%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 748.5 m 561.5 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 744.5 m 561.5 744.5 l s BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 18.00 Tf ET q 0 0 0 rg BT 235.55 719.40 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 330.74 719.40 Td (A) Tj ET Q q 0 0 0 rg BT 342.41 719.40 Td (TES) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 112.70 697.85 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 225.25 697.85 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.15 683.40 Td (W) Tj ET Q q 0 0 0 rg BT 255.49 683.40 Td (ashington, D.C. 20549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 672.60 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 662.15 m 453.5 662.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 157.5 630.15 m 453.5 630.15 l s BT /F2 18.00 Tf ET q 0 0 0 rg BT 256.25 636.56 Td (FORM 10-Q) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 619.80 Td () Tj ET Q /GS0 gs q 8.92 0 0 9.76 53.00 592.84 cm /I1 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 600.03 Td (Quarterly Report Pursuant to Section13 or 15\(d\) of the Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 208.55 578.80 Td (For) Tj ET Q q 0 0 0 rg BT 223.92 578.80 Td ( the quarterly period ended ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 343.08 578.80 Td (April30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 403.36 578.80 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 298.50 554.80 Td (OR) Tj ET Q /GS0 gs q 8.91 0 0 9.76 53.00 527.84 cm /I2 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.00 535.03 Td (Transition Report Pursuant to Section13 or 15\(d\) of the Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 227.30 513.80 Td (For) Tj ET Q q 0 0 0 rg BT 242.67 513.80 Td ( the transition period fr) Tj ET Q q 0 0 0 rg BT 343.03 513.80 Td (omto) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.75 501.80 Td (Commission File number) Tj ET Q q 0 0 0 rg BT 344.35 501.80 Td ( 1-8777) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 113.10 448.80 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.35 448.80 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118.35 491.3 m 497.35 491.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 118.35 448.3 m 497.35 448.3 l s BT /F2 22.00 Tf ET q 0 0 0 rg BT 153.85 466.85 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 404.58 466.85 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 192.35 452.98 Td (\(Exact Name of Registrant as Specified in its Charter\)) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 425.3 m 289.5 425.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 425.3 m 534.5 425.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 377.3 m 289.5 377.3 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 377.3 m 534.5 377.3 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 149.30 429.03 Td (Delaware) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.00 429.55 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 411.30 429.03 Td (95-1613718) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 117.85 417.38 Td (\(State or) Tj ET Q q 0 0 0 rg BT 147.25 417.38 Td ( Other) Tj ET Q q 0 0 0 rg BT 169.54 417.38 Td ( Jurisdiction of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 115.75 409.38 Td (Incorporation or) Tj ET Q q 0 0 0 rg BT 173.16 409.38 Td ( Organization\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.00 409.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.65 417.38 Td (\(I.R.S. Employer) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.15 409.38 Td (Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 98.45 381.03 Td (2027 Harpers Way, Torrance, CA) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.00 381.55 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 423.00 381.03 Td (90501) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 101.10 369.38 Td (\(Address of Principal Executive Offices\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.00 369.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.90 369.38 Td (\(Zip Code\)) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 157.55 348.40 Td (Registrant) Tj ET Q q 0 0 0 rg BT 205.50 348.40 Td (s ) Tj ET Q q 0 0 0 rg BT 211.71 348.40 Td (T) Tj ET Q q 0 0 0 rg BT 217.46 348.40 Td (elephone Number) Tj ET Q q 0 0 0 rg BT 292.37 348.40 Td (, Including ) Tj ET Q q 0 0 0 rg BT 340.46 348.40 Td (Ar) Tj ET Q q 0 0 0 rg BT 351.93 348.40 Td (ea Code: \(310\)533-0474) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 283.60 331.05 Td (No change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 157.80 320.20 Td (Former) Tj ET Q q 0 0 0 rg BT 183.86 320.20 Td ( Name, Former) Tj ET Q q 0 0 0 rg BT 235.91 320.20 Td ( ) Tj ET Q q 0 0 0 rg BT 237.47 320.20 Td (Addr) Tj ET Q q 0 0 0 rg BT 255.55 320.20 Td (ess and Former) Tj ET Q q 0 0 0 rg BT 308.28 320.20 Td ( Fiscal ) Tj ET Q q 0 0 0 rg BT 331.98 320.20 Td (Y) Tj ET Q q 0 0 0 rg BT 336.87 320.20 Td (ear) Tj ET Q q 0 0 0 rg BT 347.24 320.20 Td (, if Changed Since Last Report.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 454.13 320.20 Td () Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 142.5 305.7 m 468.5 305.7 l s BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.85 Td (Indicate by check mark whether the registrant \(1\)has filed all reports required to be filed by Section13 or 15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.45 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 271.45 Td (Act of 1934 during the preceding 12months \(or for such shorter period that the registrant was required to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.05 Td (file such reports\), and \(2\)has been subject to such filing requirements for the past 90days.) Tj ET Q q 0 0 0 rg BT 422.30 254.05 Td (Y) Tj ET Q q 0 0 0 rg BT 428.53 254.05 Td (es) Tj ET Q /GS0 gs q 8.92 0 0 10.09 441.86 251.89 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.77 254.05 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 477.99 251.89 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.65 Td (Indicate by check mark whether the registrant has submitted electronically and posted on its corporate ) Tj ET Q q 0 0 0 rg BT 460.51 236.65 Td (W) Tj ET Q q 0 0 0 rg BT 469.15 236.65 Td (eb site, if any) Tj ET Q q 0 0 0 rg BT 522.37 236.65 Td (, every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 219.25 Td (Interactive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T) Tj ET Q q 0 0 0 rg BT 438.34 219.25 Td ( during the preceding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.85 Td (12months \(or for such shorter period that the registrant was required to submit and post such files\).) Tj ET Q q 0 0 0 rg BT 457.88 201.85 Td (Y) Tj ET Q q 0 0 0 rg BT 464.10 201.85 Td (es) Tj ET Q /GS0 gs q 8.92 0 0 10.09 477.43 199.69 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.34 201.85 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 513.56 199.69 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.45 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 262.23 184.45 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.88 184.45 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.53 184.45 Td (, a non-accelerated filer) Tj ET Q q 0 0 0 rg BT 512.50 184.45 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.05 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 167.05 Td (. See the definitions of lar) Tj ET Q q 0 0 0 rg BT 264.66 167.05 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 340.31 167.05 Td (, accelerated filer and smaller reporting company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.65 Td (in Rule12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 149.65 Td (Act. \(Check one\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 129.72 Td (Largeacceleratedfiler) Tj ET Q /GS0 gs q 8.91 0 0 9.76 154.00 126.89 cm /I7 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 129.72 Td (Acceleratedfiler) Tj ET Q /GS0 gs q 8.91 0 0 9.76 527.00 126.89 cm /I8 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 115.72 Td (Non-accelerated filer) Tj ET Q /GS0 gs q 8.91 0 0 9.76 154.00 112.89 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.00 115.72 Td (\(Do not check if a smaller reporting company\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 115.72 Td (Smallerreportingcompany) Tj ET Q /GS0 gs q 8.92 0 0 9.76 527.00 112.89 cm /I10 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Indicate by check mark whether the registrant is a shell company \(as defined in Rule12b-2 of the Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.85 Td (Act\).) Tj ET Q q 0 0 0 rg BT 79.90 76.85 Td (Y) Tj ET Q q 0 0 0 rg BT 86.12 76.85 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 99.45 74.69 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.36 76.85 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 135.58 74.69 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.45 Td (The number of shares outstanding for each of the registrant) Tj ET Q q 0 0 0 rg BT 289.64 59.45 Td (s classes of common stock, as of the latest practicable date:) Tj ET Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Common Stock, $.01 par value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.43 742.10 Td (14,998,187) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.43 742.10 Td ( shares as of June 10, 2016.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 710.6 m 561.5 710.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 706.6 m 561.5 706.6 l s BT /F1 10.00 Tf ET endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 252.65 740.68505859375 m 359.339453125 740.68505859375 l s q 0 0 0 rg BT 252.65 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 742.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 742.25 Td ( CONTENTS) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 692.5333984375 m 167.4140625 692.5333984375 l s q 0 0 0 rg BT 53.00 693.87 Td (Part I. Financial Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 675.5333984375 m 193.4189453125 675.5333984375 l s q 0 0 0 rg BT 79.00 676.87 Td (Item 1. Financial Statements) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 658.0333984375 m 495.85546875 658.0333984375 l s q 0 0 0 rg BT 79.00 659.37 Td (Unaudited condensed consolidated balance sheets - ) Tj ET Q q 0 0 0 rg BT 286.15 659.37 Td (April 30, 2016, January 31, 2016 and ) Tj ET Q q 0 0 0 rg BT 437.25 659.37 Td (April 30, 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 640.5333984375 m 507.88671875 640.5333984375 l s q 0 0 0 rg BT 79.00 641.87 Td (Unaudited condensed consolidated statements of operations - ) Tj ET Q q 0 0 0 rg BT 326.25 641.87 Td (Three months ended ) Tj ET Q q 0 0 0 rg BT 409.84 641.87 Td (April 30, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 624.9833984375 m 523.98046875 624.9833984375 l s q 0 0 0 rg BT 79.00 626.32 Td (Unaudited condensed consolidated statements of comprehensive income \(loss\) - ) Tj ET Q q 0 0 0 rg BT 401.78 626.32 Td (Three months ended ) Tj ET Q q 0 0 0 rg BT 485.37 626.32 Td (April 30, ) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 614.9833984375 m 138.4384765625 614.9833984375 l s q 0 0 0 rg BT 79.00 616.32 Td (2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 599.5333984375 m 508.7216796875 599.5333984375 l s q 0 0 0 rg BT 79.00 600.87 Td (Unaudited condensed consolidated statements of cash flows - ) Tj ET Q q 0 0 0 rg BT 327.09 600.87 Td (Three months ended ) Tj ET Q q 0 0 0 rg BT 410.67 600.87 Td (April 30, 2016 and 2015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 582.5333984375 m 400.8701171875 582.5333984375 l s q 0 0 0 rg BT 79.00 583.87 Td (Notes to unaudited condensed consolidated financial statements - ) Tj ET Q q 0 0 0 rg BT 342.26 583.87 Td (April 30, 2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 565.5333984375 m 468.1162109375 565.5333984375 l s q 0 0 0 rg BT 79.00 566.87 Td (Item2. Management) Tj ET Q q 0 0 0 rg BT 164.81 566.87 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 233.98 566.87 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 548.5333984375 m 349.21484375 548.5333984375 l s q 0 0 0 rg BT 79.00 549.87 Td (Item3. Quantitative and Qualitative Disclosures about Market Risk) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 531.5333984375 m 208.140625 531.5333984375 l s q 0 0 0 rg BT 79.00 532.87 Td (Item4. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 514.5333984375 m 156.30078125 514.5333984375 l s q 0 0 0 rg BT 53.00 515.87 Td (Part II. Other Information) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 497.5333984375 m 183.9658203125 497.5333984375 l s q 0 0 0 rg BT 79.00 498.87 Td (Item1. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 480.5333984375 m 167.3251953125 480.5333984375 l s q 0 0 0 rg BT 79.00 481.87 Td (Item1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 463.5333984375 m 504.7275390625 463.5333984375 l s q 0 0 0 rg BT 79.00 464.87 Td (Item2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 446.5333984375 m 238.9658203125 446.5333984375 l s q 0 0 0 rg BT 79.00 447.87 Td (Item3. Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 429.5333984375 m 208.140625 429.5333984375 l s q 0 0 0 rg BT 79.00 430.87 Td (Item4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 412.5333984375 m 182.857421875 412.5333984375 l s q 0 0 0 rg BT 79.00 413.87 Td (Item5. Other Information) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 79 395.5333984375 m 143.16015625 395.5333984375 l s q 0 0 0 rg BT 79.00 396.87 Td (Item6. Exhibits) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 379.87 Td (EX-31.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 362.87 Td (EX-31.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 345.87 Td (EX-32.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 328.87 Td (EX-101 INSTANCE DOCUMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 311.87 Td (EX-101 SCHEMA DOCUMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 294.87 Td (EX-101 CALCULATION LINKBASE DOCUMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 277.87 Td (EX-101 LABELS LINKBASE DOCUMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.00 260.87 Td (EX-101 PRESENTATION LINKBASE DOCUMENT) Tj ET Q BT /F1 10.00 Tf ET BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 232.45 Td () Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 692.5333984375 m 559 692.5333984375 l s q 0 0 0 rg BT 554.00 693.87 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 675.5333984375 m 559 675.5333984375 l s q 0 0 0 rg BT 554.00 676.87 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 658.0333984375 m 559 658.0333984375 l s q 0 0 0 rg BT 554.00 659.37 Td (3) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 640.5333984375 m 559 640.5333984375 l s q 0 0 0 rg BT 554.00 641.87 Td (5) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 620.0333984375 m 559 620.0333984375 l s q 0 0 0 rg BT 554.00 621.37 Td (6) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 599.5333984375 m 559 599.5333984375 l s q 0 0 0 rg BT 554.00 600.87 Td (7) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 582.5333984375 m 559 582.5333984375 l s q 0 0 0 rg BT 554.00 583.87 Td (8) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 565.5333984375 m 559 565.5333984375 l s q 0 0 0 rg BT 549.00 566.87 Td (13) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 548.5333984375 m 559 548.5333984375 l s q 0 0 0 rg BT 549.00 549.87 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 531.5333984375 m 559 531.5333984375 l s q 0 0 0 rg BT 549.00 532.87 Td (14) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 514.5333984375 m 559 514.5333984375 l s q 0 0 0 rg BT 549.00 515.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 497.5333984375 m 559 497.5333984375 l s q 0 0 0 rg BT 549.00 498.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 480.5333984375 m 559 480.5333984375 l s q 0 0 0 rg BT 549.00 481.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 463.5333984375 m 559 463.5333984375 l s q 0 0 0 rg BT 549.00 464.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 446.5333984375 m 559 446.5333984375 l s q 0 0 0 rg BT 549.00 447.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 429.5333984375 m 559 429.5333984375 l s q 0 0 0 rg BT 549.00 430.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 412.5333984375 m 559 412.5333984375 l s q 0 0 0 rg BT 549.00 413.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 395.5333984375 m 559 395.5333984375 l s q 0 0 0 rg BT 549.00 396.87 Td (16) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 239.95 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 245.32 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 259.41 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 265.90 742.25 Td ( I. 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Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 218.00 673.25 Td (Condensed Consolidated Balance Sheets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 662.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 601.95 293.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 601.95 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 601.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 601.95 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 601.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 601.95 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.95 293.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 571.95 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 412.50 571.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 571.95 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 571.95 4.00 -15.00 re 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412.5 344.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 344.95 m 485.5 344.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 344.95 m 558.5 344.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 299.95 m 412.5 299.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 299.95 m 485.5 299.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 299.95 m 558.5 299.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 285.95 m 412.5 285.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 283.95 m 412.5 283.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 285.95 m 485.5 285.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 283.95 m 485.5 283.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 285.95 m 558.5 285.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 283.95 m 558.5 283.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 359.20 643.35 Td (4/30/2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.20 643.35 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439.62 Td (1,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 439.62 Td (1,671) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.52 Td (Land improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 424.62 Td (674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 424.62 Td (675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 424.62 Td (851) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 410.52 Td (Buildings and building improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 409.62 Td (46,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 409.62 Td (45,860) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 409.62 Td (46,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.52 Td (Machinery and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 394.62 Td (102,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 394.62 Td (103,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 394.62 Td (108,533) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.52 Td 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10.00 Tf ET q 0 0 0 rg BT 53.00 411.52 Td (Stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.52 Td (Preferred stock:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.52 Td (Authorized 3,000,000 shares, $.01 par value; none issued or) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.52 Td (outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 369.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 369.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 369.62 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.52 Td (Common stock:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.52 Td (Authorized 25,000,000 shares, $.01 par value; issued and outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.52 Td (14,998,187 shares at 04/30/2016 and at 1/31/2016 and 14,852,640 at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 320.52 Td (04/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 320.62 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 320.62 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 320.62 Td (149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.52 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 305.62 Td (116,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 305.62 Td (116,633) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.15 305.62 Td (116,470) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.52 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 290.67 Td (\(72,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 290.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 290.67 Td (\(69,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 290.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 290.67 Td (\(76,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 290.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.52 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.80 275.67 Td (\(14,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.65 275.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 275.67 Td (\(14,330) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 275.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 275.67 Td (\(19,739) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 275.62 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.52 Td (Total stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 260.62 Td (30,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 260.62 Td (33,313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 260.62 Td (20,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.52 Td (Total liabilities and stockholders equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.00 245.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 245.62 Td (108,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 245.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.15 245.62 Td (89,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 245.62 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.15 245.62 Td (97,331) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 220.45 Td (See accompanying notes.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 197.65 721.25 Td (Condensed Consolidated Statements of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 265.15 700.25 Td (Unaudited \(Note 1\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 689.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 632.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 632.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 632.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 632.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 604.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 604.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 604.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 576.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 576.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 576.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 548.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 548.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 548.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 520.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 520.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 520.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 492.95 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 492.95 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 492.95 4.00 -14.00 re 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RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 659.95 m 493.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 659.95 m 497.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 659.95 m 562.5 659.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 646.95 m 493.5 646.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 646.95 m 562.5 646.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 604.95 m 493.5 604.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 604.95 m 562.5 604.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 562.95 m 493.5 562.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 562.95 m 562.5 562.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 534.95 m 493.5 534.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 534.95 m 562.5 534.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 506.95 m 493.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 506.95 m 562.5 506.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 493.95 m 493.5 493.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 491.95 m 493.5 491.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 493.95 m 562.5 493.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 491.95 m 562.5 491.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 664.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.95 664.18 Td (Three months ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 651.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.25 651.18 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.25 651.18 Td (4/30/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.80 637.18 Td (\(In thousands, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 623.52 Td (Net sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 623.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 623.52 Td (20,827) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 623.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 623.52 Td (23,048) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.52 Td (Costs of goods sold) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 609.52 Td (12,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 609.52 Td (14,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.52 Td (Gross profit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 595.52 Td (8,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 595.52 Td (8,194) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 581.52 Td (Selling, general and administrative expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 581.52 Td (10,909) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 581.52 Td (11,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.52 Td (Gain on sale of property, plant & equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 567.57 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 567.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 567.57 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 567.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.52 Td (Operating loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 553.57 Td (\(2,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 553.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 553.57 Td (\(2,841) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 553.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 539.52 Td (Interest expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 539.52 Td (264) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 539.52 Td (298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 525.52 Td (Loss before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 525.57 Td (\(3,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 525.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 525.57 Td (\(3,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 525.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.52 Td (Income tax expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 511.52 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 511.52 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.52 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 497.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 497.57 Td (\(3,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 497.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 497.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 497.57 Td (\(3,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 497.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 469.52 Td (Net loss per common share \(a\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 455.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 455.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 455.57 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 455.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 455.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 455.57 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 455.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 441.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 441.57 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 441.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 441.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 441.57 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 441.52 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.52 Td (W) Tj ET Q q 0 0 0 rg BT 61.64 427.52 Td (eighted average shares outstanding \(a\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 417.57 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.52 Td (Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 413.52 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 413.52 Td (14,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.52 Td (Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 399.52 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 399.52 Td (14,824) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.45 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 86.00 366.45 Td (Net loss per share was calculated based on basic shares outstanding due to the anti-dilutive ef) Tj ET Q q 0 0 0 rg BT 459.32 366.45 Td (fect on the inclusion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.45 Td (common stock equivalent shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 330.45 Td (See accompanying notes.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 742.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 742.25 Td (co Mfg. 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Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 541.50 446.21 Td (\(840) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 446.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 433.01 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 432.21 Td (3,991) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 537.75 432.21 Td (6,973) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 419.01 Td (Net cash used in operating activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 461.25 418.21 Td (\(16,526) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 418.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 418.21 Td (\(10,023) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 418.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 405.15 Td (Investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 391.01 Td (Capital expenditures) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 390.21 Td (\(1,097) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 390.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 390.21 Td (\(1,200) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 390.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 377.01 Td (Proceeds from sale of property, plant and equipment) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 484.50 376.21 Td (1) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 553.50 376.21 Td (8) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 363.01 Td (Net cash used in investing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 362.21 Td (\(1,096) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 362.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.75 362.21 Td (\(1,192) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 362.21 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 52.00 349.15 Td (Financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 335.01 Td (Proceeds from long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 334.21 Td (24,600) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 334.21 Td (22,300) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 321.01 Td (Repayment of long-term debt) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 465.75 320.21 Td (\(6,760) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 489.00 320.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 530.25 320.21 Td (\(10,975) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 558.00 320.21 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 307.01 Td (Common stock repurchased) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 480.00 306.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 549.00 306.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 293.01 Td (Net cash provided by financing activities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 464.25 292.21 Td (17,840) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 533.25 292.21 Td (11,325) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 266.01 Td (Net increase in cash) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 265.21 Td (218) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 265.21 Td (110) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 252.01 Td (Cash at beginning of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 475.50 251.21 Td (815) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 251.21 Td (470) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 52.00 238.01 Td (Cash at end of period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.00 237.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 468.75 237.21 Td (1,033) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 499.00 237.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 544.50 237.21 Td (580) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 212.25 Td (See accompanying notes.) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 236.20 742.25 Td (VIRCO MFG. CORPORA) Tj ET Q q 0 0 0 rg BT 350.17 742.25 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 165.40 721.25 Td (Notes to unaudited Condensed Consolidated Financial Statements) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 275.85 700.25 Td (April 30, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (Note 1. Basis of Pr) Tj ET Q q 0 0 0 rg BT 128.42 682.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.25 Td (The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.25 Td (principles generally accepted in the United States for interim financial information and pursuant to the rules and regulations of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.25 Td (the Securities and Exchange Commission. ) Tj ET Q q 0 0 0 rg BT 220.53 640.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 269.86 640.25 Td (, they do not include all of the information and footnotes required by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.25 Td (generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (\(consisting of normal recurring accruals\) considered necessary for a fair presentation have been included. Operating results for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.98 604.25 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.58 604.25 Td (, are not necessarily indicative of the results that may be expected for the fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 592.25 Td (January31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.32 592.25 Td (. ) Tj ET Q q 0 0 0 rg BT 153.13 592.25 Td (The balance sheet at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.98 592.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.58 592.25 Td (, has been derived from the audited financial statements at that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (date, but does not include all of the information and footnotes required by accounting principles generally accepted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (United States for complete financial statements. For further information, refer to the consolidated financial statements and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (footnotes thereto included in the Company) Tj ET Q q 0 0 0 rg BT 223.57 556.25 Td (s ) Tj ET Q q 0 0 0 rg BT 229.41 556.25 Td (Annual Report on Form 10-K for the fiscal year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.91 556.25 Td (January31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.51 556.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (\(Form10-K\). ) Tj ET Q q 0 0 0 rg BT 117.21 544.25 Td (All references to the Company refer to ) Tj ET Q q 0 0 0 rg BT 282.78 544.25 Td (V) Tj ET Q q 0 0 0 rg BT 289.40 544.25 Td (irco Mfg. Corporation and its subsidiaries.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (Note 2. Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.25 Td (The market for educational furniture is marked by extreme seasonality) Tj ET Q q 0 0 0 rg BT 331.19 502.25 Td (, with approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.72 502.25 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.05 502.25 Td ( of the Company) Tj ET Q q 0 0 0 rg BT 504.77 502.25 Td (s total sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (typically occurring from June to ) Tj ET Q q 0 0 0 rg BT 180.80 490.25 Td (August each year) Tj ET Q q 0 0 0 rg BT 249.81 490.25 Td (, the Company) Tj ET Q q 0 0 0 rg BT 311.20 490.25 Td (s peak season. Hence, the Company typically builds and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (carries significant amounts of inventory during and in anticipation of this peak summer season to facilitate the rapid delivery ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (requirements of customers in the educational market. ) Tj ET Q q 0 0 0 rg BT 264.75 466.25 Td (This requires a lar) Tj ET Q q 0 0 0 rg BT 337.04 466.25 Td (ge up-front investment in inventory) Tj ET Q q 0 0 0 rg BT 478.58 466.25 Td (, labor) Tj ET Q q 0 0 0 rg BT 503.73 466.25 Td (, storage and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (related costs as inventory is built in anticipation of peak sales during the summer months. ) Tj ET Q q 0 0 0 rg BT 409.93 454.25 Td (As the capital required for this build-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (up generally exceeds cash available from operations, the Company has generally relied on third-party bank financing to meet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (cash flow requirements during the build-up period immediately preceding the peak season. In addition, the Company typically ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (is faced with a lar) Tj ET Q q 0 0 0 rg BT 120.90 418.25 Td (ge balance of accounts receivable during the peak season. ) Tj ET Q q 0 0 0 rg BT 353.95 418.25 Td (This occurs for two primary reasons. First, accounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (receivable balances typically increase during the peak season as shipments of products increase. Second, many customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (during this period are government institutions, which tend to pay accounts receivable more slowly than commercial customers.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.25 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 373.25 Td (s working capital requirements during and in anticipation of the peak summer season require management to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.25 Td (make estimates and judgments that af) Tj ET Q q 0 0 0 rg BT 200.05 361.25 Td (fect assets, liabilities, revenues and expenses, and related contingent assets and liabilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.25 Td (On an ongoing basis, management evaluates its estimates, including those related to market demand, labor costs, and stocking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 87.68 337.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 310.25 Td (Note 3. New ) Tj ET Q q 0 0 0 rg BT 103.32 310.25 Td (Accounting Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.05 Td (In ) Tj ET Q q 0 0 0 rg BT 60.28 285.05 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 128.42 285.05 Td (ASB amended its existing accounting standards for the presentation of debt issuance costs in the statement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.05 Td (of financial position. ) Tj ET Q q 0 0 0 rg BT 135.36 273.05 Td (The amendments generally require that the issuance costs related to a recognized debt obligation be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.05 Td (presented as a deduction from the carrying amount of the debt obligation, with the associated amortization recognized as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.05 Td (component of interest expense. ) Tj ET Q q 0 0 0 rg BT 176.72 249.05 Td (The amendments were ef) Tj ET Q q 0 0 0 rg BT 277.33 249.05 Td (fective for beginning February 1, 2016 on a retrospective basis; the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.05 Td (Company adopted the standard for issuance costs incurred related to its revolving line of credit. ) Tj ET Q q 0 0 0 rg BT 434.15 237.05 Td (The adoption resulted in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.05 Td (reclassification of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.86 225.05 Td ($84,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.36 225.05 Td ( from prepaid expenses and other current assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.45 225.05 Td ($69,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.95 225.05 Td ( from other assets to current portion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.05 Td (long-term debt andlong-term debt, respectively) Tj ET Q q 0 0 0 rg BT 240.40 213.05 Td (, as of January 31, 2016. ) Tj ET Q q 0 0 0 rg BT 340.48 213.05 Td (The adoption resulted in the reclassification of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.03 213.05 Td ($84,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.53 213.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.05 Td (from prepaid expenses and other current assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.59 201.05 Td ($138,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.09 201.05 Td ( from other assets to currentportion of long-term debt andlong-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.05 Td (term debt, respectively) Tj ET Q q 0 0 0 rg BT 140.70 189.05 Td (, as of ) Tj ET Q q 0 0 0 rg BT 166.81 189.05 Td (April 30, 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.05 Td (Note 4. Inventories) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.05 Td (Inventory is valued at the lower of cost or Net Realizable ) Tj ET Q q 0 0 0 rg BT 281.13 138.05 Td (V) Tj ET Q q 0 0 0 rg BT 287.24 138.05 Td (alue \(determined on a first-in, first-out basis\) and includes material, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.05 Td (labor) Tj ET Q q 0 0 0 rg BT 70.15 126.05 Td (, and factory overhead. ) Tj ET Q q 0 0 0 rg BT 164.37 126.05 Td (The Company maintains allowances for estimated slow moving and obsolete inventory to reflect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.05 Td (the dif) Tj ET Q q 0 0 0 rg BT 75.64 114.05 Td (ference between the cost of inventory and the estimated market value. ) Tj ET Q q 0 0 0 rg BT 357.20 114.05 Td (Allowances for slow moving and obsolete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.05 Td (inventory are determined through a physical inspection of the product in connection with a physical inventory) Tj ET Q q 0 0 0 rg BT 488.95 102.05 Td (, a review of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.05 Td (slow-moving product, and consideration of active marketing programs. ) Tj ET Q q 0 0 0 rg BT 336.97 90.05 Td (The market for education furniture is traditionally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.05 Td (driven by value, not style, and the Company has not typically incurred significant obsolescence expenses. If market conditions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.05 Td (are less favorable than those anticipated by management, additional allowances may be required. Due to reductions in sales ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (volume in the past years, the Company) Tj ET Q q 0 0 0 rg BT 208.58 742.10 Td (s manufacturing facilities are operating at reduced levels of capacity) Tj ET Q q 0 0 0 rg BT 480.86 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.68 742.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (records the cost of excess capacity as a period expense, not as a component of capitalized inventory valuation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (The following table presents an updated breakdown of the Company) Tj ET Q q 0 0 0 rg BT 326.87 706.10 Td (s net inventory \(in thousands\) as of ) Tj ET Q q 0 0 0 rg BT 469.35 706.10 Td (April 30, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (January 31, 2016 and ) Tj ET Q q 0 0 0 rg BT 137.49 694.10 Td (April 30, 2015:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 659.60 259.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 659.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 659.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 659.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 659.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 629.60 259.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 629.60 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 392.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 396.50 629.60 81.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 629.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 629.60 81.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 659.6 m 392.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 659.6 m 477.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 659.6 m 562.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 659.6 m 392.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 659.6 m 477.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 659.6 m 562.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 614.6 m 392.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 614.6 m 477.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 614.6 m 562.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 614.6 m 392.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 600.6 m 392.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 598.6 m 392.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 614.6 m 477.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 600.6 m 477.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 598.6 m 477.5 598.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 614.6 m 562.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 600.6 m 562.5 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 598.6 m 562.5 598.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 663.83 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.25 663.83 Td (1/31/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.25 663.83 Td (4/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td ( Finished goods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 649.27 Td (21,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 649.27 Td (10,233) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 649.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 649.27 Td (14,917) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td ( WIP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 634.27 Td (21,086) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 634.27 Td (13,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 634.27 Td (17,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td ( Raw materials) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 619.27 Td (10,854) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 619.27 Td (10,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 619.27 Td (9,557) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td ( Inventories, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.15 604.27 Td (53,924) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 604.27 Td (34,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 604.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 604.27 Td (42,250) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.10 Td (In connection with the preparation of the consolidated financial statements, the Company determined that its reserve for excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.10 Td (and obsolete inventory had previously been applied exclusively to the Finished goods portion of inventory) Tj ET Q q 0 0 0 rg BT 474.82 558.10 Td (, when it should have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.10 Td (been applied against Finished goods, ) Tj ET Q q 0 0 0 rg BT 199.79 546.10 Td (W) Tj ET Q q 0 0 0 rg BT 208.43 546.10 Td (ork in process, and Raw materials and supplies, based on the identification of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.10 Td (specific parts determined to be held in excess or obsolete. ) Tj ET Q q 0 0 0 rg BT 282.80 534.10 Td (The Company evaluated the impact of this error on prior year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.10 Td (financial statements and concluded that it was immaterial for the quarter ended ) Tj ET Q q 0 0 0 rg BT 367.66 522.10 Td (April 30, 2015, and for all interim periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 510.10 Td (within the fiscal year ending January 31, 2016. ) Tj ET Q q 0 0 0 rg BT 239.77 510.10 Td (While the amounts included in the prior year disclosure were considered to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (immaterial, the Company elected to revise the disclosure of previously reported amounts to be consistent with the presentation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (as of ) Tj ET Q q 0 0 0 rg BT 71.11 486.10 Td (April 30, 2016 and January 31, 2016. ) Tj ET Q q 0 0 0 rg BT 222.57 486.10 Td (The changes resulted in no change to Inventories, net. ) Tj ET Q q 0 0 0 rg BT 440.38 486.10 Td (The changes resulted in an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (increase to Finished goods of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.70 474.10 Td ($2,237,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.70 474.10 Td (, a decrease to ) Tj ET Q q 0 0 0 rg BT 273.65 474.10 Td (W) Tj ET Q q 0 0 0 rg BT 282.29 474.10 Td (ork in process of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.72 474.10 Td ($1,360,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.72 474.10 Td (, and a decrease to Raw materials and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (supplies of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.11 462.10 Td ($877,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.61 462.10 Td ( as of ) Tj ET Q q 0 0 0 rg BT 157.22 462.10 Td (April 30, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (Management continually monitors production costs, material costs and inventory levels to determine that interim inventories ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (are fairly stated.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Note 5. Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (Outstanding balances \(in thousands\) for the Company) Tj ET Q q 0 0 0 rg BT 268.29 390.10 Td (s long-term debt were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 330.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 330.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 330.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 330.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 330.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 300.60 300.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 300.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.50 300.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 300.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 300.60 68.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 360.6 m 418.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 360.6 m 490.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 360.6 m 562.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 360.6 m 418.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 360.6 m 490.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 360.6 m 562.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 315.6 m 418.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 315.6 m 490.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 315.6 m 562.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 285.6 m 418.