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Chromcraft Revington posts 4Q loss as sales dip 4.4%

Loss linked to restructuring, impairment charges; sales for year drop 5.4%

By Furniture Today Staff -- Furniture Today, February 22, 2007

WEST LAFAYETTE, Ind. — Furniture manufacturer and importer Chromcraft Revington reported a fourth-quarter net loss of $741,000 on a 4.4% decline in sales.

The company said fourth-quarter shipments of dining room, bedroom and upholstered furniture were lower than in the fourth quarter of 2005, but shipments of commercial and occasional furniture were above last year’s levels.

The net loss included $1.6 million in pretax restructuring and impairment charges. Without those charges, the company would have had net income of $289,000, or 6 cents per share. In the fourth quarter of 2005, Chromcraft Revington had net income of $1.7 million, or 38 cents per share.

Sales in the latest quarter totaled $38.9 million, compared with $40.7 million in the previous year’s final quarter.

For all of 2006, sales were down 5.4% to $160.5 million. The year’s net loss came to $3.4 million, or 77 cents per share. In 2005, the company earned $7.3 million, or $1.66 per share.

The 2006 loss included restructuring and impairment charges of $7.4 million, or $1.66 per share.

“We believe our restructuring efforts … and our strong balance sheet will enable us to implement our strategic initiatives in the upcoming year,” said Chairman and CEO Ben Anderson-Ray.

As part of the restructuring, the company consolidated into three operating units for improved service and recently began selling all residential products under the CR Home banner.

The company owns the Chromcraft, Peters-Revington, Silver Furniture, Cochrane Furniture and Sumter brand names.

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