Stanley Furniture reports loss of $1.28 million in fourth quarter
Sales fall more than 20%
Furniture Today Staff -- Furniture Today, February 4, 2010
STANLEYTOWN, Va. — Case goods major Stanley Furniture reported a net loss of $1.28 million in the fourth quarter as sales fell more than 20%.
The loss, which equaled 12 cents per share, was blamed on plant inefficiencies and unfavorable factory overhead due to depressed sales.
The company also said it incurred increased costs from the transition of its Young America line from offshore to domestic production, and had to offer unusually high selling discounts in the face of weak demand.
The most recent quarter's loss compares with net income of $6.25 million, or 60 cents per share, in the fourth quarter of 2008.
Sales for the quarter totaled $39.9 million, a 20.7% drop from the fourth quarter of 2008, when sales were $50.4 million.
"We believe our sales performance is indicative of consumer demand for residential wood furniture in our price segment," said Glenn Prillaman, president and CEO. "Demand for better goods has been relatively stable for the past several quarters; however, we see no signs of any near-term improvement."
The company said Prillaman, who had been Stanley's president and chief operating officer since August, was elected this week to the post of president and CEO. His father, Albert Prillaman, previously was chairman and CEO, and will remain as chairman.
For all of 2009, the company had a net loss of $11.75 million, or $1.14 per share. That compares with a profit of $3.74 million, or 36 cents per share, in 2008.
Full-year sales totaled $160.5 million, down 29.2% from 2008.
The 2009 figures include a pre-tax restructuring charge of $6.1 million, as well as pre-tax income of $9.3 million from anti-dumping duties on Chinese-made wood bedroom furniture.
In 2008, restructuring charges were $7.3 million, and pre-tax income from anti-dumping duties was $11.5 million.
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