STANLEYTOWN, VA - Stanley Furniture Company Inc. has received $9.5 million in antidumping duties collected on wooden bedroom furniture imported from China.
Stanley Furniture, which reduced its first quarter operating loss to $984,000 compared to a loss of $3.4 million in first quarter of 2011, said it will receive an additional $30.5 million of Continued Dumping and Subsidy Offset Act (CDSOA) proceeds for funds that were previously withheld under the wood bedroom furniture antidumping duty order.
According to Micah Goldstein, chief operating and financial officer, "As we have said many times before, we do not need these funds to execute our strategy. While it does secure the strength of our balance sheet, returning to profitability and generating cash from operations remain our primary objectives."
During the past year, Stanley announced plans to invest $8.2 million to upgrade its Robbinsville, NC, plant that produces the Young America wood furniture line. More recently, Stanley Furniture announced it would relocate its home office from Stanleytown, VA, to High Point, NC.
Stanley's net sales for Q1 were $26.8 million, up 0.8% compared to the first quarter of 2011 and 8.7% more than the final quarter of 2011.
Glenn Prillaman, president and CEO, said, "We are pleased with our continued progress operationally and our first quarter of positive year over year sales growth since 2006. The top-line growth and the further improvements to our cost structure support our strategic direction and confirm our team's ability to execute in both of our operating models. We have made significant progress over the last five quarters and are closing in on profitability."
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