Chromcraft-Revington Posts Loss in 1Q; Shows Improvement

May 18, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on May 19, 2010 Case goods supplier Chromcraft-Revington (AMEX: CRC) posted a net loss of $980,000 for the first quarter ended April 3, a 69 percent change compared to the $3.15 million loss during the same quarter last year.

The West Lafayette, Ind.-based company's sales were $13.9 million, a 17 percent decline from the first quarter of 2009 when the company's sales were  $16.7 million.

Ronald H. Butler, chairman and chief executive officer, said the restructuring and cost containment actions implemented starting in 2008 have made a significant positive impact on first quarter results and have helped reduce the effects of the economic downturn.

"2010 appears to be a continuation of the challenging economic environment for consumers," Butler said. "We believe the positive reactions we received from dealers recently at the April High Point Furniture Market indicate they are interested in selling new products like our Southern Living line of furniture, and an increasing interest in our existing occasional and casual dining products, as well as our custom Design and Dine program. We continue to believe that when the furniture market improves, the company is well positioned to return to profitability."

Read the entire earnings release from Chromcraft-Revington.