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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV