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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  

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