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Indiana furniture maker to exit stock exchange

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The board of directors of Chromcraft Revington Inc., a West Lafayette-based designer and manufacturer of furniture, has decided to delist the firm’s common stock from the New York Stock Exchange, in a move to reduce costs related to being a public company.

The company intends to file the delisting request with the Securities and Exchange Commission on April 18, according to a release from the firm on Monday. Later in the month, it will file to suspend reporting obligations.

Shares in Chromcraft are thinly traded, as the firm has fewer than 300 shareholders of record. The stock’s average daily trading volume is just over 7,000 shares, and its market capitalization was about $3.2 million as of Tuesday morning.

“These actions are designed to reduce our operating costs,” said Ronald Butler, the company’s chairman and CEO. “The consequences of remaining an SEC-reporting company, which includes significant costs and management time associated with regulatory compliance, outweighed the current benefits of being a [New York Stock Exchange] company.”

The firm’s most recent annual report has been delayed due to the workload shouldered by the firm’s financial staff. On April 1, the company explained the delay to the SEC by noting that negotiations with a lender “have been ongoing and extensive, and have required [the company] to devote key personnel and administrative resources to these matters.”

The announcement to delist appeared to spark a flurry of trading on Tuesday. Shares had declined nearly 25 percent in value to 49 cents per share in early trading.

The firm still intends to provide quarterly and annual information about its financial performance through press releases and postings to its website, according to company officials.
 

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  1. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

  2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

  3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

  4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

  5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

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