Chromcraft Revington Posts 1Q Loss of $1.8M

May 17, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on May 18, 2011 Chromcraft Revington (AMEX: CRC)  reported a net loss of $1.8 million in the first quarter ended April 2, compared to a net loss of $980,000 in the first quarter of 2010.

Sales for the first quarter were $12.5 million, compared to sales of $13.9 million for the same quarter last year.

Residential furniture shipments in the first quarter of 2011 were lower as compared to the prior year period, and the company attributed that slump to weakness in consumer demand for residential furniture in its product categories and price segment.

Cash flow used in operating activities was $400,000 for the first quarter of 2011 as compared to $4.5 million provided in the prior year period. The $4.5 million of cash provided in the 2010 period included the receipt of a tax refund of $6.6 million. Excluding this tax refund, the company used $1.7 million less cash in the first quarter of 2011 as compared to the prior year period, primarily due to larger reductions in inventories and accounts receivable in the 2011 period.

"Our disappointing operating results for the current quarter reflect a continuation of the very challenging business environment and the lingering effects of the economic downturn as the labor and housing markets continue to struggle which has suppressed consumer demand for furniture in our categories and price segment," said Ronald H. Butler, chairman and CEO. "In these uncertain times, we have diligently focused on our cash flow and balance sheet management along with controlling operating costs to be in line with our revenue base."

The complete release can be found online.