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Chromcraft Revington, Inc. Reports First Quarter Results

The Company does not undertake any obligation to update or revise publicly any forward-looking statements to reflect information, events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or circumstances.

 
Condensed Consolidated Statements of Operations (unaudited)
Chromcraft Revington, Inc.
(In thousands, except per share data)
             
Three Months Ended
April 3, April 4,
2010 2009
 
Sales $ 13,907 $ 16,653
 
Cost of sales   11,201     15,571  
 
Gross margin 2,706 1,082
 
Selling, general and administrative expenses   3,611     4,157  
 
Operating loss (905 ) (3,075 )
 
Interest expense, net   (75 )   (77 )
 
Net loss $ (980 ) $ (3,152 )
 
Basic and diluted loss per share of common stock $ (.21 ) $ (.69 )
 
Shares used in computing loss per share 4,667 4,594
 
     
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
       
April 3, December 31,
2010 2009
 
Assets
 
Cash and cash equivalents $ 8,108 $ 3,636

Accounts receivable, less allowance of $450 in 2010 and 2009

7,420 7,661
Refundable income taxes - 6,578
Inventories 13,108 13,294
Prepaid expenses and other   1,211   990
Current assets 29,847 32,159
 
Property, plant and equipment, net 8,111 8,293
Other assets   689   667
 
Total assets $ 38,647 $ 41,119
 
Liabilities and Stockholders' Equity
 
Accounts payable $ 2,807 $ 3,364
Accrued liabilities   2,952   3,905
Current liabilities 5,759 7,269
 
Deferred compensation 569 599
Other long-term liabilities   1,677   1,669
Total liabilities 8,005 9,537
 
Stockholders' equity   30,642   31,582
 
Total liabilities and stockholders' equity $ 38,647 $ 41,119
 
 
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
             
Three Months Ended
April 3, April 4,
2010 2009
 
Operating Activities
Net loss $ (980 ) $ (3,152 )

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization expense 224 263
Non-cash share based and ESOP compensation expense 42 47
Provision for doubtful accounts 12 116
Non-cash inventory write-downs 152 163
Non-cash asset impairment charges - 6
Changes in operating assets and liabilities
Accounts receivable 229 3,573
Refundable income taxes 6,578 -
Inventories 34 5,294
Prepaid expenses and other (221 ) (102 )
Accounts payable and accrued liabilities (1,512 ) (2,202 )
Long-term liabilities and assets   (44 )   (73 )
 
Cash provided by operating activities   4,514     3,933  
 
Investing Activities
Capital expenditures (42 ) (73 )
Proceeds on disposal of assets   -     484  
 
Cash provided by (used in) investing activities   (42 )   411  
 
Change in cash and cash equivalents 4,472 4,344
 
Cash and cash equivalents at beginning of the period   3,636     879  
 
Cash and cash equivalents at end of the period $ 8,108   $ 5,223  




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