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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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