Bassett Furniture Industries, Inc. (NASDAQ:BSET) announced today that its Board of Directors declared a $0.30 per share special dividend payable on December 16, 2016 to shareholders of record on December 2, 2016.
“We are pleased to announce this $0.30 special dividend at the end of our fiscal year,” said Robert H. Spilman, Jr., Chairman and Chief Executive Officer. “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 $4.0 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. With these factors and our future growth strategies in mind, management and our Board of Directors believe that today’s dividend declaration is appropriate.”
About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With 90 company- and licensee-owned stores, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. The most significant growth opportunity for Bassett continues to be the Company’s dedicated retail store program. Bassett’s retail strategy includes affordable custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also has a traditional wholesale business with more than 700 accounts on the open market, across the United States and internationally. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)