sv3za
As
filed with the Securities and Exchange Commission on September 18, 2006
Registration
No. 333-135618
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
AMENDMENT
NO. 2
to
FORM S-3
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
VIRCO MFG. CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
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Delaware
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95-1613718 |
(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification Number) |
2027 Harpers Way, Torrance
Torrance, California 90501
(310) 533-0474
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrants Principal Executive Offices)
Robert E. Dose
Vice President, Secretary and Treasurer
2027 Harpers Way, Torrance
Torrance, California 90501
(310) 533-0474
(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code, of Agent for Service)
Copies to:
Robert K. Montgomery
Gibson, Dunn & Crutcher LLP
2029 Century Park East Suite 4000
Los Angeles, CA 90067
(310) 552-8500
Approximate Date of Commencement of Proposed Sale to the Public: From time to time after the
effective date of this registration statement.
If the only securities being registered on this form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. o
If any of the securities being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following
box. þ
If this form is filed to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. o
If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities
Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. o
If this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, Check the following box. o
If this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. o
CALCULATION OF REGISTRATION FEE
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Proposed |
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Proposed |
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Maximum |
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Maximum |
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Aggregate |
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Amount of |
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Title of Each Class of Securities |
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Amount to be |
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Aggregate Price |
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Offering |
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Registration |
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to be Registered |
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Registered |
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Per Unit |
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Price(1) |
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Fee |
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Common Stock, par value $0.01 per share |
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1,340,051 shares |
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N/A |
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$6,700,255 |
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$717(2) |
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(1) |
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Estimated solely for the purposes of calculating the amount of the registration fee
pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based upon the average
of the high and low prices of the registrants common stock on
July 3, 2006, as reported on
the American Stock Exchange. |
(2) |
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Previously paid. |
The Registrant hereby amends this registration statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this registration statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement
shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may
determine.
The information in this prospectus is not complete and may be changed. The selling security
holders may not sell these securities until the Registration Statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
is not soliciting an offer to buy these securities in any state where the offer or sale is not
permitted.
SUBJECT
TO COMPLETION, DATED SEPTEMBER 18, 2006
PROSPECTUS
VIRCO MFG. CORPORATION
1,340,051 Shares of Common Stock
This
prospectus relates to 1,340,051 shares of Virco common shares that may be offered for
sale or otherwise transferred from time to time by certain selling security holders. The selling
security holders acquired the offered shares directly from us in a private placement that closed
on June 6, 2006. For a further discussion of the transactions and the selling
security holders see Selling Security Holders below. The selling security holders, or their
pledgees, donees, transferees or other successors-in-interest, may offer the shares from time to
time through public or private transactions at prevailing market prices, at prices related to
prevailing market prices or at privately negotiated prices.
The offering of the Virco common stock pursuant to this prospectus is not being underwritten.
The common stock may be sold by the selling security holders as set forth in the discussion
entitled Plan of Distribution. All expenses of registration incurred in connection with this
offering are being borne by Virco. Nevertheless, the selling security holders will receive all of
the net proceeds from the sale of the offered shares of common stock. Virco will not receive any
proceeds from the disposition of common stock by the selling security holders, though Virco did
receive proceeds from the private placements to the selling security holders.
This prospectus and the documents incorporated by reference provide a description of the
common stock the selling security holders may offer from time to time. We may amend or supplement
this prospectus from time to time to update the disclosures set forth herein. Investors should
read this prospectus and any applicable prospectus supplement carefully before investing in Virco
common stock.
Vircos
common stock is traded on the American Stock Exchange (symbol: VIR).
On September 15, 2006, the last reported per share sale price of
Virco common stock was $5.10.
Investing in Virco common stock involves a high degree of risk. See the Risk Factors
discussion beginning on page 8 to read about factors to consider in connection with purchasing
Virco common stock.
Neither the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or accuracy of this
prospectus. Any representation to the contrary is a criminal offense.
This
date of this prospectus is September 18, 2006.
2
TABLE OF CONTENTS
You should rely only upon the information contained in, or incorporated by reference into,
this prospectus and in any accompanying prospectus supplement. We have not authorized any other
person to provide you with different information. If anyone provides you with different or
inconsistent information, you should not rely on it. The common stock to which this prospectus
relates is not being offered in any jurisdiction where the offer or sale is not permitted. You
should assume that the information appearing in this document is accurate only as of the date on
the front cover of this document. Our business, financial condition, results of operations and
prospects may have changed since that date.
Unless the context otherwise requires, the terms we, us, our, Virco and the Company
refer to Virco Mfg. Corporation, a Delaware corporation, and its subsidiaries.
This prospectus forms a part of a registration statement Virco Mfg. Corporation filed with the
Securities and Exchange Commission, referred to in this prospectus as the SEC or the
Commission, covering the Virco common stock issued to the selling security holders in private
placements, for a further discussion of the selling security holders see Selling Security Holders
below. All of the Virco common stock issued in the private placements may be offered and resold
from time to time by the selling security holders pursuant to this prospectus.
This prospectus incorporates information by reference. You should carefully read the entire
document and the other documents referred to and incorporated by reference in this document. For a
guide to where you can obtain more information on Virco Mfg. Corporation, see Where You Can Find
More Information; Incorporation of Documents by Reference.
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The Company
Designing, producing and distributing high-value furniture for a diverse family of customers
is a 56-year tradition at Virco Mfg. Corporation. Over the years, Virco has become the largest
manufacturer of moveable educational furniture and equipment for the preschool through 12th grade
market in the United States.
Virco produces the broadest line of furniture for the K-12 market of any manufacturer in the
United States. By supplementing products manufactured by Virco with products from other
manufacturers, Virco provides a comprehensive product assortment that covers virtually everything
that is traditionally included on the furniture, fixtures and equipment (FF&E) line item on a new
school project or school budget. Virco also provides a variety of products for the preschool
markets and has recently developed products that are targeted for college, university, and
corporate learning center environments. The Company has an ambitious and on-going product
development program featuring products developed in-house as well as products developed with
accomplished designers. The Companys primary furniture lines are constructed of tubular metal legs
and frames, combined with wood and plastic tops, plastic seats and backs, upholstered seats and
backs, and upholstered rigid polyethylene and polypropylene shells. Vircos principal manufactured
products include:
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SEATING Among the Companys newest chair offerings are the
ZUMA® , ZUMAfrd, Ph.D.® ,
I.Q.® and Virtuoso® lines. Traditional
favorites include best-selling Classic Series stack chairs and a variety of Martest
21® hard plastic seating. In addition, Virco provides a wide
selection of upholstered stack chairs, plastic stack chairs, ergonomic office chairs, and
folding chairs. |
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TABLES Virco tables range from the innovative Plateau® table
system to lightweight Core-a-Gator® folding tables. The Future
Access® Series delivers functional computer-support solutions, while
Lunada® bases by Peter Glass may be used in a wide variety of
environments. The Company offers a full spectrum of traditional folding and banquet tables,
activity tables, mobile tables, cafe tops and bases, and office tables. |
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COMPUTER FURNITURE Vircos full range of computer furniture includes versatile Future
Access and 8700 Series computer tables. In addition, the Companys Plateau Office Solutions
collection offers a variety of technology-support furniture alternatives, as does the
Plateau Library/Technology Solutions product line. |
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DESKS/CHAIR DESKS Vircos extensive offerings include a complete spectrum of student
desks, chair desks, combo units, tablet arms and teachers desks. Selected models are
available with durable, colorfast Martest 21 hard plastic seats, backs and work surfaces. |
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MOBILE FURNITURE Virco offers a complete line of sturdy mobile cabinets for storage
needs. In addition, the Company offers mobile tables for situations where quick set-up and
tear-down are desirable, such as in banquet facility and lunchroom settings. |
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STORAGE EQUIPMENT Virco offers a complete line of chair and table trucks, as well as
large-scale storage units for arenas, convention centers and similar venues. |
In order to provide a comprehensive product offering for the education market Virco
supplements manufactured products with products purchased for re-sale, including wood and steel
office furniture, early learning products for the pre-school and kindergarten classrooms, science
laboratory furniture, and library furniture.
In addition to product offerings, Virco includes various levels of service and delivery.
Products can be purchased FOB factory, FOB destination (including delivery), with Virco full
service including installation in the classroom, and with full project management for the
acquisition of FF&E items for new schools or renovations of schools. These services are only
offered in connection with the purchase of Virco product.
Please note that this prospectus includes trademarks of Virco, including, but not limited to,
the following: ZUMA® , ZUMAfrd, Ph.D.® ,
I.Q.® , Virtuoso® , Classic Series, Martest
21® , Lunada® , Plateau® ,
Core-a-Gator® , Future Access® and Sigma. Other names
and brands included in this prospectus may be claimed by Virco as well or by third parties.
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Vircos major customers include educational institutions, convention centers and arenas,
hospitality providers, government facilities, and places of worship.
Virco was incorporated in California in February 1950, and reincorporated in Delaware in April
1984. Vircos principal executive offices are located at 2027 Harpers Way, Torrance, Torrance,
California 90501. Vircos telephone number is (310) 533-0474. Our internet address is
www.virco.com.
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The Offering
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Virco securities being offered
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Virco common stock, par value $0.01 |
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Number of shares of Virco common stock offered
by selling security holders
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1,340,051 shares |
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Number of shares of Virco common stock outstanding
as of
June 6, 2006
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13,137,288 shares |
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Use of proceeds
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We will not receive any proceeds from the sale of the shares of common
stock by the selling security holders pursuant to this prospectus. The
proceeds from the sale of the shares offered by this prospectus are
solely for the account of the selling security holders. The Company
intends that the proceeds,
if any, we receive from the exercise of the warrant agreements will
be used for general corporate
purposes. |
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American Stock Exchange Symbol
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VIR |
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RISK FACTORS
The following risk factors and other information included in this prospectus should be
carefully considered. The risks and uncertainties described below are not the only ones we face.
Additional risks and uncertainties not presently known to us or that we presently deem less
significant may also adversely affect our business, operating results, cash flows, and financial
condition. If any of the following risks actually occur, our business, operating results, cash
flows and financial condition could be materially adversely affected.
Our product sales are significantly affected by education funding, which is outside of our control.
Our sales and/or growth in our sales would be adversely affected by a recessionary economy
characterized by decreased state and local revenues which in turn cause decreased funding for
education.
Our sales are significantly impacted by the level of education spending primarily in North
America, which, in turn, is a function of the general economic environment. In a recessionary
economy, state and local revenues decline, restricting funding for K-12 education spending which
typically leads to a decrease in demand for school furniture.
Geopolitical uncertainties, terrorist attacks, acts of war, natural disasters, increases in
energy and other costs or combinations of such factors and other factors that are outside of our
control could at any time have a significant effect on the economy, government revenues, and
allocations of government spending. The occurrence of any of these or similar events in the future
could cause demand for our products to decline or competitive pricing pressures to increase, either
or both of which would adversely affect our business, operating results, cash flows and financial
condition.
We may have difficulty increasing or maintaining our prices as a result of price competition, which
could lower our profit margins. Our competitors may develop new services or product designs that
give them an advantage over us in making future sales.
Furniture companies in the education market compete on the basis of value, service, product
offering and product assortment price, and track record of dependable delivery. Since our
competitors offer products that are similar to ours, we face significant price competition, which
tends to intensify during an industry downturn. This price competition impacts our ability to
implement price increases or, in some cases, such as during an industry downturn, maintain prices,
which could lower our profit margins. Additionally, our competitors may develop new product designs
that achieve a high level of customer acceptance, which could give them a competitive advantage
over us in making future sales.
Our efforts to introduce new products that meet customer requirements may not be successful, which
could limit our sales growth or cause our sales to decline.
To keep pace with industry trends, such as changes in education curriculum and increases in
the use of technology, and with evolving regulatory and industry requirements, including
environmental, health, safety and similar standards for the education environment and for product
performance, we must periodically introduce new products. The introduction of new products requires
the coordination of the design, manufacturing and marketing of such products, which may be affected
by factors beyond our control. The design and engineering of certain of our new products can take
up to a year or more, and further time may be required to achieve client acceptance. Accordingly,
the launch of any particular product may be later or less successful than we originally
anticipated. Difficulties or delays in introducing new products or lack of customer acceptance of
new products could limit our sales growth or cause our sales to decline.
We may not be able to manage our business effectively if we are unable to retain our experienced
management team or recruit other key personnel.
The success of our operations is highly dependent upon our ability to attract and retain
qualified employees and upon the ability of our senior management and other key employees to
implement our business strategy. We believe there are only a limited number of qualified executives
in the industry in which we compete. The loss of the services of key members of our management team
could seriously harm our efforts to successfully implement our business strategy.
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The majority of our sales are made under annual contracts, which limit our ability to raise prices
during a given year in response to increases in costs.
We commit to annual contracts that determine selling prices for goods and services for periods
of one year, and occasionally longer. If the costs of providing our products or services increase,
we cannot be certain that we will be able to implement
corresponding increases in our sales prices for such products or services in order to offset such
increased costs. Significant cost increases in providing either the services or product during a
given contract period could therefore lower our profit margins.
We are dependent on the pricing and availability of raw materials and components, and price
increases and unavailability of raw materials and components could lower sales, increase our cost
of goods sold and reduce our profits and margins.
We require substantial amounts of raw materials and components, which we purchase from outside
sources. Raw materials comprised our single largest total cost for the years ended January 31,
2006, 2005 and 2004. Steel, plastics and wood related materials are the main raw materials used in
the manufacture of our products. The prices of plastics are sensitive to the cost of oil, which is
used in the manufacture of plastics, and oil prices increased significantly during 2005. The cost
and availability of steel are subject to worldwide supply and demand, and the ability to import
steel can be subject to political considerations. The cost and availability of steel has been
volatile in recent years.
Contracts with most of our suppliers are short-term. These suppliers may not continue to
provide raw materials and components to us at attractive prices, or at all, and we may not be able
to obtain the raw materials we need in the future from these or other providers on the scale and
within the time frames we require. Moreover, we do not carry significant inventories of raw
materials, components or finished goods that could mitigate an interruption or delay in the
availability of raw materials and components. Any failure to obtain raw materials and components on
a timely basis, or any significant delays or interruptions in the supply of raw materials, could
prevent us from being able to manufacture products ordered by our clients in a timely fashion,
which could have a negative impact on our reputation and could cause our sales to decline.
We are affected by the cost of energy and increases in energy prices could reduce our margins and
profits.
The profitability of our operations is sensitive to the cost of energy through our
transportation costs, the costs of petroleum-based materials, like plastics, and the costs of
operating our manufacturing facilities. If the price of petroleum-based products, the cost of
operating our manufacturing facilities and our transportation costs continue to increase, these
could have a negative impact on our gross margins and profitability.
Approximately 30% of our sales are priced under one contract, under which we are the exclusive
supplier of classroom furniture.
A significant portion of our sales are priced by a nationwide price list and contract that
allows schools to purchase furniture without preparing bids. Although Virco sells direct to
hundreds of individual schools and school districts, and these schools and school districts can
purchase our products and services under several bids and contracts available to them, nearly 30%
of Vircos sales were priced under this contract. If Virco were to lose its exclusive supplier
status under this contract, and other manufacturers were allowed to sell under this contract, it
could cause our sales or growth in sales to decline.
We operate in a seasonal business, and require significant amounts of working capital through our
existing credit facility to fund acquisitions of inventory, fund expenses for freight and
installation, and finance receivables during the summer delivery season. Restrictions imposed by
the terms of our existing credit facility may limit our operating and financial flexibility.
Our credit facility prevents us from incurring any additional indebtedness, limits capital
expenditures, restricts dividends, and requires a clean down during the fourth quarter. Amounts
available at any time are limited by certain asset balances, specifically inventory and
receivables. Our credit facility is also subject to quarterly covenants.
The Company violated certain debt covenants in the fiscal third quarter of 2004 and the fiscal
third quarter of 2005. In each case, the violation of covenants was waived and the credit facility
was renewed for an additional
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year. The credit facility in place at January 31, 2006, includes
quarterly covenants that include EBITDA requirements. In order to comply with the quarterly
covenants, the Company will be required to substantially improve operating results for 2006
compared to 2005.
As a result of the foregoing, we may be prevented from engaging in transactions that might
further our growth strategy or otherwise be considered beneficial to us. A breach of any of the
covenants in our credit facility could result in a default, which, if not cured or waived, may
permit acceleration of the indebtedness under the credit facility. If the indebtedness under our
credit facility were to be accelerated, we cannot be certain that we will have sufficient funds
available to pay such indebtedness or that we will have the ability to refinance the accelerated
indebtedness on terms favorable to us or at all. Any such acceleration could also result in a
foreclosure on all or substantially all of our assets, which would have a negative impact on the
value of our common stock and jeopardize our ability to continue as a going concern.
We may require additional capital in the future, which may not be available or may be available
only on unfavorable terms.
Our capital requirements depend on many factors, including capital improvements, tooling and
new product development. To the extent that our existing capital is insufficient to meet these
requirements and cover any losses, we may need to raise additional funds through financings or
curtail our growth and reduce our assets. Any equity or debt financing, if available at all, may be
on terms that are not favorable to us. Equity financings could result in dilution to our
stockholders, and the securities may have rights, preferences and privileges that are senior to
those of our common stock. If our need for capital arises because of significant losses, the
occurrence of these losses may make it more difficult for us to raise the necessary capital.
An inability to protect our intellectual property could have a significant impact on our business.
We attempt to protect our intellectual property rights through a combination of patent,
trademark, copyright and trade secret laws. Our ability to compete effectively with our competitors
depends, to a significant extent, on our ability to maintain the proprietary nature of our
intellectual property. The degree of protection offered by the claims of the various patents,
trademarks and service marks may not be broad enough to provide significant proprietary protection
or competitive advantages to us, and patents, trademarks or service marks may not be issued on our
pending or contemplated applications. In addition, not all of our products are covered by patents.
It is also possible that our patents, trademarks and service marks may be challenged, invalidated,
cancelled, narrowed or circumvented. If we are unable to maintain the proprietary nature of our
intellectual property with respect to our significant current or proposed products, our competitors
may be able to sell copies of our products, which could adversely affect our ability to sell our
original products and could also result in competitive pricing pressures.
If third parties claim that we infringe upon their intellectual property rights, we may incur
liability and costs and may have to redesign or discontinue an infringing product.
We face the risk of claims that we have infringed third parties intellectual property rights.
Companies operating in the furniture industry routinely seek protection of the intellectual
property for their product designs, and our principal competitors may have large intellectual
property portfolios. Our efforts to identify and avoid infringing third parties intellectual
property rights may not be successful. Any claims of intellectual property infringement, even those
without merit, could (i) be expensive and time consuming to defend; (ii) cause us to cease making,
licensing or using products that incorporate the challenged intellectual property; (iii) require us
to redesign, reengineer, or rebrand our products or packaging, if feasible; or (iv) require us to
enter into royalty or licensing agreements in order to obtain the right to use a third partys
intellectual property. Such claims could have a negative impact on our sales and results of
operations.
We could be required to incur substantial costs to comply with environmental requirements.
Violations of, and liabilities under, environmental laws and regulations may increase our costs or
require us to change our business practices.
Our past and present ownership and operation of manufacturing plants are subject to extensive
and changing federal, state, and local environmental laws and regulations, including those relating
to discharges to air, water and land, the handling and disposal of solid and hazardous waste and
the cleanup of properties affected by hazardous substances. As a result, we are involved from time
to time in administrative and judicial proceedings and
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inquiries relating to environmental matters
and could become subject to fines or penalties related thereto. We cannot predict what
environmental legislation or regulations will be enacted in the future, how existing or future laws
or regulations will be administered or interpreted or what environmental conditions may be found to
exist. Compliance with more stringent laws or regulations, or stricter interpretation of existing
laws, may require additional expenditures by us, some of which may be material. We have been
identified as a potentially responsible party pursuant to the Comprehensive Environmental Response
Compensation and Liability Act, or CERCLA, for remediation costs associated with waste disposal
sites previously used by us. In general, CERCLA can impose liability for costs to investigate and
remediate contamination without regard to fault or the legality of disposal and, under certain
circumstances, liability may be joint and several, resulting in one party being held responsible
for the entire obligation. Liability may also include damages for harm to natural resources. The
remediation costs and our allocated share at some of these CERCLA sites are unknown. We may also be
subject to claims for personal injury or contribution relating to CERCLA sites. We reserve amounts
for such matters when expenditures are probable and reasonably estimable.
We are subject to potential labor disruptions, which could have a significant impact on our
business.
None of our workforce is represented by unions, and while we believe that we have good
relations with our workforce, we may experience work stoppages or other labor problems in the
future. Any prolonged work stoppage could have an adverse effect on our reputation, our vendor
relations and our customers.
Our insurance coverage may not adequately insulate us from expenses for product defects.
We maintain product liability and other insurance coverage that we believe to be generally in
accordance with industry
practices. Our insurance coverage may not be adequate to protect us fully against substantial
claims and costs that may arise from product defects, particularly if we have a large number of
defective products that we must repair, retrofit, replace or recall.
Risks Related to Our Common Stock
Holders of approximately 45% of the shares of Virco stock have entered into an agreement
restricting the sale of the stock.
Certain shares of the Companys common stock received by the holders thereof as gifts from
Julian A. Virtue, including shares received in subsequent stock dividends, are subject to an
agreement that restricts the sale or transfer of those shares. As a result of the share ownership
and representation on the board and in management, the parties to the agreement have significant
influence on affairs and actions of the Company, including matters requiring stockholder approval
such as the election of directors and approval of significant corporate transactions. In addition,
these transfer restrictions and concentration of ownership could have the effect of impeding an
acquisition of the Company.
Our corporate documents and Delaware law contain provisions that could discourage, delay or prevent
a change in control of our company.
Provisions in our certificate of incorporation and our amended and restated bylaws may
discourage, delay or prevent a merger or acquisition involving us that our stockholders may
consider favorable. In addition, our certificate of incorporation provides for a staggered board of
directors, whereby directors serve for three-year terms, with approximately one-third of the
directors coming up for reelection each year. Having a staggered board will make it more difficult
for a third party to obtain control of our board of directors through a proxy contest, which may be
a necessary step in an acquisition of us that is not favored by our board of directors. We are also
subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law.
Under these provisions, if anyone becomes an interested stockholder, we may not enter into a
business combination with that person for three years without special approval, which could
discourage a third party from making a takeover offer and could delay or prevent a change of
control. For purposes of Section 203, interested stockholder means, generally, someone owning 15%
or more of our outstanding voting stock or an affiliate of ours that owned 15% or more of our
outstanding voting stock during the past three years, subject to certain exceptions as described in
Section 203.
Our stock price may be volatile, and your investment in our common stock could suffer a decline in
value.
There has been significant volatility in the market price and trading volume of equity
securities, which may
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be unrelated to the financial performance of the companies issuing the
securities. The limited float of shares available for purchase or sale of Virco stock can magnify
this volatility. These broad market fluctuations may negatively affect the market price of our
common stock. Some specific factors that may have a significant effect on our common stock market
price include:
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actual or anticipated fluctuations in our operating results or future prospects; |
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our announcements or our competitors announcements of new products; |
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the publics reaction to our press releases, our other public announcements and our filings with the SEC; |
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strategic actions by us or our competitors, such as acquisitions or restructurings; |
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new laws or regulations or new interpretations of existing laws or regulations applicable to our business; |
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changes in accounting standards, policies, guidance, interpretations or principles; |
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changes in our growth rates or our competitors growth rates; |
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our inability to raise additional capital; |
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conditions of the school furniture industry as a result of changes in funding or general economic
conditions, including those resulting from war, incidents of terrorism and responses to such events; and |
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changes in stock market analyst recommendations or earnings estimates regarding our common stock, other
comparable companies or the education furniture industry generally. |
Future sales of our common stock by the selling security holders could decrease the trading price
of our common stock.
Sales of a large portion or all of the shares offered by this prospectus, or the potential for
such sales, could decrease the trading price of our common stock and could impair our ability to
raise capital through future sales of our common stock.
