Chromcraft Revington, Inc. Reports Third Quarter And First Nine Month Results
Chromcraft Revington, Inc. (NYSE MKT: CRC) today reported its results for the third quarter of 2012. Sales for the third quarter of 2012 were $13,673,000 or 3.4% 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 nine months ended September 29, 2012 were $41,729,000 or 5.6% higher than the first nine months of 2011. Our net loss was $717,000 and $3,437,000 for the three and nine month periods ended September 29, 2012, respectively, or 31.2% and 16.2% lower, respectively, than the same periods in 2011.
The reduced net loss of $0.7 million in the third quarter of 2012 compared to a net loss of $1.0 million in the third quarter of 2011 was primarily due to an income tax benefit of $0.2 million resulting from the final allocation of the purchase price of Executive Office Concepts, Inc. (“EOC”) acquired in March 2012, and to a lesser extent, an increase in gross margin resulting from higher sales. The reduced net loss for the first nine months of 2012 compared to the prior year period is primarily due to the gross margin contributed by EOC products, lower import sourcing expense and the income tax benefit from the final allocation of the EOC purchase price.
The increase in sales for the third 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 EOC. Residential shipments for the third quarter of 2012 were comparable to the third quarter of 2011, resulting from an increase in sales of home entertainment furniture offset by lower sales of dining room furniture. Residential furniture sales were lower in the third quarter of 2012 compared to the second quarter of 2012, primarily due to lower sales of dining room 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 market struggles and reduced consumer access to credit. These factors led to a slight decrease in residential orders in the third quarter of 2012 compared to the second quarter of 2012. Commercial product orders increased in the third quarter of 2012 resulting in our highest quarterly orders since the third quarter of 2011.
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