Chromcraft Revington sales off 9.8%, income dips 4.5%
By Furniture Today Staff -- Furniture Today, October 28, 2002
Delphi, Ind. — Full-line manufacturer and importer Chromcraft Revington reported third-quarter sales of $49.7 million and net income of $2.2 million, decreases of 9.8% and 4.5%, respectively, compared to the same period last year.
Through the first nine months, sales were off 5.5% to $165.2 million, and the company lost $19 million due to a one-time, noncash charge of $26.7 million in the first quarter for impairment of good will after an accounting change.
The company had higher third-quarter sales of commercial furniture than last year, but slower business in residential goods, especially in bedroom and occasional furniture.
Michael Thomas, Chromcraft Revington's chairman, president and chief executive officer, said he expects incoming orders to continue running behind 2001 levels.
The company's residential and commercial brands include Chromcraft, Peters-Revington, Silver Furniture, Cochrane Furniture and Sumter Cabinet Co.
| Chromcraft Revington | |||
|---|---|---|---|
| Owns Chromcraft, Peters-Revington, Cochrane, Silver and Sumter Cabinet | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 9/28 | 2002 | 2001 | Change |
| (a) Based on average shares outstanding of 4.2 million in the 2002 quarter, 5.7 million in the 2002 nine months and 9.7 million in the 2001 periods. (b) Includes a $26.7 million after-tax charge, the cumulative effect of an accounting change. | |||
| Sales | $49,676,000 | $55,046,000 | (9.8%) |
| Operating income | 4,119,000 | 3,952,000 | 4.2% |
| Net income | 2,228,000 | 2,334,000 | (4.5%) |
| Earnings per share (a) | 0.53 | 0.24 | 120.8% |
| 9 months ended 9/28 | 2002 | 2001 | Change |
| Sales | $165,150,000 | $174,733,000 | (5.5%) |
| Operating income | 13,655,000 | 14,257,000 | (4.2%) |
| Net income | (b)(19,001,000) | 8,312,000 | — |
| Earnings per share (a) | (3.43) | 0.86 | — |
