Stanley Furniture Company, Inc. (STLY) Reports Third Quarter Financial Results – CEO Comments on Earnings Outlook
Stanley Furniture Company, Inc. (NASD: STLY), a leading manufacturer of fine furniture pieces for dining rooms, living rooms, bedrooms and home offices, recently reported its financial results for the third quarter of 2008. Net sales for the quarter totaled $54.5 million, a decline of more than 25 percent from the third quarter of 2007. Earnings for the current year's quarter include a charge of $0.27 per share for costs related to the consolidation of two manufacturing facilities and other restructuring initiatives announced during the third quarter of 2008. Despite the decline in sales, the company’s quarterly earning and sales were…