STANLEYTOWN, Va., April 27 /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 $18.3 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 two-for-one split of the Company's
common stock in the form of a 100% stock dividend payable on June 6, 2005 to
stockholders of record at the close of business on May 13, 2005. After the
split approximately 13 million common shares will be outstanding. The
stockholders approved an amendment to the Company's certificate of
incorporation increasing the number of authorized shares of common stock from
10 million to 25 million at yesterday's annual meeting of stockholders.
In addition, the Board of Directors also declared a quarterly cash
dividend of $.12 per share on a pre-split basis, payable on June 6, 2005 to
stockholders of record on May 13, 2005.
The Company also announced today the election of Jeffrey R. Scheffer as
Chairman of the Board in addition to his duties as President and Chief
Executive Officer. Albert L. Prillaman, formerly Chairman of the Board, was
appointed Lead Director in conjunction with his retirement from active
management. This completes the management succession plan that began in 2001.
"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."
"Our success would not be possible were it not for the leadership, vision
and wisdom of Albert Prillaman who has served our Company for nearly 36 years.
Albert leaves quite a legacy, including a culture deeply rooted in continuous
improvement. While our people are to be credited for adapting to a changing
world, our culture makes it possible. I'm fortunate to have Albert remain as
lead director. He will continue to be an invaluable sounding board, source of
sage advice, counsel and inspiration," concluded Jeffrey R. 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.
Forward-Looking Statements
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 executing its blended strategy of combining 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, international trade policies of the United
States and 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,
fluctuations in foreign freight cost, credit exposure to customers, 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:
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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