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, Inc. Reports Third Quarter And First Nine Months Results
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