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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 29, 2008
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 1-13970
 CHROMCRAFT REVINGTON, INC.
  Delaware
    
    35-1848094(State or other jurisdiction of
    
    (IRS Employer Identification No.)incorporation or organization)
 (Address, including zip code, of registrants principal executive offices)
 (Registrants telephone number, including area code)
 þ o
  Large accelerated filer o
    
    Accelerated filer oNon-accelerated filer o
(Do not check if a smaller reporting company)
    Smaller reporting company þ
 o þ




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PageNumberPART I. Financial InformationItem 1. Financial Statements (unaudited)Condensed Consolidated Statements of Operations 
Three Months Ended March 29, 2008 and March 31, 2007
    
    
    3Condensed Consolidated Balance Sheets  March 29, 2008
and December 31, 2007
    
    
    4Condensed Consolidated Statements of Cash Flows 
Three Months Ended March 29, 2008 and March 31, 2007
    
    
    5Condensed Consolidated Statement of Stockholders
Equity  Three Months Ended March 29, 2008
    
    
    6Notes to Condensed Consolidated Financial Statements
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    12Item 4. Controls and Procedures
    
    
    16PART II. Other InformationItem 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    17Item 6. Exhibits
    
    
    17SIGNATURES
    
    
    18Exhibit 31.1Exhibit 31.2Exhibit 32.1
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Item 1. Financial Statements
 
  
 Three Months EndedMarch 29,
    
    
    March 31,2008
    
    
    2007Sales
    
    $
    27,463
    
    
    $
    33,847Cost of sales
    
    
    23,014
    
    
    
    28,357Gross margin
    
    
    4,449
    
    
    
    5,490Selling, general and administrative expenses
    
    
    6,635
    
    
    
    7,466Operating loss
    
    
    (2,186
    )
    
    
    (1,976
    )Interest income (expense), net
    
    
    (59
    )
    
    
    18Loss before income tax benefit
    
    
    (2,245
    )
    
    
    (1,958
    )Income tax benefit
    
    
    
    
    
    
    780Net loss
    
    $
    (2,245
    )
    
    $
    (1,178
    )Loss per share of common stockBasic
    
    $
    (.49
    )
    
    $
    (.26
    )Diluted
    
    $
    (.49
    )
    
    $
    (.26
    )Shares used in computing loss per shareBasic
    
    
    4,562
    
    
    
    4,471Diluted
    
    
    4,562
    
    
    
    4,471
 See accompanying notes to condensed consolidated financial statements.
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March 29,
    
    
    December 31,2008
    
    
    2007AssetsCash and cash equivalents
    
    $
    5,311
    
    
    $
    8,785Accounts receivable
    
    
    14,036
    
    
    
    12,187Refundable income taxes
    
    
    4,325
    
    
    
    4,325Inventories
    
    
    23,463
    
    
    
    24,455Assets held for sale
    
    
    
    
    
    
    455Prepaid expenses and other
    
    
    1,093
    
    
    
    1,266Current assets
    
    
    48,228
    
    
    
    51,473Property, plant and equipment, net
    
    
    17,205
    
    
    
    17,456Other assets
    
    
    795
    
    
    
    805Total assets
    
    $
    66,228
    
    
    $
    69,734Liabilities and Stockholders EquityAccounts payable
    
    $
    4,082
    
    
    $
    5,137Accrued liabilities
    
    
    6,014
    
    
    
    6,047Current liabilities
    
    
    10,096
    
    
    
    11,184Long-term liabilities
    
    
    2,006
    
    
    
    2,286Total liabilities
    
    
    12,102
    
    
    
    13,470Stockholders equity
    
    
    54,126
    
    
    
    56,264Total liabilities and stockholders equity
    
    $
    66,228
    
    
    $
    69,734
 See accompanying notes to condensed consolidated financial statements.
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##### Table of Contents



Three Months EndedMarch 29,
    
    
    March 31,2008
    
    
    2007Operating ActivitiesNet loss
    
    $
    (2,245
    )
    
    $
    (1,178
    )Adjustments to reconcile net loss to net cash
provided by (used in) operating activitiesDepreciation and amortization expense
    
    
    435
    
    
    
    487Deferred income taxes
    
    
    
    
    
    
    96(Gain) loss on disposal of assets
    
    
    4
    
    
    
    (357
    )Non-cash ESOP compensation expense
    
    
    83
    
    
    
