Chromcraft Revington, Inc. Reports Higher 4th Quarter and 1998 Earnings and Sales.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. .--(BUSINESS WIRE)--Feb. 9, 1999--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 three months ended December December: see month. 31, 1998 were $4,290,000, or $.38 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, compared to $4,137,000, or $.35 per share on a diluted basis, for the prior year period. Sales for the fourth quarter were $62,105,000, an increase of 4.8% over the same period of 1997. For the year ended December 31, 1998, net earnings rose 11.0% to $16,259,000, or $1.41 per share on a diluted basis, compared to $14,642,000, or $1.25 per share on a diluted basis, last year. Sales for 1998 increased 4.9% to $236,744,000 as compared to $225,629,000 for the prior year. 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 three months ended December 31, 1998 increased to $7,320,000, or 11.8% of sales, as compared to $7,130,000, or 12.0% of sales, last year. For the year ended December 31, 1998, operating income rose to $27,792,000, or 11.7% of sales, from $25,627,000, or 11.4% of sales, for the prior year. Commenting on fourth quarter results, Michael 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 increase in net earnings was primarily due to the higher sales volume and improved operating results at the Company's Cochrane Furniture subsidiary. He added that the increase in sales over last year's fourth quarter was mainly due to higher occasional furniture shipments. Thomas pointed out that the fourth quarter operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: percentage was slightly lower as compared to the prior year period as a result of manufacturing inefficiencies at the Company's Chromcraft subsidiary, primarily due to start-up Start-up The earliest stage of a new business venture. costs incurred for new product introductions and employee attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: resulting from tight labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience conditions. Thomas said that the Company's balance sheet remained strong at year-end with debt representing 5.3% of total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. . In addition, on February 8, 1999, 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 500,000 shares of the Company's common stock. Purchases will be made in the open market, or privately negotiated transactions, at times and prices deemed advantageous to the Company. 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" and "Cochrane 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,
1998 1997 1998 1997
-------- -------- -------- --------
Sales $ 62,105 $ 59,265 $236,744 $225,629
-------- -------- -------- --------
Gross margin 15,658 14,319 59,756 55,827
Selling, general and
administrative expenses 8,338 7,189 31,964 30,200
-------- -------- -------- --------
Operating income 7,320 7,130 27,792 25,627
Interest expense, net 183 277 739 1,265
-------- -------- -------- --------
Earnings before income
tax expense 7,137 6,853 27,053 24,362
Income tax expense 2,847 2,716 10,794 9,720
-------- -------- -------- --------
Net earnings $ 4,290 $ 4,137 $ 16,259 $ 14,642
-------- -------- -------- --------
-------- -------- -------- --------
Earnings per share
of common stock:(1)
Basic $ .39 $ .36 $ 1.46 $ 1.28
-------- -------- -------- --------
-------- -------- -------- --------
Diluted $ .38 $ .35 $ 1.41 $ 1.25
-------- -------- -------- --------
-------- -------- -------- --------
Shares used in computing
earnings per share:(1)
Basic 10,938 11,350 11,137 11,418
Diluted 11,307 11,720 11,533 11,755
(1)Adjusted for the two-for-one stock split effective June 10, 1998.
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
December 31,
1998 1997
-------- --------
Accounts receivable $ 26,884 $ 26,905
Inventories 38,130 35,172
Deferred income taxes and other assets 4,713 2,974
-------- --------
Current assets 69,727 65,051
Property, plant and equipment, net 37,094 37,445
Intangibles and other assets 22,824 23,648
-------- --------
Total assets $129,645 $126,144
-------- --------
-------- --------
Accounts payable $ 6,939 $ 8,450
Accrued liabilities 12,963 12,670
-------- --------
Current liabilities 19,902 21,120
Revolving credit facility 5,400 9,000
Deferred income taxes
and other liabilities 7,226 5,118
-------- --------
Total liabilities 32,528 35,238
Stockholders' equity 97,117 90,906
-------- --------
Total liabilities
and stockholders' equity $129,645 $126,144
-------- --------
-------- --------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion