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Exhibit 99.1 Virco Reports $ 0.08 Per Share Net Income for Fiscal Third Quarter , 7.6 % Increase in Revenue through Nine Months , and Record Backlog Highlights : • • Stimulus funding continues to drive high order rates • Material shortages and higher input costs impact third quarter net sales and gross margin Output and shipments accelerating into fiscal fourth quarter Torrance , Calif . , Dec. 13 , 2021 —- Virco Mfg . Corporation ( NASDAQ : VIRC ) , the largest manufacturer and supplier of movable furniture and equipment to the education market in the United States , today reported financial results for the quarter ended October 31 , 2021 ( third quarter of fiscal 2022 ending January 31 , 2022 ) . Net sales were $ 57.3 million for the third quarter of fiscal 2022 , up slightly from $ 57.2 million for the same period of the prior fiscal year . Net income was $ 1.3 million , or $ 0.08 per diluted share for the third quarter of fiscal 2022 , a decline of 70.4 % , compared to net income of $ 4.5 million , or $ 0.28 per diluted share , for the same period of the prior fiscal year . Material shortages and higher input costs due to supply chain problems had negative impacts on both gross margin and overall factory output and shipments during the fiscal third quarter . Order rates and demand for school furniture remain very strong . As of November 30 , 2021 , the fiscal year - to - date shipments plus unshipped backlog ( “ Shipments + Backlog ) , the Company's preferred measure of current and future business activity , was $ 205.7 million . This compares to $ 158.7 million and $ 191.2 million on the same date in 2020 and 2019 , respectively . As availability of material supplies has improved , factory output and shipments have begun to accelerate in recent weeks . The backlog component still remains in record territory at $ 45.1 million , compared to $ 18.9 million and $ 19.0 million on the same date in 2020 and 2019 , respectively . Robert Virtue , Chairman and CEO of Virco , said , “ While our U.S. production facilities continue to provide a significant competitive advantage with shorter delivery times on orders , we have not been immune from the impact of global supply chain problems . Shortages of steel and other components limited factory output , and related inflationary pressures on all raw materials reduced our gross margin during our fiscal third quarter . However , supplies of component materials have recently improved , and factory output has increased as a result . For the months of October and November , factory output was roughly two times higher than last year , which has positively impacted our shipments and sales . We look forward to an unusually busy fiscal fourth quarter as we work through our record backlog and help schools with their reopening plans . " Doug Virtue , President of Virco , added , “ As material supplies have improved , we have successfully added staff to increase our production levels . Looking forward to the fiscal fourth quarter , we believe the combination of record backlog and increasing output should offset the normal seasonal slowdown , resulting in a strong finish to the year . Even with this strong finish , we expect to enter next year ( fiscal 2023 ) with an unusually robust backlog as order rates continue to be positively impacted by stimulus funding , giving us an excellent start to the next shipping season . We have also