Chromcraft Revington Nets $4.7 Million in 4th Quarter

March 31, 2010  by in UnCategorized   

By Home Furnishings Business in Financial Reports on April 1, 2010

Full-line vendor Chromcraft Revington Inc. (CRC), West Lafayette, Ind., reported on Wednesday fourth-quarter 2009 net income of $4.7 million on sales of $15.4 million. While sales were down 4 percent, the bottom line improved over the prior-year period, when Chromcraft lost $8 million.

For the full year ended Dec. 31, Chromcraft Revington sales fell 37 percent from 2008 to $62.7 million due to the discontinuation of certain high-end, low-demand products, and the effects of the current economic recession, but its net loss for 2009 of $1.9 million was 93 percent lower than 2008's loss of $26.5 million.


Included in the fourth quarter 2009 results was an income tax benefit of $6.6 million from previously announced federal law changes in November of 2009. Also included in the fourth quarter was a write-down of $0.4 million of construction in progress related to an extensive but uncompleted information technology project begun before the current economic downturn. The operating loss of $1.8 million was reduced by $6.1 million for the fourth quarter of 2009 versus an operating loss of $7.9 million for the same quarter the prior year.

Commenting on these results, Ronald H. Butler, chairman and CEO, said that the restructuring and cost containment actions implemented starting in 2008 have made a significant positive impact on fourth 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," he said. "Dealers are interested in showing new products like our Southern Living line of furniture, and we introduced a new youth line of furniture, CR Kids & Beyond, from our CR International subsidiary at the Las Vegas Furniture Market last month. The reactions were positive from our customers and we hope to see a similar reaction at the upcoming High Point Furniture Market in April. 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 name.