Chromcraft Revington 4Q earnings drop 21%; sales off 2.3%
CEO working to revitalize brands
By Furniture Today Staff -- Furniture Today, February 14, 2006
DELPHI, Ind. — Manufacturer and importer Chromcraft Revington said fourth-quarter earnings were down 21% from the same period a year ago, hurt by an unfavorable sales mix and reduced production at two plants.
Strong cash flow, however, enabled the company to pay off its bank debt as of Dec. 31, and its CEO said it is working to revitalize its brands.
Chromcraft Revington earned $1.7 million, or 38 cents per share, in the fourth quarter on sales of $40.7 million, down 2.3% from a year earlier. For the year, earnings of $7.2 million, or $1.66 per share, were down 5.5% from 2004. Sales were down 1.6% to $169.6 million.
The results included an income tax benefit of $710,000, or 16 cents per share, in the latest quarter from the favorable resolution of a tax contingency.
CEO Ben Anderson-Ray said fourth-quarter sales of occasional, commercial and bedroom furniture were lower than a year earlier, but shipments of upholstery and dining room were up.
“We believe our strategy to revitalize our brands is well under way and is based on improving our understanding of what consumers want; aggressively developing new products to meet their needs; implementing new marketing, sales and service programs; and partnering with retail and commercial customers,” he said.
Anderson-Ray said all the company’s brands — Peters-Revington, Chromcraft, Cochrane, Sumter Cabinet and Silver Furniture — have introduced significant products and programs from late 2005 to the recent Las Vegas market.
-
Chromcraft's 4Q earnings down 21%
Mar 5, 2006
Featured Company
-
Wright Labels
Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more
VIEW ALL GALLERIES
