Chromcraft Revington Reports on 2nd Quarter

August 17, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on August 18, 2010

Full-line furniture vendor Chromcraft Revington (AMEX:CRC) reported its fifth consecutive quarter of improved operating results Tuesday, but it's still losing money.

Chromcraft Revington's second-quarter 2010 sales fell 4 percent to $14 million, compared with the same period in 2009; but the company reduced its comparative net loss by 45 percent to $1.3 million in this year's second quarter.

Sales for the first six months of 2010 were $27.9 million, a decrease of 11 percent from the same period in 2009. The net loss for the six months ended July 3, 2010 was $2.3 million, compared with $5.6 million for the same period last year.

Ronald H. Butler, chairman and CEO of Chromcraft Revington, West Lafayette, Ind., said that the restructuring and cost containment actions implemented starting in 2008 have made a significant positive impact on the 2010 first-half results and have helped reduce the effects of the economic downturn.

"2010 appears to be a continuation of the challenging economic environment for consumers," he added. "We continue to believe that when the furniture market improves, the company is well positioned to return to profitability."

Chromcraft Revington wholesales its residential furniture products under Chromcraft, Cochrane, Peters-Revington, Southern Living, and CR Kids & Beyond brands. It sells commercial furniture under the Chromcraft brand.