This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Chromcraft Revington, Inc. Reports Third Quarter And First Nine Months Results

The net loss for the nine months ended October 1, 2011 of $4.1 million was $0.2 million or 3.7% lower than the same period in 2010. The improved loss was primarily due to a reduction in selling, general and administrative expenses resulting largely from lower sales commissions and marketing related expenses.

Excluding receipt of a tax refund of $6.6 million in 2010, we used $3.8 million less cash in operating activities in the first nine months of 2011 as compared to the prior year period, primarily due to less cash used to fund working capital. The Company had cash of $1.6 million at October 1, 2011, no bank borrowings during the first nine months of 2011, and no outstanding loan balance at October 1, 2011.

Commenting on these results, Ronald H. Butler, Chairman and Chief Executive Officer, said, “Despite the continuing difficult retail operating environment, we are encouraged by our third consecutive quarterly reduction in net loss, which represented a 46% improvement over the prior year quarter. These improvements reflect increased order activity and shipments of contract commercial products, cost containment initiatives and reduced selling and marketing expenses. Although the ongoing difficult operating environment in the residential furniture market will continue to be challenging, we expect fourth quarter residential sales to be improved by recent incoming orders of a new line of home entertainment furniture. 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.”

Mr. Butler continued, “In line with this strategy, we recently refinanced our credit facility prior to its scheduled expiration in June 2012 and entered into a new three year secured revolving credit facility (the “New Facility”) with First Business Capital Corp., a subsidiary of First Business Bank, of up to $10 million based upon qualified accounts receivable of the Company. We believe this new credit facility provides us with the borrowing capacity to meet our anticipated cash operating needs while reducing our overall expected borrowing costs.”

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,862.60 -65.60 -0.37%
S&P 500 2,083.49 -5.97 -0.29%
NASDAQ 4,924.7390 -14.5880 -0.30%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs