Chromcraft posts smaller loss as sales fall 43%
By Larry Thomas -- Furniture Today, August 24, 2009
West Lafayette, Ind. — Case goods, occasional and casual dining resource Chromcraft Revington reported a net loss of $2.5 million in the second quarter as sales tumbled 43%.
The loss was less than half the net loss reported in last year's second quarter, as the company dropped several unprofitable products and retail accounts.
Sales for the quarter ended July 4 were $14.6 million, down from $25.6 million in the same quarter last year. Last year's figures included sales from several discontinued product lines, notably the Sumter Cabinet line of solid wood bedroom and dining room, and the Cochrane upholstery line.
The most recent quarter's loss, which equals 53 cents per share, compares with a loss of $6 million or $1.32 per share in last year's second quarter.
"The company is in the process of replacing unprofitable and slow-moving products with higher-velocity items to improve customer service and profitability," said Ronald Butler, chairman and CEO.
Butler said that Chromcraft Revington's restructuring efforts have been slowed by the weak economy, but said he is pleased with the progress the company has made this year.
The company ended the quarter with $3.1 million in cash and no bank debt.
For the six months ended July 4, sales fell 41.1% to $31.3 million.
The six-month loss totaled $5.6 million or $1.22 per share. That is down from a loss of $8.3 million or $1.81 per share in the first half of last year.
The company manufactures and imports furniture under the Chromcraft, Peters-Revington and Cochrane brand names.
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 7/4 | 2009 | 2008 | Change |
| Sales | $14,598,000 | $25,605,000 | (43.0%) |
| Operating income | (2,386,000) | (5,922,000) | — |
| Net income | (2,464,000) | (6,038,000) | — |
| Earnings per share | (0.53) | (1.32) | — |
| 6 months ended 7/4 | 2009 | 2008 | Change |
| Sales | $31,251,000 | $53,068,000 | (41.1%) |
| Operating income | (5,461,000) | (8,108,000) | — |
| Net income | (5,616,000) | (8,283,000) | — |
| Earnings per share | (1.22) | (1.81) | — |
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Chromcraft Revington trims loss in quarter
Aug 19, 2009
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