Chromcraft Revington, Inc. Reports 1995 and Fourth Quarter Results.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. , Indiana--(BUSINESS WIRE)--February 13, 1996--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. ) today reported that net earnings for the year ended December December: see month. 31, 1995 were $11,974,000, up 7.0% from $11,191,000 for the same period a year ago. Fully 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 rose to $2.03 for 1995 versus $1.91 in 1994. Sales for 1995 were $152,609,000, a 13.8% increase from 1994 sales of $134,112,000. For the fourth quarter of 1995, net earnings rose 2.7% to $3,123,000 from $3,042,000 for the same period last year. Fully diluted earnings per share were $.53 for the 1995 fourth quarter versus $.52 for the prior year quarter. Sales of $40,226,000 for the fourth quarter of 1995 were 21.2% higher than the prior year period. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the year ended December 31, 1995 increased to $20,344,000, or 13.3% of sales, as compared to $19,229,000, or 14.3% of sales, last year. For the fourth quarter, operating income rose to $5,319,000, or 13.2% of sales, from $5,178,000, or 15.6% of sales, for the year-earlier period. Commenting on these results, Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. E. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs , President and Chief Executive Officer of Chromcraft Revington, stated that the increase in sales was mainly due to sales by Silver Furniture Co., Inc., which was acquired April 3, 1995, as well as an increase in shipments of Peters-Revington occasional furniture. These sales increases were partially offset by lower shipments at Chromcraft, particularly in casual dining furniture, primarily due to weak retail conditions. Thomas added that retail furniture sales continue to remain sluggish and the Company's sales backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. at year end was slightly lower than the year-ago level. The operating income margin decrease for 1995 was principally due to the inclusion of Silver Furniture's operating results. In December 1995, the Company entered into a new $60 million revolving bank credit agreement. This new facility adds $25 million in debt capacity, and provides the financial flexibility to expand internally and to act timely on acquisition opportunities. At December 31, 1995, the Company had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $56.4 million available under this facility to fund future growth. Chromcraft Revington designs, manufactures and sells occasional, casual dining 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 "Peters-Revington," "Chromcraft" and "Silver Furniture" brand names. -0-
Condensed Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
___________________ _____________________
1995 1994 1995 1994
_______ _______ ________ ________
Sales $40,226 $33,200 $152,609 $134,112
_______ _______ ________ ________
Gross margin 10,702 9,547 40,822 37,545
Selling, general and
administrative expenses 5,383 4,369 20,478 18,316
_______ _______ ________ ________
Operating income 5,319 5,178 20,344 19,229
Interest expense, net 87 13 236 252
_______ _______ ________ ________
Earnings before income
tax expense 5,232 5,165 20,108 18,977
Income tax expense 2,109 2,123 8,134 7,786
_______ _______ ________ ________
Net earnings $ 3,123 $ 3,042 $ 11,974 $ 11,191
_______ _______ ________ ________
_______ _______ ________ ________
Earnings per share of
common stock:
Primary $ .53 $ .52 $2.04 $1.91
_______ _______ ________ ________
_______ _______ ________ ________
Fully diluted $ .53 $ .52 $2.03 $1.91
_______ _______ ________ ________
_______ _______ ________ ________
Average shares and equivalents outstanding: Primary 5,883 5,848 5,867 5,845 Fully diluted 5,907 5,856 5,906 5,854
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
December 31,
_____________________
1995 1994
_______ _______
Cash and cash equivalents $ - $ 2,078
Accounts receivable 18,370 13,678
Inventories 19,928 15,150
Deferred income taxes and
other assets 1,173 1,021
_______ _______
Current assets 39,471 31,927
Property, plant and equipment, net 22,627 16,639
Intangibles and other assets 23,727 20,691
_______ _______
Total assets $85,825 $69,257
_______ _______
_______ _______
Accounts payable $ 7,568 $ 3,942
Accrued liabilities 9,983 10,519
_______ _______
Current liabilities 17,551 14,461
Revolving credit facility 1,500 -
Deferred income taxes and other
liabilities 2,992 3,174
_______ _______
Total liabilities 22,043 17,635
Stockholders' equity 63,782 51,622
_______ _______
Total liabilities and
stockholders' equity $85,825 $69,257
_______ _______
_______ _______
CONTACT: Chromcraft Revington, Inc., Delphi, Indiana Delphi is a city in Carroll County, Indiana, United States. The population was 3,015 at the 2000 census. The city is the county seat of Carroll CountyGR6. Geography Delphi is located at (40. Frank T. Kane Kane can refer to: In sports:
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion