-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VycERpBqejBBMuu4JxMTWzexeV7CnxF7z9Ii0c9nyUM8cilV007eAMm16OOMQusC 60IFBwIe6wvFk0mw7arzXw== 0000797465-00-000005.txt : 20000419 0000797465-00-000005.hdr.sgml : 20000419 ACCESSION NUMBER: 0000797465-00-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20000401 FILED AS OF DATE: 20000418 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANLEY FURNITURE CO INC/ CENTRAL INDEX KEY: 0000797465 STANDARD INDUSTRIAL CLASSIFICATION: WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED) [2511] IRS NUMBER: 541272589 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-14938 FILM NUMBER: 603653 BUSINESS ADDRESS: STREET 1: 1641 FAIRYSTONE PK HWY CITY: STANLEYTOWN STATE: VA ZIP: 24168 BUSINESS PHONE: 5406272000 MAIL ADDRESS: STREET 1: 1641 FAIRYSTONE PARK HGWY CITY: STANLEYTOWN STATE: VA ZIP: 24168 FORMER COMPANY: FORMER CONFORMED NAME: STANLEY INTERIORS CORP DATE OF NAME CHANGE: 19920703 10-Q 1 1ST QUARTER 10-Q 2000 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) X Quarterly report pursuant to Section 13 or 15(d) of the Securities ------- Exchange Act of 1934 For the quarterly period ended April 1, 2000 or ------------- ------- Transition report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934 For the transition period from to . ------------- -------------- Commission file number 0-14938. STANLEY FURNITURE COMPANY, INC. (Exact name of registrant as specified in its charter) Delaware 54-1272589 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1641 Fairystone Park Highway, Stanleytown, Virginia 24168 (Address of principal executive offices, Zip Code) (540) 627-2000 -------------- (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: YES X NO ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock as of April 8, 2000. Class Number Common Stock, par value $.02 per share 7,339,071 Shares PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS STANLEY FURNITURE COMPANY, INC. BALANCE SHEETS (In thousands, except share data)
(Unaudited) April 1, December 31, 2000 1999 -------- -------- ASSETS Current assets: Cash......................................................... $ 1,368 $ 3,597 Accounts receivable, less allowances of $2,264 and $2,050.... 38,521 32,133 Inventories: Finished goods............................................. 23,674 22,393 Work-in-process............................................ 9,602 8,432 Raw materials.............................................. 15,448 12,755 -------- -------- 48,724 43,580 Prepaid expenses and other current assets.................... 595 1,011 Deferred income taxes........................................ 2,463 2,463 -------- -------- Total current assets....................................... 91,671 82,784 Property, plant and equipment, net............................. 72,490 72,100 Goodwill, less accumulated amortization of $3,780 and $3,696... 9,660 9,744 Other assets................................................... 5,583 5,894 -------- -------- $179,404 $170,522 ======== ======== LIABILITIES Current liabilities: Current maturities of long-term debt......................... $ 5,236 $ 5,236 Accounts payable............................................. 23,452 25,836 Accrued salaries, wages and benefits......................... 11,685 10,864 Other accrued expenses....................................... 4,027 2,317 -------- -------- Total current liabilities.................................. 44,400 44,253 Long-term debt, exclusive of current maturities................ 39,218 33,168 Deferred income taxes.......................................... 11,072 11,072 Other long-term liabilities.................................... 2,456 2,456 -------- -------- Total liabilities............................................ 97,146 90,949 -------- -------- STOCKHOLDERS' EQUITY Common stock, $.02 par value, 10,000,000 shares authorized, 7,339,071 and 7,113,655 issued and outstanding.............. 147 142 Capital in excess of par value................................. 35,748 35,064 Retained earnings.............................................. 49,416 44,367 Stock option loans............................................. (3,053) -------- -------- Total stockholders' equity................................... 82,258 79,573 -------- -------- $179,404 $170,522 ======== ========
The accompanying notes are an integral part of the financial statements. STANLEY FURNITURE COMPANY, INC. STATEMENTS OF INCOME (Unaudited) (In thousands, except per share data)
Three Months Ended ------------------------- April 1, March 27, 2000 1999 ------- ------- Net sales...................................................... $70,973 $63,661 Cost of sales.................................................. 53,623 47,615 ------- ------- Gross profit................................................. 17,350 16,046 Selling, general and administrative expenses................... 8,365 8,241 ------- ------- Operating income............................................. 8,985 7,805 Other expense (income), net.................................... (25) 177 Interest expense............................................... 932 873 ------- ------- Income before income taxes................................... 8,078 6,755 Income taxes................................................... 3,029 2,567 ------- ------- Net income................................................... $ 5,049 $ 4,188 ======= ======= Earnings per share: Basic........................................................ $ .71 $ .59 ======= ======= Diluted...................................................... $ .66 $ .54 ======= ======= Weighted average shares outstanding: Basic........................................................ 7,142 7,089 ======= ======= Diluted...................................................... 7,597 7,816 ======= =======
The accompanying notes are an integral part of the financial statements.
