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Stanley Furniture reduces loss as sales fall 27.8%

Second-quarter sales top first-quarter number

Larry Thomas -- Furniture Today, July 21, 2011

STANLEYTOWN, Va. — Stanley Furniture said second-quarter sales were 27.8% below last year's second quarter, but the case goods manufacturer and importer slashed its net loss to $595,000.

The company said a stagnant housing market and sluggish retail environment continued to depress sales. However, second quarter sales were 3.1% above first quarter sales, which represented the first sequential quarterly increase in more than a year.

"While we do not believe the slight increase represents any positive macro-level signs, our reaching a meaningful top line milestone is important given the recent changes in our operational model," said Glenn Prillaman, President and CEO. "As our efforts to build our product offering and improve our service position continue to take hold, we believe we should recapture lost market share from our restructuring period."

Sales for the quarter ended July 2 were $27.4 million, compared with $37.9 million in the same quarter last year.

The net loss of $595,000 or 4 cents per share compares with a loss of $11.5 million or $1.11 per share in last year's second quarter.

The most recent quarter included $1.12 in income from the Continued Dumping and Subsidy Offset Act, as well as a $3.1 million tax refund.

For the six months ended July 2, sales totaled $54 million, down 27.5% from $74.4 million in the first six months of last year.

The six-month net loss totaled $4.52 million or 32 cents per share. That compares with a loss of $30.5 million or $2.95 per share in the first six months of last year.

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