This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Chromcraft Revington, Inc. Reports Fourth Quarter And Full Year Results

The net loss for 2011 was $4.4 million, or 37.3% lower than 2010. The reduced loss for both the fourth quarter of 2011 and the year ended December 31, 2011 compared to the same periods in 2010 was primarily due to a reduction in selling, general and administrative expenses and a favorable product sales mix. The reduction in selling, general and administrative expenses in 2011 resulted primarily from lower marketing-related expenses in 2011; charges in 2010 for a fourth quarter asset impairment related to an information technology system which we determined was not recoverable and payments made to former sales executives for unearned commissions which were payable under their employment agreements; and a reversal in the fourth quarter of 2011 of an accrual for estimated environmental costs related to land that we sold in December 2011.

Excluding receipt of a tax refund of $6.6 million in 2010, we used $1.0 million less cash in operating activities in 2011 as compared to 2010, primarily due to a reduced cash loss in 2011. The Company had $0.9 million of net borrowings on its credit facility during 2011, and an outstanding loan balance of $0.9 million at December 31, 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 fourth consecutive quarterly reduction in net loss, which represented a 91% improvement over the prior year quarter and the increased sales levels in the fourth quarter compared to both the prior quarter and the same period last year. These improvements reflect increased order activity and shipments of contract commercial products, cost containment initiatives and reduced selling, general and administrative expenses. The ongoing difficult operating environment in the residential furniture market will continue to be challenging in 2012.

“We are pleased with our recent acquisition of California-based Executive Office Concepts, Inc. (‘EOC’), which will become part of our commercial contract division and its products will be sold under the EOC brand name. We believe its commercial product lines, especially an extensive health care line, complement our current product line of seating, tables, and waiting area furniture. We plan to operate EOC and offer its branded products to our contract customers, especially those seeking office suites and those in the health care segment. In addition, our commercial product division was awarded a three year vendor contract late in 2011 which took effect on January 1, 2012 with the Premier health care alliance which serves more than 2,500 U.S. hospitals and 80,000-plus other health care sites. The health care sector continues to grow significantly and we believe this alliance relationship continues to position the commercial line of our Chromcraft division where it needs to be for the future. 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.”

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs