Chromcraft Revington, Inc. reported net income of $4.7 million, or $1.00 per share, in the fourth quarter of 2009. The company lost $8.0 million, or $1.75 per share, in the same quarter last year.
Chromcraft Revington, Inc. reported revenues of $15.4 million in the fourth quarter of 2009, a 4% decline on a sequential basis, and a 35% year over year decline from the $22.9 million reported in the fourth quarter of 2008.
Chromcraft Revington, Inc. attributed the strong improvement in results to cost cutting and restructuring actions taken during the last few years.
Ronald H. Butler, the CEO of Chromcraft Revington, Inc., said, “2010 appears to be a continuation of the challenging economic environment for consumers. 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.”
Chromcraft Revington, Inc. benefited from a new law enacted by the federal government regarding net operating losses. The law increased the length of time that a company could carry back net operating losses from 2 to 5 years. The company said that it received a tax refund of $6.6 million during the first quarter of 2010.
Chromcraft Revington, Inc. designs and manufactures residential and commercial furniture.