Chromcraft earnings off 43.3%
By Furniture Today Staff -- Furniture Today, February 10, 2002
Delphi, Ind. — Continued sluggish sales led to a 43.3% decline in fourth-quarter earnings for full-line manufacturer Chromcraft Revington. Earnings of 23 cents per share were at the high end of the range the company had expected.
For the current quarter, Chromcraft is forecasting income of 29 to 32 cents compared with 36 cents last year. Orders for the year to date have been about even with last year's pace, said Michael Thomas, president and chief executive officer.
Sales of $51.2 million in the fourth quarter were down 11.6% from a year earlier. Sales of occasional, dining room, bedroom and commercial furniture were down, while shipments of upholstered furniture increased, Thomas said.
For the year, Chromcraft's sales were down 16% to $217.8 million and earnings declined 31.8% from the previous year to $10.5 million.
Cash flow was strong last year, however, allowing the company to repay all its bank debt and end 2001 with $8.2 million in cash.
Chromcraft Revington still plans to buy back this quarter the 59.1% of its shares owned by Court Square Capital for $59.8 million, or $10.49 per share. A new employee stock ownership program would purchase some of the shares.
| Chromcraft Revington | |||
|---|---|---|---|
| Owns Chromcraft, Peters-Revington, Cochane and Silver | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 12/31 | 2001 | 2000 | Change |
| Sales | $51,235,000 | $57,933,000 | (11.6%) |
| Operating income | 3,714,000 | 6,850,000 | (45.8%) |
| Net income | 2,231,000 | 3,935,000 | (43.3%) |
| Earnings per share | 0.23 | 0.41 | (43.9%) |
| Year ended 12/31 | 2001 | 2000 | Change |
| Sales | $217,787,000 | $259,402,000 | (16.0%) |
| Operating income | 17,971,000 | 27,336,000 | (34.3%) |
| Net income | 10,543,000 | 15,450,000 | (31.8%) |
| Earnings per share | 1.09 | 1.57 | (30.6%) |
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