Stanley Furniture Falls Hard

Shares of Stanley Furniture Co. STLY are falling off a cliff today, currently trading lower by 13.35% to $8.18, after the company reported worse than expected Q1 2010 earnings. Net sales of $36.5 million decreased 8.1% from the first quarter of 2009. Net loss for the quarter was $19.1 million, or $1.85 per share, compared to a net loss of $2.4 million, or $.23 per share, in the 2009 first quarter. The 2010 first quarter loss includes a goodwill impairment charge of $9.1 million. The current year quarter also includes a $1.3 million charge to establish a valuation allowance against gross deferred tax assets. The company also said that they have put together a restucturing plan to set the company right and lead toward profitability; investors were not impressed. For more information: see http://www.stanleyfurniture.com/Investor+Relations/At+A+Glance/Investor+Relations+-+At+A+Glance/82