Friday, August 31, 2012

Bassett Board Announces Special Dividend

Bassett Furniture Industries, Inc., announced that its Board of Directors has declared a special dividend of $1.25 per share of common stock outstanding payable on October 26, 2012 to holders of record on October 12, 2012.

For the past two quarters Bassett has paid a quarterly dividend to shareholders of $0.05 per share. And, as previously announced, the Company's third quarter dividend will be paid later this week at the $0.05 per share level. Previously this year, on January 3, 2012, shareholders received a special dividend of $0.50 per share. Today's announcement of the latest special dividend means that by the end of October, Bassett will have paid shareholders $1.995 per share since the sale of its interest in the International Home Furnishings Center in May 2011, totaling approximately $22,000,000. Furthermore, the Company has continued to repurchase its shares in the open market. Counting shares that have been acquired in its third quarter, Bassett has repurchased 887,195 shares since the beginning of 2011. Going forward, the Company is able to repurchase an additional $14,800,000 of stock under the currently authorized plan.

"We are pleased to be in the position to announce another significant special dividend to our shareholders in fiscal 2012," said Robert H. Spilman, Jr., President and CEO. "Although growing our top line sales and further improving our operating results remain the best means of enhancing shareholder value, we believe that our present level of liquidity warrants the additional distribution to shareholders that our Board of Directors has just approved. We also believe that after this distribution in October the Company has adequate financial means to execute future growth strategies in both its wholesale and retail segments."


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