WEST LAFAYETTE, IN – Chromcraft Revington Inc. reported sales for the third quarter and nine months, ended Sept. 29, of $28.4 million and $95.0 million, respectively, which represented a decrease of 20% and 22%, respectively, from the same periods last year. According to BusinessWire, the company said residential furniture shipments in 2007 were lower due to a weak retail environment, competitive pressure from imports and the impact of restructuring the company. Commercial furniture sales were higher for the third quarter and nine months as compared to the prior year periods, primarily due to an increase in seating product shipments.
The company reported a net loss for the three and nine months of $2.1 million and $6.6 million, respectively. The net loss was primarily due to the lower sales volume, an unfavorable product sales mix, price discounting, a non-cash charge for inventory write-downs, severance and other business transition related costs. Read more.
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