Chromcraft Revington, Inc. Reports Third Quarter Results In Line With Previous Guidance.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)--Oct. 17, 2001 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 three months ended September September: see month. 29, 2001 of $2,334,000, or $.24 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 $2,732,000, or $.28 per share on a diluted basis, for the same period last year. Sales for the third quarter of 2001 were $52,282,000 or 15.8% lower than the prior year period sales of $62,062,000. The Company previously reported that it expected third quarter earnings per share on a diluted basis to be in the range of $.21 to $.26. For the nine months ended September 29, 2001, net earnings were $8,312,000, or $.86 per share on a diluted basis, compared to $11,515,000, or $1.16 per share on a diluted basis, for the same period last year. Sales for the first nine months were $166,552,000, a 17.3% decrease from the $201,469,000 reported for the prior year period. 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 softness in retail furniture sales continued into the third quarter affecting all of the Company's product lines. Lower 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 were primarily due to unabsorbed fixed overhead as a result of the lower sales volume. Thomas pointed out that in response to the weak economic environment the Company has streamlined operations, reduced headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. and implemented cost reduction programs to improve profitability. As of September 29, 2001, the Company had paid off all of its 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. . 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 has been used to reduce bank indebtedness. Thomas said, "Our debt-free balance sheet places us in a strong position to take advantage of future strategic opportunities." Looking ahead, Thomas noted that incoming Incoming is a 3-D shooter developed by Rage Software and published by Interplay. The PC version was released in late 1998, and the Dreamcast version, a launch title for the console, was released in 1998 in Japan and in 1999 in the rest of the world. orders and 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. were below the year ago levels. Mr. Thomas added that the Company anticipates that fourth quarter earnings per share on a diluted basis will be between $.18 and $.23, as compared to $.41 last year. 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. 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, 2000.
Condensed Consolidated Statements of Earnings (unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
-------------------- --------------------
Sept. 29, Sept. 30, Sept. 29, Sept. 30,
2001 2000 2001 2000
-------- -------- -------- --------
Sales $ 52,282 $ 62,062 $166,552 $201,469
-------- -------- -------- --------
Gross margin 11,031 14,050 36,808 48,259
Selling, general and
administrative expenses 7,079 9,013 22,551 27,773
-------- -------- -------- --------
Operating income 3,952 5,037 14,257 20,486
Interest expense 127 540 631 1,531
-------- -------- -------- --------
Earnings before income
tax expense 3,825 4,497 13,626 18,955
Income tax expense 1,491 1,765 5,314 7,440
-------- -------- -------- --------
Net earnings $ 2,334 $ 2,732 $ 8,312 $ 11,515
======== ======== ======== ========
Earnings per share
of common stock
Basic $ .24 $ .28 $ .87 $ 1.18
======== ======== ======== ========
Diluted $ .24 $ .28 $ .86 $ 1.16
======== ======== ======== ========
Shares used in computing
earnings per share
Basic 9,573 9,701 9,573 9,775
Diluted 9,674 9,851 9,691 9,908
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)
Sept. 29, Sept. 30, Dec. 31,
2001 2000 2000
-------- -------- --------
Cash $ - $ - $ 441
Accounts receivable 27,291 33,582 25,552
Inventories 47,691 58,423 55,379
Other assets 3,336 3,593 3,447
-------- -------- --------
Current assets 78,318 95,598 84,819
Property, plant and equipment, net 42,705 44,015 44,747
Intangibles and other assets 29,103 30,831 30,526
-------- -------- --------
Total assets $150,126 $170,444 $160,092
======== ======== ========
Accounts payable $ 6,669 $ 9,212 $ 6,474
Accrued liabilities 14,342 16,825 13,694
Revolving credit facility - 26,000 -
-------- -------- --------
Current liabilities 21,011 52,037 20,168
Revolving credit facility - - 19,200
Other long term liabilities 10,558 11,456 10,479
-------- -------- --------
Total liabilities 31,569 63,493 49,847
Stockholders' equity 118,557 106,951 110,245
-------- -------- --------
Total liabilities and
stockholders' equity $150,126 $170,444 $160,092
======== ======== ========
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)
Nine Months Ended
--------------------
Sept. 29, Sept. 30,
2001 2000
-------- --------
Operating Activities
Net earnings $ 8,312 $ 11,515
Adjustments to reconcile net earnings to
net cash provided by operating activities
Depreciation and amortization 4,514 4,662
Deferred income taxes 443 (41)
Changes in assets and liabilities
Accounts receivable (1,739) (4,008)
Inventories 7,688 (7,973)
Accounts payable and accrued liabilities 1,000 1,986
Other 35 1,020
-------- --------
Cash provided by operating activities 20,253 7,161
-------- --------
Investing Activities
Capital expenditures (1,509) (3,322)
Proceeds from disposals of property,
plant and equipment 15 47
-------- --------
Cash used by investing activities (1,494) (3,275)
-------- --------
Financing Activities
Net repayment under revolving credit facility (19,200) (700)
Proceeds from exercise of stock options - 111
Repurchase of common stock - (4,445)
-------- --------
Cash used by financing activities (19,200) (5,034)
-------- --------
Decrease in cash (441) (1,148)
Cash at beginning of period 441 1,148
-------- --------
Cash at end of period $ - $ -
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