Stanley Furniture Reports 2010 EPS of $(4.11)

Stanley Furniture Company, Inc. STLY today reported sales and operating results for 2010. Net sales of $137.0 million decreased 14.6% compared to 2009. A net loss of $43.8 million ($4.11 per share) was incurred in 2010 compared to a net loss of $11.8 million ($1.14 per share) in 2009. The increased loss in 2010 resulted primarily from the near-term impact of actions taken in conjunction with the Company's restructuring plans and lower sales. Income of $1.6 million was recorded in 2010 from the receipt of funds under the Continued Dumping and Subsidy Offset Act of 2000 (CDSOA) involving wooden bedroom furniture imported from China and other related payments, net of legal expenses compared to $9.3 million in 2009.