STANLEY FURNITURE COMPANY, INC. STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended -------------------------- April 1, March 27, 2000 1999 -------- -------- Cash flows from operating activities: Cash received from customers................................... $ 64,494 $ 58,337 Cash paid to suppliers and employees........................... (64,496) (55,282) Interest paid.................................................. (829) (924) Income taxes received (paid), net.............................. (648) 376 -------- -------- Net cash provided (used) by operating activities............. (1,479) 2,507 -------- -------- Cash flows from investing activities: Capital expenditures........................................... (4,807) (2,261) Purchase of other assets....................................... (28) -------- -------- Net cash used by investing activities........................ (4,807) (2,289) -------- -------- Cash flows from financing activities: Proceeds from revolving credit facility, net................... 10,336 Repayment of senior notes...................................... (4,286) (4,285) Purchase and retirement of common stock........................ (2,002) (183) Proceeds from exercised stock options.......................... 9 278 -------- -------- Net cash provided (used) by financing activities............. 4,057 (4,190) -------- -------- Net decrease in cash........................................... (2,229) (3,972) Cash at beginning of year...................................... 3,597 6,791 -------- -------- Cash at end of quarter....................................... $ 1,368 $ 2,819 ======== ======== Reconciliation of net income to net cash provided (used) by operating activities: Net income..................................................... $ 5,049 $ 4,188 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization................................ 1,863 1,493 Loss on sale of assets....................................... 106 Changes in assets and liabilities: Accounts receivable........................................ (6,388) (5,117) Inventories................................................ (5,143) 343 Prepaid expenses and other current assets, net............. 64 (34) Accounts payable........................................... 316 (1,386) Accrued salaries, wages and benefits....................... (93) (217) Other accrued expenses..................................... 2,718 3,000 Other assets............................................... 135 131 -------- -------- Net cash provided (used) by operating activities............... $ (1,479) $ 2,507 ======== ========
The accompanying notes are an integral part of the financial statements. STANLEY FURNITURE COMPANY, INC. NOTES TO FINANCIAL STATEMENTS (In thousands) 1. Preparation of Interim Financial Statements The financial statements of Stanley Furniture Company, Inc. (referred to as "Stanley" or the "Company") have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"). In the opinion of management, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures prepared in accordance with generally accepted accounting principles have been either condensed or omitted pursuant to SEC rules and regulations. However, management believes that the disclosures made are adequate for a fair presentation of results of operations and financial position. Operating results for the interim period reported herein may not be indicative of the results expected for the year. It is suggested that these financial statements be read in conjunction with the financial statements and accompanying notes included in Stanley's latest Annual Report on Form 10-K. 2. Property, Plant and Equipment
(Unaudited) April 1, December 31, 2000 1999 -------- -------- Land and buildings.................................... $ 40,067 $ 35,871 Machinery and equipment............................... 74,269 62,120 Office fixtures and equipment......................... 1,742 1,732 Construction in progress.............................. 1,280 15,528 -------- -------- Property, plant and equipment, at cost.............. 117,358 115,251 Less accumulated depreciation......................... 44,868 43,151 -------- -------- Property, plant and equipment, net.................. $ 72,490 $ 72,100 ======== ========
3. Long-Term Debt
