Chromcraft Revington, Inc. Reports Third Quarter Results.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. . -- Chromcraft Revington, Inc. (AMEX AMEX See: American 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 sales of $40,836,000 and net earnings of $1,191,000 for the third quarter ended October October: see month. 1, 2005. Sales for the third quarter of $40,836,000 represented a 2.0% decrease from $41,658,000 reported for the same quarter last year. Shipments of bedroom, dining room and occasional furniture for the third quarter of 2005 were lower as compared to the same period last year. The sales decrease in these product categories was partially offset by higher shipments of commercial and upholstered furniture. Net earnings for the three months ended October 1, 2005 were $1,191,000, or $.27 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. This compares to net earnings of $1,979,000, or $.47 per share on a diluted basis, for the year ago period. Third quarter results were impacted by an unfavorable product sales mix sales mix See product mix. and higher compensation related costs, bad debt expense and interest expense as compared to the third quarter of 2004. For the first nine months of 2005, sales decreased 1.4% to $128,896,000 from $130,763,000 in the year earlier period. Net earnings were $5,540,000, or $1.28 per share on a diluted basis, as compared to $5,511,000, or $1.31 per share on a diluted basis, for the prior year period. Included in 2004 results was a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $1,100,000, or $.16 per share after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , to reflect a supplemental retirement benefit to the former President and Chief Executive Officer of the Company. Commenting on third quarter results, Mr. Benjamin Anderson-Ray, Chairman and Chief Executive Officer, stated that upholstered furniture shipments were boosted by new product introductions. He added that commercial furniture sales activity continues to reflect an improved business environment for the office furniture industry. Mr. Anderson-Ray pointed out that the Company recently entered into a new credit agreement with Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, N.A. that provides for a revolving loan facility of up to $35 million on an unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. basis. Mr. Anderson-Ray said that the Company's financial strength provides flexibility to grow its hybrid hybrid (hī`brĭd), term applied by plant and animal breeders to the offspring of a cross between two different subspecies or species, and by geneticists to the offspring of parents differing in any genetic characteristic (see genetics). manufacturing /sourcing model, 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. its common stock and pursue selective strategic acquisitions. Chromcraft Revington is a family of niche-oriented businesses that designs, manufactures and sells residential and commercial furniture 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 Company" brand names.
Condensed Consolidated Statements of Earnings (unaudited)
Chromcraft Revington, Inc.
(In thousands, except per share data)
Three Months Ended Nine Months Ended
--------------------- ---------------------
October 1, October 2, October 1, October 2,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Sales $ 40,836 $ 41,658 $ 128,896 $ 130,763
---------- ---------- ---------- ----------
Gross margin 8,949 9,297 29,740 29,878
Selling, general and
administrative expenses 6,720 5,881 20,301 20,342
---------- ---------- ---------- ----------
Operating income 2,229 3,416 9,439 9,536
Interest expense 342 204 660 590
---------- ---------- ---------- ----------
Earnings before income tax
expense 1,887 3,212 8,779 8,946
Income tax expense 696 1,233 3,239 3,435
---------- ---------- ---------- ----------
Net earnings $ 1,191 $ 1,979 $ 5,540 $ 5,511
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Earnings per share of
common stock
Basic $ .28 $ .48 $ 1.30 $ 1.33
Diluted $ .27 $ .47 $ 1.28 $ 1.31
Shares used in computing
earnings per share
Basic 4,322 4,155 4,253 4,132
Diluted 4,398 4,224 4,315 4,212
Condensed Consolidated Balance Sheets (unaudited)
Chromcraft Revington, Inc.
(In thousands)
October 1, October 2, December 31,
2005 2004 2004
---------- ---------- -------------
Accounts receivable $ 22,257 $ 22,045 $ 18,133
Inventories 36,556 36,695 33,666
Prepaid expenses 2,660 2,065 1,971
---------- ---------- -------------
Current assets 61,473 60,805 53,770
Property, plant and equipment, net 30,664 33,107 32,490
Other long-term assets 804 823 776
---------- ---------- -------------
Total assets $ 92,941 $ 94,735 $ 87,036
========== ========== =============
Current portion of bank debt $ - $ 5,000 $ -
Accounts payable 5,072 5,624 5,093
Accrued liabilities 9,073 9,536 8,623
---------- ---------- -------------
Current liabilities 14,145 20,160 13,716
Bank debt 4,390 9,050 5,700
Other long-term liabilities 3,949 5,076 4,711
---------- ---------- -------------
Total liabilities 22,484 34,286 24,127
Stockholders' equity 70,457 60,449 62,909
---------- ---------- -------------
Total liabilities and
stockholders' equity $ 92,941 $ 94,735 $ 87,036
========== ========== =============
Condensed Consolidated Statements of Cash Flows (unaudited)
Chromcraft Revington, Inc.
(In thousands)
Nine Months Ended
---------------------
October 1, October 2,
2005 2004
---------- ----------
Operating Activities
Net earnings $ 5,540 $ 5,511
Adjustments to reconcile net earnings to net
cash provided by (used in) operating activities
Depreciation expense 2,643 2,841
Loss on disposal of equipment 230 -
Deferred income taxes 372 (278)
Non-cash ESOP compensation expense 670 758
Stock compensation expense 184 149
Changes in assets and liabilities
Accounts receivable (4,124) (4,277)
Inventories (2,890) (5,827)
Prepaid expenses (1,216) (1,024)
Accounts payable and accrued liabilities 429 154
Other (571) 576
---------- ----------
Cash provided by (used in) operating activities 1,267 (1,417)
---------- ----------
Investing Activities
Capital expenditures, net (1,047) (787)
---------- ----------
Cash used in investing activities (1,047) (787)
---------- ----------
Financing Activities
Net borrowing under an unsecured bank revolving
credit line 4,390 -
Net borrowing (repayment) under a secured bank
revolving credit line (1,450) 5,750
Principal payments on a bank term loan (4,250) (3,750)
Stock repurchase from related party (754) -
Exercise of stock options, net of tax benefit 1,844 204
---------- ----------
Cash provided by (used in) financing activities (220) 2,204
---------- ----------
Change in cash - -
Cash at beginning of period - -
---------- ----------
Cash at end of period $ - $ -
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