Chromcraft Revington, Inc. Reports Fourth Quarter and 1999 Results.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. , Indiana--(BUSINESS WIRE)--Feb. 8, 2000 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 lower net earnings for the fourth quarter of 1999 of $1,649,000, or $.16 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 $4,290,000, or $.38 per share on a diluted basis, for the prior year period. Sales for the fourth quarter of 1999 of $68,327,000 increased 10% as compared to $62,105,000 for the year- earlier quarter. For the year ended December December: see month. 31, 1999, net earnings were $13,074,000, or $1.22 per share on a diluted basis, as compared to $16,259,000, or $1.41 per share on a diluted basis, for the same period last year. Sales for 1999 of $245,385,000 increased 3.6% as compared to $236,744,000 last year. 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, said that the fourth quarter and 1999 sales increases were due to higher bedroom and dining room furniture shipments, partially offset by lower shipments of upholstered, commercial and entry-level-priced occasional furniture. Thomas pointed out that bedroom and dining room furniture shipments in 1999 were boosted by the Korn This article is about the band. For other uses, see Korn (disambiguation). Korn (or KoЯn) is a band from Bakersfield, California, and are credited with creating and popularizing the nu metal genre. Industries acquisition, which was completed on September September: see month. 2, 1999. Thomas said, &uot;The fourth quarter earnings decrease was primarily due to manufacturing inefficiencies, lower sales and an unfavorable product sales mix sales mix See product mix. at the Company's Chromcraft subsidiary. These results include a non-recurring charge of $1.5 million for employee termination costs, the writing down of discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: inventory and other related costs at the Chromcraft subsidiary.&uot; Thomas added that the Silver Furniture subsidiary's sales and earnings were lower for the quarter and twelve months ended 1999 primarily due to competitive price pressure. He also said that the Company's 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 Peters-Revington subsidiaries each reported higher sales and earnings for 1999. Looking forward, Thomas said that to improve profitability at the Chromcraft subsidiary, the Company is implementing certain measures, including simplifying and updating the product line, reducing employee head count and installing other cost reduction programs. He said, &uot;While we believe we are taking appropriate actions to improve profitability at the Chromcraft subsidiary, the difficulties which we have encountered at this subsidiary will most likely impact our consolidated results for the first half of 2000.&uot; He pointed out that the newly acquired Korn Industries subsidiary is progressing well and should have a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact on operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for 2000. Thomas said, &uot;The Company's strong financial position and excess cash flow will continue to provide the flexibility to grow through acquisitions or to buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may its common stock.&uot; During 1999, the Company repurchased approximately 845,000 shares of its common stock at a total cost of approximately $12.1 million. He added that recently Chromcraft Revington's Board of Directors authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to an additional 1,000,000 shares of the Company's common stock. 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 &uot;Chromcraft,&uot; &uot;Peters-Revington,&uot; &uot;Silver Furniture,&uot; &uot;Cochrane Furniture&uot; and &uot;Sumter Cabinet&uot; brand names. This news release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding Chromcraft Revington's future performance. These forward-looking statements are based upon certain assumptions as well as current expectations and projections about future events and are subject to uncertainties. As a result, the forward-looking statements contained in this release may turn out significantly different from expectations and projections or may not occur. Further, actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential factors that could affect Chromcraft Revington's actual financial results is included in its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998.
Condensed Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
Three Months Ended Year Ended
-------------------- --------------------
December 31, December 31,
1999 1998 1999 1998
-------- -------- -------- --------
Sales $ 68,327 $ 62,105 $245,385 $236,744
-------- -------- -------- --------
Gross margin 14,085 15,658 56,974 59,756
Selling, general and
administrative
expenses 10,788 8,338 34,340 31,964
-------- -------- -------- --------
Operating income 3,297 7,320 22,634 27,792
Interest expense, net 564 183 988 739
-------- -------- -------- --------
Earnings before income
tax expense 2,733 7,137 21,646 27,053
Income tax expense 1,084 2,847 8,572 10,794
-------- -------- -------- --------
Net earnings $ 1,649 $ 4,290 $ 13,074 $ 16,259
-------- -------- -------- --------
-------- -------- -------- --------
Earnings per share of common stock:
Basic $ 0.16 $ .39 $ 1.25 $ 1.46
-------- -------- -------- --------
-------- -------- -------- --------
Diluted $ 0.16 $ .38 $ 1.22 $ 1.41
-------- -------- -------- --------
-------- -------- -------- --------
Shares used in computing earnings per share:
Basic 10,161 10,938 10,448 11,137
Diluted 10,340 11,307 10,720 11,533
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
December 31,
1999 1998
-------- --------
Cash and cash equivalents $ 1,148 $ -
Accounts receivable 29,574 26,884
Inventories 50,450 38,130
Other assets 3,642 4,713
-------- --------
Current assets 84,814 69,727
Property, plant and equipment, net 44,480 37,094
Intangibles and other assets 29,841 22,824
-------- --------
Total assets $159,135 $129,645
-------- --------
-------- --------
Accounts payable $ 8,200 $ 6,939
Accrued liabilities 15,851 12,963
Revolving credit facility 26,700 -
-------- --------
Current liabilities 50,751 19,902
Revolving credit facility - 5,400
Other long term liabilities 8,614 7,226
-------- --------
Total liabilities 59,365 32,528
Stockholders' equity 99,770 97,117
-------- --------
Total liabilities and
stockholders' equity $159,135 $129,645
-------- --------
-------- --------
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