Stanley sales fall 25.6% in third quarter
Charges lead to $3.5 million loss
Larry Thomas -- Furniture Today, October 14, 2008
STANLEY, Va. — Case goods resource Stanley Furniture said third-quarter sales tumbled 25.6%, while restructuring charges led to a net loss of $3.5 million.
The loss, which equals 34 cents per share, compares with net income of $1.6 million or 16 cents per share in last year's third quarter.
"Excluding restructuring charges, operating income was near a break-even level due to the significant decline in sales," said Albert Prillaman, chairman and CEO. "This restructuring will lower our costs going forward and position the business for success when demand eventually improves."
Without the restructuring charges, Stanley's net loss would have been 7 cents per share.
For the quarter ended Sept. 27, sales totaled $54.5 million, compared with $73.2 million in the same period in 2007.
Sales for the nine months ended Sept. 27 were $176.2 million, down 18.4% from the first nine months of last year.
The nine-month net loss of $2.5 million or 24 cents per share compares with net income of $935,000 or 9 cents per share in the same period last year.
