Chromcraft Revington, Inc. Reports Third Quarter And First Nine Months Results
Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported sales of $13,808,000 and a net loss of $1,933,000 for the three months ended October 2, 2010 as compared to sales of $16,030,000 and a net loss of $979,000 for the prior year period. For the first nine months of 2010, sales were $41,723,000 and the net loss was $4,256,000 as compared to sales of $47,281,000 and a net loss of $6,595,000 for the prior year period. The improved operating results for the nine months ended October 2, 2010 compared to the prior year period reflected our transition to a more variable cost global sourcing model, a favorable product mix, and lower selling, general and administrative expenses.
Commercial furniture shipments were higher in the three and nine months ended October 2, 2010 as compared to the prior year periods primarily due to an increase in shipments of seating products to government agencies, higher education institutions, and the health care industry.
Residential furniture shipments in 2010 were lower in the three and nine months ended October 2, 2010 as compared to the prior year periods primarily due to weakness in consumer demand for residential products, which we believe is consistent with industry trends and the continuing economic downturn, and restructuring activities in 2009 including the elimination of slow moving and unprofitable products. It should be noted that for the three month period of 2010 residential shipments were also negatively impacted by the timing of the annual plant maintenance shutdown and physical inventory count that occurred during the third quarter this year versus the second quarter of 2009.
Operating results in the third quarter of 2010 were negatively impacted by the lower residential sales volume and unabsorbed fixed overhead costs. In addition, selling, general and administrative expenses in the third quarter of 2010 were higher than the prior year period primarily due to higher selling related expenses to secure placements at retail stores in an effort to stimulate demand for the Company’s products.
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