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Stanley Furniture Announces Preliminary Fourth Quarter Sales and Net Loss; Amendment to Agreement to Sell Substantially All of Its Assets

HG HOLDINGS (STLY)  More Company Research Source: GlobeNewswire
PDF HIGH POINT, N.C., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Stanley Furniture Company, Inc. (Nasdaq:STLY) announced today that it expects to report net sales for the fourth quarter of 2017 of approximately $11.9 million and a fourth quarter net loss of approximately $6.7 million, which includes receipt of $433,000 in CDSOA proceeds. Most of the fourth quarter net loss was attributable to non-recurring charges including approximately $3.3 million in charges for obsolete and slow-moving inventory, approximately $1.7 million in charges relating to the departure of the company’s former chief executive offer and two directors during the quarter (including approximately $0.5 million of non-cash accrued expense pursuant to the terms of the former chief executive officer’s separation agreement and approximately $0.9 million in non-cash charges associated with the vesting of restricted stock held by the former chief executive officer and directors) and approximately $0.8 million of transaction expen [Read more]

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