SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) August 30, 1999
STANLEY FURNITURE COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-14938 54-1272589
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1641 Fairystone Park Highway, Stanleytown, Virginia 24168
- --------------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (540) 627-2000
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
ITEM 5. OTHER EVENTS
On August 30, 1999, the Registrant issued a press release announcing
the Board of Directors authorization to increase the Company's stock repurchase
program by an additional $10.0 million. The press release is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibits are filed as a part of this report.
99.1 Press release dated August 30, 1999.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
STANLEY FURNITURE COMPANY, INC.
August 30, 1999 By: /s/Albert L. Prillaman
Date Albert L. Prillaman
President, Chief Executive Officer,
And Chairman of the Board
Exhibit 99.1
FOR RELEASE AT: CONTACT:
6:00 A.M. (EST) DOUGLAS I. PAYNE
August 30, 1999 Sr. V.P. - Finance and Administration
(540) 627-2157
e-mail:[email protected]
ANITA WIMMER
Assistant Secretary/Treasurer
(540) 627-2446
e-mail:[email protected]
STANLEY FURNITURE AUTHORIZES AN ADDITIONAL $10 MILLION TO REPURCHASE ITS
COMMON STOCK
STANLEYTOWN, VA, August 30, 1999/PRNewswire/ -- Stanley Furniture Company, Inc.
(Nasdaq-NNM:STLY) announced today that its Board of Directors has authorized the
use of an additional $10 million to repurchase the Company's common stock. This
new authorization is in addition to the $10 million authorized in October 1998.
Pursuant to that prior authority the Company has spent $7.5 million to
repurchase 404,550 shares of its common stock at an average price of $18.51 per
share.
These repurchases may be made from time to time in the open market, or in
privately negotiated transactions, at prevailing market prices that the Company
deems appropriate.
Albert L. Prillaman, president and chief executive officer of Stanley Furniture
Company, commented "We are pleased with the Board's decision to use a portion of
the Company's capital to repurchase our shares. We believe that investing in
Stanley's shares given current market conditions represents an attractive
investment. Stanley's strong financial condition and cash flow will allow us to
simultaneously take advantage of opportunities to purchase our stock at
attractive prices and continue our investment in the Company's future growth."
Established in 1924, Stanley Furniture Company, Inc. is celebrating its 75th
Anniversary this year. The Company is a leading manufacturer of wood furniture
targeted at the upper-medium price range of the residential market.
Manufacturing facilities are located in Stanleytown, VA, and Robbinsville,
Lexington, and West End, NC. Its common stock is traded on the Nasdaq stock
market under the symbol STLY.
Visit Stanley Furniture on the World Wide Web at www.stanleyfurniture.com.
Certain statements made in this release are not based on historical facts, but
are forward-looking statements. These statements can be identified by the use of
forward-looking terminology such as "believes," "expects," "may," "will,"
"should," or "anticipates" or the negative thereof or other variations thereon
or comparable terminology. These statements reflect the Company's reasonable
judgment with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties include the
cyclical nature of the furniture industry, fluctuations in the price of lumber
which is the most significant raw material used by the Company, competition in
the furniture industry, capital costs, delays in construction or obtaining
necessary permits for planned expansions, and general economic conditions.
