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Bassett Announces Fiscal Second Quarter Results

Stock quotes in this article: BSET

BASSETT, Va., July 9, 2013 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today its results of operations for its fiscal quarter ended June 1, 2013.

Fiscal 2013 Second Quarter Highlights

  • Consolidated sales of $81.2 million for the second quarter of 2013 increased 20% as compared to the second quarter of 2012;
  • Operating profit for the quarter was $3.4 million versus $1.6 million for the prior year quarter;
  • Wholesale sales increased 17% compared to the prior year quarter;
  • Company-owned store delivered sales increased 20% compared to the prior year quarter, which included a 9.3% increase from the 49 comparable stores; and
  • Pre-tax income for the quarter was $3.3 million versus $10.0 million for the prior year quarter. Excluding the effect of income received during the second quarter of 2012 from the Continued Dumping and Subsidy Offset Act ("CDSOA") of 2000, pre-tax income for the second quarter of 2013 increased $2.3 million over the prior year quarter.

On a consolidated basis, the Company reported net sales for the second quarter of 2013 of $81.2 million, an increase of $13.8 million, or 20%, over the second quarter of 2012. Operating income increased to $3.4 million, or 4.2% of sales, from $1.6 million, or 2.4% of sales, driven by higher sales in both the wholesale and retail segments. The improvement was partially offset by $0.9 million of increased health care costs due to higher claims experience. In the second quarter of 2012, the Company received a $9.0 million cash distribution from U.S. Customs and Border Protection, representing the final distribution due the Company as part of the CDSOA, which is included as other income in the condensed consolidated statement of income. Excluding the effect of the income from the CDSOA from the second quarter of 2012, pre-tax income increased $2.4 million from $0.9 million to $3.3 million. The Company recorded net income of $2.0 million or $0.18 per diluted share for the second quarter of 2013 compared to net income of $8.0 million or $0.71 per diluted share in the second quarter of 2012.

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