This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chromcraft Revington, Inc. Reports First Quarter Results

Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported improved first quarter 2010 operating results compared to the prior year period. The net loss for the current quarter was reduced by 69% compared to the first quarter of 2009. The Company’s net loss for the current quarter was $980,000 as compared to a net loss of $3,152,000 for the prior year period.

Operating results include an increase in gross margin for the first quarter of 2010 of $1.6 million over the first quarter of 2009, primarily due to the impact of restructuring and cost containment efforts and a favorable product sales mix in the current quarter. Selling, general and administrative expenses for the current quarter decreased $0.5 million compared to the first quarter of 2009, primarily due to lower professional fees and sales commissions. The first quarter of 2009 included a reduction of accrued severance benefits of approximately $0.3 million resulting from the revisions to severance agreements with two former executives.

Cash flow provided by operating activities was $4.5 million compared to $3.9 million provided in the first quarter of 2009. The increase in the 2010 period was primarily due to the receipt of a previously announced federal tax refund of $6.6 million and a reduced cash net loss, partially offset by lower cash generated from working capital reductions as compared to the prior year period. At April 3, 2010, the Company had cash of $8.1 million and no bank borrowings during the first quarter of 2010 or an outstanding balance at April 3, 2010.

The Company’s sales for the first quarter of 2010 were $13.9 million, a decrease of 17% from the first quarter of 2009, due primarily to the discontinuation of certain high end, low demand products; weak consumer confidence and housing activity reflecting the effects of the current economic downturn which continue to depress demand for furniture; and import competition.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CRC $8.61 -1.94%
AAPL $132.65 1.82%
FB $81.91 0.47%
GOOG $555.37 -1.71%
TSLA $231.55 6.01%

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs