Chromcraft Revington, Inc. Reports Second Quarter And First Half Results
Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported its 5 th consecutive quarter of improved operating results compared to the prior year period. The Company’s net loss for the current quarter was reduced by 45% compared to the second quarter of 2009. The net loss for the current quarter was $1,343,000 as compared to a net loss of $2,464,000 for the prior year period. The net loss for the six months ended July 3, 2010 was $2,323,000 as compared to $5,616,000 for the same period last year.
Operating results include an increase in gross margin for the second quarter of 2010 of $1.0 million over the second quarter of 2009, primarily due to our transition to a more variable cost global sourcing business model and a favorable product sales mix in the current quarter. Gross margin for the first six months of 2010 increased by $2.6 million over the same period in the prior year. Selling, general and administrative expenses continued to drop in 2010 as compared to 2009. For the first six months of 2010, selling, general and administrative expenses decreased $0.7 million compared to the prior year period.
Cash flow provided by operating activities was $3.0 million for the first six months of 2010 compared to $1.8 million provided in the same period in 2009. The increase in the 2010 period was primarily due to the receipt of a previously announced federal income tax refund of $6.6 million in the first quarter of 2010 and a reduced cash net loss, partially offset by lower cash generated from working capital reductions as compared to the prior year period. The Company had cash of $6.5 million at July 3, 2010 and no bank borrowings during the first half of 2010 or outstanding loan balance at July 3, 2010.
The Company’s sales for the second quarter of 2010 were $14.0 million, a decrease of 4% from the second quarter of 2009, which resulted primarily from discontinued high end, low demand residential 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, partially offset by higher sales of commercial furniture. Sales for the first six months of 2010 were $27.9 million, a decrease of 11% from the same period in 2009.
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