From Home Furnishing Business
Stanley Furniture 4Q Sales Up More than 20%
Case goods supplier Stanley Furniture (NASDAQ: STLY) pushed net sales for the fourth quarter ended Dec. 31 to $16 million, a 20.8 percent increase from $13.3 million reported in the same quarter last year.
Operating income for the quarter was $599,000 compared to an operating loss of $1.7 million in the same period last year.
The company reported a net loss of $3.2 million for the quarter, compared to a loss of $4.7 million in the fourth quarter of last year. The loss included a $682,000 charge from discontinued operations and a $2.5 million impairment charge in legal fees to the American Furniture Manufacturers Committee of Legal Trade because the company no longer produces bedroom furniture domestically.
Without the charges, Stanley had a net loss of $6,000 for the quarter.
The company’s net sales for the year were $60.6 million, a 3.5 percent increase over net sales of $58.6 million in 2013.
For the year, the company posted a net loss of $29.9 million compared to a net loss of $12.8 million.
“We were pleased with our momentum exiting the year. The distractions from discontinued operations subsided and we are fully focused on profitable growth. In 2015 we look forward to growing sales, leveraging our cost structure and creating value for our shareholders,” said Glenn Prillaman, president and CEO. “Our multi-year effort to operate competitively and grow in our industry’s changing marketplace has not been without missteps. However, the opportunity that lies ahead for our company is now showing through sales gains.
The company’s complete earnings report is available online.