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Chromcraft Revington, Inc. Reports Second Quarter And First Half 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 Six Months Ended
June 30, July 2, June 30, July 2,
2012 2011 2012 2011
 
Sales $ 14,169 $ 13,822 $ 28,056 $ 26,302
 
Cost of sales   11,715     11,289     22,749     22,109  
 
Gross margin 2,454 2,533 5,307 4,193
 
Selling, general and administrative expenses   4,143     3,719     7,648     7,107  
 
Operating loss (1,689 ) (1,186 ) (2,341 ) (2,914 )
 
Interest expense   (285 )   (68 )   (379 )   (144 )
 
Net loss $ (1,974 ) $ (1,254 ) $ (2,720 ) $ (3,058 )
 
Basic and diluted loss per share of common stock $ (.39 ) $ (.26 ) $ (.55 ) $ (.64 )
 
Shares used in computing basic and diluted loss per share 5,024 4,765 4,933 4,751
 
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
   
June 30, December 31,
2012 2011
 
Assets
 
Accounts receivable, less allowance of $165 in 2012 and $150 in 2011 $ 7,214 $ 8,581
Inventories 13,916 14,194
Prepaid expenses and other   948   745
Current assets 22,078 23,520
 
Property, plant and equipment, net 6,525 6,483
Other assets   1,179   819
 
Total assets $ 29,782 $ 30,822
 
Liabilities and Stockholders' Equity
 
Revolving credit facility $ 2,697 $ 901
Current maturity of note payable 98 -
Accounts payable 3,771 3,955
Accrued liabilities   3,362   3,699
Current liabilities 9,928 8,555
 
Note payable 211 -
Deferred compensation 259 327
Other long-term liabilities   1,093   1,075
Total liabilities 11,491 9,957
 
Stockholders' equity   18,291   20,865
 
Total liabilities and stockholders' equity $ 29,782 $ 30,822
 
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
 
  Six Months Ended
June 30,   July 2,
2012 2011
Operating Activities
Net loss $ (2,720 ) $ (3,058 )

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization expense 330 424
Non-cash share based and ESOP compensation expense 146 208
Provision for doubtful accounts 20 22
Write-off of deferred financing costs 186 -
Amortization of deferred financing costs 27 25
Non-cash inventory write-downs - 134
Non-cash accretion expense 18 17

(Gain) loss on disposal of assets

1 (2 )

Changes in operating assets and liabilities, net of effect of acquired business

Accounts receivable 1,528 280
Inventories 616 262
Prepaid expenses and other (128 ) (109 )
Accounts payable and accrued liabilities (1,209 ) (357 )
Long-term liabilities and assets   (298 )   (152 )
Cash used in operating activities   (1,483 )   (2,306 )
 
Investing Activities
Capital expenditures (61 ) (25 )
Proceeds on disposal of assets 3 2
Acquisition of business, net of cash acquired   (138 )   -  
Cash used in investing activities   (196 )   (23 )
 
Financing Activities
Deferred financing cost (117 ) -
Net borrowings on revolving credit facility   1,796     -  
Cash provided by financing activities   1,679     -  
 
Change in cash - (2,329 )
 
Cash at beginning of the period   -     4,179  
 
Cash at end of the period $ -   $ 1,850  
 
 
Supplemental Disclosure of Non-Cash Investing Activities
Acquisition of a business:
 
Assets acquired and liabilities assumed:
Working capital $ (32 )
Property, plant and equipment 315
Intangible assets   226  
509
Less: cash acquired (62 )
Less: note due to seller   (309 )
$ 138  




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