VIRC reports declining sales and income, cites strong backlog
VIRC said net sales and net income declined year-over-year on lower demand and higher costs, but pointed to a strong order backlog and improved cash flow. The company also amended its credit facility and maintained covenant compliance.
Net sales and net income declined year-over-year due to lower demand and higher costs, but a strong order backlog and improved cash flow position the company for potential revenue recovery in the next quarter.
The company amended its credit facility, maintained compliance with covenants, and contin…