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) June 11, 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 June 11, 2001, the Registrant issued a press release commenting on
the outlook for the second quarter and full year 2001. 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 June 11, 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.
June 12, 2001 By: /s/Albert L. Prillaman
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Date Albert L. Prillaman
President, Chief Executive Officer,
and Chairman of the Board
EXHIBIT 99.1
FOR IMMEDIATE RELEASE: CONTACT: DOUGLAS I. PAYNE
June 11, 2001 Exec. V.P. - Finance and Administration
(540) 627-2157
e-mail:dpayne@stanleyfurniture.com
ANITA W. WIMMER
Treasurer
(540) 627-2446
e-mail:awimmer@stanleyfurniture.com
STANLEY FURNITURE UPDATES OUTLOOK FOR
THE SECOND QUARTER AND FULL YEAR 2001
STANLEYTOWN, VA, June 11, 2001/PRNewswire/ -- Stanley Furniture Company, Inc.
(Nasdaq-NNM:STLY) announced today that second quarter sales are now expected to
be below previously anticipated levels due to continued weakness in retail
furniture activity. Consequently, the Company now anticipates a sales decline in
excess of 20% compared to record shipments in the second quarter of 2000 and
diluted earnings per share to be $.35 to $.40, down from prior outlook of $.40
to $.45, and compared to $.67 last year.
"During the second quarter, retail furniture activity continued to weaken with
residential wood furniture incurring a more pronounced decline than other
segments of the furniture industry," commented Albert L. Prillaman, chairman and
chief executive officer of Stanley Furniture Company. "Since Memorial Day, we
have been encouraged by an improved order rate, with orders trending below the
comparable prior year period in the mid-single digits on a percentage basis. We
do not expect positive comparisons in sales and earnings until the fourth
quarter of this year. We now anticipate total year 2001 sales to decline
approximately 10% compared to last year and diluted earnings per share of $2.10
to $2.40, down from prior outlook of $2.30 to $2.60, and compared to $2.63 last
year. We will continue to closely manage our cost and inventory levels, and
adjust production schedules to match order trends."
"Our Young AmericaTM bedroom and home office categories have faired much better
than our collections (including bedroom and dining room) during this slowdown.
Therefore, we continue to believe the Company is well-positioned in the
marketplace, especially with the growth potential in these two categories,"
concluded Mr. Prillaman.
The Company plans to report operating results for the second quarter ending June
30, 2001 before the market opens on Tuesday, July 17, 2001.
A conference call will be held on June 12, 2001 at 10:00 a.m. Eastern Time, to
review this press release. The dial-in-number is (913) 981-5522. A replay will
be available through June 19, 2001. The dial-in-number for the replay is (719)
457-0820 with an access code of 690832.
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, credit exposure
to customers in the current economic climate, competition in the furniture
industry, capital costs and general economic condition. 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.