Stock Monitor: American Woodmark Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 11, 2017 / Active-Investors issued a free report on Stanley Furniture Co., Inc. (NASDAQ: STLY) ("Stanley"), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=STLY as the Company's latest news hit the wire. On December 08, 2017, the Company announced the resignation of its President and Chief Executive Officer (CEO), Glenn Prillaman, pursuant to a separation agreement in connection with the previously announced proposed sale of substantially all of the Company's assets. Prillaman has been replaced on an interim basis by Matthew W. Smith, Managing Director of Stanley's advisory firm, The Finley Group, Inc. Stanley's Board of Directors engaged The Finley Group in October 2017 to assist with the potential sale transaction and with working capital management. Sign up now for our free research reports at:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for American Woodmark Corporation (NASDAQ: AMWD), which also belongs to the Consumer Goods sector as the Company Stanley Furniture. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=AMWD
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Stanley Furniture most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=STLY
Promotion of Sales Representatives as Vice Presidents
Stanley also announced the promotion of three sales representatives as Vice Presidents of the Company. Josh Carter has been promoted to Vice President of Sales - Brick & Mortar; John Pigg has been promoted to Vice President of Sales - Interior Design; and Landon Smith has been promoted to Vice President of Sales - Ecommerce.
The Company also announced resignation plans of Michael P. Haley and Justyn R. Putnam as Directors. Putnam's resignation as a Director is pursuant to the terms of a share purchase agreement under which the Talanta Fund, L.P. will sell its 740,896 shares of Stanley common stock to Hale Partnership Fund, L.P. Steven Hale II, who was named as Stanley's Chairman on November 20, 2017, is the investment manager of Hale Partnership Fund. Putnam serves as investment manager of the General Partner of the Talanta Fund. His resignation will be effective upon the closing of the share purchase. Haley's resignation will be effective concurrently with Putnam's resignation.
Prillaman's Resignation Follows Stanley's Announcement of the Sale of All Assets
On November 20, 2017, Stanley entered into an agreement to sell substantially all of its assets to Churchill Downs LLC, a private Vietnamese industry group, for $11.5 million in cash; a $4.6 million subordinated secured promissory note of the latter; a 5% equity interest in buyer's post-closing parent company; and the assumption of substantially all the Company's liabilities. Stanley would retain certain assets, including cash in an amount up to $1.5 million, net operating loss carryforwards, and any remaining payments under the Continued Dumping and Subsidy Offset Act.
Stanley's Tumultuous Journey
The Company has struggled to maintain its performance and probability in the last few years. In 2010, Stanley closed its Stanleytown manufacturing operation, laying off 530 workers and converting the former factory into a warehouse and distribution center. Over the next few years, this facility was phased out as well and was soon shuttered. In April 2014, it closed its Robbinsville, North Carolina plant, laying off 400 workers, and shifted the Company's operations model to one exclusively dependent upon overseas sourcing. Stanley formed a manufacturing alliance with a well-known, efficient, and financially sound manufacturer in Vietnam, Starwood Manufacturing Corp. Despite of all the efforts, Stanley could not meet its financial challenges. On November 13, 2017, the Company reported a net loss was $305,000 for Q3 2017.
Glenn Prillaman's Professional Graph
Glenn Prillaman became CEO of Stanley in February 2010. Prior to this, he served as Chief Operating Officer (COO) of the Company for almost six months. Before being promoted to the position of COO, Prillaman worked as Executive Vice President, Marketing & Sales, at Stanley. He started his career as sales representative at Stanley in January 1993, thereafter joining Young America Corp as Senior Vice President - Sales & Marketing.
About Stanley Furniture Co, Inc.
Founded in 1924, Stanley is a leading design, marketing, and sourcing resource in the upscale segment of the wood residential market. The Company offers a diversified product line supported by an overseas sourcing model. Stanley distributes and markets its Stanley Furniture brand through a network of carefully chosen retailers and interior designers worldwide.
Stock Performance Snapshot
December 08, 2017 - At Friday's closing bell, Stanley Furniture's stock surged 14.31%, ending the trading session at $0.95.
Volume traded for the day: 224.70 thousand shares, which was above the 3-month average volume of 37.19 thousand shares.
Stock performance in the past twelve-month period – up 4.40%; and year-to-date - up 5.53%
After last Friday's close, Stanley Furniture's market cap was at $14.29 million.
The stock is part of the Consumer Goods sector, categorized under the Home Furnishings & Fixtures industry. This sector was up 0.2% at the end of the session.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
