STANLEYTOWN, Va. -- Stanley Furniture Co. Inc. reported Wednesday a $2.4 million loss in the first quarter, compared with a $1 million in net income in the first quarter of 2008.
The company had a loss of 23 cents a share, compared with diluted earnings of 10 cents a year ago.
Stanley said that its sales were down 36.4 percent to $39.8 million.
"As anticipated, we experienced a sharp decline in sales due to the recessionary environment," said Albert Prillaman, the chairman and chief executive of Stanley.
"Since the lows of December and January, we have seen a modest upward trend in orders," Prillaman said. "However, we expect second-quarter revenues, seasonally the weakest sales period of the year, to be similar to the first quarter."
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