Stanley Furniture Announces Preliminary Earnings Results for the Fourth Quarter of 2017
January 23, 2018 at 07:42 pm IST
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Stanley Furniture Company, Inc. announced that it expects to report net sales for the fourth quarter of 2017 of approximately $11.9 million and a fourth quarter net loss of approximately $6.7 million, which includes receipt of $433,000 in CDSOA proceeds. Most of the fourth quarter net loss was attributable to non-recurring charges including approximately $3.3 million in charges for obsolete and slow-moving inventory, approximately $1.7 million in charges relating to the departure of the company’s former chief executive offer and two directors during the quarter (including approximately $0.5 million of non-cash accrued expense pursuant to the terms of the former chief executive officer’s separation agreement and approximately $0.9 million in non-cash charges associated with the vesting of restricted stock held by the former chief executive officer and directors) and approximately $0.8 million of transaction expenses in connection with the proposed sale of substantially all of the Company’s assets.
HG Holdings, Inc. is engaged in the business of providing title insurance and tile agency services. The Company's segments include title insurance, real estate, reinsurance, and management services. The title insurance segment issues title insurance policies and provides title agency services for residential and commercial real estate transactions. This segment also provides closing and/or escrow services to facilitate real estate transactions. The real estate segment is engaged in rental real estate through its equity investment in HC Realty. The management services segment, through its subsidiary, HG Managing Agency, LLC, is engaged in providing various management advisory services such as legal entity formation, licensure, regulatory approval, assumption of policies, and other general operational services. Its subsidiaries include National Consumer Title Insurance Company; National Consumer Title Group, LLC; Title Agency Ventures, LLC, and HG Managing Agency, LLC.