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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. We gotta stop this Senior crime. Perhaps long jail terms for these old boozers is in order. There are times these days (more rather than less) when this state makes me sick.

  2. One option is to redistribute the payroll tax already collected by the State. A greater share could be allocated to the county of the workplace location as opposed to the county of residency. Not a new tax, just re-allocate what is currently collected.

  3. Have to agree with Mal Burgess. The biggest problem is massive family breakdown in these neighborhoods. While there are a lot of similiarities, there is a MASSIVE difference between 46218 and 46219. 46219 is diluted by some stable areas, and that's probably where the officers live. Incentivizing is fine, but don't criticize officers for choosing not to live in these neighbor hoods. They have to have a break from what is arguably one of the highest stress job in the land. And you'll have to give me hard evidence that putting officers there is going to make a significant difference. Solid family units, responsible fathers, siblings with the same fathers, engaged parents, commitment to education, respect for the rule of law and the importance of work/a job. If the families and the schools (and society) will support these, THEN we can make a difference.

  4. @Agreed, when you dine in Marion County, the taxes paid on that meal go to state coffers (in the form of the normal sales taxes) and to the sports/entertainment venues operated by the CIB. The sales taxes on your clothing and supplies just go to the state. The ONLY way those purchases help out Indianapolis is through the payroll taxes paid by the (generally low-wage) hourly workers serving you.

  5. The government leaders of Carmel wouldn't last a week trying to manage Indianapolis. There's a major difference between running a suburb with virtually no one below the poverty level and running a city in which 21+% are below the poverty level. (http://www.census.gov/did/www/saipe/data/interactive/#view=StateAndCounty&utilBtn=&yLB=0&stLB=15&cLB=49&dLB=0&gLB=0&usSts_cbSelected=false&usTot_cbSelected=true&stateTot_cbSelected=true&pLB=0?ltiYearSelected=false?ltiYearAlertFlag=false?StateFlag=false?validSDYearsFlag=false)

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