11
Cautionary Statement Regarding Forward-Looking Statements
This prospectus contains a number of forward-looking statements (as such term is defined in
Section 27A of the Securities Act of 1933 (the Securities Act) and Section 21E of the Securities
Exchange Act of 1934 (the Exchange Act)) that reflect the Companys current views with respect to
future events and financial performance, including, but not limited to, statements regarding plans
and objectives of management for future operations, including plans and objectives relating to
products, pricing, marketing, expansion, manufacturing processes and potential or contemplated
acquisitions; new business strategies; the Companys ability to continue to control costs and
inventory levels; availability and cost of raw materials, especially steel and petroleum-based
products; the availability and cost of labor; market demand; the Companys ability to position
itself in the market; references to current and future investments in and utilization of
infrastructure; statements relating to managements beliefs that cash flow from current operations,
existing cash reserves, and available lines of credit will be sufficient to support the Companys
working capital requirements to fund existing operations; references to expectations of future
revenues; pricing; seasonality and pressure on the trading price of the Companys common stock.
Such statements involve known and unknown risks, uncertainties, assumptions and other factors,
many of which are out of the Companys 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, or the Companys ability to predict, general economic conditions, the
markets for school and office furniture generally and specifically in areas and with customers with
which the Company conducts its principal business activities, the rate of approval of school bonds
for the construction of new schools, the extent to which existing schools order replacement
furniture, customer confidence, and competition.
In this prospectus, words such as anticipates, believes, expects, will continue,
future, intends, plans, estimates, projects, potential, budgets, may, could and
similar expressions identify forward-looking statements. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date hereof.
12
Selling Security Holders
The
common stock offered pursuant to this prospectus was issued to
WEDBUSH, Inc. and certain clients of Wedbush Morgan Securities, Inc.
listed as selling security holders below. The selling security holders may sell none, some or all of the
common stock offered by them as listed below.
On June 6, 2006, WEDBUSH, Inc. and Wedbush Morgan Securities, Inc. entered into a stock
purchase agreement to purchase 1,072,041 shares
of common stock at a purchase price per share of $4.66 (the Per
Share Purchase Price) and warrant agreements to purchase an
additional 268,010 shares. The securities were issued to WEDBUSH INC.
and certain clients of Wedbush Morgan Securities, Inc. (which holds
these securities as nominee for its clients listed as selling
security holders below). The transactions pursuant to the stock
purchase agreement generated gross proceeds to the Company of
$5 million. Pursuant to the warrant agreements,
the selling security holders have the right to acquire 25% of the
underlying shares at an exercise price of 120% of the Per Share
Purchase Price during the first three years following the closing of
the transaction, and at 130% of the Per Share Purchase Price during the fourth and fifth year
following the closing of the transaction. As such, the Company may
receive proceeds of up to $1,624,141 from
such exercise.
The following table sets forth certain information with respect to the beneficial ownership of
shares of Virco common stock by the selling security holders at
September 18, 2006, and after the offering by the selling security
holders.
The number and percentage of shares beneficially owned is determined in accordance with Rule 13d-3 of the Securities Act, and the information is not necessarily indicative of beneficial
ownership for any other purpose. Under this rule, beneficial ownership includes any shares as to
which the individual has sole or shared voting power or investment power and also any shares which
the individual has the right to acquire within 60 days of
September 18, 2006 through the exercise of any
stock option, warrant or other right. Except as indicated by the footnotes below, we believe,
based on the information furnished to us, that the persons and entities named in the table below
have sole voting and investment power with respect to all shares of common stock that they
beneficially own, subject to applicable community property laws.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 2006, |
|
|
|
|
|
|
|
|
|
|
Acquisition |
|
Ownership of |
|
Shares of Common |
|
Ownership of |
|
Percentage of |
|
|
Common |
|
Shares |
|
Common Stock |
|
Stock |
|
Common Stock |
|
Ownership of |
|
|
Stock |
|
subject to |
|
Before the |
|
Included in this |
|
After the |
|
Common Stock After the |
Selling Security Holder[1] |
|
Shares |
|
Warrants |
|
Offering[2] |
|
Prospectus [3] |
|
Offering[4] |
|
Offering |
WEDBUSH, Inc. [5] |
|
|
536,021 |
|
|
|
134,005 |
|
|
|
762,255 |
|
|
|
670,026 |
|
|
|
92,229 |
|
|
|
* |
|
Donald Paul Barra |
|
|
1,000 |
|
|
|
250 |
|
|
|
3,050 |
|
|
|
1,250 |
|
|
|
1,800 |
|
|
|
* |
|
Budetti Family Trust # 2 [6] |
|
|
21,400 |
|
|
|
5,350 |
|
|
|
29,750 |
|
|
|
26,750 |
|
|
|
3,000 |
|
|
|
* |
|
Gregory W. Davis |
|
|
21,500 |
|
|
|
5,375 |
|
|
|
30,375 |
|
|
|
26,875 |
|
|
|
3,500 |
|
|
|
* |
|
Den-Mat Corporation |
|
|
107,200 |
|
|
|
26,800 |
|
|
|
134,000 |
|
|
|
134,000 |
|
|
|
|
|
|
|
* |
|
