13667 Tue, 01/29/2008 - 12:22pm
STANLEYTOWN, Va.–The Stanley Furniture Company finished 2007 with a profit decline of nearly 65 percent, but began to make up for it slightly in the fourth quarter, as its net income for the latter period rose 11.5 percent over the same three months in 2006.
In a statement issued this morning, Stanley reported that its profit for the year amounted to $5.9 million, or 64.8 percent lower than in 2006. For investors, that translated into 55 cents per diluted share, down from $1.41.
These results were based on sales of $282.8 million, down 5.4 percent.
But in the final three months of the year, profits amounted to nearly $5 million, representing an increase of 11.5 percent over those gained in the earlier year’s period. Investors saw their diluted shares in the fourth quarter reach 48 cents, up from 40 cents.
In its statement, the company attributed the fourth quarter’s results to three factors: government money it received in connection with China’s alleged dumping of wooden bedroom furniture (funds were made available under the Continued Dumping and Subsidy Offset Act); a restructuring charge in connection with the transformation of a factory in Martinsville to a warehouse; and a charge related to the termination of the company’s defined benefit plan for employees.