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.

“Normally, we would have shipped products from our adult line introduced earlier this year," said Glenn Prillaman, CEO. "But multiple initial production runs of our new Stone & Leigh brand at the same facility producing our adult line introductions caused some short-term disruption to shipments impacting third quarter sales.”  
 
The company now enters its first full quarter producing this new line of nursery and youth furniture where backlog continues to grow.  
 
“We are now back on offense making decisions that we expect to produce growth and leverage the cost structure already producing profits,” says Prillaman. A consumer catalog and website for Stone & Leigh, to be introduced in the fourth quarter, "promises to attract the elusive millennial consumer into our customers’ stores," Prillman says. 
 
During the High Point Market 2015, Stanley Furniture announced a new licensing agreement with fashion brand, Oscar de la Renta, scheduled for introduction in fall of 2016. And Stanley also announced today that the Board of Directors elected one of its current Directors, John “Ian” Lapey, as Chairman of the Board.  

 

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