Chromcraft Revington, Inc. Comments on First Quarter Outlook.Business Editors DELPHI Delphi (dĕl`fī), locality in Phocis, Greece, near the foot of the south slope of Mt. Parnassós, c.6 mi (10 km) northeast of the port of Cirrha. It was the seat of the Delphic oracle, the most famous and most powerful of ancient Greece. , Ind.--(BUSINESS WIRE)--March 28, 2003 Chromcraft Revington, Inc. (NYSE NYSE See: New York Stock Exchange :CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. ) announced today that it expects earnings for the first quarter of 2003 to be lower than previously projected, with first quarter diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of expected to be in the range of $.47 to $.52, which is eight cents lower than the Company's previous guidance. Michael E. Thomas, Chairman, President and Chief Executive Officer, stated that uncertainty in the U.S. economy, depressed consumer confidence levels and the current international conflict are among the factors resulting in a soft retail furniture market and are negatively affecting the Company's business. He added that foreign competition continues to impact the Company's business as well. Thomas also said that if business conditions do not improve, Chromcraft Revington expects earnings for the full year of 2003 to be lower than previously projected. Because of the uncertain economic environment, the Company has not updated its previous guidance regarding full year earnings per share. Chromcraft Revington plans to report its first quarter results during the week of April 21, 2003. Chromcraft Revington designs, manufactures and sells residential and commercial furniture throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. under the "Chromcraft," "Peters-Revington," "Silver Furniture," "Cochrane Furniture" and "Sumter Cabinet" brand names. This news release contains forward-looking statements under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements include the Company's expected earnings, as well as other statements containing future tense future tense n. A verb tense expressing future time. Noun 1. future tense - a verb tense that expresses actions or states in the future future or dates, or which are not historical facts, or which include words such as "expects," "estimates" or "projects." Forward-looking statements speak only as of the date of this news release, are not guarantees of future results or performance and are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those contained in any forward-looking statement. Among such risks and uncertainties are general economic conditions; new housing starts; demand for home furnishings; cyclical nature of the furniture industry; import and domestic competition; changes in relationships with customers; effectiveness of the Company's product mix; customer acceptance of existing and new products; delays or disruptions in the shipment of the Company's products; and other factors listed from time to time in the Company's news releases and reports filed with the Securities and Exchange Commission. Chromcraft Revington does not undertake any obligation to update or revise any forward-looking statements to reflect information, developments, events or circumstances after the date of this news release. |
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