(Unaudited) April 1, December 31, 2000 1999 ------- -------- 7.28% senior notes due March 15, 2004................. $17,143 $21,429 7.57% senior note due June 30, 2005................... 6,975 6,975 7.43% senior notes due November 18, 2007.............. 10,000 10,000 Revolving credit facility............................. 10,336 ------- ------- Total............................................... 44,454 38,404 Less current maturities............................... 5,236 5,236 ------- ------- Long-term debt, exclusive of current maturities...... $39,218 $33,168 ======= =======
In March 2000, the Revolving Credit Facility was amended to increase available borrowings from $25 million to $35 million. 4. Stock Option Plan The Company maintains a Stock Option Plan under which holders of exercisable stock options may obtain interest-bearing loans from the Company to facilitate their exercise of stock options. Such loans are evidenced by promissory notes and are collateralized by the shares of stock. As of April 1, 2000, approximately $3.1 million in stock option loans are outstanding. 5. Earnings Per Common Share Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options are treated as common stock equivalents for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (unaudited):
April 1, March 27, 2000 1999 ------ ------ Weighted average shares outstanding for basic calculation....................................... 7,142 7,089 Add: Effect of stock options......................... 455 727 ------ ------ Weighted average shares outstanding, adjusted for diluted calculation............... 7,597 7,816 ===== =====
ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Net sales increased $7.3 million, or 11.5%, for the three month period ended April 1, 2000, from the comparable 1999 period. The increase was due primarily to higher unit volume in the Company's bedroom and Young America(TM) youth bedroom product lines. During 1999, the Company completed expansion projects to increase production in response to the growing demand for these product lines. During the first quarter of 2000, the Company commenced operations at its new manufacturing facility in response to the growing demand for home office furniture. This facility should provide $50-$60 million of sales capacity on an annualized basis when in full production in two to three years. Gross profit margin for the three months of 2000 decreased to 24.4% from 25.2% for the comparable 1999 period. The decrease resulted primarily from start-up expenses associated with the new facility dedicated to the production of home office furniture, partially offset by improved operating efficiencies at other manufacturing facilities and stable raw material cost. Selling, general and administrative expenses as a percentage of net sales decreased to 11.8% for the 2000 period from 12.9% in the comparable 1999 period. The lower percentage was due principally to higher net sales in the 2000 period. As a result of the above, operating income increased to $9.0 million, or 12.7% of net sales, from $7.8 million, or 12.3% of net sales in the comparable 1999 period. Interest expense for the three-month period of 2000 approximates the comparable 1999 period. The Company's effective income tax rate was 37.5% for the 2000 three-month period and 36.9% for the total year 1999. The lower 1999 percentage was due to state income tax credits related to expansion projects. Financial Condition, Liquidity and Capital Resources The Company used cash from operations of $1.5 million in the 2000 first quarter compared to cash generated from operations of $2.5 million in the 1999 period. Cash was required to fund start-up of the new facility, increased production levels at other facilities and increased tax payments. These items were partially offset by increased receipts due to higher sales. The Company used the cash generated from operations in the 1999 period to fund capital requirements and reduce borrowings. Net cash used by investing activities was $4.8 million in the 2000 period compared to $2.3 million in the 1999 period. Net cash used for capital expenditures in the 2000 period was $4.8 million. This amount reflects $2.7 million of prior year capital expenditures included in accounts payable at December 31, 1999 and $2.1 million of capital expenditures in the 2000 period. Capital expenditures in each year were primarily for plant and