Stanley Furniture Co. Inc. (STLY) reported a net loss of $5.1 million or $0.49 per share for the third quarter, compared to a loss of $3.5 million or $0.34 per share in the year-ago quarter.
Adjusted net income was $4.4 million or $0.43 per share, compared to a loss of $695,000 or $0.07 per share in the year-ago quarter.
Net sales for the quarter decreased 29.4% to $38.5 million from $54.5 million in the third quarter of 2008.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share on revenue of $40.13 million for the quarter. Analysts' estimates typically exclude special items.
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