Chromcraft Remains Strong Despite Losses

Posted by MCC on May 30th, 2009 at 07:25am

The first quarter of this year hasn’t been a good one for Chromcraft Revington. The company has reported a decline in sales of almost 40 percent and a loss of over $3 million, $1 million above the losses for the first quarter of 2008.

In an effort to restructure, the company has been transitioning over to lower cost globally acquired products. And, has been discontinuing products that are slow moving and unprofitable. They’re hoping to achieve a distribution base that is much more efficient and improve the companies profitability.

Chairman and CEO, Ron Butler, said that their new Southern Living line was well received during the High Point Market. And, the newly licensed furniture line will begin arriving in stores later this fall.

Although the company expects even lower profits for the second quarter, Butler says that the balance sheet still remains stable and strong. At the end of the quarter the company had over $5 million in cash and have not had to result from and bank loans.

Under Furniture News