Chromcraft's 4Q earnings down 21%
By Furniture Today Staff -- Furniture Today, February 19, 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 lower 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 (and) aggressively developing new products to meet their needs," he said.
Anderson-Ray said all the company's brands — Peters-Revington, Chromcraft, Cochrane, Sumter Cabinet and Silver Furniture — have introduced significant products recently.
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