NEW YORK (TheStreet) -- Shares of Stanley Furniture Co. (STLY) are dropping -9.52% to $2.47 in late trading on Tuesday after it reported a second quarter net loss of 20 cents per diluted share versus a loss of 23 cents per diluted share, in the same period a year ago.
Revenue was $24 million in the quarter, essentially flat compared to its prior year second quarter results due to a 17.6% drop for its Young America product line as custom orders were not accepted after April 29, as it looks to phase out the division.
A restructuring charge of $16.2 million, mostly non-cash, was taken during the quarter related to ceasing domestic production of the Young America product line.
Separately, TheStreet Ratings team rates STANLEY FURNITURE CO INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate STANLEY FURNITURE CO INC (STLY) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.