Stanley Furniture Narrows Fourth-Quarter Loss
February 1, 2012,
STANLEYTOWN, Va.-Stanley Furniture drastically reduced its fourth-quarter net loss to $1.7 million from the net loss of $8.3 million it posted for the final quarter of last year.
The company also benefited from a credit of $2.9 million from the Continued Dumping and Subsidy Offset Act. Factoring this in, Stanley reported a net income of $1.2 million. The company's net loss for the fiscal year totaled $5 million, down from its 2010 net loss of $43.8 million.
Stanley was able to post a positive gross margin for the fourth quarter of 13.5 percent, compared to negative gross margin of 21.8 percent for the 2010 fourth quarter. Selling, general and administrative expenses edged up 1.5 percent in dollars and rose 222 basis points as a percentage of sales to 18 percent.