equipment and other assets in the normal course of business. Capital expenditures in 2000 are anticipated to be approximately $6-$7 million. Net cash provided by financing activities was $4.1 million in the 2000 period compared to cash used by financing activities of $4.2 million in the 1999 period. In the 2000 period, borrowings under the revolving credit facility provided cash for operating activities, senior debt payments, capital expenditures and the purchase and retirement of the Company's common stock. During the three months ended April 1, 2000, the Company purchased 112,000 shares of its stock on the open market at an average price of $17.875. Since October 1998, the Company has utilized $12.3 million, of the $20.0 million authorization, to purchase a total of 653,750 shares of its common stock at an average price of $18.758 per share. At April 1, 2000, long-term debt including current maturities was $44.5 million. Debt service requirements are $950,000 remaining in 2000, $6.7 million in 2001, $17.2 million in 2002, $6.9 million in 2003, and $7.0 million in 2004. In March 2000, the Revolving Credit Facility was amended to increase available borrowings from $25.0 million to $35.0 million. As of April 1, 2000, approximately $23.7 million of additional borrowings were available under the Company's revolving credit facility. The Company believes that its financial resources are adequate to support its capital needs and debt service requirements. Forward-Looking Statements Certain statements made in this report 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, or by discussions of strategy. 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 for lumber which is the most significant raw material used by the Company, competition in the furniture industry, capital costs, delays in planned expansions and general economic conditions. PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits Exhibit 10.1 Sixth Amendment, dated March 30, 2000, to the Second Amended and Restated Revolving Credit Facility and Term Loan Agreement dated February 15, 1994, among the Registrant, National Bank of Canada. (1) Exhibit 10.2 Seventh Amendment, dated March 31, 2000, to the Second Amended and Restated Revolving Credit Facility and Term Loan Agreement dated February 15, 1994, among the Registrant, National Bank of Canada. (1) Exhibit 27 Financial Data Schedule. (1) (b) Reports on Form 8-K None. (1) Filed herewith. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized. STANLEY FURNITURE COMPANY, INC. Date: April 18, 2000 By: /s/ Douglas I. Payne ------------------------ Douglas I. Payne Sr. V.P. - Finance & Administration, Secretary and Treasurer (Principal Financial and Accounting Officer) EX-10 2 EXHIBIT 10.1 SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT THIS SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT FACILITY dated as of March 30, 2000 (the "Sixth Amendment") is by and between STANLEY FURNITURE COMPANY, INC., a Delaware corporation (the "Borrower"); and NATIONAL BANK OF CANADA, a Canadian chartered bank (the "Lender" or "NBC"). RECITALS A. National Canada Finance Corp., a Delaware corporation ("NCFC"), and the Lender made a certain credit facility available to the Borrower pursuant to the terms and conditions contained in that certain Second Amended and Restated Revolving Credit Agreement dated as of February 15, 1994 among the Borrower, NCFC and the Lender, as amended by a First Amendment to Second Amended and Restated Credit Agreement dated as of August 21, 1995, a Second Amendment to Second Amended and Restated Credit Agreement dated as of October 14, 1996, a Third Amendment to Second Amended and Restated Credit Agreement dated as of June 24, 1997, a Fourth Amendment to Second Amended and Restated Revolving Credit Agreement dated as of February 24, 1998 and a Fifth Amendment to Second Amended and Restated Revolving Credit Agreement dated as of March 10, 1999 (as amended, the "Loan Agreement"). B. The Borrower has requested that the Lender make certain changes to the Loan Agreement. C. The Lender has agreed to make these changes to the Loan Agreement as set forth herein. NOW, THEREFORE, the Borrower and the Lender hereby agree as follows: A. The second sentence in Section 2.01(a) of the Loan Agreement is deleted in its entirety and replaced with the following: "The Borrower