STANLEYTOWN, Va., July 17 /PRNewswire-FirstCall/ -- Stanley Furniture
Company, Inc. (Nasdaq: STLY) announced today that its Board of Directors
increased the authorized use of funds to repurchase the Company's common
stock to $50 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. Prior to the increase, less than
$1 million was available on the authorization as a result of recent stock
repurchases. During the last four quarters the Company has used $29.2
million to repurchase 1.2 million shares of its common stock at an average
price of $23.91 per share.
The Board of Directors also declared a quarterly cash dividend of $.08
per share payable on September 5, 2006 to stockholders of record on August
11, 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/
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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