Stanley Furniture Company, Inc. (STLY)

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Stanley Furniture (STLY)

Q1 2013 Earnings Call

April 16, 2013 9:00 am ET


Micah S. Goldstein - Chief Financial Officer, Chief Operating Officer, Principal Accounting Officer, Secretary and Director

Glenn Charles Prillaman - Chief Executive Officer, President and Director


Chad Bolen

John A. Baugh - Stifel, Nicolaus & Co., Inc., Research Division

Barry George Haimes - Sage Asset Management, LLC

Brad Hathaway



Greetings, and welcome to the Stanley Furniture First Quarter Operating Results. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Micah Goldstein, Chief Operating and Financial Officer for Stanley Furniture. Thank you. Mr. Goldstein, you may now begin.

Micah S. Goldstein

Thanks, Jesse. Good morning, everyone. Glenn and I appreciate you taking the time this morning to join us as we review the highlights of the first quarter.

During the call, we may make some forward-looking statements that are subject to risks and uncertainties. A discussion of factors that could cause actual results to differ materially from our expectations is contained in our SEC filings and the press release announcing these results. Any forward-looking statements we make speaks only as of today, and we undertake no obligation to update or revise those forward-looking statements to reflect events or circumstances after this morning's call.


Glenn Charles Prillaman

Good morning, and thank you for joining us. I'm pleased to share with you this morning that the plan to establish the Stanley and young brand -- the Young America brands as leaders in the premium segment and position each for growth is well underway. The major milestones of the plan have included several large and troublesome issues that I'm sure you're aware of from our previous calls. They have proven very disruptive to our sales over the past accounting periods. The good news is that we finally reached the time when completion of the plan is within our sights. And by the time we have our next call, we think we will have jumped the last 3 hurdles, but we certainly have some work still ahead of us to do.

I'd like to take you through what those last 3 hurdles are, we believe, and give you a little color on that. And then I'll touch on each brand and then turn things back over to Micah.

First, we are excited to host our current and what we believe should be many new customers at this week's High Point Spring Market. We're calling you from our new building here that has consolidated our showrooms and our office. Not totally opened yet, but Spring Market is upon us and we will open this week. The showroom is in a new location, as well as being a totally new aesthetic for our customer. And both the location and the showroom, itself, are designed to better serve our target customer who, like all customers today, are shopping for great value but who are also just as focused on how superior design drives consumers to purchase better goods. We think we entered this market more prepared to give customers what they want than at any time in several years. And the opening of our new showroom in the Las Vegas designs -- excuse me, Las Vegas Design Center earlier this year was a success and we expect more of the same this week.

Our second hurdle, and it is really another major step towards our company's future growth, and that is the opening of our new consolidated corporate office. It's conveniently housed, as I said, adjacent to the showroom here in downtown High Point. This move will be completed in this quarter, the second quarter. And with it, we launched a new outlook on our business as it's been almost 10 years since we've had everyone under one roof. We're extremely appreciative of the staff's efforts as we make this move. And here, I'm speaking of both our newest associates as well as those tenured associates moving with us. I'd also like to add that those associates that are not moving forward with us to High Point have helped us tremendously and continue to do so. This has truly been a team effort and the work getting done is monumental.

Thirdly, we look forward to better serving our customer through new information systems. These systems launch next month and are designed to provide more accurate and timely information surrounding the sale of our products. Being an easier company to do business with is something we've really focused on over the last couple of years, and we think information can truly become a competitive advantage in the field. It's been part of our vision as we transformed our company into a very customer-driven entity.

So we look forward to getting all 3 of these milestones behind us and continuing gaining momentum as an organization.

As for the most recent quarter, we are pleased with the sales results even though they were down slightly from the comparable quarter a year ago. I will remind you that a year ago, we did not yet have our Young America business model in place. We have since put that model in place around the middle of the fourth quarter of last year. And in the first quarter, we grew Young America sales sequentially with a meaningful increase, both orders and shipments I should add. This was the first quarter where we grew orders and shipments sequentially since the fourth quarter of 2010.

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