From Home Furnishing Business
Bassett Directors Approve Special Dividend
Bassett Furniture Inds. (BSET) said its board of directors declared a special dividend of 30 cents per share, payable Dec. 16 to stockholders of record on Dec. 2.
"We are pleased to announce this special dividend at the end of our fiscal year," said Robert Spilman, Jr., chairman and CEO. "In 2016, we have opened a new upholstery manufacturing facility, opened two corporate retail stores and repositioned another, upgraded our Zenith Logistics truck fleet, expanded our Bench Made factory, and invested in our technology platform.
“Through the first three quarters, we have paid our shareholders $5.2 million in dividends and retired $4 million of our common stock. Despite these significant investments in the business and return of capital, our working capital management and operating cash flow have kept our balance sheet strong.”