STANLEYTOWN, VA -- Stanley Furniture Company Inc. (Nasdaq-NGS: STLY) reported net sales of $37.9 million for its second quarter, a decrease of 10.5% from the second quarter of 2009 and an increase of 3.8% from the first quarter of 2010.
Stanley reported a net loss for the quarter was $11.5 million compared to a net loss of $3.0 million in the second quarter of 2009. The 2010 second quarter loss includes accelerated depreciation of $2.1 million and $1.2 million of charges related to the company’s restructuring plan announced in May 2010.
"As expected, our second quarter operating results excluding special items were similar to the first quarter," said Glenn Prillaman, president and CEO of Stanley. "Business conditions in the second quarter remained sluggish with a downturn in sales for June showing that today’s consumer continues to take a cautious approach toward the purchase of wood furniture in our price segment."
The company also announced today the hiring of Micah Goldstein as COO.
Read Stanley Furniture's press release.
Stanley reported a net loss for the quarter was $11.5 million compared to a net loss of $3.0 million in the second quarter of 2009. The 2010 second quarter loss includes accelerated depreciation of $2.1 million and $1.2 million of charges related to the company’s restructuring plan announced in May 2010.
"As expected, our second quarter operating results excluding special items were similar to the first quarter," said Glenn Prillaman, president and CEO of Stanley. "Business conditions in the second quarter remained sluggish with a downturn in sales for June showing that today’s consumer continues to take a cautious approach toward the purchase of wood furniture in our price segment."
The company also announced today the hiring of Micah Goldstein as COO.
Read Stanley Furniture's press release.
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