Stanley Furniture 3Q Loss Widens
STANLEYTOWN, Va. (AP) ¿ Stanley Furniture Co. on Wednesday reported a wider third-quarter loss as cash-strapped consumers continued to avoid big-ticket purchases of items like wood furniture.
Chairman and CEO Albert Prillaman said there are no signs of improvement in the near term.
Stanley Furniture lost $5.1 million, or 49 cents per share, in the quarter that ended Sept. 26. That compares with a year-ago loss of $3.5 million, or 34 cents per share. Stanley said the per-share quarterly loss included a 6-cent-per-share depreciation charge due to a warehouse consolidation.
Analysts polled by Thomson Reuters, who typically exclude one-time charges, expected a smaller loss of 33 cents per share.Revenue fell 29 percent to $38.5 million from $54.5 million. Prillaman said demand for its wood furniture "continues to bump along at very depressed levels and we see no signs of any near-term improvement. 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." The company said it is looking at ways to further cur costs and lower its break-even point. Shares of Stanleytown, Va.-based Stanley rose 66 cents, or 6.6 percent, to close at $10.65 on Wednesday before the report.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV