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) December 11, 2002
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: (276) 627-2000
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(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
On December 11, 2002, the Registrant issued a press release announcing
the election of Jeffrey Scheffer as Chief Executive 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 December 11, 2002.
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.
December 11, 2002 By: /s/Douglas I. Payne
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Date Douglas I Payne
Executive V.P. - Finance and
Administration
EXHIBIT 99.1
FOR IMMEDIATE RELEASE: CONTACT:ROBIN W. CAMPBELL
December 11, 2002 Manager-Advertising and
Marketing Svcs.
(276) 627-2245
e-mail: rcampbell@stanleyfurniture.com
Stanley Furniture Elects Scheffer CEO; Prillaman Continues as Chairman
STANLEYTOWN, VA., December 11, 2002/PRNewswire/ -- The Board of Directors of
Stanley Furniture Company, Inc. has announced that Jeffrey Scheffer has
been elected President and Chief Executive Officer. He previously served
as President and Chief Operating Officer. Albert Prillaman, currently
Chairman and CEO will continue as Chairman. Scheffer also was elected
to the Board of Directors of Stanley.
Prior to joining Stanley in April 2001, Scheffer served for five years as
President of American Drew, a La-Z-Boy company, and has over 20 years experience
in the furniture industry. Prillaman joined Stanley in 1969 and was named
President of Stanley in 1983 and CEO in 1985.
"As the business becomes increasingly complex, planning becomes more important
to the company," Prillaman says. "In this period of unprecedented change within
our industry, my energies as chairman will be focused on long-term strategic
issues while Jeff will be responsible for all operational aspects of the
business."
Scheffer commented, "I am committed to the Stanley strategy of focusing on best
product in our segment, supported by excellent quality and service. Our blended
approach, which combines focused, cost-effective domestic manufacturing with
off-shore sourcing, allows us to style up without pricing up. This approach is
being well received by our retail partners and the ultimate consumer. I welcome
the opportunity to lead this outstanding company to yet higher levels of
performance."
Prillaman added, "We think Stanley's strategic focus, combined with our proven
management team, positions us to better serve the retail customer and consumer
while differentiating Stanley from the competition. At the end of the day, the
company that offers the best product, quality, and service will succeed, and we
plan to do just that."
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, NC. Its common stock is traded on the Nasdaq
stock market under the symbol STLY.
For additional information, visit 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," "estimates," "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 competition
in the furniture industry including competition from lower-cost foreign
manufacturers, successful implementation of expanded offshore sourcing, 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, capital costs and general economic
conditions. 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.