Stanley Furniture reports $5.1 million quarterly loss
Sales down 29.4% in third period
Larry Thomas -- Kids Today, 10/18/2009 10:21:00 AM
STANLEYTOWN, Va. — Stanley Furniture reported a third-quarter net loss of $5.1 million as sales tumbled 29.4%.
The loss, which equals 49 cents per share, was blamed on an industry-wide sales slump that has been especially hard on producers such as Stanley, which focuses on upper-middle price points.
“Demand for better goods continues to bump along at very depressed levels and we see no signs of any near-term improvement,” said Albert Prillaman, chairman and CEO. “We are disappointed with our operating results, as our sales have declined at a faster rate than we have been able to adjust our cost structure.”
For the quarter ended Sept. 26, sales totaled $38.5 million, down from $54.5 million in last year’s third quarter.
The most recent quarter’s loss is larger than the loss of $3.5 million or 34 cents per share the company reported in the same quarter a year earlier.
The most recent quarter included restructuring charges of 6 cents per share, while last year’s third quarter included restructuring charges of 27 cents per share.
For the nine months ended Sept. 26, sales fell 31.6% to $120.5 million. The nine-month net loss totaled $10.5 million or $1.01 per share, compared with a loss of $2.5 million or 24 cents per share in the first nine months of 2008.
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