Stanley Furniture posts loss as sales tumble 36.4%
Second quarter revenues expected to be similar
Larry Thomas -- Furniture Today, April 16, 2009
STANLEYTOWN, Va. — Case goods major Stanley Furniture reported a first-quarter loss of $2.4 million as sales tumbled 36.4%.
The company said sales were weak in all of its wood furniture categories as consumers continued to reduce spending on discretionary items such as home furnishings.
"As anticipated, we experienced a sharp decline in sales due to the recessionary environment," said Albert Prillaman, chairman and CEO. "Since the lows of December and January, we have seen a modest upward trend in orders. However, we expect second quarter revenues ... to be similar to the first quarter."
Sales for the three months ended March 28 totaled $39.8 million, down from $62.5 million in the first quarter of 2008.
The most recent quarter's loss, which equals 23 cents per share, compares with net income of $1.05 million or 10 cents per share in last year's first quarter.
The first quarter of this year included restructuring charges of 1 cent per share, while last year's first quarter included restructuring charges of 2 cents per share.
Prillaman said Stanley's balance sheet remains strong, noting the company ended the quarter with $41.1 million in cash and total debt of $29.3 million.
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Stanley sales tumble 36.4%
Apr 20, 2009 -
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