SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 9, 2001
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STANLEY FURNITURE COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-14938 54-1272589
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1641 Fairystone Park Highway, Stanleytown, Virginia 24168
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (540) 627-2000
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(Former name or former address, if changed
since last report.)
ITEM 5. OTHER EVENTS
On April 5, 2001, the Registrant issued a press release announcing the
appointment of Jeffrey Scheffer as President and Chief Operating Officer. The
press release is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibits are filed as a part of this report.
99.1 Press release dated April 5, 2001.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STANLEY FURNITURE COMPANY, INC.
April 9, 2001 By: /s/Albert L. Prillaman
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Date Albert L. Prillaman
Chairman and Chief Executive Officer
EXHIBIT 99.1
FOR IMMEDIATE RELEASE: CONTACT:DOUGLAS I. PAYNE
April 5, 2001 Executive V.P. - Finance and
Administration
(540) 627-2157
e-mail:dpayne@stanleyfurniture.com
ROBIN W. CAMPBELL
Manager-Advertising and Marketing
Services
(540) 627-2245
e-mail:rcampbell@stanleyfurniture.com
STANLEY FURNITURE ANNOUNCES APPOINTMENT OF
PRESIDENT AND CHIEF OPERATING OFFICER
STANLEYTOWN, VA, April 5, 2001/PRNewswire/ -- The Board of Directors of Stanley
Furniture Company, Inc. (Nasdaq-NNM:STLY) announced today that Jeffrey Scheffer
has been elected President and Chief Operating Officer. In addition, Douglas I.
Payne has been elected Executive Vice-President, Finance and Administration.
Both positions will report to Albert L. Prillaman who continues as Chairman and
Chief Executive Officer.
Mr. Scheffer has been President of American Drew, a La-Z-Boy company and
division of LADD for the past five years. Mr. Payne was Senior Vice-President,
Finance and Administration. In his new position, Mr. Payne will continue
as Chief Financial Officer in addition to supervising the information
technology and human resource functions.
"I am very excited about the addition of Jeff to our executive management team
and the promotion of Doug," said Mr. Prillaman. "I have watched with admiration
as Jeff directed American Drew over the past several years to significant market
share gains. Doug Payne has been an integral part of our management team for
many years and these new responsibilities recognize his ongoing contributions to
Stanley's success."
In addition Mr. Prillaman stated, "Current economic conditions are certainly
difficult, but we remain confident in longer term growth prospects of the
industry in general and Stanley in particular. The globalization of the industry
is accelerating and Jeff's experience will help Stanley address these
opportunities more aggressively. But, under no circumstances will we sacrifice
our commitment to quality and delivery. We continue to be encouraged by the
potential high growth opportunity in the Young America(TM) and home office
categories. At the same time, we see many opportunities for additional growth in
our core bedroom and dining room business."
Mr. Prillaman concluded, "We believe the addition of Jeff will strengthen our
management team and help to prepare the company for continued superior
shareholder returns in the future."
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.
For more information, visit our web site at 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.