This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chromcraft Revington, Inc. Reports First Quarter Results

Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported its results for the first quarter of 2011. The net loss was $1,804,000 for the current quarter as compared to a net loss of $980,000 for the first quarter of 2010. Sales for the first quarter of 2011 were $12,480,000 as compared to sales of $13,907,000 for the prior year period.

Residential furniture shipments in the first quarter of 2011 were lower as compared to the prior year period primarily due to weakness in consumer demand for residential furniture in our product categories and price segment, which we believe is consistent with industry trends; the continuing economic downturn which reflects the ongoing labor and housing market struggles and reduced access to consumer credit; and import competition. Commercial furniture sales were lower for the first quarter of 2011 as compared to the prior year period primarily due to lower shipments of conference tables and seating products.

Operating results in the first quarter of 2011 were negatively impacted by a lower number of units shipped as compared to the same period last year which resulted in higher unabsorbed fixed overhead costs and manufacturing inefficiencies, an unfavorable product sales mix, and higher material and freight costs on certain products due to cost increases and delays in receiving parts from overseas suppliers. Selling, general and administrative expenses were $223,000 lower in the first quarter of 2011 as compared to the prior year period primarily due to lower sales commissions.

Cash flow used in operating activities was $0.4 million for the first quarter of 2011 as compared to $4.5 million provided in the prior year period. The $4.5 million of cash provided in the 2010 period included the receipt of a tax refund of $6.6 million. Excluding this tax refund, we used $1.7 million less cash in the first quarter of 2011 as compared to the prior year period, primarily due to larger reductions in inventories and accounts receivable in the 2011 period. The Company had cash of $3.8 million at April 2, 2011, no bank borrowings during the first quarter of 2011, and no outstanding loan balance at April 2, 2011.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs