Case goods resource Stanley Furniture recorded a fourth-quarter net loss of $8.3 million as sales tumbled more than 30%.<\/p>\n
The loss, which equals 73 cents per share, was well above the loss in the fourth quarter of 2009, when the company lost $1.28 million, or 12 cents per share.<\/p>\n
The most recent quarter included $1.56 million that was received from the Continued Dumping and Subsidy Offset Act. In the fourth quarter of 2009, the company received $9.34 million from the same act, which funnels import duties paid on Chinese wood bedroom furniture to certain U.S. manufacturers.<\/p>\n
Fourth-quarter sales totaled $27.7 million, a drop of 30.6% from $39.9 million in the fourth quarter of 2009.<\/p>\n
For all of 2010, sales were $137 million, down 14.6% from $160.5 million in 2009.<\/p>\n
Last year’s net loss totaled $43.8 million or $4.11 per share. That figure included a $9.1 million write-down of goodwill and restructuring charges of $3.9 million.<\/p>\n
In 2009, the net loss was $11.8 million or $1.14 per share, including restructuring charges of $2.85 million.<\/p>\n
“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.”<\/p>\n
During the fourth quarter, the company raised $12 million from shares issued in a rights offering. Stanley also received $2.3 million from the sale of machinery and equipment it no longer needed, and got another $4.9 million from the sale of its Stanleytown and Martinsville, Va., facilities.<\/p>\n
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