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Chromcraft Revington, Inc. Reports Second Quarter And First Half Results

Stocks in this article: CRC

This release contains forward-looking statements that are based on current expectations and assumptions. These forward-looking statements can be generally identified as such because they include future tense or dates, or are not historical or current facts, or include words such as “believe,” “may,” “expect,” “anticipate,” “intend,” “plan,” or words of similar import. Forward-looking statements are not guarantees of performance or outcomes and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those reported, expected, or anticipated as of the date of this release.

Among such risks and uncertainties that could cause actual results or outcomes to differ materially from those reported, expected or anticipated are general economic conditions, including the impact of the current recession in the United States and elsewhere; import and domestic competition in the furniture industry; ability of the Company to execute its business strategies, implement its new business model and successfully complete its business transition; our ability to grow sales and reduce expenses to eliminate our operating losses; the continuation of the recent improvement in the U.S. office furniture market; our ability to sell the right product mix; supply disruptions with products manufactured in China and other Asian countries; continued credit availability under the Company’s bank credit facility; market interest rates; consumer confidence levels; cyclical nature of the furniture industry; consumer and business spending; changes in relationships with customers; customer acceptance of existing and new products; new and existing home sales; financial viability of the Company’s customers and their ability to continue or increase product orders; loss of key management; and other factors that generally affect business; and certain risks as set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2010.

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 Six Months Ended
July 2, July 3, July 2, July 3,
2011 2010 2011 2010
Sales $ 13,822 $ 14,008 $ 26,302 $ 27,915
Cost of sales   11,289     11,339     22,109     22,540  
Gross margin 2,533 2,669 4,193 5,375
Selling, general and administrative expenses   3,719     3,937     7,107     7,548  
Operating loss (1,186 ) (1,268 ) (2,914 ) (2,173 )
Interest expense   (68 )   (75 )   (144 )   (150 )
Net loss $ (1,254 ) $ (1,343 ) $ (3,058 ) $ (2,323 )
Basic and diluted loss per share of common stock $ (.26 ) $ (.29 ) $ (.64 ) $ (.50 )
Shares used in computing loss per share 4,765 4,685 4,751 4,676
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
July 2, December 31,
2011 2010
Cash $ 1,850 $ 4,179
Accounts receivable, less allowance of $225 in 2011 and $300 in 2010 7,250 7,552
Inventories 13,795 14,191
Prepaid expenses and other   820   711
Current assets 23,715 26,633
Property, plant and equipment, net 6,836 7,235
Other assets   640   579
Total assets $ 31,191 $ 34,447
Liabilities and Stockholders' Equity
Accounts payable $ 3,926 $ 4,144
Accrued liabilities   3,207   3,346
Current liabilities 7,133 7,490
Deferred compensation 396 461
Other long-term liabilities   1,683   1,667
Total liabilities 9,212 9,618
Stockholders' equity   21,979   24,829
Total liabilities and stockholders' equity $ 31,191 $ 34,447
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
Six Months Ended
July 2, July 3,
2011 2010
Operating Activities
Net loss $ (3,058 ) $ (2,323 )

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

Depreciation and amortization expense 424 472
Non-cash share based and ESOP compensation expense 208 172
Provision for doubtful accounts 22 43
Non-cash inventory write-downs 134 221
Non-cash accretion expense 17 16
Gain on disposal of assets (2 ) -
Changes in operating assets and liabilities:
Accounts receivable 280 118
Refundable income taxes - 6,578
Inventories 262 (190 )
Prepaid expenses and other (109 ) (228 )
Accounts payable and accrued liabilities (357 ) (1,913 )
Long-term liabilities and assets   (127 )   22  
Cash provided by (used in) operating activities   (2,306 )   2,988  
Investing Activities
Capital expenditures (25 ) (135 )
Proceeds on disposal of assets   2     -  
Cash used in investing activities   (23 )   (135 )
Change in cash (2,329 ) 2,853
Cash at beginning of the period   4,179     3,636  
Cash at end of the period $ 1,850   $ 6,489  

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