Authorization and Declares Quarterly Cash Dividend
STANLEYTOWN, Va., July 17 /PRNewswire-FirstCall/ — Stanley Furniture Company, Inc. (Nasdaq: STLY – News) announced today that its Board of


Directors increased the authorized use of funds to repurchase the Company’s common stock to $50 million. These repurchases may be made from time to time in the open market, in privately negotiated transactions, or otherwise, at prices that the Company deems appropriate. Prior to the increase, less than $1 million was available on the authorization as a result of recent stock repurchases. During the last four quarters the Company has used $29.2 million to repurchase 1.2 million shares of its common stock at an average price of $23.91 per share.

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The Board of Directors also declared a quarterly cash dividend of $.08 per share payable on September 5, 2013 to stockholders of record on August 11, 2013.

“We are pleased with the Board’s decision to continue our long standing financial strategy of returning capital to stockholders through the repurchase of our common stock and cash dividends, commented Jeffrey R. Scheffer, chairman and chief executive officer. Stanley’s strong financial condition and cash flow will allow us to simultaneously take advantage of opportunities to purchase our stock at attractive prices, continue our investment in the Company’s future growth and return profits to our stockholders through cash dividends,” concluded Scheffer.

Established in 1924, Stanley Furniture Company, Inc. is a leading manufacturer of wood furniture targeted at the upper-medium price range of the residential market. Manufacturing facilities are located in Stanleytown and Martinsville, Va. and Robbinsville and Lexington, N.C. Its common stock is traded on the Nasdaq stock market under the symbol STLY.