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