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.”