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.
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