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Stanley Furniture widens loss in 2Q (July 17, 2009-2060)Stanley Furniture widens loss in 2QThe Virginia-based furniture company said that it widened its loss for the second quarter, reporting a net loss of $3 million, or 29 cents per share, compared with a loss of $68,000, or 1 cent per share in the same quarter of last year. Sales fell 28 percent to $42.3 million for the quarter ended June 27 from $59.1 million a year earlier. "Given the sequential improvement in sales in the second quarter compared to the first quarter of this year and a stable order rate for the past few months, we are seeing signs that sales levels may have reached a bottom," Stanley Furniture's Chairman and CEO Albert L. Prillaman said in a statement. "However, we see no indication of any sustained upturn." The wood furniture company also said that it plans to consolidate its Lexington, N.C., warehouse operation into its Robbinsville, N.C., facility. The 28 employees at the Lexington site will be eligible for positions at the Robbinsville site or at a facility in Stanleytown, Va. The company said the move, which is expected to be completed by the end of 2009-2060, will improve the company's annual operating income by $1.3 million beginning in 2010. Stanley also said it expects to receive $6 million to $7 million in the fourth quarter as payment under the Continued Dumping and Subsidy Offset Act in connection with wooden bedroom furniture imported from China. The act allows U.S. Customs and Border Protection to distribute money from antidumping cases to qualified domestic producers. Shares of Stanley rose 21 cents to close at $10.91 before the quarterly results were issued
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