Chromcraft Revington in black; sales slip 18.7%
By Furniture Today Staff -- Furniture Today, April 27, 2003
Delphi, Ind. — Furniture manufacturer Chromcraft Revington said first quarter sales dropped 18.7%, but the company reversed a net loss from last year's first quarter by chalking up income of $2.2 million.
The net income figure, which amounts to 52 cents per fully diluted share, was at the high end of earnings projections issued by the company several weeks ago. In the first quarter of 2002, the company recorded a net loss of $23.4 million, or $2.71 per share.
Michael Thomas, chairman and chief executive officer, said the sales decline was largely due to the weak economy and foreign import competition in residential furniture. Sales were especially weak at upholstery and case goods subsidiary Cochrane Furniture, he said.
The company's other residential brands are Chromcraft, Peters-Revington, Silver and Sumter Cabinet.
Thomas said commercial furniture shipments were higher in the quarter, but he did not provide specific numbers.
Total sales were $49.4 million for the three months ended March 29, compared with $60.8 million in last year's first quarter.
Thomas said current business conditions "remain difficult," noting that order trends have not improved since the end of the first quarter. He expects second-quarter sales and earnings to be lower than a year ago, but declined to provide an estimate for the full year.
He said the company is continuing to increase imports of furniture components from the Pacific Rim.
"Using this blended approach of domestic manufacturing and selective importing, the company is better able to control the quality of furniture and service to its customers," said Thomas.
| Chromcraft Revington | |||
|---|---|---|---|
| Owns Chromcraft, Peters-Revington, Cochrane, Silver and Sumter Cabinet | |||
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 3/29 | 2003 | 2002 | Change |
| (a) Includes a $26.7 million extraordinary charge, the cumulative effect of an accounting change. (b) Based on average shares outstanding of 4.2 million in the 2003 quarter and 8.7 million in the 2002 quarter. |
|||
| Sales | $49,431,000 | $60,814,000 | (18.7%) |
| Operating income | 3,858,000 | 5,496,000 | (29.8%) |
| Net income | 2,191,000 | (a)(23,398,000) | — |
| Earnings per share (b) | 0.52 | (2.71) | — |
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