This Day On The Street
Continue to site
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 Announces First Quarter 2011 Operating Results

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

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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.99 0.00%
FB $101.22 1.70%
GOOG $678.11 0.00%
TSLA $151.85 2.40%
YHOO $26.82 0.00%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs