Chromcraft Revington, Inc. Reports Second Quarter And First Half Results
Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported its results for the second quarter of 2011. Sales for the second quarter of 2011 of $13,822,000 were 11% higher than the first quarter of 2011 and its net loss was 30% lower than the prior quarter. Gross margin expressed in dollars for the second quarter of 2011 increased by 53%, or 5% as a percent of net sales, from $1,660,000 to $2,533,000 as compared to the first quarter of 2011.
Operating results in the second quarter of 2011 improved by $542,000 as our operating loss decreased to $1,186,000 for the current quarter as compared to $1,728,000 for the first quarter of 2011, primarily due to increased sales and a favorable product sales mix.
Our improved second quarter operating results compared to the first quarter of 2011 and the second quarter of 2010 were primarily due to an increase in commercial furniture shipments, reflecting what we believe are improved conditions in the U.S. office furniture market. Commercial furniture sales were slightly higher for the second quarter of 2011 as compared to the prior year period. Residential furniture shipments in the second quarter of 2011 were slightly lower as compared to the prior year period primarily due to weak 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 high consumer debt levels; and import competition.
Gross margin expressed in dollars for the quarter ended July 2, 2011 was slightly lower than the same period last year which was offset by a decrease in selling, general and administrative expenses of $0.2 million primarily due to lower marketing related expenses. Selling, general and administrative expenses were $0.4 million lower in the first six months of 2011 as compared to the prior year period primarily due to lower marketing related expenses.
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