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Volume 36.3K
As of 8:10 PM 07/28/14 All times are local (Market data is delayed by at least 15 minutes).

stanley furniture co inc (STLY) Key Developments

Stanley Furniture Announces Management, Effective Mid-August

Micah Goldstein, the chief operating and financial officer at Stanley Furniture, who worked the past few years in an ultimately unsuccessful effort to revitalize sister company Young America, is leaving the company in mid-August. The company said that Anita Wimmer, the current vice president of finance, will become the company s principal financial officer upon Goldstein s departure. She has been with Stanley since 1993 following seven years in public accounting.g Goldstein, who joined Stanley in August 2010, had set up Stanley s Asian sourcing operations and also helped oversee domestic manufacturing, including its last remaining case goods plant in Stanleytown, which ceased most production in late 2010. At that point, he began to spend much of his time overseeing the Robbinsville, N.C., Young America plant.

Stanley Furniture Company, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 28, 2014

Stanley Furniture Company Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2014. For the quarter, the company reported net sales of $24,038,000 against $24,166,000 a year ago. Total company sales growth was impacted by a 17.6% decline on the Young America product line as custom orders were not accepted after April 29, 2014. Operating loss was $18,321,000 against $2,928,000 a year ago. Loss before income taxes was $19,071,000 against $3,538,000 a year ago. Net loss was $19,060,000 or $1.35 per diluted share against $3,529,000 or $0.25 per diluted share a year ago. Net sales as adjusted were $24,533,000 against $24,166,000 a year ago. Operating loss as adjusted was $2,078,000 against $2,666,000 a year ago. Net loss as adjusted was $2,817,000 or $0.20 per diluted share against $3,267,000 or $0.23 per diluted share a year ago. For the six months, the company reported net sales of $45,929,000 against $50,218,000 a year ago. Total company sales growth was impacted by a 17.6% decline on the Young America product line as custom orders were not accepted after April 29, 2014. Operating loss was $22,346,000 against $4,400,000 a year ago. Loss before income taxes was $23,491,000 against $5,639,000 a year ago. Net loss was $23,470,000 or $1.66 per diluted share against $5,623,000 or $0.40 per diluted share a year ago. Net sales as adjusted were $46,424,000 against $50,218,000 a year ago. Operating loss as adjusted was $4,925,000 against $3,878,000 a year ago. Net loss as adjusted was $6,049,000 or $0.43 per diluted share against $6,049,000 or $0.36 per diluted share a year ago. Net cash used by operating activities was $8,411,000 against $10,784,000 a year ago. Capital expenditures were $51,000 against $2,715,000 a year ago. Purchase of other assets was $44,000 against $1,670,000 a year ago.

Stanley Furniture Co. Inc., Q2 2014 Earnings Call, Jul 15, 2014

Stanley Furniture Co. Inc., Q2 2014 Earnings Call, Jul 15, 2014

Stanley Furniture Co. Inc. Announces Change of Auditors

On April 29, 2014, the Audit Committee of the Board of Directors of Stanley Furniture Company Inc. approved the engagement of BDO USA, LLP as the company's principal independent registered public accountant to audit the company's financial statements for the fiscal year ended December 31, 2014. As a result, on April 29, 2014, the company dismissed PricewaterhouseCoopers LLP, as the company's principal independent registered public accountants effective upon completion of PricewaterhouseCoopers LLP review of the Company's first quarter financial statements.

Stanley Furniture Co. Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 29, 2014

Stanley Furniture Co. Inc. reported unaudited consolidated earnings results for the first quarter ended March 29, 2014. For the quarter, the company’s net sales of $21,891,000, a 16% decrease compared to $26,052,000 a year ago. Operating loss was $4,025,000 against $1,472,000 a year ago. Loss before income taxes was $4,420,000 against $2,101,000 a year ago. Net loss was $4,410,000 or $0.31 per diluted share against $2,094,000 or $0.15 per diluted share a year ago. Adjusted operating loss was $2,847,000 compared to $1,212,000 a year ago. Adjusted net loss was $3,232,000 compared to $1,834,000 a year ago. Adjusted diluted EPS was $0.23 compared to $0.13 a year ago. Net cash used by operating activities was $2,126,000 compared to $7,027,000 a year ago. Capital expenditures were $51,000 compared to $1,151,000 a year ago.

 

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