Bassett to Pay 20-Cent Dividend

November 11, 2015  by in Financial Reports, Industry   

"We are pleased to announce this special dividend," said Robert H. Spilman Jr., president and CEO. "Including this year's acquisition of Zenith Freight Lines, LLC, we have grown consolidated sales by 28 percent through the first three quarters of 2015.”

Spilman said the company’s operating profit had doubled pushing the retail division to profitability with a 16 percent year-to-date same-store sales increase.

"While we celebrate these accomplishments, we will continue to closely monitor the pace of our business so that we can continue our trend of improved operating results," Spilman said. "In addition, a strong balance sheet is fundamental to our strategy and we will use it to fund profitable growth. We believe improving operating results while maintaining a sound balance sheet is the best way to increase shareholder value. Management and our board of directors continually review the company's capital allocation strategy and, when deemed appropriate, will consider a return of capital to shareholders. It is in this context that today's special dividend has been declared."