Chromcraft loss widens in first quarter-WEB ONLY

A weakened retail environment drove losses deeper in the first quarter, West Lafayette furniture maker Chromcraft Revington Inc. reported yesterday.

The $3.2 million loss was 45-percent greater than in the same period a year earlier. Revenue declined 39 percent to $16.7 million.

Chromcraft has struggled to restore profits at a time that it and other furniture manufacturers face rising low-cost competition from China and other developing nations.

In 2008, the company closed a 150-employee manufacturing plant in Delphi, which is about 75 miles north of Indianapolis. The action was the latest in a string of closings in the past two years as the company has moved production overseas.

“As part of its restructuring, the company is transitioning to lower-cost global product sourcing and repositioning its product line offerings … to improve profitability and to support a more efficient distribution business,” CEO Ronald H. Butler said in a written statement.

Still, Butler said he expects second-quarter revenue to fall as the company eliminates products and the economic slump continues.

Chromcraft stock has sunk to 65 cents per share after trading near $4 in June of last year.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.