HG Holdings, Inc. Announces 2017 Results
HG HOLDINGS INC (STLY)
US:NASDAQ Investor Relations:
stanleyfurniture.com/investor-relations/at-a-glance
Company Research
Source: GlobeNewswire
CHARLOTTE, N.C., March 23, 2018 (GLOBE NEWSWIRE) -- HG Holdings, Inc. (formerly Stanley Furniture Company, Inc.) (OTCQB:STLY) today reported sales and operating results for the year ending December 31, 2017. 2017 financial results compared to 2016: Net sales were $45.2 million compared to $44.6 millionGross profit was $4.8 million compared to $8.4 million Selling, general and administrative expenses were $13.0 million compared to $14.0 millionNet loss was $7.7 million compared to net loss of $5.3 million, including $0.4 million and $1.1 million in CDSOA proceeds in 2017 and 2016, respectively. On March 2, 2018, the Company sold substantially all of its assets to Churchill Downs LLC (“Buyer”), pursuant to the terms of the Asset Purchase Agreement, dated as of November 20, 2017, as amended by the First Amendment thereto dated January 22, 2018. As consideration for the asset sale, Buyer paid a purchase price consisting of cash in the amount of approximately $10.8 million (of whic
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