Virco Manufacturing Corp. on Friday said its profit fell in the second quarter, hurt by lower sales of its institutional furniture products.

The Torrance company, which makes office and other furnishings for commercial and education markets, reported net income of $4.04 million (28 cents per share) in the quarter ended July 31, compared with $4.05 million (29 cents) a year earlier. Net sales fell 3 percent to less than $72.4 million.

Chief Executive Robert A. Virtue said that in response to “intense” price competition from competitors, the company has had to lower its prices, resulting in lower margins. He expects prices will remain low for the balance of the year and possibly well into next year.

Even so, “despite the worst recession in our 60-year corporate history, we made solid progress this summer in building market share among our core K-12 educational customers both nationally and internationally,” Virtue said in a letter to shareholders.

Shares were up 5 cents, or 1.7 percent, to $2.95 in midday trading on the Nasdaq.