Chromcraft Revington, Inc. Reports 2004 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. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. . -- Chromcraft Revington, Inc. (AMEX AMEX See: American 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 net earnings for the three months ended December December: see month. 31, 2004 of $2,157,000, or $.51 per share on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis, as compared to $1,689,000, or $.41 per share on a diluted basis, for the same period last year. Sales for the fourth quarter decreased 8.9% to $41,630,000 from $45,680,000 in the year earlier quarter. For the year ended December 31, 2004 net earnings were $7,668,000, or $1.82 per share on a diluted basis, as compared to $8,088,000, or $1.94 per share on a diluted basis, for the prior year. Sales for 2004 were $172,393,000, a 6.4% decrease from last year. Net earnings for 2003 included three previously reported non-recurring items: a $3,650,000 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta non-cash gain from the resolution of a claim that existed as part of the Company's earlier acquisition of a subsidiary, $515,000 of additional income tax expense for a change in estimate of the tax basis of certain acquired assets and a $950,000 pre-tax inventory write down for slow moving bedroom furniture. The net effect of these items added $.28 to earnings per share, on a diluted basis, for the year ended December 31, 2003. Commenting on fourth quarter 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 , Chairman, President and Chief Executive Officer said that the sales decrease from last year was the result of lower shipments of dining room, bedroom and occasional furniture partially offset by higher shipments of commercial and upholstered furniture. The sales decline was primarily due to foreign import competition. Thomas pointed out that earnings for the current quarter were higher compared to the fourth quarter of 2003 primarily due to cost reductions. He added that excess cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in the fourth quarter was used to reduce bank indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. by $8,350,000. At December 31, 2004 bank indebtedness stood at $5,700,000. Looking ahead, Thomas said that sales orders The sales order, sometimes abbreviated as SO, is an order received by a business from a customer. A sales order may be for products and/or services. Given the wide variety of businesses, this means that the orders can be fulfilled in several ways. lag behind last year's level and the Company's 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. entering the first quarter of 2005 was below the year ago level. 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 For places named Cochrane, see . Cochrane is a surname of Scottish derivation. Introduction Cochrane is a Scottish surname that is found throughout the British Isles. The surname Cochrane is the 1,339th most common last name in the United Kingdom. In the U.K. Furniture" and "Sumter Sumter, city (1990 pop. 41,943), seat of Sumter co., central S.C.; founded 1785, inc. 1845. It is the commercial, processing, and shipping center of a timber and agricultural region. Cabinet" brand names. The Company's strategy is to operate as a low-cost, high quality manufacturer and distributor of residential and commercial furniture. In recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has increased imports of low-cost labor intensive Labor Intensive A process or industry that requires large amounts of human effort to produce goods. Notes: A good example is the hospitality industry (hotels, restaurants, etc), they are considered to be very people-oriented. See also: Capital Intensive, Trading Dollars furniture components and finished furniture from the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. to supplement the Company's furniture manufacturing. Using this blended blend v. blend·ed or blent , blend·ing, blends v.tr. 1. To combine or mix so that the constituent parts are indistinguishable from one another: approach of domestic manufacturing and selective importing, the Company is better able to control the quality of furniture and service to its customers.
Condensed Consolidated Statements of Earnings (unaudited)
Chromcraft Revington, Inc.
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
----------------- -------------------
2004 2003 2004 2003
-------- -------- --------- ---------
Sales $41,630 $45,680 $172,393 $184,228
-------- -------- --------- ---------
Gross margin 9,536 9,238 39,414 38,636
Selling, general and
administrative expenses 5,937 6,270 26,279 27,263
Other (income) - - - (3,650)
-------- -------- --------- ---------
Operating income 3,599 2,968 13,135 15,023
Interest expense 198 243 788 1,147
-------- -------- --------- ---------
Earnings before income tax
expense 3,401 2,725 12,347 13,876
Income tax expense 1,244 1,036 4,679 5,788
-------- -------- --------- ---------
Net earnings $ 2,157 $ 1,689 $ 7,668 $ 8,088
======== ======== ========= =========
Earnings per share of common
stock
Basic $ .52 $ .41 $ 1.85 $ 1.97
Diluted $ .51 $ .41 $ 1.82 $ 1.94
Shares used in computing
earnings per share
Basic 4,176 4,078 4,143 4,109
Diluted 4,225 4,125 4,215 4,173
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
December 31,
-------------------------
2004 2003
------------ ------------
Accounts receivable $18,133 $17,768
Inventories 33,666 30,868
Deferred income taxes and prepaid expenses 1,971 1,362
------------ ------------
Current assets 53,770 49,998
Property, plant and equipment, net 32,490 35,166
Other long-term assets 776 736
------------ ------------
Total assets $87,036 $85,900
============ ============
Current portion of bank debt $ - $ 5,000
Accounts payable 5,093 4,642
Accrued liabilities 8,623 10,312
------------ ------------
Current liabilities 13,716 19,954
Bank debt 5,700 7,050
Other long-term liabilities 4,711 5,098
------------ ------------
Total liabilities 24,127 32,102
Stockholders' equity 62,909 53,798
------------ ------------
Total liabilities and stockholders'
equity $87,036 $85,900
============ ============
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
Year Ended December 31,
--------------------------
2004 2003
------------ -------------
Operating Activities
Net earnings $ 7,668 $ 8,088
Adjustments to reconcile net
earnings to net cash provided by
operating activities
Depreciation expense 3,721 4,188
Loss on disposal of property,
plant & equipment 29 3
Deferred income taxes (989) 1,084
Non-cash gain on the resolution
of a claim - (3,650)
Non-cash ESOP compensation
expense 967 837
Stock option compensation expense 198 198
Changes in assets and liabilities
Accounts receivable (365) 774
Inventories (2,798) 8,944
Accounts payable and accrued
liabilities (1,238) (2,830)
Other - 234
------------ -------------
Cash provided by operating activities 7,193 17,870
------------ -------------
Investing Activities
Capital expenditures (1,086) (674)
Proceeds on disposal of property,
plant & equipment 12 22
------------ -------------
Cash used in investing activities (1,074) (652)
------------ -------------
Financing Activities
Net repayment under a bank revolving
credit line (1,350) (4,000)
Principal payments on bank term loan (5,000) (12,000)
Stock repurchases - (2,226)
Exercise of stock options, net of tax
benefit 231 1,008
------------ -------------
Cash used in financing activities (6,119) (17,218)
------------ -------------
Net change in cash - -
Cash at beginning of period - -
------------ -------------
Cash at end of period $ - $ -
============ =============
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