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Chromcraft Revington, Inc. Reports First Quarter Results

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
April 2, April 3,
2011 2010
 
Sales $ 12,480 $ 13,907
 
Cost of sales   10,820     11,201  
 
Gross margin 1,660 2,706
 
Selling, general and administrative expenses   3,388     3,611  
 
Operating loss (1,728 ) (905 )
 
Interest expense   (76 )   (75 )
 
Net loss $ (1,804 ) $ (980 )
 
Basic and diluted loss per share of common stock $ (.38 ) $ (.21 )
 
Shares used in computing loss per share 4,737 4,667
 
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
   
April 2, December 31,
2011 2010
 
Assets
 
Cash $ 3,787 $ 4,179
Accounts receivable, less allowance of $250 in 2011 and $300 in 2010 5,942 7,552
Inventories 12,505 14,191
Prepaid expenses and other   814   711
Current assets 23,048 26,633
 
Property, plant and equipment, net 7,036 7,235
Other assets   618   579
 
Total assets $ 30,702 $ 34,447
 
Liabilities and Stockholders' Equity
 
Accounts payable $ 2,265 $ 4,144
Accrued liabilities   3,261   3,346
Current liabilities 5,526 7,490
 
Deferred compensation 429 461
Other long-term liabilities   1,675   1,667
Total liabilities 7,630 9,618
 
Stockholders' equity   23,072   24,829
 
Total liabilities and stockholders' equity $ 30,702 $ 34,447
 
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
           
Three Months Ended
April 2, April 3,
2011 2010
 
Operating Activities
Net loss $ (1,804 ) $ (980 )
Adjustments to reconcile net loss to
cash provided by (used in) operating activities:
Depreciation and amortization expense 212 224
Non-cash share based and ESOP compensation expense 47 42
Provision for doubtful accounts - 12
Non-cash inventory write-downs 55 152
Non-cash accretion expense 9 8
Changes in operating assets and liabilities:
Accounts receivable 1,610 229
Refundable income taxes - 6,578
Inventories 1,631 34
Prepaid expenses and other (103 ) (221 )
Accounts payable and accrued liabilities (1,964 ) (1,512 )
Long-term liabilities and assets   (72 )   (52 )
 
Cash provided by (used in) operating activities   (379 )   4,514  
 
Investing Activities
Capital expenditures   (13 )   (42 )
 
Cash used in investing activities   (13 )   (42 )
 
Change in cash (392 ) 4,472
 
Cash at beginning of the period   4,179     3,636  
 
Cash at end of the period $ 3,787   $ 8,108  




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