Cash flow provided by operating activities was $0.7 million for 2010 compared to $2.5 million provided in 2009. The decrease was primarily due to cash used to build inventory in 2010 compared to cash generated from inventory reductions in 2009, partially offset by the receipt of a federal income tax refund of $6.6 million in the first quarter of 2010. The Company had cash of $4.2 million at December 31, 2010, no bank borrowings during 2010, and no outstanding loan balance at December 31, 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 operating results for 2010 and helped reduce the effects of the economic downturn.” He added, “2011 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® primary brands. It sells commercial furniture under the Chromcraft® brand. 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 “believe,” “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.