STANLEYTOWN, VA -- Stanley Furniture Company Inc. reported net sales of $137.0 million for 2010, a 14.6% decrease compared to 2009.
The company's bottomline was a net loss of $43.8 million compared to a net loss of $11.8 million in 2009. Stanley said the increased loss in 2010 resulted primarily from the near-term impact of actions taken with its restructuring plans and lower sales, which included the sale and subsequental rental of two of its facilities.
Stanley also noted that it received $1.6 million in 2010 from the collection of Chinese bedroom furniture antidumping duties for receipt of funds under the Continued Dumping and Subsidy Offset Act of 2000 (CDSOA).
“Our near-term outlook on consumer demand in the premium segment of the wood residential market remains unfavorable,” said Glenn Prillaman, president and CEO. “However, after a year of restructuring our business, recruiting new members to our management team, and strengthening our balance sheet in the fourth quarter, we believe we are well positioned to execute our strategy and have established a pathway to generate profits from operations."
Want more? Check out Stanley Furniture's fourth quarter statement.
Posted by Rich Christianson
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