Bassett Announces Quarterly Dividend & Increases Share Repurchase Plan
October 04 2018 - 4:38PM
Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced
today that its Board of Directors has declared a dividend of $0.125
per share of outstanding common stock payable on November 23, 2018
to shareholders of record at the close of business on November 9,
2018. In addition, the Board of Directors has increased the
Company’s existing share repurchase authorization by nearly $12
million back to the original limit of $20 million.
“We are pleased that the Board has increased our
share repurchase authorization by some $12 million,” said Robert H.
Spilman, Jr., Chairman and Chief Executive Officer, “So far this
year we have returned nearly $4 million to our shareholders in the
form of share repurchases and $7.5 million in the form of
dividends, not counting the dividend we just declared. This
additional authorization gives us the flexibility to continue our
balanced approach to capital allocation, which includes investing
in growth, returning capital through dividends and buying back
shares.”
Bassett Furniture Industries, Inc.
(NASDAQ:BSET), is a leading manufacturer and marketer of high
quality home furnishings. With 97 company- and licensee-owned
stores, Bassett has leveraged its strong brand name in furniture
into a network of corporate and licensed stores that focus on
providing consumers with a friendly environment for buying
furniture and accessories. The most significant growth opportunity
for Bassett continues to be the Company’s dedicated retail store
program. Bassett’s retail strategy includes stylish, custom-built
furniture that is ready for delivery in the home within 30 days.
The stores also feature the latest on-trend furniture styles, free
in-home design visits, and coordinated decorating accessories.
Bassett also has a traditional wholesale business with more than
700 accounts on the open market, across the United States and
internationally. For more information, visit the Company’s
website at bassettfurniture.com. (BSET-E)
J. Michael Daniel, Senior VicePresident
and Chief FinancialOfficer(276) 629-6614
- Investors
Peter D. Morrison, Vice President
ofCommunications (276) 629-6387 –
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