This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bassett Announces Fiscal Fourth Quarter Results

Stocks in this article: BSET

BASSETT, Va., Jan. 22, 2014 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq:BSET) announced today its results of operations for its fiscal quarter ended November 30, 2013.

Fiscal 2013 Fourth Quarter Highlights

  • Consolidated sales of $83.1 million for the fourth quarter of 2013; increased 8.2% as compared to the fourth quarter of 2012;
  • Operating income for the quarter of $3.4 million, up $0.9 million, or 36%, from $2.5 million for the prior year quarter;
  • Wholesale sales increased 5.4% compared to the prior year quarter;
  • Company-owned store delivered sales increased 5.9% compared to the prior year quarter, including a 3.0% increase from the 50 comparable stores; and
  • Declared a special dividend of $2.2 million or $0.20 per share.

On a consolidated basis, the Company reported net sales for the fourth quarter of 2013 of $83.1 million as compared to $76.8 million for the fourth quarter of 2012, an increase of $6.3 million or 8.2%. Operating income for the quarter was $3.4 million, or 4.1% of sales, an increase of $0.9 million, or 36%, from $2.5 million for the prior year quarter. The Company reported net income of $1.6 million or $0.15 per diluted share for the fourth quarter of 2013 compared to net income of $16.9 million or $1.55 per diluted share in the fourth quarter of 2012. The prior year quarter included a $15.9 million tax benefit associated with the reduction of certain valuation reserves against the Company's deferred tax assets. Excluding this tax benefit, net income for the prior year quarter would have been $1.0 million or $0.09 per diluted share as compared to $1.6 million or $0.15 per diluted share for the current year quarter.

"Sales growth of 8.2% for our fourth quarter built on the significant accomplishments that were made at Bassett in fiscal 2013", commented Robert H. Spilman, Jr., President and Chief Executive Officer. "This year consisted of 53 weeks instead of 52. Normalizing for the extra week, fiscal 2013 consolidated revenue grew 17%, comparable retail same store sales grew by 5.6%, and wholesale shipments to customers outside of our store network increased by an impressive 35%. Fourth quarter operating income of $3.4 million represented a 36% increase over the same period in 2012. For the year, operating income nearly doubled to $10.0 million, or 3.1% of sales.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs