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Stanley Fourth Quarter Earnings Up
By Home Furnishings Business in on January 2006
Stanley Furniture Co. reported fourth quarter earnings rose despite a slight drop in sales as the company was helped by a rise in interest income.
The company posted quarterly profit of $5.8 million, or 46 cents a share, compared with $5.7 million, or 43 cents a share, a year earlier. Quarterly sales decreased 2 percent to $81.4 million compared with $83.3 million in for the same period last year.
Sales for the year climbed 9.1 percent to $333.6 million, and net income for the year ended Dec. 31 hit $23.2 million compared to $20.8 million in the year before.
A rise in interest income and a fall in interest expense, along with a decrease in income taxes, helped boost the company's bottom line.
Looking to the first quarter of 2006, the company said it anticipates sales to range between $81 million to $84 million. Stanley Furniture also said it expects earnings per share to range between 43 cents and 46 cents.
"We enter 2006 cautiously, mindful of an uncertain demand environment yet confident in our ability to continue to gain market share and anticipate another good year," said Jeffrey Scheffer, chief executive officer.