Wednesday, Stanley Furniture Company, Inc. (STLY) reported a wider loss for the third quarter, primarily attributable to a significant decline in sales and production levels.
Net loss widened to $5.1 million or $0.49 per share from a loss of $3.48 million or $0.34 per share during the comparable period a year-ago.
Adjusted net income was $4.4 million or $0.43 per share, compared with a loss of $0.70 million or $0.07 per share in the year-ago quarter.
On average, three analysts polled by Thomson Reuters estimated a loss of $0.33 per share. Analysts' estimates typically exclude special items.
According to the company, the current year quarter includes accelerated depreciation of $0.06 per share due to a previously announced warehouse consolidation, while the prior year quarter includes a charge of $0.27 per share for costs primarily related to the consolidation of two manufacturing facilities.
Net sales declined by 29.4% to $38.5 million from $54.48 million in the year-earlier period.
Two Wall Street analysts estimated revenues of $40.31 million for the third quarter.
"We believe our sales performance is indicative of consumer demand for residential wood furniture in our price segment," said Albert Prillaman, chairman and chief executive officer. "Demand for better goods continues to bump along at very depressed levels and we see no signs of any near-term improvement," he added.
For the first nine months of 2009, net loss widened to $10.47 million or $1.01 per share from a loss of $2.50 million or $0.24 per share in the prior year. Year-to-date loss per share included restructuring charges of $0.07 per share, compared to $0.29 per share a year-ago. Year-to-date net sales decreased by 31.6% to $120.5 million from $176.16 million last year.
STLY is currently trading on the Nasdaq at $10.65, up 6.61%.
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