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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,880.42 -105.19 -0.62%
S&P 500 1,962.36 -10.47 -0.53%
NASDAQ 4,391.2850 -27.7490 -0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs