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