STANLEYTOWN, Va., Jan. 30 /PRNewswire-FirstCall/ -- Stanley Furniture
Company, Inc. (Nasdaq: STLY) announced today that its Board of Directors
authorized the use of an additional $10 million to repurchase the Company's
common stock. The total amount now authorized to repurchase the Company's
common stock is $17.2 million. These repurchases may be made from time to
time in the open market, in privately negotiated transactions, or otherwise,
at prices that the Company deems appropriate.
The Board of Directors also approved a 33% increase in its quarterly cash
dividend to $.08 per share payable on March 6, 2006 to stockholders of record
on February 17, 2006.
"We are pleased with the Board's decision to continue our long standing
financial strategy of returning capital to stockholders through the repurchase
of our common stock and cash dividends," commented Jeffrey R. Scheffer,
chairman and chief executive officer. "Stanley's strong financial condition
and cash flow will allow us to simultaneously take advantage of opportunities
to purchase our stock at attractive prices, continue our investment in the
Company's future growth and return profits to our stockholders through cash
dividends," concluded Scheffer.
Established in 1924, Stanley Furniture Company, Inc. is a leading
manufacturer of wood furniture targeted at the upper-medium price range of the
residential market. Manufacturing facilities are located in Stanleytown and
Martinsville, Va. and Robbinsville and Lexington, N.C. Its common stock is
traded on the Nasdaq stock market under the symbol STLY.
SOURCE Stanley Furniture Company, Inc.
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Related links:
http://www.stanleyfurniture.com
Company News On-Call:
http://www.prnewswire.com/comp/117677.html
CONTACT:
Douglas I. Payne, Executive Vice President -
Finance and Administration, +1-276-627-2157,
dpayne@stanleyfurniture.com, or Anita W. Wimmer, Vice President -
Controller and Treasurer, +1-276-627-2446,
awimmer@stanleyfurniture.com, both of Stanley Furniture Company,
Inc.
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