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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chromcraft Revington, Inc. | AMEX:CRC | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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35-1848094
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
x
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Page
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Number
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PART I. Financial Information
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Item 1. |
Financial Statements (unaudited)
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1
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2
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3
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4
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5
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Item 2. |
14
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Item 3. |
20
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Item 4. |
20
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PART II. Other Information
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Item 5. |
20
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Item 6. |
23
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24
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
September 29,
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October 1,
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September 29,
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October 1,
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|||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Sales
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$ | 13,673 | $ | 13,226 | $ | 41,729 | $ | 39,528 | ||||||||
Cost of sales
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11,023 | 10,709 | 33,772 | 32,818 | ||||||||||||
Gross margin
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2,650 | 2,517 | 7,957 | 6,710 | ||||||||||||
Selling, general and administrative expenses
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3,484 | 3,491 | 11,132 | 10,598 | ||||||||||||
Operating loss
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(834 | ) | (974 | ) | (3,175 | ) | (3,888 | ) | ||||||||
Interest expense, net
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(121 | ) | (68 | ) | (500 | ) | (212 | ) | ||||||||
Loss before income tax benefit
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(955 | ) | (1,042 | ) | (3,675 | ) | (4,100 | ) | ||||||||
Income tax benefit
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238 | - | 238 | - | ||||||||||||
Net Loss
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$ | (717 | ) | $ | (1,042 | ) | $ | (3,437 | ) | $ | (4,100 | ) | ||||
Basic and diluted loss per share of common stock
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$ | (.14 | ) | $ | (.22 | ) | $ | (.69 | ) | $ | (.86 | ) | ||||
Shares used in computing basic and diluted loss per share
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5,061 | 4,791 | 4,976 | 4,765 |
September 29,
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December 31,
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|||||||
2012
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2011
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|||||||
Assets
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||||||||
Accounts receivable, less allowance of $165 in 2012 and $150 in 2011
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$ | 7,522 | $ | 8,581 | ||||
Inventories
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15,108 | 14,194 | ||||||
Prepaid expenses and other
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701 | 745 | ||||||
Current assets
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23,331 | 23,520 | ||||||
Property, plant and equipment, net
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6,444 | 6,483 | ||||||
Other assets
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1,390 | 819 | ||||||
Total assets
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$ | 31,165 | $ | 30,822 | ||||
Liabilities and Stockholders' Equity
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||||||||
Revolving credit facility
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$ | 2,425 | $ | 901 | ||||
Current maturity of note payable
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99 | - | ||||||
Accounts payable
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6,040 | 3,955 | ||||||
Accrued liabilities
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3,503 | 3,699 | ||||||
Current liabilities
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12,067 | 8,555 | ||||||
Note payable, less current maturity
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167 | - | ||||||
Deferred compensation
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223 | 327 | ||||||
Other long-term liabilities
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1,102 | 1,075 | ||||||
Total liabilities
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13,559 | 9,957 | ||||||
Stockholders' equity
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17,606 | 20,865 | ||||||
Total liabilities and stockholders' equity
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$ | 31,165 | $ | 30,822 |
Nine Months Ended | ||||||||
September 29,
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October 1,
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2012
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2011
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Operating Activities
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||||||||
Net loss
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$ | (3,437 | ) | $ | (4,100 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
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||||||||
Depreciation and amortization expense
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499 | 593 | ||||||
Non-cash share based and ESOP compensation expense
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178 | 353 | ||||||
Deferred income tax benefit
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(238 | ) | - | |||||
Provision for doubtful accounts
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36 | 23 | ||||||
Write-off of deferred financing costs
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186 | - | ||||||
Amortization of deferred financing costs
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40 | 38 | ||||||
Non-cash inventory write-downs
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11 | 171 | ||||||
Non-cash accretion expense
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27 | 26 | ||||||
Changes in operating assets and liabilities, net of effect of acquired business
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||||||||
Accounts receivable
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1,204 | 759 | ||||||
Inventories
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(587 | ) | (440 | ) | ||||
Prepaid expenses and other
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119 | 84 | ||||||
Accounts payable and accrued liabilities
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1,212 | 144 | ||||||
Long-term liabilities and assets
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(393 | ) | (224 | ) | ||||
Cash used in operating activities
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(1,143 | ) | (2,573 | ) | ||||
Investing Activities
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||||||||
Capital expenditures
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(107 | ) | (25 | ) | ||||
Proceeds on disposal of assets
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5 | 2 | ||||||
Acquisition of a business, net of cash acquired
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(138 | ) | - | |||||
Cash used in investing activities
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(240 | ) | (23 | ) | ||||
Financing Activities
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||||||||
Debt Issuance Costs
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(117 | ) | - | |||||
Payments on EOC note
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(24 | ) | - | |||||
Net borrowings on revolving credit facility
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1,524 | - | ||||||
Cash provided by financing activities
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1,383 | - | ||||||
Change in cash
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- | (2,596 | ) | |||||
Cash at beginning of the period
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- | 4,179 | ||||||
Cash at end of the period
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$ | - | $ | 1,583 | ||||
Supplemental Disclosure of Non-Cash Investing Activities
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||||||||
Acquisition of a business:
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||||||||
Identifiable assets acquired and liabilities assumed, net
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$ | 367 | ||||||
Goodwill
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123 | |||||||
490 | ||||||||
Less: cash acquired
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(62 | ) | ||||||
Less: note due to seller
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(290 | ) | ||||||
$ | 138 |
Capital in
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Unearned
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Total
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||||||||||||||||||||||||||||||
Common Stock
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Excess of
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ESOP
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Retained
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Treasury Stock
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Stockholders'
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Shares
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Amount
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Par Value
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Shares
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Earnings
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Shares
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Amount
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Equity
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|||||||||||||||||||||||||
Balance at January 1, 2012
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7,968,547 | $ | 80 | $ | 16,313 | $ | (13,325 | ) | $ | 38,957 | (1,819,154 | ) | $ | (21,160 | ) | $ | 20,865 | |||||||||||||||
ESOP compensation expense
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- | - | (446 | ) | 507 | - | - | - | 61 | |||||||||||||||||||||||
Share based compensation
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- | - | 117 | - | - | - | - | 117 | ||||||||||||||||||||||||
Issuance of restricted stock awards
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201,875 | 2 | (2 | ) | - | - | - | - | - | |||||||||||||||||||||||
Net loss
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- | - | - | - | (3,437 | ) | - | - | (3,437 | ) | ||||||||||||||||||||||
Balance at September 29, 2012
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8,170,422 | $ | 82 | $ | 15,982 | $ | (12,818 | ) | $ | 35,520 | (1,819,154 | ) | $ | (21,160 | ) | $ | 17,606 |
Consideration:
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Cash
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$ | 200 | ||
Seller note payable
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290 | |||
Total consideration
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$ | 490 | ||
Recognized amounts of identifiable assets acquired:
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||||
Cash
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$ | 62 | ||
Accounts receivable
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181 | |||
Inventories
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338 | |||
Prepaid expenses and other current assets
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75 | |||
Property, plant and equipment
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357 | |||
Intangible assets
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270 | |||
Goodwill
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123 | |||
1,406 | ||||
Recognized amounts of identifiable liabilities assumed:
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Accounts payable and accrued expenses
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539 | |||
Deferred revenue
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139 | |||
Deferred income tax liability
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238 | |||
916 | ||||
Total net assets acquired
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$ | 490 |
Useful
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Amount
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Life
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Customer relationships
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$ | 60 |
18 Years
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Trademark
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80 |
20 Years
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Air Quality Permits
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130 |
20 Years
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|||
$ | 270 |
Three Months Ended
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Nine Months Ended
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September 29,
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October 1,
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September 29,
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October 1,
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2012
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2011
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2012
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2011
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Pro forma net sales
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$ | 13,673 | $ | 14,535 | $ | 41,963 | $ | 42,449 | ||||||||
Pro forma net loss
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$ | (717 | ) | $ | (757 | ) | $ | (3,683 | ) | $ | (3,386 | ) |
September 29,
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December 31,
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2012
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2011