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 285.6 m 490.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 285.6 m 562.5 285.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 271.6 m 418.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 269.6 m 418.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 271.6 m 490.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 269.6 m 490.5 269.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 271.6 m 562.5 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 269.6 m 562.5 269.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.70 365.00 Td (4/30/2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.70 365.00 Td (1/31/2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 509.70 365.00 Td (4/30/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 430.35 351.86 Td (\(in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.17 Td (Revolving credit line) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 335.27 Td (24,140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 335.27 Td (6,510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 335.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 335.27 Td (20,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 321.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 320.27 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.65 320.27 Td (97) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 320.27 Td (153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.17 Td (Total debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 305.27 Td (24,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 305.27 Td (6,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 305.27 Td (20,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.17 Td (Less current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 290.27 Td (18,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 290.27 Td (579) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 290.27 Td (14,607) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.17 Td (Non-current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 275.27 Td (5,804) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 275.27 Td (6,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 275.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 275.27 Td (6,015) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (On December22, 201) Tj ET Q q 0 0 0 rg BT 137.93 235.10 Td (1, the Company entered into a Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 384.83 235.10 Td (Agreement \(the Credit ) Tj ET Q q 0 0 0 rg BT 481.18 235.10 Td (Agreement\) with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 134.44 223.10 Td (Association \(PNC\). ) Tj ET Q q 0 0 0 rg BT 226.47 223.10 Td (The credit agreement currently matures on December 22, 2017 and has a maximum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (availability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.32 211.10 Td ($49,750,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.32 211.10 Td (, including sub-lines for letters of credit and equipment financing. Borrowings under the Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (Agreement bear interest at either the ) Tj ET Q q 0 0 0 rg BT 197.71 199.10 Td (Alternate Base Rate \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 378.76 199.10 Td (Agreement\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.18 199.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.01 199.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.79 199.10 Td (1.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.62 199.10 Td ( or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (Eurodollar Currency Rate \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 254.38 187.10 Td (Agreement\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.80 187.10 Td (1.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.63 187.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.41 187.10 Td (2.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.24 187.10 Td (. ) Tj ET Q q 0 0 0 rg BT 395.56 187.10 Td (The interest rate at ) Tj ET Q q 0 0 0 rg BT 472.19 187.10 Td (April 30, 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.33 175.10 Td (. ) Tj ET Q q 0 0 0 rg BT 67.78 175.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.82 175.10 Td ($8,860,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.82 175.10 Td ( was available for borrowing as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.39 175.10 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 175.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (The Credit ) Tj ET Q q 0 0 0 rg BT 94.99 157.10 Td (Agreement restricts the Company from issuing dividends or making payments with respect to the Company's capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (stock to an annual limit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.20 145.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.09 145.10 Td (, and contains numerous other covenants, including these financial covenants: \(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (minimum tangible net worth, \(2\) fixed char) Tj ET Q q 0 0 0 rg BT 223.38 133.10 Td (ge coverage ratio, and \(3\) minimum EBITDA) Tj ET Q q 0 0 0 rg BT 405.83 133.10 Td ( amount, in each case as of the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (the relevant monthly) Tj ET Q q 0 0 0 rg BT 132.10 121.10 Td (, quarterly or annual measurement period. ) Tj ET Q q 0 0 0 rg BT 304.36 121.10 Td (The Company was in compliance with its covenants during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (first quarter of fiscal 2017. Pursuant to the Credit ) Tj ET Q q 0 0 0 rg BT 248.85 109.10 Td (Agreement, substantially all of the Company's accounts receivable are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (automatically and promptly swept to repay amounts outstanding under the Revolving Credit Facility upon receipt by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 85.10 Td (. In addition, the Credit ) Tj ET Q q 0 0 0 rg BT 183.50 85.10 Td (Agreement contains a clean down provision that requires the Company to reduce borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (under the line to less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.98 73.10 Td ($6,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.98 73.10 Td ( for a period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 73.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.45 73.10 Td ( consecutive days each fiscal year) Tj ET Q q 0 0 0 rg BT 407.11 73.10 Td (. On ) Tj ET Q q 0 0 0 rg BT 428.78 73.10 Td (April 4, 2016, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (entered into ) Tj ET Q q 0 0 0 rg BT 99.43 61.10 Td (Amendment No. 12 to the Credit ) Tj ET Q q 0 0 0 rg BT 233.02 61.10 Td (Agreement which, among other things, increased the borrowing availability for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (the period from June 1, 2016 through ) Tj ET Q q 0 0 0 rg BT 201.09 49.10 Td (August 15, 2016. ) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company believes that the Revolving Credit Facility will provide suf) Tj ET Q q 0 0 0 rg BT 344.77 742.10 Td (ficient liquidity to meet its capital requirements for at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (least in the next 12 months. Management believes that the carrying value of debt approximated fair value at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.86 730.10 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.47 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2015, as all of the long-term debt bears interest at variable rates based on prevailing market conditions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Note 6. Income ) Tj ET Q q 0 0 0 rg BT 116.47 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.22 694.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (The Company recognizes deferred income taxes under the asset and liability method of accounting for income taxes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (accordance with the provisions of ) Tj ET Q q 0 0 0 rg BT 186.90 664.10 Td (ASC No.740, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 248.58 664.10 Td (Accounting for Income T) Tj ET Q q 0 0 0 rg BT 347.36 664.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.13 664.10 Td (. Deferred income taxes are recognized for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 652.10 Td (ferences between the financial statement and tax basis of assets and liabilities at enacted statutory tax rates in ef) Tj ET Q q 0 0 0 rg BT 507.24 652.10 Td (fect for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (years in which the dif) Tj ET Q q 0 0 0 rg BT 136.46 640.10 Td (ferences are expected to reverse. ) Tj ET Q q 0 0 0 rg BT 268.97 640.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 294.60 640.10 Td (fect on deferred taxes of a change in tax rates is recognized in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (making this assessment. ) Tj ET Q q 0 0 0 rg BT 148.70 604.10 Td (The ultimate realization of deferred tax assets is dependent upon the generation of future taxable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (income or reversal of deferred tax liabilities during the periods in which those temporary dif) Tj ET Q q 0 0 0 rg BT 418.59 592.10 Td (ferences become deductible. Based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (on this consideration, the Company determined the realization of a majority of the net deferred tax assets do not meet the more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (likely than not criteria and a valuation allowance was recorded against the majority of the net deferred tax assets at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.93 568.10 Td (April30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 556.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (The years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.02 538.10 Td (January31, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.62 538.10 Td (, January 31, 2014 and subsequent years remain open for examination by the IRS. ) Tj ET Q q 0 0 0 rg BT 518.58 538.10 Td (The fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (years ended January31, 2012 and subsequent years remain open for examination by state tax authorities. ) Tj ET Q q 0 0 0 rg BT 471.91 526.10 Td (The Company is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (currently under IRS or state examination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 496.10 Td (e do not believe that there are any positions for which it is reasonably possible that the total amount of unrecognized tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (benefits will significantly increase or decrease within the next 12months.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Note 7. Net Loss per) Tj ET Q q 0 0 0 rg BT 136.19 460.10 Td ( Shar) Tj ET Q q 0 0 0 rg BT 159.07 460.10 Td (e) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 398.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 398.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 398.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 398.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 398.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 368.60 366.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 368.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 368.60 68.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 368.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 368.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 328.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 328.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 328.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 328.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 52.00 298.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 422.00 298.60 68.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.00 298.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.00 298.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 428.6 m 490 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490 428.6 m 494 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 428.6 m 559 428.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 413.6 m 490 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 413.6 m 559 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 343.6 m 490 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494 343.6 m 559 343.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422 343.6 m 490 343.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.50 432.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.60 432.83 Td (Three Months Ended) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.50 417.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.25 417.83 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.75 417.83 Td (4/30/2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 54.50 402.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.35 402.85 Td (\(In thousands, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 389.17 Td (Net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.30 388.32 Td (\(3,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 388.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.30 388.32 Td (\(3,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 388.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 374.17 Td (Weighted average shares outstanding \(a\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 373.27 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 373.27 Td (14,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 359.17 Td (Net effect of dilutive share-based on the treasury stock method using average market) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 349.17 Td (price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.15 348.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.15 348.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 333.27 Td (Totals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.65 333.27 Td (14,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.65 333.27 Td (14,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 304.17 Td (Net income per share - basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 303.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 303.32 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 303.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 303.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 303.32 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 303.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 54.50 289.17 Td (Net income per share - diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 288.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 288.32 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.15 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 288.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.30 288.32 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 555.15 288.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 65.55 266.10 Td (All exercisable and non-exercisable stock options were not included in the computation of diluted net loss per share at ) Tj ET Q q 0 0 0 rg BT 540.13 266.10 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (30, 2016 and 2015, because their inclusion would have been anti-dilutive. ) Tj ET Q q 0 0 0 rg BT 347.52 254.10 Td (The number of stock options outstanding, which met ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (this anti-dilutive criterion for the three months ended ) Tj ET Q q 0 0 0 rg BT 263.83 242.10 Td (April 30, 2016 and 2015, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.93 242.10 Td (270,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.43 242.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.87 242.10 Td (233,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.37 242.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 522.03 242.10 Td (.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Note 8. Stock-Based Compensation and Stockholders) Tj ET Q q 0 0 0 rg BT 278.72 742.25 Td ( Rights) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 724.25 Td (Stock Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (The Company's two stock plans are the 201) Tj ET Q q 0 0 0 rg BT 223.90 706.25 Td (1 Employee Stock Incentive Plan \(the 201) Tj ET Q q 0 0 0 rg BT 396.81 706.25 Td (1 Plan\) and the 2007 Employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.25 Td (Incentive Stock Plan \(the 2007 Plan\). Under the 201) Tj ET Q q 0 0 0 rg BT 267.63 694.25 Td (1 Plan, the Company may grant an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.90 694.25 Td (2,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.90 694.25 Td ( shares to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (its employees and non-employee directors in the form of stock options or awards. Restricted stock or stock units awarded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (under the 201) Tj ET Q q 0 0 0 rg BT 104.61 670.25 Td (1 Plan are expensed ratably over the vesting period of the awards. ) Tj ET Q q 0 0 0 rg BT 370.18 670.25 Td (The Company determines the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (its restricted stock unit awards and related compensation expense as the dif) Tj ET Q q 0 0 0 rg BT 350.00 658.25 Td (ference between the market value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (awards on the date of grant less the exercise price of the awards granted. ) Tj ET Q q 0 0 0 rg BT 344.70 646.25 Td (The Company granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.62 646.25 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.62 646.25 Td ( awards under the 201) Tj ET Q q 0 0 0 rg BT 529.55 646.25 Td (1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (Plan during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.24 634.25 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.85 634.25 Td (. ) Tj ET Q q 0 0 0 rg BT 235.80 634.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.69 634.25 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.30 634.25 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.97 634.25 Td (803,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.47 634.25 Td ( shares available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (for future issuance under the 201) Tj ET Q q 0 0 0 rg BT 181.53 622.25 Td (1 Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.25 Td (Under the 2007 Plan, the Company may grant an aggregate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.48 604.25 Td (1,000,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.48 604.25 Td ( shares to its employees and non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (directors in the form of stock options or awards. Restricted stock or stock units awarded under the 2007 Plan are expensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (ratably over the vesting period of the awards. ) Tj ET Q q 0 0 0 rg BT 233.37 580.25 Td (The Company determines the fair value of its restricted stock unit awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (and related compensation expense as the dif) Tj ET Q q 0 0 0 rg BT 225.86 568.25 Td (ference between the market value of the awards on the date of grant less the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (exercise price of the awards granted. ) Tj ET Q q 0 0 0 rg BT 198.91 556.25 Td (The Company granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.83 556.25 Td (0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.83 556.25 Td ( awards under the 2007 Plan during the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.61 544.25 Td (. ) Tj ET Q q 0 0 0 rg BT 115.56 544.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.45 544.25 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.06 544.25 Td (, there were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.73 544.25 Td (13,075) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.23 544.25 Td ( shares available for future issuance under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (2007 Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Accounting for) Tj ET Q q 0 0 0 rg BT 113.98 514.25 Td ( the Plans) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (Restricted Stock Unit ) Tj ET Q q 0 0 0 rg BT 143.60 496.25 Td (A) Tj ET Q q 0 0 0 rg BT 150.08 496.25 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (The following table presents a summary of restricted stock and stock unit awards at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.02 478.25 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.63 478.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.07 478.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.07 478.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 408.75 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 408.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 408.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 408.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 408.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 408.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 408.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.75 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 380.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 380.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 380.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 380.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 380.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 380.75 58.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.75 224.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 274.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 278.50 352.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 352.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 380.50 352.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 431.50 352.75 47.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 478.50 352.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 352.75 58.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 432.75 m 427.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 432.75 m 431.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 432.75 m 478.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 432.75 m 540.5 432.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 408.75 m 274.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 278.5 408.75 m 325.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 408.75 m 376.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 408.75 m 427.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 408.75 m 478.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 408.75 m 540.5 408.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 338.75 m 427.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 338.75 m 478.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 338.75 m 540.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 325.75 m 427.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 323.75 m 427.5 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 325.75 m 478.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 431.5 323.75 m 478.5 323.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 325.75 m 540.5 325.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 323.75 m 540.5 323.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 437.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.05 444.98 Td (Expense for 3 months) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 436.98 Td (ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.50 452.98 Td (Unr) Tj ET Q q 0 0 0 rg BT 501.13 452.98 Td (ecognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 444.98 Td (Compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.85 436.98 Td (Cost at) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 413.20 Td (Date of Grants) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 291.20 422.20 Td (Units) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.25 413.20 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.50 422.20 Td (Terms of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.40 413.20 Td (Vesting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.25 412.98 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.25 412.98 Td (4/30/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.75 412.98 Td (4/30/2016) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 53.00 399.20 Td (2011 Stock Incentive Plan) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 385.21 Td (06/22/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.10 385.21 Td (48,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.60 385.21 Td (4 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.00 385.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 403.75 385.21 Td (8,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 385.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 466.00 385.21 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 385.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 385.21 Td (102,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 371.21 Td (06/22/2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 289.10 371.21 Td (27,174) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.35 371.21 Td (1 year) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 371.21 Td (19,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 371.21 Td (19,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 516.75 371.21 Td (6,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 357.21 Td (06/24/2014) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.85 357.21 Td (490,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.60 357.21 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 357.21 Td (60,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 357.21 Td (64,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 357.21 Td (740,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 343.21 Td (06/19/2012) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 286.85 343.21 Td (520,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 339.60 343.21 Td (5 years) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 399.25 343.21 Td (37,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.25 343.21 Td (39,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 507.75 343.21 Td (160,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 330.01 Td (Totals for the period) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 383.00 329.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 394.75 329.21 Td (124,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 434.00 329.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 445.75 329.21 Td (122,000) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 485.00 329.21 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 501.00 329.21 Td (1,008,000) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.25 Td (Note 9. Stockholders) Tj ET Q q 0 0 0 rg BT 140.64 283.25 Td ( Equity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (In June 2015, the Board of Directors terminated the Company's common stock repurchase plan. Pursuant to the Company) Tj ET Q q 0 0 0 rg BT 541.69 253.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 241.25 Td (Agreement with PNC, the Company is generally prohibited from repurchasing any shares of its stock except in cases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (where a repurchase is financed by a substantially concurrent issuance of new shares of the Company) Tj ET Q q 0 0 0 rg BT 454.58 229.25 Td (s common stock. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td (April 4, 2016, the Company entered into ) Tj ET Q q 0 0 0 rg BT 214.14 217.25 Td (Amendment No. 12 to the Credit ) Tj ET Q q 0 0 0 rg BT 347.73 217.25 Td (Agreement with PNC which, among other things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (amended the restrictions on share repurchases to allow repurchases under certain circumstances and within certain dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (limitations. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 163.25 Td (Note 10. Retir) Tj ET Q q 0 0 0 rg BT 109.52 163.25 Td (ement Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.25 Td (The Company and its subsidiaries cover certain employees under a noncontributory defined benefit retirement plan, entitled the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 133.25 Td (irco Employees) Tj ET Q q 0 0 0 rg BT 121.69 133.25 Td ( Retirement Plan \(the Pension Plan\). Benefits under the Employees Retirement Plan are based on years of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (service and career average earnings. ) Tj ET Q q 0 0 0 rg BT 196.58 121.25 Td (As more fully described in the Form 10-K, benefit accruals under the Employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (Retirement Plan were frozen ef) Tj ET Q q 0 0 0 rg BT 174.76 109.25 Td (fective December31, 2003.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 91.25 Td (The Company also provides a supplementary retirement plan for certain key employees, the ) Tj ET Q q 0 0 0 rg BT 419.70 91.25 Td (VIP) Tj ET Q q 0 0 0 rg BT 435.44 91.25 Td ( Retirement Plan \(the VIP) Tj ET Q q 0 0 0 rg BT 543.37 91.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.25 Td (Plan\). ) Tj ET Q q 0 0 0 rg BT 80.37 79.25 Td (The ) Tj ET Q q 0 0 0 rg BT 98.23 79.25 Td (VIP) Tj ET Q q 0 0 0 rg BT 113.97 79.25 Td ( Plan provides a benefit of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.50 79.25 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.83 79.25 Td ( of average compensation for the last ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.05 79.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.05 79.25 Td ( years in the ) Tj ET Q q 0 0 0 rg BT 468.96 79.25 Td (VIP) Tj ET Q q 0 0 0 rg BT 484.71 79.25 Td ( Plan, of) Tj ET Q q 0 0 0 rg BT 518.13 79.25 Td (fset by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.25 Td (benefits earned under the Pension Plan. ) Tj ET Q q 0 0 0 rg BT 209.68 67.25 Td (As more fully described in the Form 10-K, benefit accruals under this plan were frozen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 55.25 Td (fective December31, 2003.) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The Company also provides a non-qualified plan for certain former non-employee directors of the Company \(the Non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Employee Directors Retirement Plan\). ) Tj ET Q q 0 0 0 rg BT 210.04 730.10 Td (The Non-Employee Directors Retirement Plan provides a lifetime annual retirement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (benefit equal to the director) Tj ET Q q 0 0 0 rg BT 160.88 718.10 Td () Tj ET Q q 0 0 0 rg BT 163.66 718.10 Td (s annual retainer fee for the fiscal year in which the director terminated his or her position with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Board, subject to the director having provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.62 706.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.62 706.10 Td ( years of service to the Company) Tj ET Q q 0 0 0 rg BT 377.59 706.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.04 706.10 Td (As more fully described in the Form 10-K, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (benefit accruals under this plan were frozen ef) Tj ET Q q 0 0 0 rg BT 235.00 694.10 Td (fective December31, 2003.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 676.10 Td (The net periodic pension cost \(income\)for the Pension Plan, the ) Tj ET Q q 0 0 0 rg BT 309.20 676.10 Td (VIP) Tj ET Q q 0 0 0 rg BT 324.94 676.10 Td ( Plan, and the Non-Employee Directors Retirement Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.14 664.10 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.74 664.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.18 664.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.18 664.10 Td ( were as follows \(in thousands\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 580.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 580.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 580.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 580.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 580.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 580.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 580.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 580.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 554.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 554.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 554.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 554.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 554.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 554.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 554.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 554.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 528.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 528.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 528.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 528.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 528.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 528.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 528.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 528.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.60 242.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 292.50 502.60 63.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 502.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 502.60 67.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 502.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 502.60 64.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 502.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 502.60 64.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 614.6 m 355.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 614.6 m 359.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 614.6 m 426.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 614.6 m 430.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 614.6 m 494.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 614.6 m 498.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 614.6 m 562.5 614.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 593.6 m 355.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 593.6 m 359.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 593.6 m 426.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 593.6 m 494.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 593.6 m 498.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 593.6 m 562.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 593.6 m 355.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 580.6 m 355.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 593.6 m 359.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 593.6 m 426.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 580.6 m 426.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 593.6 m 494.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 580.6 m 494.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 593.6 m 498.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 593.6 m 562.