Chromcraft Revington posts $717,000 loss as sales rise 3.4%
Larry Thomas -- Furniture Today, November 14, 2012
WEST LAFAYETTE, Ind. — Manufacturer and importer Chromcraft Revington said third-quarter sales rose 3.4% on an uptick in shipments of commercial office furniture.
The company, whose brands include Chromcraft, Cochrane, Peters-Revington and CR Kids & Beyond, said residential furniture sales were down in the quarter ended Sept. 29, but didn't specify how much. An increase in sales of home entertainment furniture was more than offset by a drop in dining room furniture sales, officials said.
Companywide sales totaled $13.7 million, up from $13.2 million in the same quarter last year.
The company reduced its net loss to $717,000 or 14 cents per share, from $1.04 million or 22 cents per share in last year's third quarter. The most recent quarter included a $238,000 income tax benefit resulting from the final allocation of the price of its recent acquisition of office furniture producer Executive Office Concepts.
"Despite the continuing low consumer confidence in the economy and the very difficult retail operating environment, we increased sales in the third quarter," said Ronald Butler, chairman and CEO. "The ongoing difficult operating environment in the residential furniture market will continue to be challenging into the first quarter of 2013. We believe the recent signs of marginal improvement in the housing market are tempered by the uncertainty over the outcome of the upcoming federal ‘fiscal cliff' at the end of 2012 and its impact on consumer spending."
For the nine months ended Sept. 29, sales totaled $41.7 million, an increase of 5.6% from $39.5 million in the first nine months of 2011.
The nine-month net loss totaled $3.44 million or 69 cents per share. That compares with a loss of $4.1 million or 86 cents per share in the first nine months of last year.