Chromcraft Revington, Inc. reports first quarter 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. , 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 22, 1997--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 net earnings for the first quarter of 1997 of $3,708,000, or $.62 per share, up 6.1% from $3,494,000, or $.59 per share, for the same period last year. Sales for the first three months ended March 29, 1997 were $59,469,000, up 40.6% from the year-earlier quarter. The 1997 first quarter results include the operations of 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 Company, Inc., which Chromcraft Revington acquired on November November: see month. 8, 1996. Excluding Cochrane Furniture, sales for the first quarter were slightly lower than 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, "The first quarter net earnings increase resulted primarily from an improved operating performance at the Company's Chromcraft subsidiary. Excluding Cochrane Furniture, the year-to-year decrease in sales was the result of lower sales of occasional furniture due to the sluggish retail sales environment." Thomas added that the Company's balance sheet remained strong at quarter end with debt representing approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 18% 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. . Looking ahead, Thomas said, "We were encouraged by dealer response to our new product introductions at the April Furniture Show in High Point, North Carolina
High Point is a city located in the Piedmont Triad region of North Carolina -- the 36th largest metro area in the United States with a population of 1.5 million. . Shipments of these products will impact the second half of 1997." Chromcraft Revington designs, manufactures and sells occasional furniture, casual dining furniture, upholstered furniture, dining room furniture, bedroom furniture and commercial furniture. -0-
Condensed Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
Three Months Ended
_____________________
March 29, March 30,
1997 1996
_________ _________
Sales $ 59,469 $ 42,291
_________ _________
Gross margin 14,341 11,646
Selling, general and
administrative expenses 7,843 5,799
_________ _________
Operating income 6,498 5,847
Interest expense, net 318 24
_________ _________
Earnings before income
tax expense 6,180 5,823
Income tax expense 2,472 2,329
_________ _________
Net earnings $ 3,708 $ 3,494
_________ _________
_________ _________
Earnings per share
of common stock $ .62 $ .59
_________ _________
_________ _________
Average shares and
equivalents outstanding 5,943 5,883
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
March 29, March 30, December 31,
1997 1996 1996
_________ _________ _________
Cash and cash equivalents $ - $ 2,596 $ -
Accounts receivable 30,563 20,236 29,784
Inventories 33,227 18,851 32,396
Deferred income taxes and
other assets 3,706 1,238 4,688
_________ _________ _________
Current assets 67,496 42,921 66,868
Property, plant and
equipment, net 39,229 22,578 39,498
Intangibles and other assets 23,378 23,549 23,576
_________ _________ _________
Total assets $ 130,103 $ 89,048 $ 129,942
_________ _________ _________
_________ _________ _________
Accounts payable $ 9,305 $ 6,048 $ 9,900
Accrued liabilities 16,833 12,757 16,625
_________ _________ _________
Current liabilities 26,138 18,805 26,525
Revolving credit facility 17,500 - 20,200
Deferred income taxes and
other liabilities 4,832 2,967 5,292
_________ _________ _________
Total liabilities 48,470 21,772 52,017
Stockholders' equity 81,633 67,276 77,925
_________ _________ _________
Total liabilities and
stockholders' equity $ 130,103 $ 89,048 $ 129,942
_________ _________ _________
_________ _________ _________
CONTACT: Chromcraft Revington, Delphi Frank T. Kane Kane can refer to: In sports:
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