By Furniture Today Staff -- Furniture Today, February 13, 2005
Delphi, Ind. —
Manufacturer and importer Chromcraft Revington finished 2004 on a strong note, with fourth-quarter earnings jumping 27.7% to $2.2 million from $1.7 million in the final quarter of 2003.
Despite the big increase in profits, Chromcraft said sales declined 8.9% in the quarter to $41.6 million from $45.7 million a year ago.
Chairman and CEO Michael Thomas attributed the higher earnings primarily to cost reductions. He said the sales decrease was the result of lower shipments of dining room, bedroom and occasional furniture, partially offset by higher shipments of commercial and upholstered furniture.
Declines primarily were due to foreign import competition, he said.
Annual sales dipped 6.4% in 2004 to $172.4 million from $184.2 million in 2003. 2004 net income was $7.7 million, off 5.2% from 2003's $8.1 million.
Net earnings for 2003 included three previously reported non-recurring items.
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The High Point Market is marking its 100th anniversary this April.
To help celebrate this milestone, Furniture/Today presents some pictorial
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