Stanley Furniture Company (STLY) saw its loss narrow to $0.42 million, or $0.03 a share for the quarter ended Apr. 01, 2017. In the previous year period, the company reported a loss of $1.48 million, or $0.10 a share.
Revenue during the quarter dropped 4.22 percent to $11.19 million from $11.68 million in the previous year period. Gross margin for the quarter contracted 176 basis points over the previous year period to 19.99 percent. Operating margin for the quarter stood at negative 3.76 percent as compared to a negative 6.59 percent for the previous year period.
Operating loss for the quarter was $0.42 million, compared with an operating loss of $0.77 million in the previous year period.
Sales were down 4% over prior year quarter as the majority of the company's order backlog serviced one year ago was not tied to the overseas supply issues discussed in previous releases. When comparing on a sequential basis with the fourth quarter of 2016, however, first quarter sales increased over 14% and inventories decreased by $2.8 million. "We are beginning to see the signs of an inflection point in the trajectories of several key performance indicators in our business," stated Glenn Prillaman, president and chief executive officer. "We are very pleased to see our customers’ confidence demonstrated by increasing order rates despite our inability to properly service long-awaited order backlog for newer, more marketable product introductions developed throughout the previous year. This speaks to the confidence customers maintain in our brands, the dedication of our sales force and management team, as well as customer expectations regarding the salability of newer products set to begin hitting retail floors late in the second quarter."
Operating cash flow remains negative Stanley Furniture Company has spent $0.61 million cash to meet operating activities during the quarter as against cash outgo of $2.20 million in the last year period.
Cash and cash equivalents stood at $3.60 million as on Apr. 01, 2017, down 86.10 percent or $22.30 million from $25.90 million on Apr. 02, 2016.
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