Anne C. Feighner |
|
|
1,500 |
|
|
|
375 |
|
|
|
1,875 |
|
|
|
1,875 |
|
|
|
|
|
|
|
* |
|
Feighner Family Trust [7] |
|
|
32,100 |
|
|
|
8,025 |
|
|
|
50,025 |
|
|
|
40,125 |
|
|
|
9,900 |
|
|
|
* |
|
Thomas A. Flanagan |
|
|
21,400 |
|
|
|
5,350 |
|
|
|
31,250 |
|
|
|
26,750 |
|
|
|
4,500 |
|
|
|
* |
|
Michael Frost |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
Nicholas R. Frost |
|
|
16,100 |
|
|
|
4,025 |
|
|
|
20,125 |
|
|
|
20,125 |
|
|
|
|
|
|
|
* |
|
Park Gast |
|
|
16,100 |
|
|
|
4,025 |
|
|
|
20,125 |
|
|
|
20,125 |
|
|
|
|
|
|
|
* |
|
Vardui Gezalyan |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
Brian W. Kellogg |
|
|
2,000 |
|
|
|
500 |
|
|
|
2,500 |
|
|
|
2,500 |
|
|
|
|
|
|
|
* |
|
Lisa Marie |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
Jennifer Niven McJunkin |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 6, 2006 |
|
|
|
|
|
|
|
|
|
|
Acquisition |
|
Ownership of |
|
Shares of Common |
|
Ownership of |
|
Percentage of |
|
|
Common |
|
Shares |
|
Common Stock |
|
Stock |
|
Common Stock |
|
Ownership of |
|
|
Stock |
|
Subject to |
|
Before the |
|
Included in this |
|
After the |
|
Common Stock After the |
Selling Security Holder[1] |
|
Shares |
|
Warrants |
|
Offering[2] |
|
Prospectus[3] |
|
Offering[4] |
|
Offering |
Robert P. Meinberg & Carol
E. Meinberg JTWROS |
|
|
1,500 |
|
|
|
375 |
|
|
|
1,875 |
|
|
|
1,875 |
|
|
|
|
|
|
|
* |
|
Triangle Education Foundation |
|
|
32,100 |
|
|
|
8,025 |
|
|
|
50,125 |
|
|
|
40,125 |
|
|
|
10,000 |
|
|
|
* |
|
The Petillo Family Trust |
|
|
21,400 |
|
|
|
5,350 |
|
|
|
26,750 |
|
|
|
26,750 |
|
|
|
|
|
|
|
* |
|
The Qualls Family Trust |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
Maria Del Carmen Rivera |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
Rockwell & Marna Schnabel
Foundation |
|
|
32,100 |
|
|
|
8,025 |
|
|
|
41,125 |
|
|
|
40,125 |
|
|
|
1,000 |
|
|
|
* |
|
Ray T. Sparling |
|
|
4,000 |
|
|
|
1,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
|
|
* |
|
St. Mark Evangelical
Lutheran Church of Encinitas |
|
|
4,000 |
|
|
|
1,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
|
|
|
|
* |
|
Wei Huang |
|
|
1,000 |
|
|
|
250 |
|
|
|
1,250 |
|
|
|
1,250 |
|
|
|
|
|
|
|
* |
|
James Michael Thomas |
|
|
21,400 |
|
|
|
5,350 |
|
|
|
33,750 |
|
|
|
26,750 |
|
|
|
7,000 |
|
|
|
* |
|
Edward W. Wedbush |
|
|
141,920 |
|
|
|
35,480 |
|
|
|
545,901 |
|
|
|
177,400 |
|
|
|
368,501 |
|
|
|
2.55 |
% |
Jean L. Wedbush |
|
|
2,000 |
|
|
|
500 |
|
|
|
2,500 |
|
|
|
2,500 |
|
|
|
|
|
|
|
* |
|
Joan Marie Wedbush Trust |
|
|
1,500 |
|
|
|
375 |
|
|
|
1,875 |
|
|
|
1,875 |
|
|
|
|
|
|
|
* |
|
Raymond L. Wedbush |
|
|
16,100 |
|
|
|
4,025 |
|
|
|
27,705 |
|
|
|
20,125 |
|
|
|
7,580 |
|
|
|
* |
|
Jeremy Zhu |
|
|
10,700 |
|
|
|
2,675 |
|
|
|
13,375 |
|
|
|
13,375 |
|
|
|
|
|
|
|
* |
|
|
|
|
Totals |
|
|
1,072,041 |
|
|
|
268,010 |
|
|
|
1,849,061 |
|
|
|
1,340,051 |
|
|
|
509,010 |
|
|
|
3.52 |
% |
14
|
|
|
|
1. |
|
The following individuals listed in parenthesis have sole or
shared voting and investment control over the securities held and sold by each of the following selling security holders: WEDBUSH, Inc. (Edward W. Wedbush); Budetti Family Trust # 2 (Robert Budetti, Karen Budetti, and Edward W. Wedbush); Den-Mat Corporation (Robert Ibsen, Marcia Ibsen, and Noreen A. Freitas); Feighner Family Trust (Anne C. Feighner, John Feighner, and Edward W. Wedbush); Triangle Education
Foundation (Edward W. Wedbush); The Petillo Family Trust (Kelly C. Petillo and Leora Fay Petillo); The Qualls Family Trust (David Qualls and Lynn Qualls); Rockwell & Marna Schnabel Foundation (Rockwell
Schnabel, Marna Schnabel and Edward W. Wedbush); St. Mark Evangelical
Lutheran Church of Encinitas (Randall Peterson); Robert P. Meinberg
and Carol E. Meinberg JTWROS (Robert P. Meinberg, Carol E. Meinberg
and Edward W. Wedbush) and Joan Marie Wedbush Trust (Joan Marie
Wedbush and Edward Wedbush). |
|
|
2. |
|
Includes ownership prior to June 2006 as well as those shares purchased pursuant to the stock purchase agreements referenced in this
prospectus and those shares subject to the warrant agreements referenced in this prospectus, the offering and sale of which are registered hereunder. |
|
3. |
|
Includes only those shares purchased pursuant to the stock purchase agreements referenced in this prospectus and those shares subject
to the warrant agreements referenced in this prospectus. |
|
4. |
|
Assumes the sale of all shares purchased pursuant to the stock purchase agreements referenced in this
prospectus and those shares subject to the warrant agreements referenced in this prospectus, the offering and sale of which are registered hereunder. |
|
5. |
|
Includes 14,520 shares held by Wedbush Morgan Securities,
Inc. and 11,000 shares held by Wedbush Leasing. WEDBUSH, Inc. through
its majority owned subsidiary, Wedbush Morgan Securities, Inc.,
provides research and investment banking services to the Company. |
|
6. |
|
Includes 3,000 shares held by Robert Budetti. |
|
7. |
|
Includes 9,900 shares held by John Feighner. |
Except as set forth in the table above and notes thereto, none of the selling security holders
has had positions, offices or other material relationships with the Company within the past three
years.
None of
the selling security holders are broker-dealers. Both Edward Wedbush
and WEDBUSH, Inc (together, the Affiliates) are affiliates of
Wedbush Morgan Securities, Inc., a broker-dealer. The Affiliates
purchased their securities in the ordinary course of business and at
the time they acquired such securities they had no agreements or
understandings, directly or indirectly, with any person to distribute
such securities.
