Heath E. Combs — Furniture Today,
WEST LAFAYETTE, Ind. — Manufacturer and importer Chromcraft Revington reported a second quarter loss of $3.3 million as sales declined 19% from a year earlier, to $32.8 million.

Last year, the company earned about $700,000 in the second quarter and $1.8 million in the first six months. In this year’s first half, losses totaled $4.5 million.


In the second quarter, the net loss was primarily due to the lower sales volume, consolidation of its sales force and an industry wide slowdown, according to Chairman and CEO Ben Anderson-Ray.

“Over the last several months we have made significant progress in transforming our business model. We continue to shift the business toward use of the global supply chain by outsourcing products and reducing reliance on U.S.-based manufacturing. Simultaneously, we are moving our organization from autonomous operating divisions to a unified organization,” Anderson-Ray said. 

Chromcraft-Revington said its commercial furniture shipments have increased this year because of higher shipments of seating products. The company said it also reduced its backlog by $3.3 million of backlog reduction.

In the second quarter the company recorded non-cash, pretax charges of $2 million for inventory writedowns, and $1.1 million for asset impairment charges.

Anderson-Ray said that as its organizational structure has changed, the company has reduced employment by 37% from a year ago.

Chromcraft Revington sells furniture under the CR-Home banner of Chromcraft, Peters-Revington, Silver Furniture, Cochrane Furniture and Sumter brand names.