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 Company Announces Third Quarter 2013 Operating Results

Stanley Furniture Company, Inc. (Nasdaq-NGS: STLY) today reported sales and operating results for the third quarter of 2013.

Third quarter 2013 highlights:

  • Net sales were $24.0 million, essentially flat to the third quarter of 2012.
  • Gross margin declined to 11.6% of net sales compared to 14.0% in the third quarter of 2012.
  • Selling, general and administrative expenses were $4.7 million (19.6% of net sales) compared to $4.6 million (19.3%) in the third quarter of 2012.
  • Operating loss was $1.9 million compared to a loss of $1.3 million in third quarter of 2012.
  • As of September 28, 2013, the company’s financial position reflected $22.7 million in cash, restricted cash and short-term investments.

Year to date 2013 highlights:

  • Net sales were $74.2 million compared to $75.2 million for the nine months of 2012.
  • Gross margin declined to 11.3% of net sales compared to 13.3% for the nine months of 2012.
  • Selling, general and administrative expenses were $14.7 million (19.8% of net sales) compared to $13.7 million (18.2% of net sales) in 2012 period.
  • Operating loss was $6.3 million compared to a loss of $3.7 million in 2012.
  • Capital expenditures, leasehold improvements and investment in new operating systems totaled $5.1 million during the first nine months of 2013.

Overview

“Our business showed important signs of improvement during the third quarter,” said Glenn Prillaman, President and Chief Executive Officer. “After three consecutive years of strategic change necessary to position both our Stanley and Young America brands for growth, sales have stabilized, both year-over-year and sequentially, and our cash used during the quarter declined compared to prior quarters, as guidance suggested. Our balance sheet remains strong and our plan to become profitable does not hinge upon further capital spending.”

1 of 5

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
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.79 +32.82 0.18%
S&P 500 2,105.45 -3.47 -0.16%
NASDAQ 5,045.7280 -14.5180 -0.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs