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Bassett Announces Results For The Third Quarter

BASSETT, Va., Oct. 7, 2010 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today its results of operations for its fiscal quarter ended August 28, 2010.

Consolidated sales for the quarter ended August 28, 2010 were $58.5 million as compared to $57.7 million for the quarter ended August 29, 2009, an increase of 1.5%. Gross margins for the third quarter of 2010 and 2009 were 45.5% and 45.1%, respectively. The margin increase was primarily a result of the retail segment's increased share of the overall sales mix, as well as improved margins in the Company-owned stores. Selling, general and administrative expenses, excluding bad debt and notes receivable valuation charges, increased $1.6 million for the third quarter of 2010 as compared to the third quarter of 2009, again primarily due to the net addition of 12 Company-owned retail stores since the third quarter of 2009. The Company also recorded $1.3 million of bad debt and notes receivable valuation charges during the third quarter of 2010 as compared to $1.2 million for the third quarter of 2009, a $0.1 million increase. The Company reported a net loss of $2.4 million, or $0.21 per share, for the quarter ended August 28, 2010, as compared to a net loss of $3.4 million, or $0.30 per share, for the quarter ended August 29, 2009. 

In order to better understand profitability trends related to on-going operations, the Company's management considers the effects of certain items on results for the quarter. Accordingly, the results for the quarter ended August 28, 2010 included $0.5 million of periodic costs associated with carrying idle retail facilities. The results for the quarter ended August 29, 2009 included $1.8 million of lease exit charges and $0.5 million of periodic costs associated with carrying idle retail facilities. Excluding these items, the net loss for the quarter ended August 28, 2010 would have been $1.9 million as compared to a net loss of $1.1 million for the quarter ended August 29, 2009. See the attached Reconciliation of Net Loss as Reported to Net Loss as Adjusted to compare quarter over quarter results without these items.

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