Stanley Furniture Co. Inc. Announces Consolidated Earnings Results for Third Quarter and Full Year Ended December 31, 2011; Provides Capex Guidance for the Full Year of 2012
January 31, 2012 at 04:34 pm EST
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Stanley Furniture Co. Inc. announced consolidated earnings results for the third quarter and full year ended December 31, 2011. For the quarter, the company reported net sales of $24.63 million, operating loss was $1.1 million, income before income taxes of $1.198 million and net income of $1.19 million or 0.08 diluted per share, operating loss as adjusted was $1.18 million and net loss adjusted was $1.74 million.
For the year, the company reported net sales of $104.65 million against $137.01 million for the same period a year ago. Operating loss was $6.78 million against $45.8 million for the sane period a year ago. Loss before income taxes was $5.02 million against $47.75 million for the same period a year ago. Net loss was $5.03 million or $0.35 diluted per share against $43.79 million or $4.11 basic and diluted per share for the same period a year ago. Capex was $4.4 million.
The company provided capex guidance for the full year of 2012. The company is expecting total capex guidance of $6 million, so $4 million in Robbinsville and $2 million - approximately $4 million in Robbinsville and an approximate $2 million relative to the systems.
HG Holdings, Inc. is engaged in the business of providing title insurance and tile agency services. The Company's segments include title insurance, real estate, reinsurance, and management services. The title insurance segment issues title insurance policies and provides title agency services for residential and commercial real estate transactions. This segment also provides closing and/or escrow services to facilitate real estate transactions. The real estate segment is engaged in rental real estate through its equity investment in HC Realty. The management services segment, through its subsidiary, HG Managing Agency, LLC, is engaged in providing various management advisory services such as legal entity formation, licensure, regulatory approval, assumption of policies, and other general operational services. Its subsidiaries include National Consumer Title Insurance Company; National Consumer Title Group, LLC; Title Agency Ventures, LLC, and HG Managing Agency, LLC.
Stanley Furniture Co. Inc. Announces Consolidated Earnings Results for Third Quarter and Full Year Ended December 31, 2011; Provides Capex Guidance for the Full Year of 2012