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BASSETT, Va., Jan. 10, 2013 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today its results of operations for its fiscal quarter ended November 24, 2012.
Fiscal 2012 Fourth Quarter Highlights
Consolidated sales for the fourth quarter 2012 increased 21% as compared to the fourth quarter 2011
Operating profit for the fourth quarter was $2.5 million versus $1.1 million for the fourth quarter last year
Wholesale sales increased 18% compared to the fourth quarter 2011
Company-owned store delivered sales increased 24% overall compared to the fourth quarter 2011 which included a 15% increase from the 48 comparable stores
Repurchased 128,000 shares using $1.4 million of cash
Declared a regular quarterly dividend totaling $0.6 million or $0.05 per share
Paid a special dividend of $13.7 million or $1.25 per share
On a consolidated basis, the Company reported net sales for the fourth quarter of 2012 of $76.8 million, an increase of $13.5 million, or 21%, from sales levels attained in the fourth quarter of 2011. Operating income increased to $2.5 million from $1.1 million driven primarily by higher sales in both the wholesale and retail segments. This was offset by higher selling, general and administrative expenses due primarily to the increased number of Company-owned stores, higher marketing and advertising costs associated with the introduction of the new HGTV Design Studios at the retail stores, and increased health care costs due to higher than normal claim activity. Included in the Company's net income is a net tax benefit of $14.2 million which was primarily due to a $16.0 million reduction of certain valuation reserves against the Company's deferred tax assets. As a result, the Company recorded net income of $16.9 million or $1.55 per diluted share for the fourth quarter of 2012 compared to $0.6 million or $0.06 per diluted share in the fourth quarter of 2011.