This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Stanley Furniture Announces First Quarter 2011 Operating Results

Stocks in this article: STLY

Stanley Furniture Company, Inc. (Nasdaq-NGS: STLY) today reported sales and operating results for the first quarter of 2011.

Net sales for the quarter decreased 4% to $26.6 million compared to $27.7 million in the fourth quarter of 2010. Order backlog grew $2.2 million as the company completed the first full quarter with its new operational strategy announced in May of last year. “Sales were consistent with our expectations for the first quarter,” said Glenn Prillaman, Chief Executive Officer. “Over the coming quarter we expect our backlog to narrow as the flow of goods from our Stanley product line improves from our overseas partners and as our Young America manufacturing facility in North Carolina continues to improve service to its customers,” Mr. Prillaman continued. Net loss for the quarter improved to $3.9 million, or $.27 per share compared to a net loss of $8.3 million, or $.73 per share, in the fourth quarter of 2010.

Operating loss narrowed substantially to $3.4 million compared to the $10.4 million operating loss in the fourth quarter of 2010. The Company generated positive gross margins of $1.7 million or 6.3% in the first quarter, ending four consecutive quarters of negative gross margins. “While we are still in the early stages of our new operating model, both customer reaction and financial performance indicate that we are making significant progress,” said Prillaman. We completed our restructuring plan in the first quarter and recorded $768,000 in related expenses, most of which consumed cash. Operating loss for the fourth quarter of 2010 included $2.5 million of restructuring expenses and $2.4 million of accelerated depreciation.

Cash on hand at quarter-end was $22.3 million down from $25.5 million at December 31, 2010. Working capital, excluding cash, decreased slightly to $26.5 million from $27.2 million at year-end 2010. “The combination of our efforts to raise capital late in 2010 and our improved performance in the first quarter has protected the strength of our balance sheet,” said Prillaman. Inventories declined from $25.7 million at year-end to $22.8 million at the end of the first quarter. Subsequent to quarter-end, the company received a $3.1 million tax refund.

“Our path towards profitability continues,” said Prillaman. “Our focus remains on reaching profitability at the operating level at some point in the second half of this year. Our people believe in our plan, and we have demonstrated that we have the necessary resources. While we know we have substantial hurdles ahead, we are pleased with our results and our progress on several fronts.”

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs