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) October 13, 2003
STANLEY FURNITURE COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-14938 54-1272589
-------- ------- ----------
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1641 Fairystone Park Highway, Stanleytown, Virginia 24168
- --------------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (276) 627-2000
--------------
- -------------------------------------------------------------------------------
(Former name or former address, if changed
since last report.)
ITEM 5. OTHER EVENTS
On October 13, 2003, the Registrant issued a press release to announce
the Board of Directors authorization to increase the Company's stock repurchase
program by an additional $10.0 million and declare a quarterly cash dividend.
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 exhibit is filed as a part of this report.
99.1 Press release dated October 13, 2003.
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.
October 13, 2003 By: /s/Jeffrey R. Scheffer
---------------- ------------------------------
Date Jeffrey R. Scheffer
President and Chief Executive
Officer
Exhibit 99.1
FOR IMMEDIATE RELEASE: CONTACT: DOUGLAS I. PAYNE
October 13, 2003 Executive V.P. - Finance and
Administration
(276) 627-2157
e-mail: dpayne@stanleyfurniture.com
ANITA W. WIMMER
Treasurer
(276) 627-2446
e-mail: awimmer@stanleyfurniture.com
STANLEY FURNITURE BOARD INCREASES
STOCK REPURCHASE AUTHORIZATION AND
DECLARES QUARTERLY CASH DIVIDEND
STANLEYTOWN, VA, October 13, 2003/PRNewswire/ -- Stanley Furniture Company, Inc.
(Nasdaq-NNM: STLY) announced today that its Board of Directors 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 $10.2
million. 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.
The Board of Directors also declared a regular quarterly cash dividend of $.05
per share payable on December 1, 2003 to stockholders of record on November 14,
2003.
Jeffrey R. Scheffer, president and chief executive officer, commented, "We are
pleased with the Board's decision to continue our long standing financial
strategy of using a portion of the Company's capital to repurchase our shares.
We are also pleased to return profits to our stockholders through a cash
dividend. This demonstrates the Board's confidence in the Company's strategy,
growth opportunities and financial strength. Stanley's strong financial
condition and cash flow will allow us to simultaneously take advantage of
opportunities to purchase our stock at attractive prices, continue our
investment in the Company's future growth and return profits to our stockholders
through cash dividends."
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.
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," "estimates," "expects," "may,"
"will," "should," or "anticipates" or the negative thereof or other variations
thereon or comparable terminology, or by discussions of strategy. 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, the Company's success in
implementing its blended strategy of expanded offshore sourcing and domestic
manufacturing, disruptions in offshore sourcing including those arising from
supply or distribution disruptions or changes in political or economic
conditions affecting the countries from which the Company obtains offshore
sourcing, the cyclical nature of the furniture industry, fluctuations in the
price for 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. Future dividend payments will depend upon the
financial condition, capital requirements and earnings of the Company, as well
as other factors that the Board of Directors may deem relevant. Any
forward-looking statement speaks only as of the date of this release, and the
Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new developments or otherwise.
######