Bassett Declares Regular Quarterly Dividend and Reinstates Previously Deferred Dividend

Rhea-AI Summary

Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced a quarterly dividend of $0.08 per share, a 36% reduction due to COVID-19 uncertainties. The Board also reinstated a previously deferred dividend of $0.125 per share, payable on August 28, 2020, to shareholders recorded by August 14, 2020. CEO Rob Spilman expressed satisfaction with the Board's decision but emphasized the ongoing impact of the pandemic on business. The company operates 100 stores and maintains a traditional wholesale presence, focusing on stylish, custom-built furniture.

Positive

• Reinstatement of the deferred dividend of $0.125 per share.
• Continued commitment to returning capital to shareholders.
• Strong brand presence with 100 company and licensed stores.

Negative

• Quarterly dividend reduced by 36% to $0.08 per share due to COVID-19 uncertainties.

BASSETT, Va., July 16, 2020 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.08 per share of common stock, representing a 36% reduction due to the uncertainties around the COVID-19 pandemic. The Board also reinstated the dividend of $0.125 per share of outstanding common stock that was previously deferred on March 31, 2020 due to economic and financial disruptions caused by the pandemic. Both dividends are payable on August 28, 2020 to shareholders of record at the close of business on August 14, 2020.

“Our Board of Directors met yesterday with Management to review the effects of the COVID-19 pandemic on our business and our plans for the future,” said Rob Spilman, Chairman and CEO. “I am pleased that the Board reinstated the quarterly dividend albeit at a 36% reduction while also honoring our commitment to pay the dividend declared in March 2020. In keeping with our long-standing philosophy of returning capital to shareholders in the form of a dividend, we continue to monitor the pace of business as it relates to future dividend levels.”

About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 100 company- and licensee-owned stores at the time of this release, 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. Bassett’s retail strategy includes stylish, custom-built furniture that features 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 and a logistics business specializing in home furnishings. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)

J. Michael Daniel, Senior Vice
President and Chief Financial 
Officer
(276) 629-6614 - Investors

Peter D. Morrison, Vice President of
Communications
(276) 629-6387 – Media

FAQ

What is the current dividend for BSET?

Bassett Furniture Industries has declared a quarterly dividend of $0.08 per share.

When is the dividend payment date for BSET?

The dividends are payable on August 28, 2020.

What was the previous dividend amount for BSET before the reduction?

The previous dividend amount was $0.125 per share.

Why was the dividend reduced for BSET?

The dividend was reduced due to uncertainties surrounding the COVID-19 pandemic.

What is Bassett Furniture Industries' strategy in the market?

The company focuses on stylish, custom-built furniture along with a traditional wholesale business.