may borrow, repay and reborrow hereunder on or after the Closing Date (subject to the terms of Section 2.01(d) hereof, and until August 21, 2002 (the "Initial Period") and for successive one-year periods thereafter on each August 21 until terminated as hereafter provided (each, an "Extension Period"); provided, that if the Lender, upon an Event of Default, or the Borrower gives notice of termination to the other (in accordance with the terms of Section 10.01 hereof) not less than 120 days prior to the date such termination is to occur, then the Commitment will terminate and all Revolving Credit Loans and any other amounts owing with respect thereto will become immediately due and payable in full; provided, however, the obligations of the Lender to make each Revolving Credit Loan is subject to the terms, provisions and limitations set forth herein, and, provided further, upon termination of the Commitment all rights and remedies of the Lender hereunder and under the other Loan Documents shall survive such termination until all amounts owing to the Lender under the Note, this Loan Agreement and the other Loan Documents have been paid in full." B. The Borrower represents and warrants that, as of the date hereof, it is not in default of the terms of the Loan Agreement, as amended hereby, or any of the other documents executed between the Borrower and the Lender in connection therewith. C. This Sixth Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original. D. This Sixth Amendment and the Loan Agreement, as amended hereby, shall be deemed to be contracts made under, and for all purposes shall be construed in accordance with the laws of the State of North Carolina. IN WITNESS WHEREOF, the parties hereto have executed or caused this instrument to be executed under seal as of the day and year first above written. STANLEY FURNITURE COMPANY, INC. ATTEST By By Title Title (CORPORATE SEAL) NATIONAL BANK OF CANADA By Title By Title EX-10 3 EXHIBIT 10.2 SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT THIS SEVENTH AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT FACILITY dated as of March 31, 2000 (the "Seventh Amendment") is by and between STANLEY FURNITURE COMPANY, INC., a Delaware corporation (the "Borrower"); and NATIONAL BANK OF CANADA, a Canadian chartered bank (the "Lender" or "NBC"). RECITALS A. National Canada Finance Corp., a Delaware corporation ("NCFC"), and the Lender made a certain credit facility available to the Borrower pursuant to the terms and conditions contained in that certain Second Amended and Restated Revolving Credit Agreement dated as of February 15, 1994 among the Borrower, NCFC and the Lender, as amended by a First Amendment to Second Amended and Restated Credit Agreement dated as of August 21, 1995, a Second Amendment to Second Amended and Restated Credit Agreement dated as of October 14, 1996, a Third Amendment to Second Amended and Restated Credit Agreement dated as of June 24, 1997, a Fourth Amendment to Second Amended and Restated Revolving Credit Agreement dated as of February 24, 1998, a Fifth Amendment to Second Amended and Restated Revolving Credit Agreement dated as of March 10, 1999 and a Sixth Amendment to Second Amended and Restated Revolving Credit Agreement dated as of March 30, 2000 (as amended, the "Loan Agreement"). B. The Borrower has requested that the Lender make certain changes to the Loan Agreement. C. The Lender has agreed to make these changes to the Loan Agreement as set forth herein. NOW, THEREFORE, the Borrower and the Lender hereby agree as follows: A. The Committed Amount is increased from $25,000,000 to $35,000,000. Therefore the references to $25,000,000 in Sections 2.01(a), 2.01(b) and 2.03 of the Loan Agreement are hereby changed to $35,000,000. In addition, the Borrower agrees to execute a new Revolving Credit Note in the form attached hereto as Exhibit A-1 in replacement and substitution of the existing Revolving Credit Note. B. The Borrower represents and warrants that, as of the date hereof, it is not in default of the terms of the Loan Agreement, as amended hereby, or any of the other documents executed between the Borrower and the Lender in connection therewith. C. This Seventh Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original. D. This Seventh Amendment and the Loan Agreement, as amended hereby, shall be