Bassett Declares Special Dividend
November 07 2017 - 8:55AM
Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today
that its Board of Directors has declared a special dividend of
$0.35 per share of outstanding common stock payable on December 15,
2017 to shareholders of record at the close of business on December
1, 2017.
“We are pleased to announce a year end special
dividend to our shareholders of $0.35,” commented Rob Spilman,
Chairman and Chief Executive Officer. “We continued to invest
in the business in 2017 by opening five new stores and
repositioning another, consolidating our Texas upholstery operation
with our Zenith distribution center into a beautiful new facility,
and upgrading the existing physical plant and equipment in our
manufacturing segment. We have also paid $6.5 million in
dividends through the first three quarters. Looking ahead, we
intend to open at least six new stores in 2018 while continuing our
program of improving our retail real estate portfolio. We
will also make more significant investments in technology and
replace a portion of our Zenith truck fleet with new
equipment. Despite these upcoming investments, management and
our Board of Directors believe that the strength of our balance
sheet makes this special dividend an appropriate use of capital at
this
time.”
About Bassett Furniture Industries, Inc.Bassett
Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer
and marketer of high quality home furnishings. With 91 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 comfortable 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
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. In addition, Bassett owns
a furniture logistics company providing freight, warehouse,
distribution, 3PL and last mile service to home furnishings
wholesalers and retailers.
For more information, visit the Company’s
website at bassettfurniture.com. (BSET-E)
J. Michael Daniel, Senior Vice
President and Chief
FinancialOfficer(276) 629-6614 -
Investors
Jay S. Moore, Director of
Communications(276) 629-6450 – Media
Bassett Furniture Indust... (NASDAQ:BSET)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bassett Furniture Indust... (NASDAQ:BSET)
Historical Stock Chart
From Apr 2023 to Apr 2024