Chromcraft Revington's sales drop 7.6%
By Furniture Today Staff -- Furniture Today, April 28, 2002
DELPHI, Ind. — Full-line manufacturer Chromcraft Revington's first-quarter earnings were down 4.7% from a year ago before a big one-time charge as sales declined 7.6%, the company said.
The company recorded a non-cash charge of $26.7 million in the quarter for a writedown of goodwill value, in compliance with a new accounting standard, giving it a $23.4 million net loss. Chromcraft did not provide other details about the writedown.
Sales amounted to $60.8 million in the quarter, with the biggest decline coming in commercial furniture. On the residential side, occasional and upholstery shipments were flat with a year ago, and dining and bedroom shipments were down about 5%, said Michael Thomas, president and chief executive officer.
Looking ahead, Thomas said incoming orders are running slightly lower than the 2001 pace. He said second-quarter earnings are expected to be in the range of 44 to 48 cents per share, compared with 26 cents a year earlier.
For the full year, Chromcraft expects earnings of $1.75 to $1.85 per share, excluding the accounting change, up from $1.09 last year.
| Chromcraft Revington | |||
|---|---|---|---|
| Owns Chromcraft, Peters-Revington, Cochrane and Silver | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 3/30 | 2002 | 2001 | Change |
| Sales | $60,814,000 | $65,794,000 | (7.6%) |
| Operating income | 5,496,000 | 6,034,000 | (8.9%) |
| Net income | (a)(23,398,000) | 3,492,000 | — |
| Earnings per share (b) | (2.71) | 0.36 | — |
| (a) Includes a $26.7 million extraordinary chare, the effect of an accounting principle change on goodwill amortization. (b) Based on average shares outstanding of 18.7 million in the 2002 quarter and 9.7 million in the 2001 quarter. | |||
-
La-Z-Boy posts loss
Feb 23, 2009 -
Chromcraft 3Q sales drop 30.5%
Nov 30, 2009 -
La-Z-Boy posts loss
Nov 23, 2008 -
Hooker reports loss in 4Q but $6.9M profit for year
Apr 13, 2009 -
Havertys loses $10.1M as 4Q sales decline 21.3%
Feb 23, 2009
VIEW ALL GALLERIES
