Chromcraft Revington, Inc. Reports Third Quarter And First Nine Months Results
Cash flow provided by operating activities was $0.2 million for the first nine months of 2010 compared to $2.0 million provided in the same period in 2009. The decrease in the 2010 period was primarily due to cash used to build working capital, excluding refundable income taxes, in 2010 compared to cash generated from working capital reductions in 2009, partially offset by the receipt of a federal income tax refund of $6.6 million in the first quarter of 2010 and a reduced cash net loss as compared to the prior year period. The Company had cash of $3.7 million at October 2, 2010 and neither bank borrowings during the first nine months of 2010 nor outstanding loan balance at October 2, 2010.
Commenting on these results, Ronald H. Butler, Chairman and Chief Executive Officer, said “We believe the restructuring and cost containment actions implemented starting in 2008 have had a positive impact on the results for the first nine months of 2010 and helped reduce the effects of the economic downturn.” He added, “The fourth quarter of 2010 appears to be a continuation of the challenging economic environment for consumers. We continue to believe that when the furniture market improves, the Company is well positioned to return to profitability.”
Chromcraft Revington™ businesses design residential and commercial furniture marketed throughout North America. The Company wholesales its residential furniture products under Chromcraft®, Cochrane™, Peters-Revington™, Southern Living®, and CR Kids & Beyond™ as primary brand names. It sells commercial furniture under the Chromcraft® brand name. The Company sources furniture from overseas, with domestic contract specialty facilities, and operates one U.S. manufacturing facility for its commercial furniture and motion based casual dining furniture in Mississippi.
This release contains forward-looking statements that are based on current expectations and assumptions. These forward-looking statements can be generally identified as such because they include future tense or dates, or are not historical or current facts, or include words such as “believes,” “may,” “expects,” “anticipates,” “appears,” or words of similar import. Forward-looking statements are not guarantees of performance or outcomes and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those reported, expected, or anticipated as of the date of this release.
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