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

The Company does not undertake any obligation to update or revise publicly any forward-looking statements to reflect information, events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or circumstances.

         
 
Condensed Consolidated Statements of Operations (unaudited)
Chromcraft Revington, Inc.
(In thousands, except per share data)
     
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2011 2010 2011 2010
 
Sales $ 15,738 $ 14,546 $ 55,266 $ 56,269
 
Cost of sales   12,851     12,858     45,669     47,114  
 
Gross margin 2,887 1,688 9,597 9,155
 
Selling, general and administrative expenses   3,022     4,302     13,620     15,801  
 
Operating loss (135 ) (2,614 ) (4,023 ) (6,646 )
 
Interest expense, net   (120 )   (74 )   (332 )   (298 )
 
Net loss $ (255 ) $ (2,688 ) $ (4,355 ) $ (6,944 )
 
Basic and diluted loss per share of common stock $ (.05 ) $ (.57 ) $ (.91 ) $ (1.48 )
 
Shares used in computing basic and diluted loss per share 4,808 4,720 4,775 4,693
 
           
 
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
 
December 31, December 31,
2011 2010
 
Assets
 
Cash $ - $ 4,179
Accounts receivable, less allowance of $150 in 2011 and $300 in 2010 8,581 7,552
Inventories 14,194 14,191
Prepaid expenses and other   745   711
Current assets 23,520 26,633
 
Property, plant and equipment, net 6,483 7,235
Other assets   819   579
 
Total assets $ 30,822 $ 34,447
 
Liabilities and Stockholders' Equity
 
Revolving credit facility $ 901 $ -
Accounts payable 3,955 4,144
Accrued liabilities   3,699   3,346
Current liabilities 8,555 7,490
 
 
Deferred compensation 327 461
Other long-term liabilities   1,075   1,667
Total liabilities 9,957 9,618
 
Stockholders' equity   20,865   24,829
 
Total liabilities and stockholders' equity $ 30,822 $ 34,447
 
   
 
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
       
Twelve Months Ended
December 31, December 31,
2011 2010
 
Operating Activities
Net loss $ (4,355 ) $ (6,944 )

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

Depreciation and amortization expense 763 905
Non-cash share based and ESOP compensation expense 391 191
Provision for doubtful accounts 48 148
Amortization of deferred financing costs 86 50
Non-cash inventory write-downs 200 375
Non-cash asset impairment charges - 350
Non-cash accretion expense 34 33
(Gain) loss on disposal of assets 12 (5 )
Changes in operating assets and liabilities:
Accounts receivable (1,077 ) (39 )
Refundable income taxes - 6,578
Inventories (203 ) (1,272 )
Prepaid expenses and other (34 ) 279
Accounts payable (189 ) 780
Accrued liabilities 353 (559 )
Long-term deferred compensation (134 ) (138 )
Other long-term liabilities and assets   (750 )   3  
 
Cash provided by (used in) operating activities   (4,855 )   735  
 
Investing Activities
Capital expenditures (25 ) (197 )
Proceeds on disposal of assets   2     5  
 
Cash used in investing activities   (23 )   (192 )
 
Financing Activities
Deferred financing costs (202 ) -
Net borrowings on revolving credit facility   901     -  
 
Cash provided by financing activities   699     -  
 
Change in cash (4,179 ) 543
 
Cash at beginning of the period   4,179     3,636  
 
Cash at end of the period $ -   $ 4,179  
 




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