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From Home Furnishing Business

Bassett Directors Approve Special Dividend

Bassett Furniture Inds. (NASDAQ: BSET) said its board of directors has approved a special dividend of 35 cents per share.

The special payout, which is separate from Bassett’s regularly quarterly dividend, is payable Dec. 15 to stockholders of record Dec. 1.

“We are pleased to announce a year end special dividend to our shareholders," commented Rob Spilman, chairman and CEO. "We continued to invest in the business in 2017 by opening five new stores and repositioning another, consolidating our Texas upholstery operation with our Zenith distribution center into a beautiful new facility, and upgrading the existing physical plant and equipment in our manufacturing segment.  We have also paid $6.5 million in dividends through the first three quarters.”

“Looking ahead, we intend to open at least six new stores in 2018 while continuing our program of improving our retail real estate portfolio,” he added. “We will also make more significant investments in technology and replace a portion of our Zenith truck fleet with new equipment.  Despite these upcoming investments, management and our board of directors believe that the strength of our balance sheet makes this special dividend an appropriate use of capital at this time."

Bassett’s regular quarterly dividend of 11 cents per share is payable Nov. 24 to stockholders of record Nov. 10.

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