HIGH POINT, NC - Stanley Furniture turned a small a profit third quarter, largely a result of CDSOA income, the antidumping duties collected from China and other foreign furniture producers deemed to have sold furniture below market prices. Net sales were $13.8 million compared to $13.9 million, down 1.2%
Net income from continuing operations was $4.4 million, including the receipt of $4.9 million in CDSOA proceeds, compared to a loss of $5.4 million. Stanley Funriture says CDSOA proceeds were used to pay down policy loans on life insurance policies used to fund the company’s legacy deferred compensation plan.
Have something to say? Share your thoughts with us in the comments below.