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.
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Hey Remedial-SHOVE IT! If that's all you have to comment about you don't belong here. Go back to prison.
Big M - 2009-19-11 17:28:47 EST -
Cochrane upholstry sold really well in the Mid-West, and it was a shame to see them go. You could actually get good margins. Sumter was also a great solid wood bedroom line. It seems like they just entered the same old rat race all the other brands are in. Imported cheap casual dining,occasional and bedroom. Not a big fan of the companies current product line-up. Furthermore, their website has been a disaster for nearly 2 years. Very frustrating company to deal with.
Clete Atwood - 2009-19-11 15:44:13 EST -
They are no longer a factor in the industry,Ben and Dennis saw to that. Can you all believe those two have jobs in our industry?
schmia saudi - 2009-18-11 19:59:42 EST -
Does anyone here have more than a 6th grade education? Ed, Big M...please look up the difference between "there" and "their"!
Remedial Grammar - 2009-18-11 18:44:04 EST -
Can't help with Brenda Dillon but as a former employee I am very happy that the company is moving forward. For the sake of my friends still associated with the company "Good Luck".
Sharon Jordan - 2009-18-11 16:56:06 EST
Chromcraft 3Q sales drop 30.5%
11/29/2009Chromcraft Revington trims loss in quarter
08/19/2009FBI trims loss to $23.5M
11/08/2009
