Key Developments For Stanley Furniture Company, Inc.
Stanley Furniture Company, Inc. (STLY.O) (Nasdaq)
Stanley Furniture Co. Comments On Q3 2009 Guidance
Stanley Furniture Co. announced that it expects third quarter 2009 sales to be less than the second quarter of 2009. The Company expects its operating loss to increase in the third quarter of 2009 from the second quarter 2009 operating loss. The Company reported net sales of $42.33 million and EBIT of $(4.08) million in the second quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $44.40 million and EBIT of $(2.33) for the third quarter of 2009.
Stanley Furniture Co. Announces Election of Glenn Prillaman as President and Chief Operating Officer
Stanley Furniture Co. announced that its Board of Directors has elected Glenn Prillaman as President and Chief Operating Officer.
Stanley Furniture Co. Consolidate Lexington, NC Warehouse Operation
Stanley Furniture Co. announced plans to consolidate its Lexington, NC warehouse operation into other Company owned warehouse space, primarily at the Robbinsville, NC facility. The transition is expected to be completed by the end of 2009 and is expected to improve annual operating income by approximately $1.3 million starting in 2010. The Company anticipates recording accelerated depreciation of approximately $1.7 million over the next two quarters. The 28 associates at the Lexington, NC warehouse will be eligible for positions in Robbinsville, NC or Stanleytown, VA.
Stanley Furniture Co. Issues Q2 2009 Revenue Outlook Below Analysts' Estimates
Stanley Furniture Co. announced that it expects second quarter 2009 revenues to be similar to the first quarter of 2009. The Company reported net sales of $39.8 million in the first quarter of 2009. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $47 million for the second quarter of 2009.
Stanley Furniture Co. Suspends Dividend
Stanley Furniture Co. announced that its Board of Directors voted to suspend payment of quarterly cash dividends on its common stock, effective immediately. The dividend suspension will provide annualized cash savings of approximately $4 million.
