Chromcraft 1Q sales down 16.5%
By Furniture Today Staff -- Furniture Today, May 24, 2010
WEST LAFAYETTE, Ind. —
Full-line furniture source Chromcraft Revington reported a loss of $980,000 in the first quarter as sales declined 16.5% from the comparable period last year.
The loss was smaller than the $3.2 million loss posted a year earlier, and Chairman and CEO Ronald Butler said the company is “well positioned to return to profitability” when the market for furniture improves.
Sales in the quarter ended April 3 were $13.9 million, down from $16.7 million in the 2009 first quarter. The company said the decline was due mainly to the discontinuation of some high-end, low-demand products, the soft economy, and import competition.
In a statement, Butler said the company's restructuring and cost-containment moves implemented since 2008 have helped reduce the effects of the economic downturn.
“We believe the positive reactions we received from dealers at the April High Point furniture market indicate they are interested in selling new product like our Southern Living line of furniture, and increasing interest in our existing occasional and casual dining products, as well as our custom Design and Dine program,” he said. “We continue to believe that when the furniture market improves, the company is well positioned to return to profitability.”
The first-quarter results included a $300,000 gain from a reduction in severance benefits to two former executives, the company said.
Aided by a $6.6 million tax refund, Chromcraft Revington said it had an $8.1 million cash balance and no bank borrowings as of the end of the quarter.
Chromcraft Revington
Owns Chromcraft, Peters-Revington, Cochrane and Silver
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| Quarter ended 4/3 | 2010 | 2009 | Change |
| Sales | $13,907,000 | $16,653,000 | (16.5%) |
| Operating income | (905,000) | (3,075,000) | — |
| Net income | (980,000) | (3,152,000) | — |
| Earnings per share | (0.21) | (0.69) | — |
-
Chromcraft Revington trims loss to $980,000
May 19, 2010
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
