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In a release dated April 15, the company stated:
- Net sales of $39.8 million decreased 36.4 percent from the first quarter of 2008. Loss per share of $.23 for the first quarter of 2009 compares to earnings per share of $.10 in the prior year quarter. The first quarter of 2009 and 2008 results include restructuring charges of $.01 and $.02 per share, respectively. The final restructuring charges stemming from actions announced last year were recorded in the first quarter of 2009.
- Operating loss amounted to $3.1 million, compared to operating income of $2.1 million in the first quarter of 2008. The decrease in operating income is primarily due to lower sales and production levels.
- Cash on hand amounted to $41.1 million at March 28, and total debt amounted to $29.3 million. Working capital, excluding cash and current maturities of long-term debt, decreased $7.1 million from the first quarter of 2008 primarily due to a decrease in accounts receivable and inventories reflecting lower sales.
"As anticipated we experienced a sharp decline in sales due to the recessionary environment," said Albert L. Prillaman, Chairman and Chief Executive Officer. "Since the lows of December and January we have seen a modest upward trend in orders. However, we expect second quarter revenues, seasonally the weakest sales period of the year, to be similar to the first quarter.
"Our balance sheet remains very strong. We continue to focus on effective balance sheet management and preparing the business for success when demand eventually improves."
Established in 1924, Stanley Furniture Company is a manufacturer of wood furniture targeted at the upper-medium price range of the residential market.
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