Cash used in operating activities was $2.3 million for the first six months of 2011 as compared to $3.0 million provided in the prior year period. The $3.0 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 $1.3 million less cash in the first half of 2011 as compared to the prior year period. The Company had cash of $1.9 million at July 2, 2011, no bank borrowings during the first six months of 2011, and no outstanding loan balance at July 2, 2011.
Commenting on these results, Ronald H. Butler, Chairman and Chief Executive Officer, said, “Despite our operating loss for the second quarter, we are encouraged by a marked improvement over the first quarter 2011 operating results in both sales and operating loss, primarily due to a pickup in our recent order activity and shipments of contract commercial products. Although the ongoing difficult operating environment in the residential furniture market will continue to be challenging, we expect the positive impact on our business resulting from what may be the start of a rebound in the U.S. office furniture market to continue through the remainder of the year. In these uncertain economic times, we have diligently focused on our cash flow and balance sheet management along with controlling operating costs to be in line with our revenue base.”
Chromcraft Revington® businesses design residential and commercial furniture marketed throughout North America. The Company wholesales its residential furniture products under Chromcraft®, Cochrane®, Peters-Revington®, Southern Living®, and CR Kids & Beyond® primary brands. It sells commercial furniture under the Chromcraft® brand. The Company sources furniture from overseas suppliers, with domestic contract specialty facilities, and operates one U.S. manufacturing facility for its commercial furniture and motion based casual dining furniture in Mississippi.
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