weighted-average remaining lease term (years) 4.3 5.2 Weighted-average discount rate 6.40 % 6.37 % (1) Subsequent to the issuance of the Company’s condensed consolidated financial statements as of October 31, 2019, management identified an immaterial correction related to the disclosure of certain variable lease payments. Variable lease expense for the three-months and nine-months ended October 31, 2019 did not previously include $340,000 and $849,000, respectively of variable lease payments for property taxes, insurance and common area maintenance related to triple net leases. Management corrected the disclosure related to variable lease expense in the table above for the three-months and nine-months ended October 31, 2019 and, except for this change, the correction had no impact upon the Company’s condensed consolidated financial statements. Minimum future lease payments for operating leases in effect as of October 31, 2020, are as follows: Operating Lease (in thousands) Remaining of 2021 $ 1,476 2022 5,818 2023 5,384 2024 5,251 2025 5,370 Thereafter 1,350 Remaining balance of lease payments $ 24,649 Short-term lease liabilities $ 4,662 Long-term lease liabilities 16,745 Total lease liabilities $ 21,407 Difference between undiscounted cash flows and discounted cash flows $ 3,242

Debt

Debt	9 Months Ended
	Oct. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt Outstanding balances for the Company’s long-term debt were as follows: 10/31/2020 1/31/2020 10/31/2019 (in thousands) Revolving credit line $ — $ 9,969 $ 7,412 Other 6,070 6,727 6,945 Total debt 6,070 16,696 14,357 Less current portion 885 878 872 Non-current portion $ 5,185 $ 15,818 $ 13,485 The Company ("the “Borrowers”) has a Revolving Credit and Security Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender (“PNC”). The Credit Agreement has been amended twenty one times since it’s origination in 2011 through fiscal 2020, which, among other things, extended the maturity date of the Credit Agreement for three years until March 19, 2023. The Credit Agreement is an asset-based loan consisting of (i) a revolving line of credit with a Maximum Revolving Advance Amount of $65,000,000 that is subject to a borrowing base limitation and generally provides for advances of up to 85% of eligible accounts receivable, plus a percentage equal to the lesser of 60% of the value of eligible inventory or 85% of the liquidation value of eligible inventory, plus $15,000,000 from January through July of each year, minus undrawn amounts of letters of credit and reserves and (ii) an equipment loan of $2,000,000. The Credit Agreement is secured by substantially all of the Company's, as defined, personal property and certain of the Company's real property. The principal amount outstanding under the Credit Agreement and any accrued and unpaid interest is due no later than March 19, 2023, and the Credit Agreement is subject to certain prepayment penalties upon earlier termination of the Credit Agreement. Prior to the maturity date, principal amounts outstanding under the Credit Agreement may be repaid and reborrowed at the option of the Borrowers without premium or penalty, subject to borrowing base limitations, seasonal adjustments and certain other conditions, including reduced borrowings under the revolving line to less than or equal $10,000,000 for a period of 30 consecutive days during the fourth quarter of each fiscal year. The Credit Agreement also contains certain financial covenants, including a fixed charge coverage ratio beginning on February 1 st , 2020 of not less than 1.10 to 1.00, and capital expenditures not to exceed $8,000,000. The Company was in violation with its financial covenants as of July 31, 2020. On September 8, 2020, the Company entered into Amendment No. 21 to the Revolving Credit and Security Agreement (“Amendment No. 21”) with its lender, PNC Bank, National Association. Amendment No. 21 provided a limited waiver of the Company’s violation of the covenant to maintain a Fixed Charge Coverage Ratio of at least 1.00 to 1.00 for the four fiscal quarter period ended July 31, 2020, and amended the Fixed Charge Coverage Ratio as follows: (i) 1.00 to 1.00 for the consecutive four fiscal quarter period ended October 31, 2020, and (ii) 1.10 to 1.00 for each consecutive four fiscal quarter period ending thereafter. In connection with Amendment No. 21, the Company also agreed to pay to PNC Bank a non-refundable fee of $75,000. However the Company was not in compliance with this amended fixed-charge ratio of 1.00:1.00 as of October 31, 2020 due to the continuing decline in net sales and net income. The Company successfully negotiated and entered into Amendment No. 22 on December 11, 2020 to the Revolving Credit and Security Agreement (“Amendment No. 22”) with its lender, PNC Bank, National Association. Amendment No. 22 provided a limited waiver of the Fixed-Charge Coverage Ratio for the four fiscal quarter period ended October 31, 2020 and amended the Fixed-Charge Coverage calculation to allow for the add back of certain COVID-19 related costs incurred from May 1, 2020 through April 30, 2021 not to exceed $2 million to adjusted EBITDA beginning with the four fiscal quarter period ended January 31, 2021, and retains the required minimum coverage ratio of 1.10:1.00. In connection with Amendment No. 22, the Company also agreed to pay PNC Bank a non-refundable fee of $40,000. The Credit Agreement bears interest, at the Borrowers’ option, at either the Alternate Base Rate (as defined in the Credit Agreement) or the Eurodollar Currency Rate (as defined in the Credit Agreement), in each case plus an applicable margin. The applicable margin for Alternate Base Rate loans is a percentage within a range of 1.25% to 1.75%, and the applicable margin for Eurodollar Currency Rate loans is a percentage within a range of 2.25% to 2.75%, in each case based on the EBITDA of the Borrower's at the end of each fiscal quarter and may be increased at PNC's option by 2.0% during the continuance of an event of default. The interest rate as of October 31, 2020 was 4.5%. The Company also incurs a fee on the unused portion of the revolving line of credit at a rate of 0.375%. To date the impact of COVID-19 on liquidity has been to moderate the seasonal increase in accounts receivable and production of inventory for summer delivery. Both the increase in accounts receivable and inventory are traditionally financed through the Company’s line of credit with PNC Bank. Reductions in receivables and inventory were substantially offset by a reduction in borrowing under the revolving line with PNC Bank. In addition to the financial covenants, the Credit Agreement contains events of default as disclosed in Note 3 to our Annual Report on Form 10-K for the year-ended January 31, 2020. Substantially all of the Borrowers' accounts receivable are automatically and promptly swept to repay amounts outstanding under the Credit Agreement upon receipt by the Borrowers. Due to this automatic liquidating nature of the Credit Agreement, if the Borrowers breach any covenant, violate any representation or warranty or suffer a deterioration in their ability to borrow pursuant to the borrowing base calculation, the Borrowers may not have access to cash liquidity unless provided by PNC at its discretion. The Company's revolving line of credit with PNC is structured to provide seasonal credit availability during the Company's peak summer season. As of October 31, 2020, there were no outstanding amounts under the line of credit and approximately $14,000,000 was available for borrowing as of October 31, 2020. Management believes that the carrying value of debt approximated fair value at October 31, 2020 and 2019, as all of the long-term debt bears interest at variable rates based on prevailing market conditions.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 31, 2020
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 of $1,133,000, $1,183,000 and $1,918,000 as of October 31, 2020, January 31, 2020 and October 31, 2019 to reduce against certain state deferred tax assets that the Company does not believe it is more-likely-than-not to realize. On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act modified the limitation for business interest expense deduction and the new limitation has increased from 30 to 50 percent of adjusted taxable income. Historically deferred taxes related to interest expense limitation were fully offset by a valuation allowance. The Company performed an analysis of the impact of the CARES Act and calculated a tax benefit of approximately $200,000 which was driven by the release of the valuation allowance related to the business interest limitation. The January 31, 2016 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. Income tax expense for the third quarter and nine months ended October 31, 2020 is less than the prior year, primarily due to the decrease in pre-tax income and the change of the valuation allowance related to the business interest expense limitation deduction and state net operating losses.

Net income per Share

Net income per Share	9 Months Ended
	Oct. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Net income per Share Three Months Ended Nine Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (In thousands, except per share data) Net income $ 4,480 $ 3,892 $ 3,335 $ 6,692 Weighted average shares of common stock outstanding 15,733 15,654 15,566 15,568 Net effect of dilutive shares - based on the treasury stock method using average market price 34 56 20 53 Totals 15,767 15,710 15,586 15,621 Net income per share - basic $ 0.28 $ 0.25 $ 0.21 $ 0.43 Net income per share - diluted $ 0.28 $ 0.25 $ 0.21 $ 0.43

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Oct. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Incentive Plan The Company's two stock plans are the 2019 Employee Stock Incentive Plan (the “2019 Plan”) and the 2011 Employee Incentive Stock Plan (the “2011 Plan”). Under the 2019 Plan, the Company may grant an aggregate of 1,000,000 shares to its employees in the form of restricted stock units and non-employee directors in the form of restricted stock awards. Restricted stock units and awards granted under the 2019 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock units or awards and related compensation expense as the difference between the market value of the units or awards on the date of grant less the exercise price of the units or awards granted. During the nine-month periods ended October 31, 2020, the Company granted 94,695 awards to non-employee directors, vested 45,600 shares according to their terms and forfeited 0 shares under the 2019 Plan. As of October 31, 2020, there were approximately 677,305 shares available for future issuance under the 2019 Plan. Under the 2011 Plan, the Company may grant an aggregate of 2,000,000 shares to its employees in the form of restricted stock units and non-employee directors in the form of restricted stock awards. Restricted stock units and awards granted under the 2011 Plan are expensed ratably over the vesting period of the awards. The Company determines the fair value of its restricted stock units or awards and related compensation expense as the difference between the market value of the units or awards on the date of grant less the exercise price of the units or awards granted. During the nine-month periods ended October 31, 2020, the Company granted 0 restricted awards to non-employee directors and 0 units to its employees; vested 59,385 stock awards and 119,200 units according to their terms and forfeited 0 stock units under the 2011 Plan. As of October 31, 2020, there were approximately 32,892 shares available for future issuance under the 2011 Plan. During the three months ended October 31, 2020, stock-based compensation expense related to restricted stock units and awards recognized in cost of goods sold and selling, general and administrative expenses was $65,000 and $188,000, respectively. During the three months ended October 31, 2019, stock-based compensation expense related to restricted stock units and/or awards recognized in cost of goods sold and selling, general and administrative expenses was $74,000 and $189,000, respectively. During the nine months ended October 31, 2020, stock-based compensation expense related to restricted stock units and awards recognized in cost of goods sold and selling, general and administrative expenses was $193,000 and $566,000, respectively. During the nine months ended October 31, 2019, stock-based compensation expense related to restricted stock units and/or awards recognized in cost of goods sold and selling, general and administrative expenses was $190,000 and $496,000, respectively.

Retirement Plans

Retirement Plans	9 Months Ended
	Oct. 31, 2020
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”). 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”). As more fully described in the Annual Report on Form 10-K for the year ended January 31, 2020, benefit accruals under this plan were frozen since December 31, 2003. There is no service cost incurred under this plan. The net periodic pension cost for the Pension Plan and the VIP Plan for the three months and nine months ended October 31, 2020 and 2019 were as follows: Combined Employee Retirement Plans Three Months Ended Nine Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (in thousands) Service cost $ — $ — $ — $ — Interest cost 301 355 903 1,065 Expected return on plan assets (224) (343) (672) (1,029) Plan settlement — — — — Amortization of prior service cost — — — — Recognized net actuarial loss 465 176 1,395 528 Benefit cost $ 542 $ 188 $ 1,626 $ 564 401(k) Retirement Plan

Warranty Accrual

Warranty Accrual	9 Months Ended
	Oct. 31, 2020
Product Warranties Disclosures [Abstract]
Warranty Accrual	Warranty Accrual The Company provides an assurance type warranty against all substantial defects in material and workmanship. The standard warranty offered on products sold after January 1, 2017 was modified 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, 2020 and 2019: Three Months Ended Nine Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (in thousands) Beginning balance $ 750 $ 800 $ 800 $ 700 Provision (46) 71 (3) 387 Costs incurred (4) (71) (97) (287) Ending balance $ 700 $ 800 $ 700 $ 800

Contingencies

Contingencies	9 Months Ended
	Oct. 31, 2020
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.

Delivery Costs

Delivery Costs	9 Months Ended
	Oct. 31, 2020
Other Income and Expenses [Abstract]
Delivery Costs	Delivery Costs For the quarter ended October 31, 2020 and 2019, shipping and classroom delivery costs of approximately $6,014,000 and $7,897,000, respectively, were included in selling, general and administrative expenses in the accompanying consolidated statements of operations. For the nine months ended October 31, 2020 and 2019, shipping and classroom delivery costs of approximately 12,999,000 and 17,154,000, respectively, were included in selling, general and administrative expenses in the accompanying consolidated statements of operations.

COVID-19

COVID-19	9 Months Ended
	Oct. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
COVID-19	COVID-19 On March 11, 2020, the World Health Organization declared the current coronavirus (COVID-19) outbreak to be a global pandemic. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country have imposed varying degrees of restriction on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. The Company has been operating its manufacturing and distribution facilities on a voluntary basis to give employees the flexibility to remain at home with children who are out of school or for other personal reasons as they deem necessary. Office employees and others who can work from home continue to do so. Appropriate measures are being taken to protect the health of employees performing essential on-site operations. The Company’s Conway, Arkansas facilities, which represent approximately two thirds of the Company’s production and distribution capacity, has been fully operational for this period of time. In accordance with State of California and local orders that include guidance on the definition and responsibilities of “essential businesses,” the Company has been operating its Torrance facility. During May, the Company closed its Torrance facility for several days before and after Memorial Day to perform comprehensive cleaning of production and office areas. Management estimates that the Torrance facility is currently staffed at approximately 50% of its normal level.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn December 11, 2020, the Company entered into Amendment No. 22 to the Revolving Credit and Security Agreement (“Amendment No. 22”) with its lender, PNC Bank, National Association (see Note 7).

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Oct. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	The following table presents a breakdown of the Company’s inventories as of October 31, 2020, January 31, 2020 and October 31, 2019: 10/31/2020 1/31/2020 10/31/2019 (in thousands) Finished goods $ 15,442 $ 15,401 $ 15,380 WIP 11,440 15,957 15,567 Raw materials 9,990 11,971 11,960 Total inventories $ 36,872 $ 43,329 $ 42,907

Leases (Tables)

Leases (Tables)	9 Months Ended
	Oct. 31, 2020
Leases [Abstract]
Quantitative Information of Leases	In accordance with ASC 842, quantitative information regarding our leases is as follows: Three-Months Ended Nine-Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (in thousands, except lease term and discount rate) Operating lease cost $ 1,431 $ 1,365 $ 4,343 $ 4,065 Short-term lease cost 55 115 214 251 Short-term sublease income (10) (30) (30) (60) Variable lease cost (1) (18) 340 352 849 Total lease cost $ 1,458 $ 1,790 $ 4,879 $ 5,105 Other operating leases information: Cash paid for amounts included in the measurement of lease liabilities $ 3,697 $ 3,976 Right-of-use assets obtained in exchange for new lease liabilities $ 587 $ 1,420 Weighted-average remaining lease term (years) 4.3 5.2 Weighted-average discount rate 6.40 % 6.37 % (1) Subsequent to the issuance of the Company’s condensed consolidated financial statements as of October 31, 2019, management identified an immaterial correction related to the disclosure of certain variable lease payments. Variable lease expense for the three-months and nine-months ended October 31, 2019 did not previously include $340,000 and $849,000, respectively of variable lease payments for property taxes, insurance and common area maintenance related to triple net leases. Management corrected the disclosure related to variable lease expense in the table above for the three-months and nine-months ended October 31, 2019 and, except for this change, the correction had no impact upon the Company’s condensed consolidated financial statements.
Schedule of Minimum Future Lease Payments	Minimum future lease payments for operating leases in effect as of October 31, 2020, are as follows: Operating Lease (in thousands) Remaining of 2021 $ 1,476 2022 5,818 2023 5,384 2024 5,251 2025 5,370 Thereafter 1,350 Remaining balance of lease payments $ 24,649 Short-term lease liabilities $ 4,662 Long-term lease liabilities 16,745 Total lease liabilities $ 21,407 Difference between undiscounted cash flows and discounted cash flows $ 3,242

Debt (Tables)

Debt (Tables)	9 Months Ended
	Oct. 31, 2020
Debt Disclosure [Abstract]
Outstanding balances of long-term debt	Outstanding balances for the Company’s long-term debt were as follows: 10/31/2020 1/31/2020 10/31/2019 (in thousands) Revolving credit line $ — $ 9,969 $ 7,412 Other 6,070 6,727 6,945 Total debt 6,070 16,696 14,357 Less current portion 885 878 872 Non-current portion $ 5,185 $ 15,818 $ 13,485

Net income per Share (Tables)

Net income per Share (Tables)	9 Months Ended
	Oct. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended Nine Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (In thousands, except per share data) Net income $ 4,480 $ 3,892 $ 3,335 $ 6,692 Weighted average shares of common stock outstanding 15,733 15,654 15,566 15,568 Net effect of dilutive shares - based on the treasury stock method using average market price 34 56 20 53 Totals 15,767 15,710 15,586 15,621 Net income per share - basic $ 0.28 $ 0.25 $ 0.21 $ 0.43 Net income per share - diluted $ 0.28 $ 0.25 $ 0.21 $ 0.43

Retirement Plans (Tables)

Retirement Plans (Tables)	9 Months Ended
	Oct. 31, 2020
Retirement Benefits [Abstract]
Schedule of Defined Benefit Plans Disclosures	The net periodic pension cost for the Pension Plan and the VIP Plan for the three months and nine months ended October 31, 2020 and 2019 were as follows: Combined Employee Retirement Plans Three Months Ended Nine Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (in thousands) Service cost $ — $ — $ — $ — Interest cost 301 355 903 1,065 Expected return on plan assets (224) (343) (672) (1,029) Plan settlement — — — — Amortization of prior service cost — — — — Recognized net actuarial loss 465 176 1,395 528 Benefit cost $ 542 $ 188 $ 1,626 $ 564

Warranty Accrual (Tables)

Warranty Accrual (Tables)	9 Months Ended
	Oct. 31, 2020
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, 2020 and 2019: Three Months Ended Nine Months Ended 10/31/2020 10/31/2019 10/31/2020 10/31/2019 (in thousands) Beginning balance $ 750 $ 800 $ 800 $ 700 Provision (46) 71 (3) 387 Costs incurred (4) (71) (97) (287) Ending balance $ 700 $ 800 $ 700 $ 800

Basis of Presentation (Details)

Basis of Presentation (Details) - Consecutive Four Fiscal Quarters Ending Thereafter - Amendment No. 21 To Credit Facility [Member]	Oct. 31, 2020	Sep. 08, 2020
Maximum fixed charge coverage ratio		1.10
Maximum
Maximum fixed charge coverage ratio	1.10
Minimum
Maximum fixed charge coverage ratio	1

Seasonality (Details)

Seasonality (Details)	9 Months Ended
	Oct. 31, 2020
Sales [Member]
Seasonality (Textual) [Abstract]
The market for educational furniture is marked by extreme seasonality	50.00%

New Accounting Pronouncements (

New Accounting Pronouncements (Details) $ in Thousands	9 Months Ended
	Oct. 31, 2020USD ($)
COVID-19 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reduction In Variable Lease Expense	$ 136

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 15,442	$ 15,401	$ 15,380
WIP	11,440	15,957	15,567
Raw materials	9,990	11,971	11,960
Total inventories	$ 36,872	$ 43,329	$ 42,907

Leases - ASC 842 Quantitative I

Leases - ASC 842 Quantitative Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1,431	$ 1,365	$ 4,343	$ 4,065
Short-term lease cost	55	115	214	251
Short-term sublease income	(10)	(30)	(30)	(60)
Variable lease cost	(18)	340	352	849
Total lease cost	$ 1,458	$ 1,790	4,879	5,105
Cash paid for amounts included in the measurement of lease liabilities			3,697	3,976
Right-of-use assets obtained in exchange for new lease liabilities			$ 587	$ 1,420
Weighted-average remaining lease term (years)	4 years 3 months 18 days	5 years 2 months 12 days	4 years 3 months 18 days	5 years 2 months 12 days
Weighted-average discount rate	6.40%	6.37%	6.40%	6.37%

Leases - ASC 842 Minimum Lease

Leases - ASC 842 Minimum Lease Payments (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Leases [Abstract]
Remaining of 2021	$ 1,476
2022	5,818
2023	5,384
2024	5,251
2025	5,370
Thereafter	1,350
Remaining balance of lease payments	24,649
Short-term lease liabilities	4,662	$ 3,654	$ 3,506
Long-term lease liabilities	16,745	$ 19,787	$ 20,778
Total lease liabilities	21,407
Difference between undiscounted cash flows and discounted cash flows	$ 3,242

Debt (Long-term Debt) (Details)

Debt (Long-term Debt) (Details) - USD ($) $ in Thousands	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 6,070	$ 16,696	$ 14,357
Less current portion	885	878	872
Non-current portion	5,185	15,818	13,485
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt	0	9,969	7,412
Other Debt [Member]
Debt Instrument [Line Items]
Long-term debt	$ 6,070	$ 6,727	$ 6,945

Debt (Narrative) (Details)

Debt (Narrative) (Details)	Dec. 10, 2020USD ($)	Oct. 31, 2020USD ($)	Sep. 08, 2020USD ($)	Feb. 01, 2020USD ($)
Line of Credit Facility [Line Items]
Line Of Credit Facility, Borrowing Capacity, Term		$ 15,000,000
Line of credit facility, period for reduced borrowings during fourth quarter of each fiscal year (consecutive days)		30 days
Revolving credit facility bears interest increased		2.00%
Interest rate		4.50%
Unused portion fee rate		0.375%
Inventory [Member]
Line of Credit Facility [Line Items]
Revolving credit facility borrowing base limitation		60.00%
Inventories [Member]
Line of Credit Facility [Line Items]
Revolving credit facility borrowing base limitation		85.00%
Maximum [Member] | Accounts receivable [Member]
Line of Credit Facility [Line Items]
Revolving credit facility borrowing base limitation		85.00%
Amendment No. 20 To Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum fixed charge coverage ratio				1.10
Amendment No. 20 To Credit Facility [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Maximum capital expenditures				$ 8,000,000
Amendment No. 21 To Credit Facility [Member]
Line of Credit Facility [Line Items]
Non-refundable fee			$ 75,000
Amendment No. 21 To Credit Facility [Member] | Consecutive Four Fiscal Quarters Ending July 31, 2020
Line of Credit Facility [Line Items]
Maximum fixed charge coverage ratio			1
Amendment No. 21 To Credit Facility [Member] | Consecutive Four Fiscal Quarters Ending October 31, 2020
Line of Credit Facility [Line Items]
Maximum fixed charge coverage ratio			1
Amendment No. 21 To Credit Facility [Member] | Consecutive Four Fiscal Quarters Ending Thereafter
Line of Credit Facility [Line Items]
Maximum fixed charge coverage ratio			1.10
Amendment No. 21 To Credit Facility [Member] | Minimum [Member] | Consecutive Four Fiscal Quarters Ending Thereafter
Line of Credit Facility [Line Items]
Maximum fixed charge coverage ratio		1
Amendment No. 21 To Credit Facility [Member] | Maximum [Member] | Consecutive Four Fiscal Quarters Ending Thereafter
Line of Credit Facility [Line Items]
Maximum fixed charge coverage ratio		1.10
Amendment No. 22 To Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Non-refundable fee	$ 40,000
Minimum coverage ratio	1.10
Amendment No. 22 To Credit Facility [Member] | Maximum [Member] | Subsequent Event [Member]
Line of Credit Facility [Line Items]
Covenant compliance, adjusted EBITDA	$ 2,000,000
PNC [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Remaining borrowing capacity		$ 14,000,000
PNC [Member] | Revolving Credit Facility [Member] | Amendment No. 19 to Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		65,000,000
PNC [Member] | Equipment Loan [Member] | Amendment No. 19 to Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		10,000,000
Line of credit facility, Equipment financing		$ 2,000,000
Eurodollar [Member] | Minimum [Member]
Line of Credit Facility [Line Items]
Revolving credit facility bears interest range of		2.25%
Eurodollar [Member] | Maximum [Member]
Line of Credit Facility [Line Items]
Revolving credit facility bears interest range of		2.75%
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		1.25%
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		1.75%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 27, 2020	Mar. 26, 2020	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Income Tax Disclosure [Abstract]
Valuation allowance			$ 1,133	$ 1,183	$ 1,918
Limitation for business interest expense deduction as a percentage of adjusted taxable income	50.00%	30.00%
Income tax benefit from the CARES Act	$ 200

Net income per Share (Details)

Net income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 4,480	$ 3,892	$ 3,335	$ 6,692
Weighted average shares outstanding - basic (shares)	15,733	15,654	15,566	15,568
Net effect of dilutive share-based on the treasury stock method using average market price (shares)	34	56	20	53
Totals (shares)	15,767	15,710	15,586	15,621
Net income (loss) per share - basic (usd per share)	$ 0.28	$ 0.25	$ 0.21	$ 0.43
Net income (loss) per share - diluted (usd per share)	$ 0.28	$ 0.25	$ 0.21	$ 0.43

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Cost of Goods Sold [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 65,000	$ 74,000	$ 193,000	$ 190,000
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	188,000	$ 189,000	566,000	$ 496,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 2,178,000		$ 2,178,000
Unrecognized compensation expense, weighted average period to be recognized			3 years
Restricted Stock Units (RSUs) [Member] | 2019 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards authorized (shares)	1,000,000		1,000,000
Granted in the period (shares)			94,695
Vested in period (shares)			45,600
Forfeited in period (shares)			0
Awards available for future issuance (shares)	677,305		677,305
Restricted Stock Units (RSUs) [Member] | 2011 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards authorized (shares)	2,000,000		2,000,000
Granted in the period (shares)			0
Vested in period (shares)			119,200
Forfeited in period (shares)			0
Awards available for future issuance (shares)	32,892		32,892
Director [Member] | Restricted Stock Awards [Member] | 2011 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted in the period (shares)			0
Vested in period (shares)			59,385

Retirement Plans (Narrative) (D

Retirement Plans (Narrative) (Details) - United States [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Minimum annual contributions per employee, percent			1.00%
Maximum annual contributions per employee, percent			75.00%
Number of common shares held	893,811	710,319	893,811	710,319
Contributions by employer	$ 182	$ 204	$ 587	$ 578

Retirement Plans (Periodic Pens

Retirement Plans (Periodic Pension Cost) (Details) - Pension Plan [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Components of Net Cost
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	301	355	903	1,065
Expected return on plan assets	(224)	(343)	(672)	(1,029)
Plan settlement	0	0	0	0
Amortization of prior service cost	0	0	0	0
Recognized net actuarial loss	465	176	1,395	528
Benefit cost	$ 542	$ 188	$ 1,626	$ 564

Warranty (Details)

Warranty (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Warranty claim activity
Beginning balance	$ 750	$ 800	$ 800	$ 700
Provision	(46)	71	(3)	387
Costs incurred	(4)	(71)	(97)	(287)
Ending balance	$ 700	$ 800	$ 700	$ 800
Maximum [Member]
Warranty [Line Items]
Product warranty period			10 years

Contingencies (Details)

Contingencies (Details) - Maximum	Oct. 31, 2020USD ($)
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

Delivery Costs (Details)

Delivery Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Other Income and Expenses [Abstract]
Shipping and classroom delivery costs	$ 6,014,000	$ 7,897,000	$ 12,999,000	$ 17,154,000

COVID-19 (Details)

COVID-19 (Details)	Dec. 14, 2020
Unusual or Infrequent Items, or Both [Abstract]
Current staffing level at Torrance facility (percent)	50.00%