Chromcraft sales fall
By Larry Thomas -- Furniture Today, August 17, 2008
WEST LAFAYETTE, Ind. — Chromcraft Revington reported a second-quarter net loss of $6.04 million last week as sales fell 21.9%.
The net loss, which equals $1.32 per share, was nearly double the loss reported in last year's second quarter, when the company lost $3.3 million or 73 cents per share.
Sales for the quarter ended June 28 were $25.6 million, down from $32.8 million in last year's second quarter.
Ronald Butler, chairman and CEO, said residential furniture shipments were lower in all categories due to weak retail business conditions, competitive pressure from imports, the discontinuation of certain domestic products before imported replacements were available, and various restructuring activities.
“We will be focusing on reducing costs to match our present level of revenue, improving our supply chain and product offerings, and driving the initiatives necessary to complete our transition,” Butler said.
Sales for the first six months of the year fell 20.3% to $53.1 million. The company's first-half net loss came to $8.28 million or $1.81 per share.
In the first half of last year, the net loss was $4.48 million or $1 per share.
The company manufactures and imports furniture under the Chromcraft, Peters-Revington, Silver, Cochrane and Sumter Cabinet brands.
| Chromcraft Revington | |||
|---|---|---|---|
| Owns Chromcraft, Peters-Revington, Cochrane, Silver and Sumter Cabinet | |||
| Earnings per share are fully diluted, and all figures in parentheses are losses or declines. | |||
| Quarter ended 6/28 | 2008 | 2007 | Change |
| (a) Includes income tax benefit of $2 million in the 2007 quarter and $2.7 million in the 2007 six months. | |||
| Sales | $25,605,000 | $32,769,000 | (21.9%) |
| Operating income | (5,922,000) | (5,277,000) | — |
| Net income (a) | (6,038,000) | (3,301,000) | — |
| Earnings per share | (1.32) | (0.73) | — |
| 6 months ended 6/28 | 2008 | 2007 | Change |
| Sales | $53,068,000 | $66,616,000 | (20.3%) |
| Operating income | (8,108,000) | (7,253,000) | — |
| Net income (a) | (8,283,000) | (4,479,000) | — |
| Earnings per share | (1.81) | (1.00) | — |
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