WEST LAFAYETTE, IN -- Chromcraft Revington Inc. posted a pre-tax loss of $6,944,000 for 2010 compared to $8,501,000 for 2009.
The company said its improved operating results for 2010 "reflected its transition to a more variable cost global sourcing model, lower inventory write-downs, favorable product sales mix, and lower selling, general and administrative expenses, partially offset by the effect of lower shipments in 2010."
Commercial furniture shipments were higher in the quarter and year ended December 31, 2010 as compared to the prior year periods primarily due to an increase in shipments of seating products to government agencies, higher education institutions, and the health care industry.
Residential furniture shipments in 2010 were lower in the quarter and year ended December 31, 2010 as compared to the prior year periods primarily due to weakness in consumer demand for residential products.
Ronald Butler, chairman and CEO, said "We believe the restructuring and cost containment actions implemented starting in 2008 have had a positive impact on the operating results for 2010 and helped reduce the effects of the economic downturn. 2011 appears to be a continuation of the challenging economic environment for consumers. We continue to believe that when the furniture market improves, the Company is well positioned to return to profitability."
Posted by Rich Christianson
Have something to say? Share your thoughts with us in the comments below.