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, Inc. Reports Fourth Quarter And Full Year Results
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