Plan of Distribution
The selling security holders and any of their respective donees, pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares of Virco common
stock offered by this prospectus; however, there is no assurance that the selling security holders
will sell any or all of its Virco common stock. The common stock may be sold in one or more
transactions at:
|
|
|
fixed prices; |
|
|
|
|
prevailing market prices at the time of sale; |
|
|
|
|
varying prices determined at the time of sale; or |
|
|
|
|
negotiated prices. |
These sales may be effected in transactions:
|
|
|
on the American Stock Exchange; |
|
|
|
|
in the over-the-counter market; |
|
|
|
|
in transactions otherwise than on such exchanges or services or in the over-the-counter market; or |
|
|
|
|
through the writing of options. |
These transactions may include block transactions or crosses. Crosses are transactions in
which the same broker acts as an agent on both sides of the transaction. The selling security
holders may also enter into hedging transactions with broker-dealers in connection with the sales
of the common stock. These broker-dealers may in turn engage in short sales of the common stock in
the course of hedging their positions. The selling security holders may sell short the common
stock to close out short positions, or loan or pledge the common stock to broker-dealers that, in
turn, may sell the common stock.
Brokers, dealers, underwriters or agents participating in the distribution of the common stock
may receive compensation in negotiated amounts in the form of discounts, concessions, commissions
or fees from the selling security holders and/or the purchasers of the common stock for whom such
broker or dealer may act as agent or to whom they may sell as principal, or both. The compensation
as to a particular broker or dealer may be in excess of customary commissions. In connection with
the sales, the brokers or dealers or other participating brokers or dealers and the selling
security holders may be deemed to be underwriters within the meaning of the Securities Act.
Except for customary selling commissions in ordinary transactions, any such underwriter or agent
will be identified, and any compensation paid to such persons will be described in a prospectus
supplement. In addition, any common stock covered by this prospectus that qualifies for sale under
Rule 144 under the Securities Act may be sold under Rule 144 rather than pursuant to this
prospectus.
15
In some states the selling security holders may not sell the common stock unless the shares of
common stock have been registered or qualified for sale in the applicable state or an exemption
from registration or qualification is available and the conditions of which have been satisfied.
The Company will keep the registration statement to which this prospectus relates effective
until the earlier of (i) the date on which all of the shares registered thereunder have been resold by
the selling security holders (and any transferees thereto)) or (ii) the date all of the shares may be
sold without registration and without regard to any volume limitations by reason of Rule 144(k).
16
Use of Proceeds
The proceeds from the sale of the Virco common stock offered by this prospectus will be
received directly by the selling security holders. Virco will not receive any proceeds from the
sale of the common stock offered by the selling security holders
pursuant to this prospectus. The Company intends that the proceeds, if any, Virco receives from the exercise of the warrant agreements
will be used for general corporate purposes.
Legal Matters
The
validity of the authorization and issuance of the common stock offered by this
prospectus have been passed upon for Virco by Gibson, Dunn & Crutcher LLP, Los Angeles, California.
Experts
The consolidated financial statements of Virco Mfg. Corporation appearing in
Virco Mfg. Corporations Annual Report (Form 10-K) for the year ended January 31, 2006 (including
the schedule appearing therein), and Virco Mfg. Corporation managements assessment of the
effectiveness of internal control over financial reporting as of January 31, 2006 included therein, have been audited by Ernst & Young LLP, independent registered public accounting
firm, as set forth in their reports thereon included therein, and incorporated
herein by reference. Such financial statements and managements assessment are, and audited
financial statements and Virco Mfg. Corporation managements assessments of the effectiveness of
internal control over financial reporting to be included in subsequently filed documents will be,
incorporated herein in reliance upon the reports of Ernst & Young LLP pertaining to such financial
statements and managements assessments (to the extent covered by consents filed with the
Securities and Exchange Commission) given on the authority of such firm as experts in accounting
and auditing.
17
Where You Can Find More Information
In accordance with the requirements of the Exchange Act, we file reports and other information
with the SEC. You may read and, for a fee, copy any document that we file with the SEC at the
public reference room maintained by the SEC at Station Place, 100 F. Street, N.E. Room 1580,
Washington, D.C. 20549. You may also obtain information on the operation of the public reference
room by calling the SEC at 1-800-SEC-0330. Our SEC filings are also available to the public from
commercial document retrieval services and at the website maintained by the SEC at
http://www.sec.gov.
18
Incorporation of Documents by Reference
The SEC allows Virco to incorporate by reference information into this prospectus, which
means that Virco can disclose important information to you by referring you to another document
filed separately with the SEC. The information incorporated by reference is deemed to be part of
this prospectus, except for any information that is superseded by information that is included
directly in this document. However, as allowed by SEC rules, this prospectus does not contain all
the information you can find in the Virco registration statement or the exhibits to the
registration statement. This prospectus incorporates by reference the documents set forth below
that Virco previously filed with the SEC. These documents contain important information about
Virco and its financial condition.
|
|
|
Vircos SEC Filings (File No. 1-8777) |
|
Filing Date |
|
|
|
Annual Report on Form 10-K |
|
April 17, 2006 |
|
|
|
Quarterly Report on Form 10-Q |
|
June 9, 2006,
September 11, 2006 |
|
|
|
Definitive Proxy Statement on Schedule 14A |
|
May 23, 2006 |
|
|
|
Current Reports on Form 8-K |
|
June 8, 2006 (excluding
Item 2.02 thereof which
was furnished but not
filed with the SEC) |
|
|
|
The description of the Common Stock set forth
under the caption Description of Capital
Stock on Form 8-B
|
|
August 14, 1984 |
All additional documents that we may file with the SEC pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act after the date of this prospectus and prior to the termination of this
offering, shall also be deemed to be incorporated by reference.
References herein to this prospectus are intended to include the documents incorporated by
reference, which are an integral part of this prospectus. You should obtain and review carefully
copies of the documents incorporated by reference. Any statement contained in the documents
incorporated by reference in this prospectus will be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained in this prospectus modifies or
supersedes the statement. Information that the Company later files with the SEC before the
termination of this offering of common stock will automatically modify and supersede the
information previously incorporated by reference and the information in this prospectus. Any
statement so modified or superseded will not be deemed, except as so modified or superseded, to
constitute a part of this prospectus.