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Raw materials
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$ | 5,267 | $ | 5,139 | ||||
Work-in-process
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1,532 | 1,336 | ||||||
Finished goods
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8,309 | 7,719 | ||||||
$ | 15,108 | $ | 14,194 |
September 29,
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December 31,
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|||||||
2012
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2011
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|||||||
Land
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$ | 324 | $ | 324 | ||||
Buildings and improvements
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18,438 | 18,438 | ||||||
Machinery and equipment
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23,501 | 23,159 | ||||||
Leasehold improvements
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760 | 737 | ||||||
Construction in progress
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91 | - | ||||||
43,114 | 42,658 | |||||||
Less accumulated depreciation and amortization
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(36,670 | ) | (36,175 | ) | ||||
$ | 6,444 | $ | 6,483 |
September 29,
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December 31,
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|||||||
2012
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2011
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|||||||
Employee-related benefits
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$ | 669 | $ | 794 | ||||
Other accrued liabilities
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2,834 | 2,905 | ||||||
$ | 3,503 | $ | 3,699 |
September 29,
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December 31,
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|||||||
2012
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2011
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|||||||
Allocated ESOP shares
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401,624 | 301,357 | ||||||
Unearned ESOP shares
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1,281,795 | 1,332,546 | ||||||
Total ESOP shares
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1,683,419 | 1,633,903 | ||||||
Unearned ESOP shares, at cost
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$ | 12,818 | $ | 13,325 | ||||
Fair value of unearned ESOP shares
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$ | 974 | $ | 1,452 |
Three Months Ended
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Nine Months Ended
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|||||||||||||||
September 29,
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October 1,
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September 29,
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October 1,
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|||||||||||||
2012
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2011
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2012
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2011
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|||||||||||||
Sales
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100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||
Cost of sales
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80.6 | 81.0 | 80.9 | 83.0 | ||||||||||||
Gross margin
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19.4 | 19.0 | 19.1 | 17.0 | ||||||||||||
Selling, general and administrative expenses
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25.5 | 26.4 | 26.7 | 26.8 | ||||||||||||
Operating loss
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(6.1 | ) | (7.4 | ) | (7.6 | ) | (9.8 | ) | ||||||||
Interest expense
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(0.9 | ) | (0.5 | ) | (1.2 | ) | (0.5 | ) | ||||||||
Loss before income tax benefit
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(7.0 | ) | (7.9 | ) | (8.8 | ) | (10.3 | ) | ||||||||
Income tax benefit
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1.8 | - | 0.6 | - | ||||||||||||
Net loss
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(5.2 | ) % | (7.9 | ) % | (8.2 | ) % | (10.3 | ) % |
3.1
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Certificate of Incorporation of the Registrant, as amended, filed as Exhibit 3.1 to Form S-1, registration number 33-45902, as filed with the Securities and Exchange Commission on February 21, 1992, is incorporated herein by reference.
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3.2
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By-laws of the Registrant, as amended, filed as Exhibit 3.2 to Form 8-K, as filed with the Securities and Exchange Commission on October 16, 2009, is incorporated herein by reference.
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Waiver and Loan Modification Agreement, dated August 14, 2012, by and between the Registrant and Gibraltar Business Capital, LLC, (filed herewith).
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Chromcraft Revington, Inc. Compensation Clawback Policy, dated August 8, 2012 (filed herewith).
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Consulting Agreement dated September 14, 2012, between the Registrant and William B. Massengill (filed herewith).
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Severance Agreement dated September 28, 2012, between the Registrant and James M. La Neve (filed herewith).
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Amendment No. 2 dated November 8, 2012, to the Employment Agreement between the Registrant and Ronald H. Butler (filed herewith).
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Certification of Chief Executive Officer required pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
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Certification of Vice President and Chief Financial Officer required pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
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Certifications of Chief Executive Officer and Vice President and Chief Financial Officer required pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
101
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Interactive Data File
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Chromcraft Revington, Inc.
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(Registrant)
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Date: November
13, 2012
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By:
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/s/ Ronald H. Butler
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Ronald H. Butler,
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Chairman and Chief Executive
|
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Officer
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Date: November
13, 2012
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By:
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/s/ James M. La Neve
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James M. La Neve,
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Vice President and Chief Financial
|
|||
Officer
|
1 Year Chromcraft Revington Chart |
1 Month Chromcraft Revington Chart |
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