Chromcraft Revington, Inc. reported a loss of $1.0 million, or ($0.21) per diluted share, in the first quarter of 2010. This was an improvement from the first quarter of 2009, when the company lost $3.1 million, or ($0.69) per share.
Chromcraft Revington, Inc. said that revenue declined from $16.7 million in the first quarter of 2009 to $13.9 million in the first quarter of 2010. The management team attributed the decrease in revenue to the economic downturn, the discontinuation of high end lines of furniture by the company, and competition from imports.
The company reported a lower net loss in the first quarter of 2010 due to extensive cost cutting and other restructuring activities implemented over the last 2 years.
Ronald H. Butler, the CEO of Chromcraft Revington, Inc., 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.”
Chromcraft Revington, Inc. also reported an improved balance sheet at 3/31/2010, with cash and cash equivalents of $8.1 million, compared to $3.6 million a year earlier. As of last report, the company has no debt.
For more information, visit www.chromcraft-revington.com