This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
STLY $2.75 0.00%
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%
TSLA $226.03 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs