Chromcraft Revington, Inc. Provides Update on Filing of Form 10-K
16 Abril 2012 - 6:01PM
Business Wire
Chromcraft Revington, Inc. (NYSE Amex: CRC) previously disclosed
in its Form 12b-25 filing that it was unable to file its
Annual Report on Form 10-K for the year ended December 31, 2011
with the Securities and Exchange Commission by the prescribed due
date of March 30, 2012 and that it expected to file its Form
10-K by April 16, 2012. Subsequent to the filing of its Form
12b-25, the Company has been in discussions with its current lender
and another potential lender regarding the renegotiation of its
primary credit facility. The Company requires additional time
to finalize this renegotiation and to complete the preparation of
and to file its Form 10-K, which the Company expects will
occur by April 20, 2012.
As of December 31, 2011, the Company had total assets of
approximately $30.8 million, total liabilities of approximately
$10.0 million and total stockholders’ equity of approximately $20.8
million. The Company anticipates that its sales will approximate
$55.3 million for the year ended December 31, 2011 and its net loss
for the year ended December 31, 2011 will be between $4.2 million
and $4.5 million, as compared to a loss of $6.9 million for the
year ended December 31, 2010. The financial information included in
this news release is unaudited.
Chromcraft Revington® businesses design, manufacture and import
residential and commercial furniture marketed primarily in the U.S.
The Company wholesales its residential furniture products under
Chromcraft®, Cochrane®, Peters-Revington®, Southern Living® and CR
Kids & Beyond® primary brands. It sells commercial furniture
under the Chromcraft® and Executive Office Concepts brands. The
Company sources furniture from overseas suppliers, with domestic
contract specialty facilities, and operates one U.S. manufacturing
facility for its commercial furniture and motion based casual
dining furniture in Mississippi and a manufacturing facility for
office suites and other commercial furniture lines in
California.
Certain information and statements contained in this news
release are forward-looking statements. These forward-looking
statements can be generally identified as such because they include
future tense or dates, are not historical or current facts, or
include words such as “expects” and “anticipates,” or words of
similar import. Forward-looking statements express management’s
current expectations or forecasts of future events, but are not
guarantees of performance or outcomes and are subject to certain
risks and uncertainties that could cause actual results or outcomes
to differ materially from those in such statements.
There are a number of factors, risks and uncertainties that
could cause actual results or outcomes to differ materially from
those identified in the forward-looking statements. The Company
does not undertake any obligation to update or revise publicly any
forward-looking statements to reflect information, events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events or
circumstances.
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