Chromcraft Revington, Inc. Reports Fourth Quarter And Full Year Results
Chromcraft Revington, Inc. (NYSE Amex: CRC) today reported its results for the fourth quarter and year ended December 31, 2011. Sales for the fourth quarter of 2011 were $15.7 million or 19.0% higher than the prior quarter and 8.2% higher than the same period last year. The net loss for the fourth quarter of 2011 was $255,000, which was 75.5% lower than the prior quarter, marking the fourth consecutive quarter of reduced losses, and 90.5% lower than the loss in the same period in 2010.
Our improved operating results in the fourth quarter as compared to the third quarter of 2011 were primarily due to increased sales, a favorable product sales mix and lower selling, general and administrative expenses. Residential furniture shipments in the fourth quarter of 2011 were higher than the third quarter of 2011 primarily due to shipments of a new home entertainment product line which began shipping in the fourth quarter and increased sales of occasional and dining room furniture. Commercial sales increased in the fourth quarter of 2011 as compared to the prior quarter primarily due to increased sales of seating and table products. Despite the increases in residential sales in the fourth quarter, entering 2012 we continue to face the challenges resulting from 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.
Our sales increase of 8.2% for the three months ended December 31, 2011 as compared to the same period in 2010 was primarily due to higher shipments of commercial seating and sales of the new home entertainment product line.
Sales for the year ended December 31, 2011 were $55.3 million, a 1.8% decrease from the prior year. Shipments of residential furniture in 2011 were lower than 2010 primarily due to lower sales of occasional 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. Commercial furniture shipments were higher in 2011 as compared to the prior year due to an increase in shipments of seating products to government agencies, higher education institutions and the health care industry.
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