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Bassett Announces Fiscal Fourth Quarter Results

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.

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