    144Non-cash stock compensation expense
    
    
    24
    
    
    
    95Provision for doubtful accounts
    
    
    148
    
    
    
    174Non-cash inventory write-downs
    
    
    550
    
    
    
    384Non-cash asset impairment charges
    
    
    210
    
    
    
    Changes in operating assets and liabilitiesAccounts receivable
    
    
    (1,997
    )
    
    
    546Inventories
    
    
    442
    
    
    
    1,854Prepaid expenses and other
    
    
    173
    
    
    
    (497
    )Accounts payable and accrued liabilities
    
    
    (1,088
    )
    
    
    (1,345
    )Other long-term liabilities and assets
    
    
    (270
    )
    
    
    (170
    )Cash provided by (used in) operating activities
    
    
    (3,531
    )
    
    
    233Investing ActivitiesCapital expenditures
    
    
    (398
    )
    
    
    (167
    )Proceeds on disposal of assets
    
    
    455
    
    
    
    2,518Cash provided by investing activities
    
    
    57
    
    
    
    2,351Change in cash and cash equivalents
    
    
    (3,474
    )
    
    
    2,584Cash and cash equivalents at beginning of the period
    
    
    8,785
    
    
    
    8,418Cash and cash equivalents at end of the period
    
    $
    5,311
    
    
    $
    11,002
 See accompanying notes to condensed consolidated financial statements.
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Capital in
    
    
    Unearned
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    TotalCommon Stock
    
    
    Excess of
    
    
    ESOP
    
    
    Retained

    
    
    Treasury Stock
    
    
    StockholdersShares
    
    
    Amount
    
    
    Par Value
    
    
    Shares
    
    
    Earnings
    
    
    Shares
    
    
    Amount
    
    
    EquityBalance at January 1, 2008
    
    
    7,949,763
    
    
    $
    80
    
    
    $
    18,121
    
    
    $
    (16,032
    )
    
    $
    75,099
    
    
    
    (1,777,154
    )
    
    $
    (21,004
    )
    
    $
    56,264ESOP compensation expense
    
    
    
    
    
    
    
    
    
    
    (86
    )
    
    
    169
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    83Amortization of unearned
compensation of
restricted stock awards
    
    
    
    
    
    
    
    
    
    
    24
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    24Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,245
    )
    
    
    
    
    
    
    
    
    
    
    (2,245
    )Balance at March 29, 2008
    
    
    7,949,763
    
    
    $
    80
    
    
    $
    18,059
    
    
    $
    (15,863
    )
    
    $
    72,854
    
    
    
    (1,777,154
    )
    
    $
    (21,004
    )
    
    $
    54,126
 See accompanying notes to condensed consolidated financial statements.
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Note 1. Basis of Presentation
     Note 2. Restructuring and Asset Impairment Charges
     7




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(In thousands)Three Months EndedMarch 29, 2008
    
    
    March 31, 2007Restructuring costs:Exit and disposal activities
    
    $
    
    
    
    $
    287One-time termination benefits
    
    
    
    
    
    
    78Inventory write-downs
    
    
    520
    
    
    
    Total restructuring costs
    
    
    520
    
    
    
    365Asset impairment charges
    
    
    210
    
    
    
    (7
    )$
    730
    
    
    $
    358Statements of Operations classification:Gross margin
    
    $
    730
    
    
    $
    178Selling, general and administrative
expenses
    
    
    
    
    
    
    180$
    730
    
    
    $
    358
  (In thousands)Exit and disposal activities
    
    $
    250One-time termination benefits
    
    
    400Inventory write downs
    
    
    520$
    1,170
  Note 3. Inventories
  (In thousands)March 29,
    
    
    December 31,2008
    
    
    2007Raw materials
    
    $
    6,162
    
    
    $
    6,880Work-in-process
    
    
    2,324
    
    
    
    2,987Finished goods
    
    
    18,518
    
    
    
    18,12927,004
    
    
    
    27,996LIFO reserve
    
    
    (3,541
    )
    
    
    (3,541
    )$
    23,463
    
    
    $
    24,455
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Note 4. Property, Plant and Equipment
  (In thousands)March 29,
    
    
    December 31,2008
    
    
    2007Land
    
    $
    925
    
    
    $
    925Buildings and improvements
    
    
    26,097
    
    
    
    26,097Machinery and equipment
    
    
    28,855
    
    
    
    38,982Leasehold improvements
    
    
    661
    
    
    
    656Construction in progress
    
    
    826
    
    
    
    49657,364
    
    
    
    67,156Less accumulated depreciation
and amortization
    
    
    (40,159
    )
    
    
    (49,700
    )$
    17,205
    
    
    $
    17,456
  Note 5. Accrued Liabilities
  (In thousands)March 29,
    
    
    December 31,2008
    
    
    2007Employee-related benefits
    
    $
    1,450
    
    
    $
    1,283Compensation related
    
    
    1,105
    
    
    
    1,276Deferred compensation
    
    
    647
    
    
    
    710Sales commissions
    
    
    512
    
    
    
    534Other accrued liabilities
    
    
    2,300
    
    
    
    2,244$
    6,014
    
    
    $
    6,047
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Note 6. Employee Stock Ownership Plan
 Employers Accounting for Employee Stock Ownership Plans
  (In thousands)March 29,
    
    
    December 31,2008
    
    
    2007Allocated shares
    
    
    273
    
    
    
    268Unearned ESOP shares
    
    
    1,586
    
    
    
    1,603Total ESOP shares
    
    
    1,859
    
    
    
    1,871Unearned ESOP shares, at cost
    
    $
    15,863
    
    
    $
    16,032Fair value of unearned ESOP shares
    
    $
    7,376
    
    
    $
    7,695
 Note 7. Income Taxes
  Note 8. Earnings per Share of Common Stock
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Note 9: New Accounting Pronouncements
 The Fair Value Option for Financial Assets and Financial Liabilities Including
an Amendment of FASB Statement No. 115 Fair Value
Measurements (SFAS No. 157), . Effective Date of FASB Statement
No. 157,
  11




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Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
 Overview
       12




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Results of Operations
  Three Months EndedMarch 29,
    
    
    March 31,2008
    
    
    2007Sales
    
    
    100.0
    %
    
    
    100.0
    %Cost of sales
    
    
    83.8
    
    
    
    83.8Gross margin
    
    
    16.2
    
    
    
    16.2Selling, general and administrative expenses
    
    
    24.2
    
    
    
    22.1Operating loss
    
    
    (8.0
    )
    
    
    (5.9
    )Interest income (expense), net
    
    
    (0.2
    )
    
    
    0.1Loss before income tax benefit
    
    
    (8.2
    )
    
    
    (5.8
    )Income tax benefit
    
    
    
    
    
    
    2.3Net loss
    
    
    (8.2
    )%
    
    
    (3.5
    )%
    13




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Liquidity and Capital Resources
      14




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Recently Issued Accounting Standards
 Business Combinations
 Noncontrolling Interests in Consolidated Financial Statements  An Amendment of ARB No. 51
 Forward-Looking Statements
     15




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Item 4. Controls and Procedures
 Form 10-Q.
   16




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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  Purchases of Equity Securities by the Issuer
  Total number
    
    
    Maximum numberof shares
    
    
    (or approximatepurchased as
    
    
    dollar value) ofTotal
    
    
    Average
    
    
    part of publicly
    
    
    shares that may yetnumber
    
    
    price
    
    
    announced
    
    
    be purchasedof shares
    
    
    paid
    
    
    plans or
    
    
    under the plans orPeriod
    
    purchased
    
    
    per share
    
    
    programs
    
    
    programs (1)January 1, 2008 to January 26 , 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    702,098January 27 , 2008 to February 23 ,
2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    702,098February 24 , 2008 to March 29, 2008
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    702,098Total
    
    
    
    
    
    
    
    
    
    
    
 (1)
    
    The Company has maintained a share repurchase program since 1997. 
 Item 6. Exhibits
 3.1
    
    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.3.2
    
    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 December 19, 2007, is incorporated herein by reference.31.1
    
    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).31.2
    
    Certification of 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).32.1
    
    Certifications of Chief Executive Officer 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).
  17




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SIGNATURES
  Chromcraft Revington, Inc.
(Registrant)Date:  May 13, 2008
    By:
    /s/ Frank T. KaneFrank T. KaneSr. Vice President-Finance

(Duly Authorized Officer and
Principal Accounting and
Finance Officer)  18




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EXHIBIT INDEX
 ExhibitNo.
    
    Description31.1
    
    
    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).31.2
    
    
    Certification of 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).32.1
    
    
    Certifications of Chief Executive Officer 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).
  19