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Chromcraft Revington, Inc. Reports Third Quarter And First Nine Months Results

Among such risks and uncertainties that could cause actual results or outcomes to differ materially from those reported, expected or anticipated are general economic conditions, including the impact of the current recession in the United States and elsewhere; import and domestic competition in the furniture industry; ability of the Company to execute its business strategies, implement its new business model and successfully complete its business transition; our ability to grow sales and reduce expenses to eliminate our operating losses; our ability to sell the right product mix; supply disruptions with products manufactured in China and other Asian countries; continued credit availability under the Company’s bank credit facility; market interest rates; consumer confidence levels; cyclical nature of the furniture industry; consumer and business spending; changes in relationships with customers; customer acceptance of existing and new products; new and existing home sales; financial viability of the Company’s customers and their ability to continue or increase product orders; loss of key management; and other factors that generally affect business; and certain risks as set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2009.

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 Nine Months Ended
October 2, October 3, October 2, October 3,
2010 2009 2010 2009
 
Sales $ 13,808 $ 16,030 $ 41,723 $ 47,281
 
Cost of sales   11,716     13,155     34,256     41,649  
 
Gross margin 2,092 2,875 7,467 5,632
 
Selling, general and administrative expenses   3,951     3,776     11,499     11,994  
 
Operating loss (1,859 ) (901 ) (4,032 ) (6,362 )
 
Interest expense, net   (74 )   (78 )   (224 )   (233 )
 
Net loss $ (1,933 ) $ (979 ) $ (4,256 ) $ (6,595 )
 
Basic and diluted loss per share of common stock $ (.41 ) $ (.21 ) $ (.91 ) $ (1.43 )
 
Shares used in computing loss per share 4,703 4,633 4,685 4,613
 
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
     
October 2, December 31,
2010 2009
 
Assets
 
Cash and cash equivalents $ 3,709 $ 3,636
Accounts receivable, less allowance of $340 in 2010 and $450 in 2009 7,839 7,661
Refundable income taxes - 6,578
Inventories 14,262 13,294
Prepaid expenses and other   1,348   990
Current assets 27,158 32,159
 
Property, plant and equipment, net 7,766 8,293
Other assets   578   667
 
Total assets $ 35,502 $ 41,119
 
Liabilities and Stockholders' Equity
 
Accounts payable $ 2,767 $ 3,364
Accrued liabilities   2,916   3,905
Current liabilities 5,683 7,269
 
Deferred compensation 493 599
Other long-term liabilities   1,692   1,669
Total liabilities 7,868 9,537
 
Stockholders' equity   27,634   31,582
 
Total liabilities and stockholders' equity $ 35,502 $ 41,119
 
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
             
Nine Months Ended
October 2, October 3,
2010 2009
 
Operating Activities
Net loss $ (4,256 ) $ (6,595 )

Adjustments to reconcile net loss to net cashprovided by operating activities

Depreciation and amortization expense 682 775
Non-cash share based and ESOP compensation expense 308 73
Provision for doubtful accounts 72 316
Non-cash inventory write-downs 278 698
Gain on disposal of assets (5 ) -
Non-cash asset impairment charges - 3
Changes in operating assets and liabilities
Accounts receivable (250 ) 2,931
Refundable income taxes 6,578 -
Inventories (1,246 ) 6,811
Prepaid expenses and other (358 ) (265 )
Accounts payable and accrued liabilities (1,586 ) (2,638 )
Long-term liabilities and assets   6     (131 )
 
Cash provided by operating activities   223     1,978  
 
Investing Activities
Capital expenditures (155 ) (173 )
Proceeds on disposal of assets   5     487  
 
Cash provided by (used in) investing activities   (150 )   314  
 
Change in cash and cash equivalents 73 2,292
 
Cash and cash equivalents at beginning of the period   3,636     879  
 
Cash and cash equivalents at end of the period $ 3,709   $ 3,171  




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