STANLEYTOWN, Va., April 16 /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 $14.4 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 declared a quarterly cash dividend of $.05 per
share payable June 2, 2003 to stockholders of record on May 16, 2003. This is
the second dividend declared by the board since the initiation of a cash
dividend policy in January 2003.
Albert L. Prillaman, chairman, commented, "We are pleased with the Board's
decision to continue our financial strategy of using a portion of the
Company's capital to repurchase our shares and return profits to our
stockholders through a cash dividend. This demonstrates the Board's
confidence in the Company's strategy, growth opportunities and financial
strength. We believe that investing in Stanley's shares given current market
conditions represents an attractive investment. 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."
Established in 1924, Stanley Furniture Company, Inc. 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, NC. Its common stock is
traded on the Nasdaq stock market under the symbol STLY.
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," "estimates," "expects,"
"may," "will," "should," or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of strategy.
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 competition in the furniture
industry including competition from lower-cost foreign manufacturers, the
Company's success in implementing its blended strategy of expanded offshore
sourcing and domestic manufacturing, disruptions in offshore sourcing
including those arising from supply or distribution disruptions or changes in
political or economic conditions affecting the countries from which the
Company obtains offshore sourcing, the cyclical nature of the furniture
industry, fluctuations in the price for lumber which is the most significant
raw material used by the Company, credit exposure to customers in the current
economic climate, capital costs and general economic conditions. Future
dividend payments will depend upon the financial condition, capital
requirements and earnings of the Company, as well as other factors that the
Board of Directors may deem relevant. Any forward-looking statement speaks
only as of the date of this press release, and the Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new developments or otherwise.
SOURCE Stanley Furniture Company, Inc.
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Related links:
http://www.stanleyfurniture.com
Company News On-Call:
CONTACT:
Douglas I. Payne, Sr. V.P., Finance and
Administration, +1-276-627-2157, or dpayne@stanleyfurniture.com;
or Anita Wimmer, Treasurer, +1-276-627-2446, or
awimmer@stanleyfurniture.com, both of Stanley Furniture Company,
Inc.
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