STANLEYTOWN, VA -- Stanley Furniture Company Inc. posted a $3.9 million net sales loss for its first quarter of 2011 compared to a net loss of $8.3 million for the same period a year before.
“Sales were consistent with our expectations for the first quarter,” said Glenn Prillaman, CEO. “Over the coming quarter we expect our backlog to narrow as the flow of goods from our Stanley product line improves from our overseas partners and as our Young America manufacturing facility in North Carolina continues to improve service to its customers.”
Stanley said it completed its restructuring plan in the first quarter and recorded $768,000.The operating loss for Stanley's fourth quarter of 2010 included $2.5 million of restructuring expenses and $2.4 million of accelerated depreciation.
“Our path towards profitability continues,” said Prillaman. “Our focus remains on reaching profitability at the operating level at some point in the second half of this year. Our people believe in our plan, and we have demonstrated that we have the necessary resources. While we know we have substantial hurdles ahead, we are pleased with our results and our progress on several fronts.”
Posted by Rich Christianson
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