Stanley's net income $4.6M, up 32.9% in 1Q
By Furniture Today Staff -- Furniture Today, April 18, 2004
STANLEYTOWN, Va. — Case goods manufacturer and importer Stanley Furniture Co. reported first-quarter sales of $70.2 million and net income of $4.6 million, increases of 14.6% and 32.9%, respectively, over prior-year performance.
"We're very pleased with first-quarter results and the execution by the management team of our overall strategy," said Chairman Albert Prillaman in a conference call with analysts.
Sales and earnings exceeded upwardly revised guidance for the period, which Stanley credited to its ability to service better-than-expected orders in the second half of March.
"We ship quickly," said Jeff Scheffer, president and CEO. "This enabled us to capitalize on orders that came in $100,000 per day more than expected for the last two weeks of March."
The latest quarter, ended March 27, was Stanley's eighth consecutive quarter of year-over-year sales growth. Scheffer said industry conditions are "typical of a recovery."
Doug Payne, executive vice president and chief financial officer, said, "We have the capacity to add $100 million in sales from a combination of sourcing opportunities and our own (manufacturing) capacity."
In order to service anticipated sales, Stanley will increase inventories in the second quarter, and has leased extra warehouse space.
Sourced goods accounted for about 26% of first-quarter sales, and imports should contribute about 30% of total sales in 2004, the company said.
Stanley expects some inflation this year in raw material costs. Payne noted that lumber costs are up 4% to 6% year over year. "We were a little proactive in putting in a modest price increase in December 2003," he said.
| Stanley Furniture | |||
|---|---|---|---|
| Earnings per share are fully diluted, and all figures in parentheses are loses or declines. | |||
| Quarter ended 3/27 | 2004 | 2003 | Change |
| (a) Based on average shares outstanding of 6.4 million in the 2004 quarter and 6.7 million in the 2003 quarter. |
|||
| Sales | $70,222,000 | $61,298,000 | 14.6% |
| Operating income | 7,804,000 | 6,109,000 | 27.7% |
| Net income | 4,607,000 | 3,466,000 | 32.9% |
| Earnings per share (a) | 0.71 | 0.52 | 36.5% |
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