STANLEYTOWN, Va., March 13 /PRNewswire/ -- Stanley Furniture Company, Inc.
(Nasdaq: STLY) announced today it expects first quarter sales to be 6-9% lower
than last year, and first quarter earnings per share to be $.58 to $.62,
compared to $.66 last year. The Company has reduced production to match order
trends through selective downtime at most of its facilities and expects
inventories at the end of the first quarter to approximate year end 2000
levels.
"During the first quarter of 2001 business conditions have been softer
than previously anticipated," commented Albert L. Prillaman, president and
chief executive officer of Stanley Furniture Company. "As we have previously
noted, we do not expect business conditions to improve before the second half
of 2001. The unsettled business environment and lower consumer confidence
makes it difficult to predict the precise timing of a rebound in consumer
furniture purchases. We anticipate improved consumer confidence and spending
in the second half of the year, which should result in 2001 sales modestly
below to modestly above last year, and earnings per share of $2.60 to $2.90
for 2001, compared to $2.63 last year."
Mr. Prillaman concluded, "We continue to believe that the long-term
prospects for the furniture industry are quite healthy based on a strong U.S.
economy and favorable demographic trends. Furthermore, we believe the Company
is well positioned in the marketplace and will continue to outperform the
industry in sales growth."
The Company plans to report operating results for the first quarter ending
March 31, 2001 before the market opens on Tuesday, April 17, 2001. Stanley
Furniture management will be presenting at the First Union Securities Consumer
Value Conference on Tuesday, March 20, 2001. The presentation will be webcast
from the conference. Access information will be available on the Company's
web site at http://www.stanleyfurniture.com .
The Company will hold a conference call on March 14, 2001 at 10:00 a.m.
Eastern Time, to review this press release. The dial-in-number is
719-457-2633. A replay will be available through March 20, 2001. The dial-
in-number for the replay is 719-457-0820 with an access code of 564209.
All earnings per share amounts are on a fully diluted basis.
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, Lexington, and West End, NC. Its common
stock is traded on the Nasdaq stock market under the symbol STLY.
For more information, visit the Company's web site at
http://www.stanleyfurniture.com .
Certain statements made in this release are not based on historical facts,
but are forward-looking statements. These statements can be identified by the
use of forward-looking terminology such as "believes," "expects," "may,"
"will," "should," or "anticipates" or the negative thereof or other variations
thereon or comparable terminology. These statements reflect the Company's
reasonable judgment with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties include the
cyclical nature of the furniture industry, fluctuations in the price of lumber
which is the most significant raw material used by the Company, competition in
the furniture industry, capital costs and general economic conditions.
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 or fax,
800-758-5804, ext. 117677
CONTACT:
Douglas I. Payne, Sr. V.P. - Finance and
Administration, 540-627-2157, or dpayne@stanleyfurniture.com; or
Anita W. Wimmer, Treasurer, 540-627-2446, or
awimmer@stanleyfurniture.com, both of Stanley Furniture Company,
Inc.
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