Chromcraft Revington, Inc. Reports Third Quarter And First Nine Months Results
Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported its results for the third quarter and first nine months of 2011. Sales for the third quarter of 2011 were $13,226,000 and the net loss was $1,042,000 or 16.9% lower than the prior quarter, marking the third consecutive quarter of reduced losses. The net loss for the third quarter of 2011 of $1.0 million was $0.9 million or 46.1% lower than the loss in the same period in 2010.
Our improved operating results in the third quarter as compared to the same period in 2010 and the second quarter of 2011 were primarily due to an improved gross margin as a percentage of sales resulting largely from lower material costs and a favorable product sales mix along with a reduction in selling, general and administrative expenses. The favorable product mix reflected improved commercial sales in the third quarter. Residential furniture shipments in the third quarter of 2011 were lower as compared to same period in 2010 and the second quarter of 2011 primarily due to continued 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.
Sales for the three months ended October 1, 2011 represented a 4.2% decrease from the same period last year primarily due to lower shipments of residential furniture, particularly occasional furniture and home entertainment furniture. The lower sales of home entertainment furniture in the third quarter is primarily due to the timing of shipments on orders for new product groupings which are expected to ship in the fourth quarter of 2011.
Sales for the nine months ended October 1, 2011 were $39,528,000 and the net loss was $4,100,000. Sales for the first nine months of 2011 decreased 5.3% from the prior year period primarily due to lower shipments of occasional and home entertainment furniture, and to a lesser extent dining room furniture, partially offset by higher sales of bedroom furniture due to the introduction of a new bedroom line that began shipping in the second quarter of 2011.
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