Chromcraft Revington Expects Lower Third Quarter Earnings.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)--Sept. 21, 2000 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. ) announced today that its third quarter earnings are expected to be below earnings reported for the same period in 1999. The Company anticipates that third quarter earnings per share on a diluted basis will be between $.27 and $.30, as compared to $.32 in 1999. The third quarter earnings projection includes a one-time pretax charge of $850,000 (equivalent to a $.05 reduction in earnings per share on a diluted basis) to increase the Company's allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. related to receivables from a national furniture retailer that filed for bankruptcy protection in August, 2000. The Company also reported that shipments for the third quarter are expected to be lower as compared to the second quarter this year primarily due to the slowdown in retail furniture sales. Michael E. Thomas, President and Chief Executive Officer of Chromcraft Revington, commented that, "Although we are expecting shipments in the fourth quarter of this year to be lower as compared to the prior year period, sales and earnings per share on a diluted basis for the full year should be higher compared to 1999." Chromcraft Revington, Inc. 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 "Peters-Revington," "Chromcraft," "Silver Furniture," "Cochrane" and "Sumter 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 may 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 31, 1999. |
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