STANLEYTOWN, Va., Aug. 25 /PRNewswire/ -- Stanley Furniture Company, Inc.
(Nasdaq: STLY) announced today that its Board of Directors has 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
$11.4 million. Since October 1998, the Company has utilized $18.6 million to
purchase 913,750 shares of its common stock at an average price of $20.39 per
share.
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.
Albert L. Prillaman, president and chief executive officer of Stanley
Furniture Company, 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. 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 and
continue our investment in the Company's future growth."
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.
Visit Stanley Furniture on the World Wide Web 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. of Finance and
Administration, 540-627-2157, or email:
dpayne@stanleyfurniture.com; or Anita Wimmer, Treasurer,
540-627-2446, or email: awimmer@stanleyfurniture.com; both of
Stanley Furniture Company
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