Stanley Furniture Company, Inc. (NASD: STLY), a leading manufacturer of fine furniture pieces for dining rooms, living rooms, bedrooms and home offices, recently reported its financial results for the third quarter of 2008. Net sales for the quarter totaled $54.5 million, a decline of more than 25 percent from the third quarter of 2007. Earnings for the current year’s quarter include a charge of $0.27 per share for costs related to the consolidation of two manufacturing facilities and other restructuring initiatives announced during the third quarter of 2008.

Despite the decline in sales, the company’s quarterly earning and sales were within management’s guidance range provided in mid-July 2008. According to senior management, the company has no reason to believe that Stanley Furniture lost market share during the quarter. Within the upper-medium price range market, Stanley Furniture continues to remain a dominant player in the industry.

The company’s chairman and chief executive officer, Albert L. Prillaman, recently commented during a conference call stating, “Despite current economic conditions, we continue to generate positive cash flow and our financial position continues to improve. Going forward, we are not changing the guidance that we gave in July for operating profit in the $2 million to $4 million range, excluding various restructuring expenses.” He concluded, “From a furniture industry standpoint, I believe that we are closer to the end of this recession cycle than the beginning. We are optimistic that when we bounce back on the top line and will then get back to positive operating margins.”

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