Brief: Stanley Furniture says Q1 sales fell 20.4 pct to $11.7 mln

HG Holdings

25/04/2016 21:28

April 25 (Reuters) - Stanley Furniture Company Inc  STLY.O  
    * Stanley furniture announces first quarter 2016 results 
    * Q1 sales fell 20.4 percent to $11.7 million 
    * Q1 loss per share $0.10 from continuing operations 
    * Says sales for quarter continued to be negatively impacted 
by delays in shipping 2015 product introductions 
    * Says during Q1, company decided to surrender all of its 
corporate-owned life insurance policies 
    * "Q2 could be another tough quarter, but we expect second 
half of this year to show improved results" 
    * Expects to use about $23.4 million in net operating loss 
carry-forwards to reduce taxable income generated from 
surrendering policies 
 
Source text for Eikon:  ID:nBw6dhxFQa  
Further company coverage:  STLY.O  
 
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