Stanley Furniture (STLY) Reports Q2 Loss of $0.20, Comments on Outlook

Stanley Furniture Co, Inc. (NASDAQ: STLY) reported Q2 EPS of ($0.20), versus ($0.25) reported last year. Revenue for the quarter came in at $24 million, versus $24.2 million reported last year.

Outlook

“Although it is difficult to predict sales, we maintain a strong pipeline of new product introductions for this year and next and continue to expect to exit this year with a business that is generating cash and operating profitably,” said Prillaman. “At present, our retailers are seeing a softening in consumer traffic, and we have noted a corresponding softness in orders that began in the latter part of the second quarter. Given our adjustments to our overhead structure, we expect selling, general and administrative costs to be approximately $3.5 million quarterly for the near term, excluding restructuring charges.”

The company enters the third quarter with a $2.3 million Young America backlog and approximately $3 million of unsold inventory. It expects to end domestic production and ship the current backlog in July and the remaining inventory throughout the balance of 2014. “As we collect Young America receivables and proceeds from the sale of related assets, our balance sheet will strengthen,” concluded Prillaman. “With the end of our domestic production effort, comes a clear path to profitability and improved results for the company. Our organization’s focus is on growth of the Stanley brand and helping our customers increase store traffic.”

For earnings history and earnings-related data on Stanley Furniture Co, Inc. (STLY) click here.

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