WEST LAFAYETTE, IN - Chromcraft Revington Inc., a manufacturer and importer of commercial and residential furniture, reduced its first quarter net loss by more than half in growing sales to $13.9 million, up 11.3% from the same period a year ago.
Chromcraft Revington's reported Q1 net loss of $746,000 represented a 58.6% reduction from a year ago. Improved shipments of commercial seating products was the primary driver of the Q1 sales gains. The company also generated slightly higher residential furniture sales primarily due to sales of new bedroom groups.
Chromcraft Revington is banking on capturing increased sales and profits from Executive Office Concepts (EOC), which it acquired in March.
Ronald Butler, chairman and CEO, said "Despite the continuing difficult retail operating environment, we increased sales by 11% in the first quarter of 2012 as compared to the prior year period largely due to increased sales of our commercial seating products to government agencies, higher education institutions and the health care industry.
"We believe our recent acquisition of California-based EOC, with its commercial product lines, especially an extensive health care line, complement our current product line of seating, tables, and waiting area furniture," Butler added. "In addition, the three year contract we were awarded late in 2011 with the Premier healthcare alliance is expected to boost our sales in this product line. The health care sector continues to grow significantly and we believe this alliance continues to position the commercial line of our Chromcraft division favorably for the future. In these uncertain economic times, we have diligently focused on our cash flow and balance sheet management along with controlling operating costs to be in line with our revenue base."
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