Correction: Jan. 29 Stanley story |
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Tue, 30 Jan 2007 16:31
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(AFX) - In a Jan. 29 story about Stanley Furniture Co.'s fourth-quarter results, The Associated Press erroneously reported the percentage change in revenue for the quarter. Revenue fell 13 percent, not 62 percent.A corrected version of the story appears below.----STANLEYTOWN, Va. (AP) -- Stanley Furniture Co. said Monday its fourth-quarter profit fell 24 percent on lower sales, decreased production levels and higher costs.Quarterly profit dropped to $4.5 million, or 40 cents per share, from $5.8 million, or 46 cents per share, in the prior-year period.The 2006 quarter's results included income of $4.4 million, or 26 cents per share, from the receipt of funds 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. Excluding that income, the company's net income was 14 cents per share.Analysts polled by Thomson Financial expected earnings of 13 cents per share.Revenue for the quarter fell 13 percent to $70.6 million from $81.4 million in the 2005 fourth quarter.For the year, profit fell 28 percent to $16.8 million, or $1.41 per share, from $23.2 million, or $1.77 per share, in 2005. Revenue fell 8 percent to $307.5 million from $333.6 million.The company said lower sales, decreased production levels and higher raw material, compensation, bad debt and energy costs lowered margins and contributed to its lackluster earnings.Stanley Furniture shares rose 18 cents to close at $21.74 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Correction: Jan. 30 Stanley story 