Chromcraft Revington sales drop 30.5% in third quarter

Furniture source cuts net loss by more than 90%

Furniture Today Staff -- Furniture Today, November 18, 2009

WEST LAFAYETTE, Ind. — Chromcraft Revington, a casual dining, occasional and case goods resource, said third-quarter sales were 30.5% below last year's third quarter, but the company slashed its net loss by more than 90%.

The company, which markets products under the Chromcraft, Cochrane and Peters-Revington brand names, said the results demonstrate that a series of restructuring and cost-cutting efforts during the past two years are having a positive impact.

During that time, the company has closed all but one domestic factory, exited the upholstery business, and dropped the Sumter brand name from its lineup, among other things.

Third-quarter sales totaled $16.03 million, down from $23.07 million in last year's third quarter.

The most recent quarter's net loss was $979,000, or 21 cents per share. That's down from $10.17 million, or $2.23 per share, in the same quarter last year. It marked the third consecutive quarter the company has reduced its operating loss.

"When the furniture market improves, we believe the company is well-positioned to return to profitability," said Ronald Butler, chairman and CEO.

For the first nine months of 2009, sales totaled $47.3 million, down 37.9% from $76.1 million in the first nine months of 2008.

The nine-month net loss totaled $6.6 million, or $1.43 per share. That compares with a loss of $18.45 million, or $4.04 per share, in the first nine months of 2008.