Chromcraft Revington, Inc. Reports Higher First Quarter Sales and Earnings.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)--April 25, 1995--Chromcraft Revington, Inc. (Nasdaq:CROM CROM Confederación Regional Obrera Mexicana (Spanish: Regional Confederation of Mexican Workers, Mexico) CROM Regional Confederation of Mexican Workers CROM Control Read-Only Memory CROM Cervical Range of Motion ) today announced an 18.3 percent increase in net earnings for the first quarter ended April 1, 1995 as compared to the same period last year. For the quarter ended April 1, 1995, net earnings were $3,285,000, or $.56 per share, up from $2,777,000, or $.47 per share, for the same period last year. For the quarter, sales were $36,600,000, a 4.1 percent increase over the $35,168,000 reported for the first quarter 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, ``The improvement in net earnings over last year's first quarter was primarily due to a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. sales mix sales mix See product mix. and higher sales volume.'' Thomas added, ``The sales increase for the quarter was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to higher occasional furniture sales.'' Looking forward, Thomas said, ``Weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economic
indicators Economic indicatorsThe key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. for the housing industry may soften demand for the furniture industry in the coming months.'' The Company previously announced the acquisition of Silver Furniture Co., Inc., a manufacturer and importer of occasional furniture, effective April 3, 1995. Silver Furniture, located in Knoxville, Tennessee “Knoxville” redirects here. For other uses, see Knoxville (disambiguation). Founded in 1786, Knoxville is the third-largest city in the state of Tennessee, behind Memphis and Nashville, and is the county seat of Knox CountyGR6. , had sales of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $30 million in 1994. Thomas pointed out that the source of funds for the acquisition was the Company's excess cash together with borrowings of $5 million under its revolving loan facility. Thomas said, ``The Company's financial strength provides the flexibility to continue to expand internally and through acquisition opportunities.'' 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 ``Chromcraft,'' ``Peters-Revington'' and ``Silver'' brand names. -0-
Condensed Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
Three Months Ended
_________________________
April 1, April 2,
1995 1994
_________ _________
Sales $ 36,600 $ 35,168
_________ _________
Gross margin 10,347 9,749
Selling, general and
administrative expenses 4,882 4,869
_________ _________
Operating income 5,465 4,880
Interest income (expense), net 56 (84)
_________ _________
Earnings before income tax expense 5,521 4,796
Income tax expense 2,236 2,019
_________ _________
Net earnings $ 3,285 $ 2,777
_________ _________
_________ _________
Average shares and
equivalents outstanding 5,853 5,853
Earnings per share of common stock $.56 $.47
_________ _________
_________ _________
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
April 1, April 2, December 31,
1995 1994 1994
_________ _________ ____________
Cash and cash equivalents $ 7,998 $ - $ 2,078
Receivables 16,207 15,331 13,678
Inventories 13,011 12,544 15,150
Other assets 1,004 615 1,021
_________ _________ ____________
Current assets 38,220 28,490 31,927
Property, plant and equipment 16,759 16,868 16,639
Intangibles and other assets 20,532 21,205 20,691
_________ _________ ____________
Total assets $ 75,511 $ 66,563 $ 69,257
_________ _________ ____________
_________ _________ ____________
Accounts payable $ 5,246 $ 5,316 $ 3,942
Accrued liabilities 12,184 12,116 10,519
_________ _________ ____________
Current liabilities 17,430 17,432 14,461
Long-term debt - 2,620 -
Deferred income taxes and
other liabilities 3,137 3,383 3,174
_________ _________ ____________
Total liabilities 20,567 23,435 17,635
Stockholders' equity 54,944 43,128 51,622
_________ _________ ____________
Total liabilities and equity $ 75,511 $ 66,563 $ 69,257
_________ _________ ____________
_________ _________ ____________
CONTACT: Chromcraft Revington, Inc., Delphi Frank T. Kane Kane can refer to: In sports:
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