Upon written or oral request, free of charge, we will provide any person, including beneficial
owners, to whom a copy of this prospectus is delivered, a copy of any document incorporated by
reference in this prospectus but not delivered along with this prospectus, excluding all exhibits
unless we specifically incorporated by reference an exhibit in this prospectus. Any such requests
should be addressed to:
Virco Mfg. Corporation
Attention: Vice President of Finance
2027 Harpers Way
Torrance, California 90501
Telephone: (310) 533-0474
19
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
|
|
|
Item 14. |
|
Other Expenses of Issuance and Distribution. |
The following table sets forth the estimated fees and expenses payable by the Registrant in
connection with the issuance and distribution of the securities registered hereby:
|
|
|
|
|
SEC Registration fee |
|
$ |
717 |
|
Trustees and transfer agents fees |
|
$ |
5,000 |
|
Printing, duplicating and engraving expenses |
|
$ |
5,000 |
|
Legal fees and expenses |
|
$ |
100,000 |
|
Accounting fees and expenses |
|
$ |
20,000 |
|
AMEX listing fees |
|
$ |
28,000 |
|
Miscellaneous |
|
$ |
5,000 |
|
Total |
|
$ |
163,717 |
|
|
|
|
Item 15. |
|
Indemnification of Directors and Officers. |
Under Section 145 of the Delaware General Corporation Law, the registrant has broad powers to
indemnify its directors and officers against liabilities they may incur in such capacities,
including liabilities under the Securities Act. Article eight of the registrants Bylaws also
provide that the Registrant will indemnify its directors and officers and may indemnify other
agents to the fullest extent not prohibited by Delaware law. The registrants Certificate of
Incorporation provides for the elimination of liability for monetary damages for breach of the
directors fiduciary duty of care to the registrant and its stockholders. These provisions do not
eliminate the directors duty of care and, in appropriate circumstances, equitable remedies such as
injunctive or other forms of non-monetary relief will remain available under Delaware law. In
addition, each director will continue to be subject to liability for breach of the directors duty
of loyalty to the registrant, for acts or omissions not in good faith or involving intentional
misconduct, for knowing violations of law, for any transaction from which the director derived an
improper personal benefit, and for payment of dividends or approval of stock repurchases or
redemptions that are unlawful under Delaware law. The provision does not affect a directors
responsibilities under any other laws, such as the federal securities laws or state or federal
environmental laws.
See Exhibit Index attached hereto and incorporated by reference.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low
or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than a 20 percent change in the
maximum aggregate offering price set forth in the Calculation of Registration Fee
table in the effective registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
Provided, however,
(A) that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 of 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement.
(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if
the registration statement is on Form S-3 or Form F-3 and the information
required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the
registrant pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule
424(b) that is part of the registration statement.
(C) Provided further, however, that paragraphs (a)(1)(i) and (a)(1)(ii)
do not apply if the registration statement is for an offering of
asset-backed securities on Form S-1 (§ 239.11 of this chapter) or Form S-3
(§ 239.13 of this chapter), and the information required to be included in a
post-effective amendment is provided pursuant to Item 1100(c) of Regulation
AB(§ 229.1100(c)).
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Registrants annual report
pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and where
applicable, each filing of an employee benefit plans annual report pursuant to Section
15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(c) The undersigned Registrant hereby undertakes to deliver or cause to be delivered
with the prospectus, to each person to whom the prospectus is sent or given, the latest
annual report, to security holders that is incorporated by reference in the prospectus and
furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3 under the
Securities Exchange Act of 1934; and, where interim
financial information required to be presented by Article 3 of Regulation S-X is not
set forth in the prospectus, to deliver, or cause to be delivered to each person to whom the
prospectus is sent or given, the latest quarterly report that is specifically incorporated
by reference in the prospectus to provide such interim financial information.
(d) Insofar as indemnification for liabilities arising under the Securities Act of 1933
may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the foregoing provisions, or otherwise, the Registrant has been advised that in the
opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the Registrant of
expenses incurred or paid by a director, officer or controlling person of the Registrant in
the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act of 1933
and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of Torrance, state of California, on
September 18, 2006.
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VIRCO MFG. CORPORATION |
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By:
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/s/ Robert A. Virtue |
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Robert A. Virtue
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Chairman of the Board and |
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Chief Executive Officer |
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Pursuant to the requirements of the Securities Act, this registration statement has been
signed below by the following persons in the capacities and on the dates indicated below.
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Signature |
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Title |
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Date |
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*
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Chairman of the Board, Chief Executive
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September 18, 2006 |
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Officer,
President and Director
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/s/
Robert E. Dose
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Vice President Finance, Secretary and
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September 18, 2006 |
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Treasurer
(Principal Financial Officer)
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*
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Corporate Controller (Principal Accounting
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September 18, 2006 |
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Officer)
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Director
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September 18, 2006 |
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*
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Director
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September 18, 2006 |
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*
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Director
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September 18, 2006 |
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* |
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Director
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September 18, 2006 |
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Signature |
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Title |
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Director
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September 18, 2006 |
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*
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Director
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September 18, 2006 |
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*
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Director
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September 18, 2006 |
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*
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Director
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September 18, 2006 |
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*By: |
/s/
Robert E. Dose
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Robert E. Dose
Attorney-in-fact
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EXHIBIT INDEX
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Exhibit |
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Number |
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Description |
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4.1
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Rights Agreement dated as of October 18, 1996, by and between the Company and
Mellon Investor Services (as assignee of The Chase Manhattan Bank), as Rights
Agent (incorporated by reference to Exhibit 1 to the Companys Form S-8
Registration Statement (Commission File No. 001-08777), filed with the
Commission on October 25, 1996). |
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4.2
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1997 Stock Incentive Plan of the Company filed with the Commission on Form S-8
(Commission File No. 333-32539), on July 7 1997. |
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5.1
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Opinion of Gibson, Dunn & Crutcher LLP. |
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23.1
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Consent of Gibson, Dunn & Crutcher LLP (Included in Exhibit 5.1). |
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23.2
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Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. |
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24.1
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Powers of Attorney (Included on signature page of this registration statement). |