Stanley Furniture Announces First Quarter 2010 Operating Results
Stanley Furniture Company, Inc. (Nasdaq-NGS: STLY) today reported sales and operating results for the first quarter of 2010.
Net sales of $36.5 million decreased 8.1% from the first quarter of 2009. Net loss for the quarter was $19.1 million, or $1.85 per share, compared to a net loss of $2.4 million, or $.23 per share, in the 2009 first quarter. The 2010 first quarter loss includes a goodwill impairment charge of $9.1 million. The current year quarter also includes a $1.3 million charge to establish a valuation allowance against gross deferred tax assets.
Operating loss amounted to $17.6 million, compared to operating loss of $3.1 million in the first quarter of 2009. The higher operating loss is primarily due to the goodwill impairment charge, manufacturing inefficiencies and the increased cost of transitioning approximately one-third of the Young America product line revenues from overseas into domestic facilities, and lower overall sales across the Company’s various product lines. These factors were partially offset by lower expenses resulting from previous restructurings and on-going cost reduction efforts.
The Company also announced today a restructuring plan setting a path toward profitability. This plan includes the following major components:
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