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Stanley Furniture Announces First Quarter 2012 Operating Results

All earnings per share amounts are shown on a diluted basis.

   

STANLEY FURNITURE COMPANY, INC.

Consolidated Operating Results

(in thousands, except per share data)
 
March 31, April 02,
2012 2011
 
Net sales $ 26,781 $ 26,571
 
Cost of sales   23,184     24,886  
 
Gross profit (loss) 3,597 1,685
 
Selling, general and administrative expenses   4,581     5,121  
Operating loss (984 ) (3,436 )
 
Other income, net 21 29
Interest income 6
Interest expense   602     538  
Loss before income taxes (1,559 ) (3,945 )
 
Income tax expense (benefit)   4     (16 )
Net loss $ (1,563 ) $ (3,929 )
 
Diluted loss per share $ (.11 ) $ (.27 )
 
Weighted average number of shares   14,345     14,345  
 
   

STANLEY FURNITURE COMPANY, INC.

Consolidated Condensed Balance Sheets

(in thousands)
 
March 31, December 31,
2012 2011
 
Assets
Current assets:
Cash $ 10,229 $ 15,700
Restricted cash 1,587 1,587
Accounts receivable, net 10,885 10,252
Inventories 31,732 31,084
Prepaid expenses and other current assets 3,145 3,380
Deferred income taxes   558   519
 
Total current assets 58,136 62,522
 
Property, plant and equipment, net 18,993 17,590
Other assets   333   496
 
Total assets $ 77,462 $ 80,608
 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 9,186 $ 9,963
Accrued expenses   5,616   6,493
 
Total current liabilities 14,802 16,456
 
Deferred income taxes 558 519
Other long-term liabilities 6,476 6,593
 
Stockholders' equity   55,626   57,040
 
Total liabilities and stockholders' equity $ 77,462 $ 80,608
 
   
STANLEY FURNITURE COMPANY, INC.
Consolidated Condensed Statements of Cash Flows
(in thousands)
 
 
Three Months Ended
March 31, April 02
2012 2011
Cash flows from operating activities:
Cash received from customers $ 26,097 $ 24,139
Cash paid to suppliers and employees (29,234 ) (28,330 )
Interest received 3
Income taxes paid, net   (68 )   (52 )
Net cash used by operating activities   (3,202 )   (4,243 )
 
Cash flows from investing activities:
Capital expenditures (1,835 ) (409 )
Purchase of other assets (401 ) (38 )
Proceeds from sale of assets     1,472  
Net cash (used) provided by investing activities   (2,236 )   1,025  
 
Cash flows from financing activities:
Capital lease payments   (33 )  
Net cash provided by financing activities   (33 )  
 
Net decrease in cash (5,471 ) (3,218 )
Cash at beginning of period   15,700     25,532  
 
Cash at end of period $ 10,229   $ 22,314  
 

Reconciliation of net loss to net cash used by operating activities:

Net loss $ (1,563 ) $ (3,929 )
 
Depreciation and amortization 415 387
Stock-based compensation 187 8
Changes in working capital (2,756 ) (1,167 )
Other assets 599 510
Other long-term liabilities   (84 )   (52 )
Net cash used by operating activities $ (3,202 ) $ (4,243 )
 




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