Chromcraft Reports 3Q Loss

November 17, 2010  by in UnCategorized   

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

Full-line furniture vendor Chromcraft Revington (AMEX:CRC) announced third-quarter 2010 sales of $13.8 million, a 13.9 percent drop from the prior year.

Chromcraft lost $1.93 million for the three months ended Oct. 2, compared with a net loss of $979,000 in third-quarter 2009.

Sales for the first nine months of 2010 of $41.7 million fell 11.8 percent from $47.28 million for the first nine months of 2009. Net loss through third-quarter 2010 was $4.26 million, compared with a net loss of $6.59 million at the same point in 2009.

"We believe the restructuring and cost containment actions implemented starting in 2008 have had a positive impact on the results for the first nine months of 2010 and helped reduce the effects of the economic downturn," said Chromcraft Revington Chairman and CEO Ronald Butler. "The fourth quarter of 2010 appears to be a continuation of the challenging economic environment for consumers. We continue to believe that when the furniture market improves, the company is well positioned to return to profitability."