Chromcraft Revington, Inc. Reports Higher First Quarter Earnings and Sales.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 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)--April 19, 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 a 25.6% increase in 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 for the three months ended April 1, 2000 as compared to the same period last year. For the quarter ended April 1, 2000, net earnings were $4,859,000, or $.49 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 $4,368,000, or $.39 per share on a diluted basis, for the prior year period. Sales for the three months ended April 1, 2000 increased 19.1% to $73,740,000 as compared to $61,898,000 for the same period 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 first quarter sales increase was mainly as a result of 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. First quarter sales of bedroom and commercial furniture were higher than the year earlier period, while shipments of occasional, dining and upholstered furniture were slightly lower. He added that most of the earnings improvement for the first quarter was attributable to the strong operating performance of the 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 subsidiary and the addition of Korn Industries' 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. . Thomas pointed out that Cochrane's dining room and bedroom businesses continue to expand, reflecting the growing consumer preference for solid wood furniture. Thomas said that the higher interest expense in 2000 was primarily due to an increased debt level resulting from the Korn Industries acquisition and purchases of the Company's common stock. During the first quarter of 2000, Chromcraft Revington repurchased 408,900 shares of the Company's common stock at a total cost of approximately $3,648,000. Looking forward, Thomas said that Korn Industries is performing as expected and should be a key contributor to Chromcraft Revington's success in the years ahead. 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 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. 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 could 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 December: see month. 31, 1999.
Condensed Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
Three Months Ended
--------------------
April 1, April 3,
2000 1999
-------- --------
Sales $ 73,740 $ 61,898
-------- --------
Gross margin 18,115 15,515
Selling, general and administrative expenses 9,639 8,182
-------- --------
Operating income 8,476 7,333
Interest expense 478 84
-------- --------
Earnings before income tax expense 7,998 7,249
Income tax expense 3,139 2,881
-------- --------
Net earnings $ 4,859 $ 4,368
-------- --------
-------- --------
Earnings per share of common stock
Basic $ .49 $ .41
-------- --------
-------- --------
Diluted $ .49 $ .39
-------- --------
-------- --------
Shares used in computing earnings per share
Basic 9,911 10,770
Diluted 10,006 11,106
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
April 1, April 3, Dec. 31,
2000 1999 1999
-------- -------- --------
Cash $ - $ 647 $ 1,148
Accounts receivable 35,513 30,022 29,574
Inventories 51,082 35,892 50,450
Other assets 3,463 4,605 3,642
-------- -------- --------
Current assets 90,058 71,166 84,814
Property, plant and equipment, net 44,099 37,285 44,480
Intangibles and other assets 29,580 21,695 29,841
-------- -------- --------
Total assets $163,737 $130,146 $159,135
-------- -------- --------
-------- -------- --------
Accounts payable $ 10,883 $ 6,844 $ 8,200
Accrued liabilities 19,530 14,909 15,851
Revolving credit facility 23,400 - 26,700
-------- -------- --------
Current liabilities 53,813 21,753 50,751
Other long term liabilities 8,943 7,837 8,614
-------- -------- --------
Total liabilities 62,756 29,590 59,365
Stockholders' equity 100,981 100,556 99,770
-------- -------- --------
Total liabilities and
stockholders' equity $163,737 $130,146 $159,135
-------- -------- --------
-------- -------- --------
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion