Chromcraft Revington, Inc. reports higher fourth quarter and 1996 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. , 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)--Feb. 12, 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 strong gains in sales and earnings for the fourth quarter and year ended December December: see month. 31, 1996 as compared to the prior year periods. For the three months ended December 31, 1996, net earnings rose 19.7% to $3,739,000, or $.63 per share on a fully 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, from $3,123,000, or $.53 per share on a fully diluted basis, for the same period last year. Sales for the fourth quarter of 1996 of $52,897,000 were 31.5% higher than the year ago period. For the year ended December 31, 1996, net earnings increased 16.4% to $13,936,000, or $2.35 per share on a fully diluted basis, from $11,974,000, or $2.03 per share on a fully diluted basis, for the prior year period. Sales for 1996 of $175,899,000 were 15.3% higher than last year. 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. for the three months ended December 31, 1996 rose to $6,472,000, or 12.2% of sales, from $5,319,000, or 13.2% of sales, for the year earlier period. For the year ended December 31, 1996, operating income increased to $23,447,000, or 13.3% of sales, as compared to $20,344,000, or 13.3% of sales, last year. 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, "Fourth quarter and 1996 results were led by strong sales and earnings gains at the Company's Chromcraft subsidiary. Overall, earnings gains have come from a more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. product sales mix sales mix See product mix. and improved operating efficiencies." Thomas added that the Company's Peters-Revington and Silver Furniture subsidiaries each contributed to the full year 1996 earnings increase. Sales for the fourth quarter and the year also benefited from the purchase 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., effective November 8, 1996. Cochrane Furniture based in Lincolnton, North Carolina Lincolnton is a city in Lincoln County, North Carolina, United States. The population was 9,965 at the 2000 census. It is the county seat of Lincoln CountyGR6. , had sales of approximately $86 million for its fiscal year ended March 30, 1996. Thomas said, "The Cochrane Furniture acquisition is a great fit, adding dining room, upholstery upholstery, general term for household fittings, hangings, curtains, cushions, and covers. It refers to stuffed, padded, and spring-cushioned furniture, such as chairs and sofas, or to the usually decorative materials and fabrics that cover them. and bedroom furniture to Chromcraft Revington's product lines. Although the acquisition should have a minimal impact on short term performance, we are very excited about its potential long term contributions." Chromcraft Revington's board of directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the 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. of up to 200,000 shares of the Company's common stock, or approximately 3.5% of the 5,742,273 shares outstanding. Purchases will be made in the open market, or privately negotiated transactions, at times and prices deemed advantageous to the Company. 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" and "Cochrane Furniture" brand names. -0-
Condensed Consolidated Statements of Earnings (unaudited)
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
-------------------- --------------------
1996 1995 1996 1995
--------- --------- --------- ---------
Sales $ 52,897 $ 40,226 $ 175,899 $ 152,609
--------- --------- --------- ---------
Gross margin 13,855 10,702 47,682 40,822
Selling, general and
administrative expenses 7,383 5,383 24,235 20,478
--------- --------- --------- ---------
Operating income 6,472 5,319 23,447 20,344
Interest expense, net 241 87 221 236
--------- --------- --------- ---------
Earnings before income
tax expense 6,231 5,232 23,226 20,108
Income tax expense 2,492 2,109 9,290 8,134
--------- --------- --------- ---------
Net earnings $ 3,739 $ 3,123 $ 13,936 $ 11,974
--------- --------- --------- ---------
--------- --------- --------- ---------
Earnings per share
of common stock:
Primary $ .63 $ .53 $ 2.36 $ 2.04
--------- --------- --------- ---------
--------- --------- --------- ---------
Fully diluted $ .63 $ .53 $ 2.35 $ 2.03
--------- --------- --------- ---------
--------- --------- --------- ---------
Average shares and
equivalents outstanding:
Primary 5,914 5,883 5,893 5,867
Fully diluted 5,927 5,907 5,924 5,906
Condensed Consolidated Balance Sheets (unaudited)
(in thousands)
December 31,
--------------------
1996 1995
--------- ---------
Cash and cash equivalents $ - $ -
Accounts receivable 29,784 18,370
Inventories 32,396 19,928
Deferred income taxes and other assets 4,688 1,173
--------- ---------
Current assets 66,868 39,471
Property, plant and equipment, net 39,498 22,627
Intangibles and other assets 23,576 23,727
--------- ---------
Total assets $ 129,942 $ 85,825
--------- ---------
--------- ---------
Accounts payable $ 9,900 $ 7,568
Accrued liabilities 16,625 9,983
--------- ---------
Current liabilities 26,525 17,551
Revolving credit facility 20,200 1,500
Deferred income taxes and other liabilities 5,292 2,992
--------- ---------
Total liabilities 52,017 22,043
Stockholders' equity 77,925 63,782
--------- ---------
Total liabilities and stockholders' equity $ 129,942 $ 85,825
--------- ---------
--------- ---------
CONTACT: Chromcraft Revington Inc. Frank T. Kane, 317/564-3500 |
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