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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