Chromcraft Revington, Inc. Reports Third Quarter And First Nine Month 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									Nine Months Ended
		September 29,				October 1,					September 29,				October 1,
		2012				2011					2012				2011
Sales		$	13,673			$	13,226				$	41,729			$	39,528
Cost of sales			11,023				10,709					33,772				32,818
Gross margin			2,650				2,517					7,957				6,710
Selling, general and administrative expenses			3,484				3,491					11,132				10,598
Operating loss			(834	)			(974	)				(3,175	)			(3,888	)
Interest expense, net			(121	)			(68	)				(500	)			(212	)
Loss before income tax benefit			(955	)			(1,042	)				(3,675	)			(4,100	)
Income tax benefit			238				-					238				-
Net Loss		$	(717	)		$	(1,042	)			$	(3,437	)		$	(4,100	)
Basic and diluted loss per share of common stock		$	(.14	)		$	(.22	)			$	(.69	)		$	(.86	)
Shares used in computing basic and diluted loss per share			5,061				4,791					4,976				4,765

Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
			September 29,					December 31,
			2012					2011
Assets
Accounts receivable, less allowance of $165 in 2012 and $150 in 2011			$	7,522				$	8,581
Inventories				15,108					14,194
Prepaid expenses and other				701					745
	Current assets			23,331					23,520
Property, plant and equipment, net				6,444					6,483
Other assets				1,390					819
	Total assets		$	31,165				$	30,822
Liabilities and Stockholders' Equity
Revolving credit facility			$	2,425				$	901
Current maturity of note payable				99					-
Accounts payable				6,040					3,955
Accrued liabilities				3,503					3,699
	Current liabilities			12,067					8,555
Note payable, less current maturity				167					-
Deferred compensation				223					327
Other long-term liabilities				1,102					1,075
	Total liabilities			13,559					9,957
Stockholders' equity				17,606					20,865
	Total liabilities and stockholders' equity		$	31,165				$	30,822

Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
							Nine Months Ended
							September 29,					October 1,
							2012					2011
Operating Activities
	Net loss						$	(3,437	)			$	(4,100	)
		Adjustments to reconcile net loss to
			net cash used in operating activities:
				Depreciation and amortization expense				499					593
				Non-cash share based and ESOP compensation expense				178					353
				Deferred income tax benefit				(238	)				-
				Provision for doubtful accounts				36					23
				Write-off of deferred financing costs				186					-
				Amortization of deferred financing costs				40					38
				Non-cash inventory write-downs				11					171
				Non-cash accretion expense				27					26
				Changes in operating assets and liabilities, net of effect of acquired business
					Accounts receivable			1,204					759
					Inventories			(587	)				(440	)
					Prepaid expenses and other			119					84
					Accounts payable and accrued liabilities			1,212					144
					Long-term liabilities and assets			(393	)				(224	)
		Cash used in operating activities						(1,143	)				(2,573	)
Investing Activities
	Capital expenditures							(107	)				(25	)
	Proceeds on disposal of assets							5					2
	Acquisition of a business, net of cash acquired							(138	)				-
		Cash used in investing activities						(240	)				(23	)
Financing Activities
	Debt issuance costs							(117	)				-
	Payments on EOC note							(24	)				-
	Net borrowings on revolving credit facility							1,524					-
		Cash provided by financing activities						1,383					-
Change in cash								-					(2,596	)
Cash at beginning of the period								-					4,179
Cash at end of the period							$	-				$	1,583
Supplemental Disclosure of Non-Cash Investing Activities
Acquisition of a business:
Assets acquired and liabilities assumed:
	Identifiable assets acquired and liabilities assumed, net						$	367
	Goodwill							123
								490
		Less: cash acquired						(62	)
		Less: note due to seller						(290	)
							$	138

« First ‹ Previous 1 2 3 4 5 Next › Last »