WEST LAFAYETTE, IN -- Chromcraft Revington Inc. (NYSE Amex: CRC), a furniture manufacturer and importer for residential and commercial markets, posted a net loss of $1,804,000 for its first quarter compared to a net loss of $980,000 for the first quarter of 2010.
Sales for the first quarter of 2011 were $12,480,000 as compared to sales of $13,907,000 for the prior year period.
Chromcraft Revington officials blamed "weakness in consumer demand for residential furniture in our product categories and price segment," as the biggest factor for its shortfall.
Cromcraft Revington's commercial furniture sales were also lower for the first quarter of 2011 as compared to the prior year period primarily due to lower shipments of conference tables and seating products.
Ronald Butler, chairman and CEO, said "Our disappointing operating results for the current quarter reflect a continuation of the very challenging business environment and the lingering effects of the economic downturn as the labor and housing markets continue to struggle which has suppressed consumer demand for furniture in our categories and price segment. In these uncertain 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."
Posted by Rich Christianson
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