Stanley Furniture down 7% in pre-market after posting Q2 loss
Stanley Furniture Co. (Nasdaq:STLY) is down nearly 7% in pre-market trading today after the company announced Monday after the close it had posted a loss in the second quarter of 2008. The Stanleytown, Va.-based furniture company reported a net loss of $0.68 million, or $0.01 per share, compared with a net loss of $2.4 million, or $0.23 a share, from the same quarter a year ago. The prior year’s results included a charge of $0.43 per share for the termination of Stanley Furniture’s defined benefit pension plan.
The company said it plans to consolidate its North Carolina manufacturing from two facilities to one, eliminate two executive positions and offer voluntary early retirement incentives. The manufacturing consolidation should be completed by Dec. 31, the company said.
Ahead of the opening, shares are at $7.99, down $0.60 from Monday’s close. Shares of the stock have ranged from $8.21 to $22.25 during the past year.
The company said it plans to consolidate its North Carolina manufacturing from two facilities to one, eliminate two executive positions and offer voluntary early retirement incentives. The manufacturing consolidation should be completed by Dec. 31, the company said.
Ahead of the opening, shares are at $7.99, down $0.60 from Monday’s close. Shares of the stock have ranged from $8.21 to $22.25 during the past year.
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