Chromcraft Revington, Inc. Reports Fourth Quarter And Full Year 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, 2010.

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									Twelve Months Ended
					December 31,				December 31,					December 31,				December 31,
					2010				2009					2010				2009
Sales					$	14,546			$	15,406				$	56,269			$	62,687
Cost of sales						12,858				12,178					47,114				53,827
Gross margin						1,688				3,228					9,155				8,860
Selling, general and administrative expenses						4,302				5,058					15,801				17,052
Operating loss						(2,614	)			(1,830	)				(6,646	)			(8,192	)
Interest expense						(74	)			(76	)				(298	)			(309	)
Loss before income tax benefit						(2,688	)			(1,906	)				(6,944	)			(8,501	)
Income tax benefit						-				6,578					-				6,578
Net income (loss)					$	(2,688	)		$	4,672				$	(6,944	)		$	(1,923	)
Basic and diluted earnings (loss) per share of common stock					$	(.57	)		$	1.00				$	(1.48	)		$	(.42	)
Shares used in computing earnings (loss) per share						4,720				4,650					4,693				4,622

Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
					December 31,				December 31,
					2010				2009
Assets
Cash					$	4,179			$	3,636
Accounts receivable, less allowance of $300 in 2010 and $450 in 2009						7,552				7,661
Refundable income taxes						-				6,578
Inventories						14,191				13,294
Prepaid expenses and other						711				990
Current assets						26,633				32,159
Property, plant and equipment, net						7,235				8,293
Other assets						579				667
Total assets					$	34,447			$	41,119
Liabilities and Stockholders' Equity
Accounts payable					$	4,144			$	3,364
Accrued liabilities						3,346				3,905
Current liabilities						7,490				7,269
Deferred compensation						461				599
Other long-term liabilities						1,667				1,669
Total liabilities						9,618				9,537
Stockholders' equity						24,829				31,582
Total liabilities and stockholders' equity					$	34,447			$	41,119

Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
					Twelve Months Ended
					December 31,					December 31,
					2010					2009
Operating Activities
Net loss					$	(6,944	)			$	(1,923	)
Adjustments to reconcile net loss to
cash provided by operating activities:
Depreciation and amortization expense						905					1,029
Non-cash share based and ESOP compensation expense						191					74
Provision for doubtful accounts						148					461
Non-cash inventory write-downs						375					1,566
Non-cash asset impairment charges						350					418
Non-cash accretion expense						33					32
Gain on disposal of assets						(5	)				-
Changes in operating assets and liabilities:
Accounts receivable						(39	)				3,533
Refundable income taxes						6,578					(6,570	)
Inventories						(1,272	)				6,866
Prepaid expenses and other						279					2
Accounts payable						780					(1,109	)
Accrued liabilities						(559	)				(1,716	)
Long-term deferred compensation						(138	)				(196	)
Other long-term liabilities and assets						53					(9	)
Cash provided by operating activities						735					2,458
Investing Activities
Capital expenditures						(197	)				(188	)
Proceeds on disposal of assets						5					487
Cash provided by (used in) investing activities						(192	)				299
Change in cash						543					2,757
Cash at beginning of the period						3,636					879
Cash at end of the period					$	4,179				$	3,636

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