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
October 1, October 2, October 1, October 2,
2011 2010 2011 2010
 
Sales $ 13,226 $ 13,808 $ 39,528 $ 41,723
 
Cost of sales   10,709     11,716     32,818     34,256  
 
Gross margin 2,517 2,092 6,710 7,467
 
Selling, general and administrative expenses   3,491     3,951     10,598     11,499  
 
Operating loss (974 ) (1,859 ) (3,888 ) (4,032 )
 
Interest expense   (68 )   (74 )   (212 )   (224 )
 
Net loss $ (1,042 ) $ (1,933 ) $ (4,100 ) $ (4,256 )
 
Basic and diluted loss per share of common stock $ (.22 ) $ (.41 ) $ (.86 ) $ (.91 )
 
Shares used in computing loss per share 4,791 4,703 4,765 4,685
 
 
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
           
October 1, December 31,
2011 2010
 
Assets
 
Cash $ 1,583 $ 4,179
Accounts receivable, less allowance of $140 in 2011 and $300 in 2010 6,770 7,552
Inventories 14,460 14,191
Prepaid expenses and other   627   711
Current assets 23,440 26,633
 
Property, plant and equipment, net 6,667 7,235
Other assets   664   579
 
Total assets $ 30,771 $ 34,447
 
Liabilities and Stockholders' Equity
 
Accounts payable $ 4,312 $ 4,144
Accrued liabilities   3,322   3,346
Current liabilities 7,634 7,490
 
Deferred compensation 363 461
Other long-term liabilities   1,692   1,667
Total liabilities 9,689 9,618
 
Stockholders' equity   21,082   24,829
 
Total liabilities and stockholders' equity $ 30,771 $ 34,447
 
 
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
                     
Nine Months Ended
October 1, October 2,
2011 2010
 
Operating Activities
Net loss $ (4,100) $ (4,256)

Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization expense 593 682
Non-cash share based and ESOP compensation expense 353 308
Provision for doubtful accounts 23 72
Non-cash inventory write-downs 171 278
Non-cash accretion expense 26 24
Gain on disposal of assets (2) (5)
Changes in operating assets and liabilities:
Accounts receivable 759 (250)
Refundable income taxes - 6,578
Inventories (440) (1,246)
Prepaid expenses and other 84 (358)
Accounts payable and accrued liabilities 144 (1,586)
Long-term liabilities and assets (184) (18)
 
Cash provided by (used in) operating activities (2,573) 223
 
Investing Activities
Capital expenditures (25) (155)
Proceeds on disposal of assets 2 5
 
Cash used in investing activities (23) (150)
 
Change in cash (2,596) 73
 
Cash at beginning of the period 4,179 3,636
 
Cash at end of the period $ 1,583 $ 3,709

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