Stanleytown, VA, April 19, 2006--Stanley Furniture reported a decrease in its first-quarter earnings on lower margins stemming from operational inefficiencies and higher costs.
The company said earnings were $5.4 million, or $0.43 per share, compared to $5.8 million, or $0.43 a share, in the year-ago period.
Revenue for the period increased to $83.5 million from $83 million a year ago.
Analysts were looking for earnings of 45 cents per share on revenue of $82.6 million.
"Recent business conditions have been softer than we anticipated and has caused us to modestly lower our sales projections for 2006," said Jeffrey R. Scheffer, the company's chairman, president and chief executive, in a statement.
For all of 2006, the company expects revenue in the range of $335 million to $345 million and earnings per share are expected in the range of $1.78 to $1.84 per share, compared to $1.77 for 2005.
For the quarter ending July 1, the company expects revenue in the range of $79.5 million to $82 million and earnings per share of $0.35 to $0.38, compared to earnings of $0.44 per share reported in the year-ago quarter.