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 580.6 m 562.5 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 489.6 m 355.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 477.6 m 355.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 292.5 475.6 m 355.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 489.6 m 426.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 477.6 m 426.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 475.6 m 426.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 489.6 m 494.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 477.6 m 494.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 475.6 m 494.5 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 489.6 m 562.5 489.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 477.6 m 562.5 477.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 475.6 m 562.5 475.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.60 621.68 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 606.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.85 597.83 Td (Pension Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.55 597.83 Td (VIP Plan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.25 584.83 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.25 584.83 Td (4/30/2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.75 584.83 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.75 584.83 Td (4/30/2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 571.85 Td (Service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 571.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 571.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 571.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.00 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 571.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 558.85 Td (Interest cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 558.85 Td (296) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 558.85 Td (324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 558.85 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 558.85 Td (105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 545.85 Td (Expected return on plan assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.60 545.85 Td (\(284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.30 545.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 408.60 545.85 Td (\(324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.30 545.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 545.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 545.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 532.85 Td (Amortization of transition amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 532.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 532.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 532.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 532.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 519.85 Td (Recognized \(gain\) loss due to curtailments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 519.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 506.85 Td (Amortization of prior service cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 506.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.30 506.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 506.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 506.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 493.85 Td (Recognized net actuarial \(gain\) loss) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 493.85 Td (291) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 493.85 Td (375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 493.85 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 493.85 Td (120) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 480.85 Td (Benefit cost) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.00 480.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 480.85 Td (303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.00 480.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 480.85 Td (375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.00 480.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.30 480.85 Td (167) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.00 480.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 480.85 Td (225) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (Note 1) Tj ET Q q 0 0 0 rg BT 76.94 435.10 Td (1. ) Tj ET Q q 0 0 0 rg BT 86.76 435.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.21 435.10 Td (arranty ) Tj ET Q q 0 0 0 rg BT 130.92 435.10 Td (Accrual) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (The Company provides a warranty against all substantial defects in material and workmanship. In 2005 the Company extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (its standard warranty from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.30 405.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.85 405.10 Td ( years to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.22 405.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.22 405.10 Td (years. Ef) Tj ET Q q 0 0 0 rg BT 260.58 405.10 Td (fective February 1, 2014 the Company modified its warranty to a limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (lifetime warranty) Tj ET Q q 0 0 0 rg BT 118.49 393.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.31 393.10 Td (The new warranty ef) Tj ET Q q 0 0 0 rg BT 206.14 393.10 Td (fective February 1, 2014 is not anticipated to have a significant ef) Tj ET Q q 0 0 0 rg BT 468.65 393.10 Td (fect on warranty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 87.03 381.10 Td (The Company accrues an estimate of its exposure to warranty claims based upon both product sales data and an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (analysis of actual warranty claims incurred. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.10 Td (The following is a summary of the Company) Tj ET Q q 0 0 0 rg BT 232.47 351.10 Td (s warranty-claim activity for the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.07 351.10 Td (April30, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.68 351.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.11 351.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.11 351.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 58.00 295.60 353.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 295.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 295.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 295.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 58.00 265.60 353.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.00 265.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.00 265.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.00 265.60 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 321.6 m 482 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 321.6 m 486 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 321.6 m 553 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 308.6 m 482 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 308.6 m 553 308.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 250.60000000000002 m 482 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 236.60000000000002 m 482 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411 234.60000000000002 m 482 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 250.60000000000002 m 553 250.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 236.60000000000002 m 553 236.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486 234.60000000000002 m 553 234.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 325.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.10 325.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.75 312.83 Td (4/30/2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.75 312.83 Td (4/30/2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 300.55 Td (\(In thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 286.17 Td (Beginning balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 285.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 285.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 285.27 Td (950) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 271.17 Td (Provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 270.27 Td (129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.15 270.27 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 256.17 Td (Costs incurred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.80 255.32 Td (\(129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 255.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.80 255.32 Td (\(83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.15 255.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.50 241.17 Td (Ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 240.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.65 240.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.50 240.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.15 240.27 Td (950) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 194.10 Td (Note 12. Subsequent Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.64 176.10 Td (e have evaluated subsequent events to assess the need for potential recognition or disclosure in this Quarterly Report on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (Form10-Q. Such events were evaluated through the date these financial statements were issued. Based upon this evaluation, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (was determined that, no subsequent events occurred that required recognition or disclosure in the financial statements.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Item 2. Management's Discussion and ) Tj ET Q q 0 0 0 rg BT 213.34 742.25 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (Results of Operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 700.25 Td (For the three months ended ) Tj ET Q q 0 0 0 rg BT 161.37 700.25 Td (April30, 2016, the Company incurred a pre-tax loss of $3,109,000 on net sales of $20,827,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 688.25 Td (compared to a pre-tax loss of $3,139,000 on net sales of $23,048,000 in the same period last year) Tj ET Q q 0 0 0 rg BT 437.96 688.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Net sales for the three months ended ) Tj ET Q q 0 0 0 rg BT 198.01 670.25 Td (April30, 2016 decreased by $2,221,000, a 9.6% decrease, compared to the same period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (last year) Tj ET Q q 0 0 0 rg BT 83.04 658.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.36 658.25 Td (This decrease was primarily due to reduction in unit volume, attributable primarily to changes in the timing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (customer shipments rather than reduced business activity) Tj ET Q q 0 0 0 rg BT 277.62 646.25 Td (. Order rates for the quarter increased by approximately 15% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (compared to the prior year period, driven by increased project business, which is more likely to be delivered in the summer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (months when school is not in session. ) Tj ET Q q 0 0 0 rg BT 203.15 622.25 Td (The Company began the quarter ended ) Tj ET Q q 0 0 0 rg BT 360.32 622.25 Td (April 30, 2016 with a backlog that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (approximately $0.4 million more than at the start of the first quarter last year) Tj ET Q q 0 0 0 rg BT 356.58 610.25 Td (. Backlog at ) Tj ET Q q 0 0 0 rg BT 409.07 610.25 Td (April30, 2016 increased by nearly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (33.0% to $31,843,000 compared to $23,855,000 at ) Tj ET Q q 0 0 0 rg BT 254.98 598.25 Td (April30, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (Order rates for the first quarter ended ) Tj ET Q q 0 0 0 rg BT 201.32 580.25 Td (April 30, 2016 were 15.0% higher than the first fiscal quarter of last year) Tj ET Q q 0 0 0 rg BT 492.62 580.25 Td (. ) Tj ET Q q 0 0 0 rg BT 499.94 580.25 Td (While this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (increase is welcome, the month by month trends continue to be volatile. Order rates for February 2016, which is traditionally a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.25 Td (fairly slow month, were 40% higher than the prior year because severe weather conditions closed schools in many parts of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.25 Td (country in February 2015. Order rates in March and ) Tj ET Q q 0 0 0 rg BT 261.88 544.25 Td (April of 2016 were moderately higher than last year) Tj ET Q q 0 0 0 rg BT 469.19 544.25 Td (, resulting in a 15% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (improvement for the quarter) Tj ET Q q 0 0 0 rg BT 162.46 532.25 Td (. ) Tj ET Q q 0 0 0 rg BT 169.78 532.25 Td (The increase in project business contributes to the monthly volatility in orders as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (contributes to heightened seasonality for sales, as projects are likely to be delivered in the summer when school is out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (session.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (As discussed more fully in the Company's Form 10-K for the fiscal year ended January31, 2016 filed on ) Tj ET Q q 0 0 0 rg BT 471.16 490.25 Td (April 26, 2016 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (Form 10-K\), the Company implemented a variety of cost saving initiatives in prior years that have reduced the number of full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (time employees. ) Tj ET Q q 0 0 0 rg BT 120.36 466.25 Td (The reduction in headcount was concentrated in manufacturing. ) Tj ET Q q 0 0 0 rg BT 380.08 466.25 Td (This reduced cost structure has helped the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (Company reduce operating losses during the seasonally slow first and fourth fiscal quarters. In recent years the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (aggressively utilized temporary workers to meet the seasonal demand for production and distribution. ) Tj ET Q q 0 0 0 rg BT 460.73 442.25 Td (As there are practical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (limits to the use of temporary labor relating to both ef) Tj ET Q q 0 0 0 rg BT 264.77 430.25 Td (ficiency and quality) Tj ET Q q 0 0 0 rg BT 343.53 430.25 Td (, in the current quarter the Company has produced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (more inventory in the slow winter months in preparation for the summer 2016 delivery season. ) Tj ET Q q 0 0 0 rg BT 433.90 418.25 Td (While the Company still plans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (to use significant temporary resources during the summer months, depending upon actual sales volume the use of temporary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (labor may decline. In addition, the Company has expanded the selection of quick ship stocked items and has promised more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.25 Td (rapid delivery for items in the quick ship program. Both of these marketing programs increase the need for finished goods and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (component inventory) Tj ET Q q 0 0 0 rg BT 134.61 370.25 Td (. Production levels for the first quarter were nearly 10% greater than in the prior year) Tj ET Q q 0 0 0 rg BT 476.43 370.25 Td (. ) Tj ET Q q 0 0 0 rg BT 483.75 370.25 Td (This contributed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (improved manufacturing ef) Tj ET Q q 0 0 0 rg BT 159.22 358.25 Td (ficiencies and increased overhead absorption for the quarter) Tj ET Q q 0 0 0 rg BT 397.73 358.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (Gross mar) Tj ET Q q 0 0 0 rg BT 91.20 340.25 Td (gin in the three months ended ) Tj ET Q q 0 0 0 rg BT 211.73 340.25 Td (April 30, 2016 decreased on lower revenues to $8,063,000 from $8,194,000 in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.25 Td (prior year) Tj ET Q q 0 0 0 rg BT 88.59 328.25 Td (. Gross mar) Tj ET Q q 0 0 0 rg BT 137.29 328.25 Td (gin as a percentage of sales increased to 38.7% for the three months ended ) Tj ET Q q 0 0 0 rg BT 436.91 328.25 Td (April30, 2016 compared to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (35.6% in the same period last year) Tj ET Q q 0 0 0 rg BT 187.46 316.25 Td (. ) Tj ET Q q 0 0 0 rg BT 192.28 316.25 Td (The improvement in gross mar) Tj ET Q q 0 0 0 rg BT 315.41 316.25 Td (gin was primarily attributable to the manufacturing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 304.25 Td (ficiencies discussed above. ) Tj ET Q q 0 0 0 rg BT 170.42 304.25 Td (The Company incurred a slight increase in raw material costs during the same period. In the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 Td (prior year the Company benefitted from favorable commodity costs. For the current year) Tj ET Q q 0 0 0 rg BT 406.70 292.25 Td (, we are seeing noticeable increases in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.25 Td (the cost of some commodities, particularly steel. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (Selling, general and administrative expenses for the three months ended ) Tj ET Q q 0 0 0 rg BT 339.64 262.25 Td (April30, 2016, decreased by approximately $134,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (compared to the same period last year) Tj ET Q q 0 0 0 rg BT 201.21 250.25 Td (, but increased as a percentage of sales due to reduced sales volume.