Chromcraft Revington 3Q earnings drop 39.8%
By Furniture Today Staff -- Furniture Today, November 6, 2005
Delphi, Ind. — Net profits in the first nine months at manufacturer and importer Chromcraft Revington inched up 0.5% despite a 39.8% drop in earnings in the third quarter ended Oct. 1. Sales in the nine months and quarter slipped 1.4% and 2%, respectively, from year-earlier results.
Sales in the latest quarter dipped to $40.8 million from $41.7 million in the comparable 2004 period, and net income fell to $1.2 million, measured against $2 million a year ago.
Nine-month sales were $128.9 million, compared with $130.8 million in the same period in 2004. Net earnings of $5.5 million were slightly above last year's results.
The company attributed the sales decline in the latest quarter to lower shipments of bedroom, dining room and occasional furniture, partially offset by higher shipments of commercial and upholstered furniture.
Chairman and CEO Benjamin Anderson-Ray said upholstered furniture shipments were boosted by new product, and commercial sales continue to reflect an improved business climate in the office furniture industry.
He said the company's financial strength provides the flexibility to grow its hybrid manufacturing/sourcing model, repurchase its common stock and pursue selective strategic acquisitions.
| 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 10/1 | 2005 | 2004 | Change |
| (a) Includes a $1.1 million pretax charge for a supplemental retirement benefit for a former officer. |
|||
| Sales | $40,836,000 | $41,658,000 | (2.0%) |
| Operating income | 2,229,000 | 3,416,000 | (34.7%) |
| Net income | 1,191,000 | 1,979,000 | (39.8%) |
| Earnings per share | 0.27 | 0.47 | (42.6%) |
| 9 months ended 10/1 | 2005 | 2004 | Change |
| Sales | $128,896,000 | $130,763,000 | (1.4%) |
| Operating income | 9,439,000 | 9,536,000 | (1.0%) |
| Net income | 5,540,000 | (a)5,511,000 | 0.5% |
| Earnings per share | 1.28 | 1.31 | (2.3%) |
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Chromcraft Revington 3Q earnings drop 39.8%
Nov 3, 2005
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