deemed to be contracts made under, and for all purposes shall be construed in accordance with the laws of the State of North Carolina. IN WITNESS WHEREOF, the parties hereto have executed or caused this instrument to be executed under seal as of the day and year first above written. STANLEY FURNITURE COMPANY, INC. ATTEST By By Title Title (CORPORATE SEAL) NATIONAL BANK OF CANADA By Title By Title EXHIBIT A-1 SEVENTH AMENDED, RESTATED AND SUBSTITUTED REVOLVING CREDIT PROMISSORY NOTE $35,000,000 March 31, 2000 Charlotte, North Carolina FOR VALUE RECEIVED, STANLEY FURNITURE COMPANY, INC. (formerly known as Stanley Interiors Corporation), a Delaware corporation (the "Borrower") hereby promises to pay to the order of NATIONAL BANK OF CANADA, a Canadian chartered bank (the "Lender") at its offices in Charlotte, North Carolina (or at such other place or places as the Lender may designate) the principal sum of up to THIRTY-FIVE MILLION DOLLARS ($35,000,000.00) under the terms and conditions of a certain Second Amended and Restated Revolving Credit Facility dated as of February 15, 1994, by and among the Borrower, the Lender and National Canada Finance Corp., as such Loan Agreement has been or may be restated and/or modified from time to time thereafter and hereafter (as amended, the "Loan Agreement"). The defined terms in the Loan Agreement are used herein with the same meaning. All of the terms, conditions and covenants of the Loan Agreement are expressly made a part of this promissory note (the "Revolving Credit Note") by referenced in the same manner and with the same effect as if set forth herein at length and any holder of this Revolving Credit Note is entitled to the benefits of and remedies provided in the Loan Agreement and any other agreements by and between the Borrower and the Lender. The Borrower may borrow and reborrow under this Revolving Credit Note in accordance with the terms of Article II of the Loan Agreement. The outstanding balance hereof shall be due and payable in full on the termination of the Commitment as provided in Article II of the Loan Agreement, or upon such earlier date as may be required by the terms of the Loan Agreement. The Revolving Credit Note shall bear interest on the outstanding balance from time to time at the rates as provided in Article II of the Loan Agreement. The outstanding balance hereof shall be due and payable in full on the termination of the Commitment as provided in Article II of the Loan Agreement, or upon such earlier date as may be required by the terms of the Loan Agreement. If payment of all sums due hereunder is accelerated under the terms of the Loan Agreement or under the terms of the other Loan Documents between the Lender and the Borrower, the then remaining principal amount and accrued but unpaid interest shall bear interest at the rate provided for in Section 4.01 of the Loan Agreement until such principal and interest have been paid in full. Further, in the event of such acceleration, this Revolving Credit Note, and all other indebtedness of the Borrower to the Lender, shall become immediately due and payable, without presentation, demand, protest or notice of any kind, all of which are hereby waived by the Borrower. In the event this Revolving Credit Note is not paid when due at any stated or accelerated maturity, the Borrower agrees to pay, in addition to the principal and interest, all costs of collection, including reasonable attorneys' fees. This Revolving Credit Note is an amendment to, and is in substitution and replacement of, that certain sixth amended, restated and substituted revolving credit promissory note dated as of February 15, 1994 in the original principal amount of $25,000,000 executed by the Borrower in favor of the Lender (the "Replaced Note"). IN WITNESS WHEREOF, the Borrower has executed this Revolving Credit Note under seal as of the day and year first above written. STANLEY FURNITURE COMPANY, INC. ATTEST: By:___________________________ By:___________________________________ Title_________________________ Title_________________________________ (Corporate Seal) EX-27 4 FDS --
5 1000 3-mos Dec-31-2000 Apr-1-2000 1,368 0 38,521 2,264 48,724 91,671 117,358 44,868 179,404 44,400 0 0 0 147 82,111 179,404 70,973 70,973 53,623 61,988 (25) 105 932 8,078 3,029 5,049 0 0 0 5,049 .71 .66
-----END PRIVACY-ENHANCED MESSAGE-----