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (In the three months ended ) Tj ET Q q 0 0 0 rg BT 155.81 232.25 Td (April 30, 2016, the Company did not record a significant income tax expense / \(benefit\). During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (fourth quarter of 2012 the Company established a valuation allowance on the majority of deferred tax assets. Because of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.25 Td (valuation allowance, the ef) Tj ET Q q 0 0 0 rg BT 157.55 208.25 Td (fective income tax expense / \(benefit\)is relatively low) Tj ET Q q 0 0 0 rg BT 374.59 208.25 Td (, with income tax expense / \(benefit\)being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.25 Td (primarily attributable to alternative minimum taxes combined with income and franchise taxes required by various states. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.25 Td (It is reasonably possible that, within the next twelve months, a review of the objective evidence may indicate that a portion or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (all of our valuation allowance related to deferred tax assets will no longer be appropriate. If such a determination is made, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (release of the valuation allowance related to deferred tax assets would be recognized as an income tax benefit to continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.25 Td (operations in the period in which such assessment is made.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.25 Td (Interest expense was slightly less for the three months ended ) Tj ET Q q 0 0 0 rg BT 294.38 124.25 Td (April30, 2016 compared to the same period last year as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.25 Td (lower interest rates.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 94.25 Td (Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 175.68 94.25 Td (ces) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.25 Td (Accounts receivable were lower at ) Tj ET Q q 0 0 0 rg BT 190.21 76.25 Td (April30, 2016 than at ) Tj ET Q q 0 0 0 rg BT 280.20 76.25 Td (April30, 2015 due to reduced sales during the quarter) Tj ET Q q 0 0 0 rg BT 495.70 76.25 Td (. ) Tj ET Q q 0 0 0 rg BT 503.02 76.25 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.25 Td (traditionally builds lar) Tj ET Q q 0 0 0 rg BT 138.69 64.25 Td (ge quantities of inventory during the first quarter of each fiscal year in anticipation of seasonally high ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.25 Td (summer shipments. ) Tj ET Q q 0 0 0 rg BT 132.22 52.25 Td (As discussed above, the Company is intentionally building additional inventory during the slow season in ) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (an ef) Tj ET Q q 0 0 0 rg BT 69.53 742.10 Td (fort to improve ef) Tj ET Q q 0 0 0 rg BT 140.16 742.10 Td (ficiency and improve the level of on time delivery) Tj ET Q q 0 0 0 rg BT 339.99 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 347.31 742.10 Td (The Company started the current fiscal year with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (nearly $8,000,000 more inventory than in the prior year) Tj ET Q q 0 0 0 rg BT 272.16 730.10 Td (. During the first quarter) Tj ET Q q 0 0 0 rg BT 369.23 730.10 Td (, the Company increased inventory by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (approximately $19,320,000 compared to January31, 2016. ) Tj ET Q q 0 0 0 rg BT 290.88 718.10 Td (This increase was approximately $3,750,000 greater than the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (increase during the comparable fiscal quarter last year) Tj ET Q q 0 0 0 rg BT 265.88 706.10 Td (, in anticipation of more timely deliveries and a compressed peak season ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (delivery cycle. ) Tj ET Q q 0 0 0 rg BT 113.68 694.10 Td (The increase in inventory during the first quarter of this year was financed through the Company's credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (facility with PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 185.54 682.10 Td (Association \("PNC"\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (Borrowing under the Company's revolving line of credit with PNC at ) Tj ET Q q 0 0 0 rg BT 328.71 664.10 Td (April30, 2016 increased by approximately $3,671,000 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (compared to last year) Tj ET Q q 0 0 0 rg BT 135.40 652.10 Td (, primarily due to the increase in inventory) Tj ET Q q 0 0 0 rg BT 305.25 652.10 Td (. ) Tj ET Q q 0 0 0 rg BT 312.57 652.10 Td (The Company established a goal of limiting capital spending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (to less than the Company's anticipated depreciation expense. Capital spending for the three months ended ) Tj ET Q q 0 0 0 rg BT 476.41 640.10 Td (April30, 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td ($1,097,000 compared to $1,200,000 for the same period last year) Tj ET Q q 0 0 0 rg BT 310.21 628.10 Td (. Capital expenditures are being financed through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (Company's credit facility with PNC and operating cash flow) Tj ET Q q 0 0 0 rg BT 290.55 616.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Net cash used in operating activities for the three months ended ) Tj ET Q q 0 0 0 rg BT 306.31 598.10 Td (April30, 2016, was $16,526,000 compared to $10,023,000 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (the same period last year) Tj ET Q q 0 0 0 rg BT 148.85 586.10 Td (. ) Tj ET Q q 0 0 0 rg BT 153.67 586.10 Td (The increase in cash used was primarily attributable to increased production of inventory and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (smaller increase in vendor credit and accrued liabilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (The Company believes that cash flows from operations, together with the Company's unused borrowing capacity under its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (revolving line of credit with PNC will be suf) Tj ET Q q 0 0 0 rg BT 228.68 544.10 Td (ficient to fund the Company's debt service requirements, capital expenditures and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (working capital needs for at least the next twelve months. ) Tj ET Q q 0 0 0 rg BT 282.44 532.10 Td (Approximately $8,860,000 was available for borrowing as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (April30, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Off Balance Sheet ) Tj ET Q q 0 0 0 rg BT 128.60 502.10 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 84.71 460.10 Td (Accounting Policies and Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (The Company's critical accounting policies are outlined in its Form 10-K. ) Tj ET Q q 0 0 0 rg BT 347.11 442.10 Td (There have been no changes in the quarter ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (April 30, 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (Forward-Looking Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (From time to time, including in this Quarterly Report on Form 10-Q for the quarterly period ended ) Tj ET Q q 0 0 0 rg BT 446.59 388.10 Td (April 30, 2016, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Company or its representatives have made and may make forward-looking statements, orally or in writing. Such forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (looking statements may be included in, without limitation, reports to stockholders, press releases, oral statements made with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (approval of an authorized executive of) Tj ET Q q 0 0 0 rg BT 203.92 352.10 Td (ficer of the Company and filings with the Securities and Exchange Commission \("SEC"\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (The words or phrases anticipates, expects, will continue, believes, estimates, projects, or similar expressions are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform ) Tj ET Q q 0 0 0 rg BT 504.89 328.10 Td (Act of 1995. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (The results contemplated by the Company's forward-looking statements are subject to certain risks and uncertainties that could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (cause actual results to vary materially from anticipated results, including without limitation, availability of funding for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (educational institutions, availability and cost of materials, especially steel, availability and cost of labor) Tj ET Q q 0 0 0 rg BT 463.37 292.10 Td (, demand for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Company's products, competitive conditions af) Tj ET Q q 0 0 0 rg BT 237.98 280.10 Td (fecting selling prices and mar) Tj ET Q q 0 0 0 rg BT 356.09 280.10 Td (gins, capital costs and general economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (conditions. Such risks and uncertainties are discussed in more detail in the Company's Form 10-K under "Risk Factors".) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (The Company's forward-looking statements represent its judgment only on the dates such statements were made. By making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (any forward-looking statements, the Company assumes no duty to update them to reflect new) Tj ET Q q 0 0 0 rg BT 423.15 238.10 Td (, changed or unanticipated events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (or circumstances.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Item3. Quantitative and Qualitative Disclosur) Tj ET Q q 0 0 0 rg BT 247.59 202.10 Td (es about Market Risk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (Item4. Contr) Tj ET Q q 0 0 0 rg BT 107.86 160.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 151.02 160.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 180.28 160.10 Td (es) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 89.82 142.10 Td (e Contr) Tj ET Q q 0 0 0 rg BT 122.13 142.10 Td (ols and Pr) Tj ET Q q 0 0 0 rg BT 165.29 142.10 Td (ocedur) Tj ET Q q 0 0 0 rg BT 194.55 142.10 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (The Company carried out an evaluation, under the supervision and with the participation of the Company's management, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (including its Principal Executive Of) Tj ET Q q 0 0 0 rg BT 193.68 112.10 Td (ficer along with its Principal Financial Of) Tj ET Q q 0 0 0 rg BT 360.12 112.10 Td (ficer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 378.44 112.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.94 112.10 Td ( of the ef) Tj ET Q q 0 0 0 rg BT 416.57 112.10 Td (fectiveness of the design and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (operation of our disclosure controls and procedures \(as defined in Rules 13a-15\(e\) under the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 504.85 100.10 Td (Act of 1934 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (\(Exchange ) Tj ET Q q 0 0 0 rg BT 99.14 88.10 Td (Act\) as of ) Tj ET Q q 0 0 0 rg BT 144.96 88.10 Td (April 30, 2016. Based upon the foregoing, the Company's Principal Executive Of) Tj ET Q q 0 0 0 rg BT 469.85 88.10 Td (ficer along with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (Company's Principal Financial Of) Tj ET Q q 0 0 0 rg BT 185.77 76.10 Td (ficer concluded that the Company's disclosure controls and procedures as of such date were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 64.10 Td (fective to ensure that the information required to be disclosed in the Company) Tj ET Q q 0 0 0 rg BT 372.50 64.10 Td (s Exchange ) Tj ET Q q 0 0 0 rg BT 420.26 64.10 Td (Act reports is recorded, processed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (summarized and reported within the time periods specified in the SEC) Tj ET Q q 0 0 0 rg BT 333.82 52.10 Td (s rules and forms, and that such information is ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (accumulated and communicated to Company management, including its Principal Executive Of) Tj ET Q q 0 0 0 rg BT 432.76 742.10 Td (ficer and Principal Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Of) Tj ET Q q 0 0 0 rg BT 60.37 730.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 78.29 730.10 Td (, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (controls and procedures, Company management recognizes that any controls and procedures, no matter how well designed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (Changes in Internal Contr) Tj ET Q q 0 0 0 rg BT 162.89 658.10 Td (ol Over) Tj ET Q q 0 0 0 rg BT 194.64 658.10 Td ( Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 640.10 Td (There was no change in the Company's internal control over financial reporting during the fiscal quarter ending ) Tj ET Q q 0 0 0 rg BT 497.49 640.10 Td (April 30, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (that has materially af) Tj ET Q q 0 0 0 rg BT 133.95 628.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 315.37 628.10 Td (fect, the Company's internal control over financial reporting.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 240.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 245.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 259.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 266.25 742.25 Td ( II Other) Tj ET Q q 0 0 0 rg BT 316.90 742.25 Td ( Information) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 255.00 718.25 Td (V) Tj ET Q q 0 0 0 rg BT 261.85 718.25 Td (ir) Tj ET Q q 0 0 0 rg BT 268.89 718.25 Td (co Mfg. Corporation) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 680.75 Td (Item1. Legal Pr) Tj ET Q q 0 0 0 rg BT 119.24 680.75 Td (oceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 656.75 Td (The Company is a party to various legal actions arising in the ordinary course of business which, in the opinion of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.75 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 644.75 Td (, are not material in that management either expects that the Company will be successful on the merits of the pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.75 Td (cases or that any liabilities resulting from such cases will be substantially covered by insurance. ) Tj ET Q q 0 0 0 rg BT 437.77 632.75 Td (While it is impossible to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.75 Td (estimate with certainty the ultimate legal and financial liability with respect to these actions, management believes that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.75 Td (aggregate amount of such liabilities will not be material to the results of operations, financial position, or cash flows of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.75 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 596.75 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.75 Td (Item1A. Risk Factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.75 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 560.75 Td (ou should carefully consider and evaluate the information in this Quarterly Report and the risk factors set forth in our ) Tj ET Q q 0 0 0 rg BT 527.20 560.75 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.75 Td (Report on Form 10-K for the fiscal year ended January 31, 2016, which was filed with the SEC on ) Tj ET Q q 0 0 0 rg BT 448.25 548.75 Td (April 26, 2016. ) Tj ET Q q 0 0 0 rg BT 511.68 548.75 Td (The risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.75 Td (factors associated with our business have not materially changed compared to the risk factors disclosed in the Form 10-K. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.75 Td (Item2. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 82.49 506.75 Td (Unr) Tj ET Q q 0 0 0 rg BT 99.53 506.75 Td (egister) Tj ET Q q 0 0 0 rg BT 127.67 506.75 Td (ed Sales of Equity Securities, Use of Pr) Tj ET Q q 0 0 0 rg BT 292.47 506.75 Td (oceeds and Issuer) Tj ET Q q 0 0 0 rg BT 367.29 506.75 Td ( Pur) Tj ET Q q 0 0 0 rg BT 385.72 506.75 Td (chases of Equity Securities) Tj ET Q BT /F2 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 464.75 Td (Item3. Defaults Upon Senior) Tj ET Q q 0 0 0 rg BT 173.98 464.75 Td ( Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 422.75 Td (Item4. Mine Safety Disclosur) Tj ET Q q 0 0 0 rg BT 176.19 422.75 Td (es ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.75 Td (Not applicable.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 380.75 Td (Item5. Other) Tj ET Q q 0 0 0 rg BT 107.86 380.75 Td ( Information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.75 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 338.75 Td (Item6. Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.75 Td (Exhibit10.23 ) Tj ET Q q 0 0 0 rg BT 119.26 320.75 Td (T) Tj ET Q q 0 0 0 rg BT 124.67 320.75 Td (welfth ) Tj ET Q q 0 0 0 rg BT 152.17 320.75 Td (Amendment to Revolving Credit and Security ) Tj ET Q q 0 0 0 rg BT 338.25 320.75 Td (Agreement, dated as of ) Tj ET Q q 0 0 0 rg BT 432.94 320.75 Td (April 4, 2016, by and among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.75 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 308.75 Td (irco Mfg. Corporation and ) Tj ET Q q 0 0 0 rg BT 164.47 308.75 Td (V) Tj ET Q q 0 0 0 rg BT 171.09 308.75 Td (irco, Inc., as borrowers, and PNC Bank, National ) Tj ET Q q 0 0 0 rg BT 369.66 308.75 Td (Association, as the lender and administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.75 Td (agent \(incorporated by reference to Exhibit 10.23 to the Company's ) Tj ET Q q 0 0 0 rg BT 321.45 296.75 Td (Annual Report on Form 10-K filed with the Commission on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.75 Td (April 26, 2016\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.75 Td (Exhibit31.1 Certification of Robert ) Tj ET Q q 0 0 0 rg BT 207.48 266.75 Td (A. ) Tj ET Q q 0 0 0 rg BT 219.52 266.75 Td (V) Tj ET Q q 0 0 0 rg BT 226.14 266.75 Td (irtue, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 327.03 266.75 Td (ficer) Tj ET Q q 0 0 0 rg BT 344.95 266.75 Td (, pursuant to Rules13a-14 and 15d-14 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.75 Td (Securities Exchange ) Tj ET Q q 0 0 0 rg BT 133.31 254.75 Td (Act, as adopted pursuant to section 302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 384.63 254.75 Td (Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.75 Td (Exhibit31.2 Certification of Robert E. Dose, ) Tj ET Q q 0 0 0 rg BT 244.51 236.75 Td (V) Tj ET Q q 0 0 0 rg BT 251.13 236.75 Td (ice President, Finance, pursuant to Rules13a-14 and 15d-14 of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.75 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 224.75 Td (Act, as adopted pursuant to section 302 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 342.70 224.75 Td (Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.75 Td (Exhibit32.1 Certification of Principal Executive Of) Tj ET Q q 0 0 0 rg BT 269.77 206.75 Td (ficer and Principal Financial Of) Tj ET Q q 0 0 0 rg BT 396.21 206.75 Td (ficer pursuant to 18 U.S.C. Section1350, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.75 Td (as adopted pursuant to Section906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 283.56 194.75 Td (Act of 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.75 Td (Exhibit101.INS XBRL) Tj ET Q q 0 0 0 rg BT 156.86 176.75 Td ( Instance Document.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.75 Td (Exhibit101.SCH XBRL) Tj ET Q q 0 0 0 rg BT 160.20 158.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.51 158.75 Td (T) Tj ET Q q 0 0 0 rg BT 167.92 158.75 Td (axonomy Extension Schema Document.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.75 Td (Exhibit101.CAL) Tj ET Q q 0 0 0 rg BT 119.07 140.75 Td ( XBRL) Tj ET Q q 0 0 0 rg BT 160.37 140.75 Td ( ) Tj ET Q q 0 0 0 rg BT 162.69 140.75 Td (T) Tj ET Q q 0 0 0 rg BT 168.10 140.75 Td (axonomy Extension Calculation Linkbase Document.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.75 Td (Exhibit101.LAB XBRL) Tj ET Q q 0 0 0 rg BT 160.74 122.75 Td ( ) Tj ET Q q 0 0 0 rg BT 163.06 122.75 Td (T) Tj ET Q q 0 0 0 rg BT 168.47 122.75 Td (axonomy Extension Label Linkbase Document.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.75 Td (Exhibit101.PRE XBRL) Tj ET Q q 0 0 0 rg BT 159.08 104.75 Td ( ) Tj ET Q q 0 0 0 rg BT 161.40 104.75 Td (T) Tj ET Q q 0 0 0 rg BT 166.81 104.75 Td (axonomy Extension Presentation Linkbase Document.) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 267.40 720.50 Td (SIGNA) Tj ET Q q 0 0 0 rg BT 304.52 720.50 Td (TURES ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 679.70 Td (Pursuant to the requirements of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 321.26 679.70 Td (Act of 1934, the registrant has duly caused this ) Tj ET Q BT /F1 12.00 Tf ET q 0 0 0 rg BT 50.00 665.30 Td (report to be signed on its behalf by the undersigned thereunto duly authorized. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 572.8 m 561.5 572.8 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 598.92 Td (VIRCO MFG. CORPORATION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 578.92 Td (Date: June 13, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.00 578.92 Td (By:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 578.92 Td (/s/ Robert E. Dose) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.00 561.96 Td (Robert E. Dose) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.00 544.96 Td (Vice President Finance) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 357.00 526.51 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 725.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (I, Robert ) Tj ET Q q 0 0 0 rg BT 87.50 708.25 Td (A. ) Tj ET Q q 0 0 0 rg BT 99.54 708.25 Td (V) Tj ET Q q 0 0 0 rg BT 106.16 708.25 Td (irtue, certify that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 691.25 Td (1. I have reviewed this Form 10-Q of ) Tj ET Q q 0 0 0 rg BT 214.67 691.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.29 691.25 Td (irco Mfg. Corporation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 674.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (misleading with respect to the period covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 633.25 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.25 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 491.12 621.25 Td (, the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.25 Td (presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 592.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 73.32 592.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 592.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 592.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 194.66 580.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 568.25 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 551.25 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 539.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 527.25 Td (is made known to us by others within those entities, particularly during the period in which this report is being prepared; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 510.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.25 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 486.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 155.38 469.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 268.40 469.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 457.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 160.24 457.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 445.25 Td (report based on such evaluation; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 428.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 299.99 428.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 416.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 118.76 416.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 287.58 416.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 404.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 114.13 404.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 295.54 404.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 370.79 404.25 Td (s internal control over financial reporting; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 387.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 73.32 387.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 387.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 387.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 214.94 375.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 421.00 375.25 Td (s board of directors \(or persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (performing the equivalent functions\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 90.05 346.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 334.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 274.07 334.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 346.82 334.25 Td (s ability to record, process, summarize and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 322.25 Td (financial information; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 90.61 305.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 293.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 104.04 293.25 Td (s internal control over financial reporting. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 246.75 m 496.5 246.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 251.32 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 236.42 Td (Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.42 Td (Date: June 13, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.00 221.46 Td (Chief Executive Officer and Chairman of the Board) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.00 211.46 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 31.2 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 262.90 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 283.66 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 317.92 725.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 708.25 Td (I, Robert E. Dose, certify that: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 691.25 Td (1. I have reviewed this Form 10-Q of ) Tj ET Q q 0 0 0 rg BT 214.67 691.25 Td (V) Tj ET Q q 0 0 0 rg BT 221.29 691.25 Td (irco Mfg. Corporation; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 674.25 Td (2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td (fact necessary to make the statements made, in light of the circumstances under which such statements were made, not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (misleading with respect to the period covered by this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 633.25 Td (3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 621.25 Td (all material respects the financial condition, results of operations and cash flows of the registrant as of, and for) Tj ET Q q 0 0 0 rg BT 491.12 621.25 Td (, the periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 609.25 Td (presented in this report; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 592.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 73.32 592.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 592.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 592.25 Td (ficer\(s\) and I are responsible for establishing and maintaining disclosure controls and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.25 Td (procedures \(as defined in Exchange ) Tj ET Q q 0 0 0 rg BT 194.66 580.25 Td (Act Rules 13a-15\(e\) and 15d-15\(e\)\) and internal control over financial reporting \(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.25 Td (defined in Exchange ) Tj ET Q q 0 0 0 rg BT 134.14 568.25 Td (Act Rules 13a-15\(f\) and 15d-15\(f\)\) for the registrant and have: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 551.25 Td (\(a\) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 539.25 Td (under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 527.25 Td (is made known to us by others within those entities, particularly during the period in which this report is being prepared; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 510.25 Td (\(b\) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 498.25 Td (designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 486.25 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 469.25 Td (\(c\) Evaluated the ef) Tj ET Q q 0 0 0 rg BT 155.38 469.25 Td (fectiveness of the registrant) Tj ET Q q 0 0 0 rg BT 268.40 469.25 Td (s disclosure controls and procedures and presented in this report our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 457.25 Td (conclusions about the ef) Tj ET Q q 0 0 0 rg BT 160.24 457.25 Td (fectiveness of the disclosure controls and procedures, as of the end of the period covered by this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 445.25 Td (report based on such evaluation; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 428.25 Td (\(d\) Disclosed in this report any change in the registrant) Tj ET Q q 0 0 0 rg BT 299.99 428.25 Td (s internal control over financial reporting that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 416.25 Td (the registrant) Tj ET Q q 0 0 0 rg BT 118.76 416.25 Td (s most recent fiscal quarter \(the registrant) Tj ET Q q 0 0 0 rg BT 287.58 416.25 Td (s fourth fiscal quarter in the case of an annual report\) that has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 404.25 Td (materially af) Tj ET Q q 0 0 0 rg BT 114.13 404.25 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 295.54 404.25 Td (fect, the registrant) Tj ET Q q 0 0 0 rg BT 370.79 404.25 Td (s internal control over financial reporting; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 387.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 73.32 387.25 Td (The registrant) Tj ET Q q 0 0 0 rg BT 131.91 387.25 Td (s other certifying of) Tj ET Q q 0 0 0 rg BT 210.87 387.25 Td (ficer\(s\) and I have disclosed, based on our most recent evaluation of internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.25 Td (over financial reporting, to the registrant) Tj ET Q q 0 0 0 rg BT 214.94 375.25 Td (s auditors and the audit committee of the registrant) Tj ET Q q 0 0 0 rg BT 421.00 375.25 Td (s board of directors \(or persons ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (performing the equivalent functions\): ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 346.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 90.05 346.25 Td (All significant deficiencies and material weaknesses in the design or operation of internal control over financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 334.25 Td (reporting which are reasonably likely to adversely af) Tj ET Q q 0 0 0 rg BT 274.07 334.25 Td (fect the registrant) Tj ET Q q 0 0 0 rg BT 346.82 334.25 Td (s ability to record, process, summarize and report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 322.25 Td (financial information; and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 305.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 90.61 305.25 Td (Any fraud, whether or not material, that involves management or other employees who have a significant role in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.50 293.25 Td (registrant) Tj ET Q q 0 0 0 rg BT 104.04 293.25 Td (s internal control over financial reporting. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 256.5 246.75 m 496.5 246.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 251.32 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 236.42 Td (Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.32 Td (Date: June 13, 2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.00 221.46 Td (Vice President Finance, Secretary and Treasurer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 259.00 211.46 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F2 10.00 Tf ET q 0 0 0 rg BT 510.30 742.25 Td (Exhibit 32.1 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 229.00 725.25 Td (CER) Tj ET Q q 0 0 0 rg BT 249.76 725.25 Td (TIFICA) Tj ET Q q 0 0 0 rg BT 284.02 725.25 Td (TION PURSUANT) Tj ET Q q 0 0 0 rg BT 366.35 725.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.67 725.25 Td (T) Tj ET Q q 0 0 0 rg BT 375.16 725.25 Td (O ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 249.70 713.25 Td (18 U.S.C. SECTION 1350, ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 237.50 701.25 Td (AS ) Tj ET Q q 0 0 0 rg BT 252.23 701.25 Td (ADOPTED PURSUANT) Tj ET Q q 0 0 0 rg BT 357.89 701.25 Td ( ) Tj ET Q q 0 0 0 rg BT 360.21 701.25 Td (T) Tj ET Q q 0 0 0 rg BT 366.70 701.25 Td (O ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.10 689.25 Td (SECTION 906 OF) Tj ET Q q 0 0 0 rg BT 255.63 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.95 689.25 Td (THE SARBANES-OXLEY) Tj ET Q q 0 0 0 rg BT 373.44 689.25 Td ( ) Tj ET Q q 0 0 0 rg BT 375.39 689.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 396.32 689.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 412.33 689.25 Td ( 2002 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.25 Td (Each of the undersigned hereby certifies, in his capacity as an of) Tj ET Q q 0 0 0 rg BT 307.50 672.25 Td (ficer of ) Tj ET Q q 0 0 0 rg BT 338.96 672.25 Td (V) Tj ET Q q 0 0 0 rg BT 345.58 672.25 Td (irco Mfg. Corporation \(the Company\), for purposes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 393.84 660.25 Td (Act of 2002, that to his own knowledge: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 639.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 639.25 Td (The Quarterly Report of the Company on Form 10-Q for the period ended ) Tj ET Q q 0 0 0 rg BT 410.98 639.25 Td (April 30, 2016, fully complies with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 627.25 Td (the requirements of Section 13\(a\) of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 358.20 627.25 Td (Act of 1934; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.50 606.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 606.25 Td (The information contained in such report fairly presents, in all material respects, the financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 594.25 Td (results of operation of the Company) Tj ET Q q 0 0 0 rg BT 256.49 594.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.25 Td (Date: June 13, 2016) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 536.75 m 329.5 536.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 470.75 m 329.5 470.75 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 541.32 Td (/s/ Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.32 Td (Robert A. Virtue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.42 Td (Chief Executive Officer and Chairman of the Board) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 498.32 Td (\(Principal Executive Officer\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.32 Td (/s/ Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.42 Td (Robert E. Dose) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.42 Td (Vice President Finance, Secretary and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 431.32 Td (\(Principal Financial Officer\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 406.25 Td ( signed original of this written statement required by Section 906 has been provided to ) Tj ET Q q 0 0 0 rg BT 404.47 406.25 Td (V) Tj ET Q q 0 0 0 rg BT 411.09 406.25 Td (irco Mfg. Corporation and will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.25 Td (retained by ) Tj ET Q q 0 0 0 rg BT 97.02 394.25 Td (V) Tj ET Q q 0 0 0 rg BT 103.64 394.25 Td (irco Mfg. 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