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
TheStreet Open House

Chromcraft Revington, Inc. Reports Second Quarter And First Half Results

Stocks in this article: CRC

Chromcraft Revington, Inc. (NYSE MKT: CRC) today reported its results for the second quarter of 2012. Sales for the second quarter of 2012 were $14,169,000 or 2.5% higher than the same period last year, extending the positive increases over the prior year quarter that began in the fourth quarter of 2011. Sales for the six months ended June 30, 2012 were $28,056,000 or 6.7% higher than the first six months of 2011. Our net loss of $2,720,000 for the first six months of 2012 was 11.1% lower than the same period in 2011.

The net loss for the second quarter of 2012 was $1,974,000, as compared to $1,254,000 for the same period in 2011. Most of the increased loss of $0.7 million compared to the second quarter of 2011 was primarily due to the termination of our revolving credit facility with First Business Capital Corp. resulting in $0.2 million of fees in selling, general and administrative expenses and $0.2 million of deferred financing fees in April 2012. Excluding the impact of approximately $0.4 million of one-time expenses for fees related to the cancellation of our former credit facility in April 2012, our operating profit for the second quarter was comparable to the same period last year.

The increase in sales for the second quarter of 2012 as compared to the prior year period was primarily due to increased shipments of commercial furniture, in particular office suites and waiting area furniture resulting from our acquisition of Executive Office Concepts, Inc. (“EOC”) in late March 2012, partially offset by lower sales of residential furniture product. The decrease in residential furniture shipments was primarily due to lower sales of bedroom furniture and occasional furniture. 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 difficulties which reflect the ongoing labor and housing market struggles and reduced consumer access to credit. These factors led to a decrease in residential orders in the second quarter of 2012 compared to the first quarter of 2012.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,002.16 -27.39 -1.35%
NASDAQ 4,637.9940 -43.5030 -0.93%

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