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Bassett Announces Fiscal Third Quarter Results

BASSETT, Va., Oct. 3, 2013 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today its results of operations for its fiscal quarter ended August 31, 2013.

Fiscal 2013 Third Quarter Highlights

  • Consolidated sales of $77.2 million for the third quarter of 2013 increased 20% as compared to the third quarter of 2012;
  • Operating profit for the quarter was $0.8 million which was flat compared to the prior year quarter;
  • Wholesale sales increased 18% compared to the prior year quarter;
  • Company-owned store delivered sales increased 12% compared to the prior year quarter, which included a 3.9% increase from the 50 comparable stores; and
  • Pre-tax income for the quarter was $0.6 million versus $0.5 million for the prior year quarter.

On a consolidated basis, the Company reported net sales for the third quarter of 2013 of $77.2 million as compared to $64.4 million for the third quarter of 2012, an increase of $12.7 million or 20%. Operating income for the quarter was $0.8 million, or 1.1% of sales, which was flat as compared to the prior year quarter. The Company reported net income of $0.6 million or $0.05 per diluted share for the third quarter of 2013 compared to net income of $2.4 million or $0.21 per diluted share in the third quarter of 2012. The prior year quarter included a $1.9 million tax benefit as a result of favorable provision to return adjustments related to the 2011 Federal income tax return and the release of a portion of the valuation allowance against certain deferred tax assets.

"In reviewing our 2013 third quarter, we are pleased to have posted our fourth consecutive quarter of double digit revenue growth," commented Robert H. Spilman, Jr., President and CEO. "Our multi-pronged sales strategy continues to bear fruit as we leverage our high level of service and logistics competencies over a broader spectrum of distribution. While we experienced modest increases in wholesale shipments to our retail network in the quarter, we again gained share with independent furniture dealers and in our juvenile products division. Also, shipments to our open market HGTV dealer network met our internal goals for the period.

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