Bassett Board Authorizes Special Dividend

August 28, 2012  by in UnCategorized   

By Home Furnishings Business in Financial Reports on August 29, 2012

The board of Bassett Furniture Inds. (NASDAQ: BSET) has declared a special dividend of $1.25 per share.

The dividend is payable on Oct. 26 to holders of record of common stock on Oct. 12.

For the past two quarters Bassett has paid a quarterly dividend to shareholders of $0.05 per share. As previously announced, the Company's third quarter dividend will be paid later this week at the $0.05 per share level. Previously this year, on Jan. 3, shareholders received a special dividend of $0.50 per share. Today's announcement of the latest special dividend means that by the end of October, Bassett will have paid shareholders $1.995 per share since the sale of its interest in the International Home Furnishings Center in May 2011, totaling approximately $22 million.

"We are pleased to be in the position to announce another significant special dividend to our shareholders in fiscal 2012," said Robert H. Spilman Jr., president and CEO. "Although growing our top line sales and further improving our operating results remain the best means of enhancing shareholder value, we believe that our present level of liquidity warrants the additional distribution to shareholders that our Board of Directors has just approved. We also believe that after this distribution in October the Company has adequate financial means to execute future growth strategies in both its wholesale and retail segments."