Bassett Reports Fiscal Third Quarter Results, Updates Progress on Restructuring Plan and Announces Regular Quarterly Dividend
Bassett Furniture Industries (Nasdaq: BSET) reported its fiscal third quarter results for the period ended August 31, 2024. Key highlights include:
- Revenues decreased 13% due to a cyber incident that suspended operations for 7 days
- Operating loss of $6.4 million, including a $1.2 million contract abandonment charge
- Gross margin of 53.0%, or 53.8% excluding cyber shutdown wage costs
- Diluted loss per share of $0.52 vs. $0.30 loss in 2023
- cash flow deficit to $0.4 million despite challenges
- Declared quarterly dividend of $0.20 per share, an 11% increase
The company is progressing on its restructuring plan announced in July, aiming to improve annual bottom-line by $5.5-$6.5 million. Bassett remains focused on cost reduction and operational strengthening to drive profitability amid industry challenges.
Bassett Furniture Industries (Nasdaq: BSET) ha reso noti i risultati del suo terzo trimestre fiscale per il periodo conclusosi il 31 agosto 2024. I punti salienti includono:
- I ricavi sono diminuiti del 13% a causa di un incidente informatico che ha sospeso le operazioni per 7 giorni
- Perdita operativa di 6,4 milioni di dollari, inclusi 1,2 milioni di dollari per spese di abbandono contrattuale
- Margine lordo del 53,0%, o 53,8% escluse le spese salariali del fermo informatico
- Perdita per azione diluita di 0,52 dollari rispetto a una perdita di 0,30 dollari nel 2023
- Deficit di flusso di cassa pari a 0,4 milioni di dollari nonostante le sfide
- Dichiarato dividendo trimestrale di 0,20 dollari per azione, con un incremento dell'11%
L'azienda sta progredendo nel piano di ristrutturazione annunciato a luglio, con l'obiettivo di migliorare il risultato netto annuale di 5,5-6,5 milioni di dollari. Bassett rimane concentrata sulla riduzione dei costi e sul rafforzamento operativo per aumentare la redditività nonostante le difficoltà del settore.
Bassett Furniture Industries (Nasdaq: BSET) informó sus resultados del tercer trimestre fiscal para el período finalizado el 31 de agosto de 2024. Los aspectos destacados incluyen:
- Los ingresos disminuyeron un 13% debido a un incidente cibernético que suspendió las operaciones durante 7 días
- Pérdida operativa de 6,4 millones de dólares, incluyendo un gasto de 1,2 millones de dólares por abandono de contrato
- Margen bruto del 53,0%, o 53,8% excluyendo los costos salariales por el cierre cibernético
- Pérdida por acción diluida de 0,52 dólares frente a una pérdida de 0,30 dólares en 2023
- Déficit de flujo de efectivo de 0,4 millones de dólares a pesar de los desafíos
- Se declaró un dividendo trimestral de 0,20 dólares por acción, un aumento del 11%
La empresa avanza en su plan de reestructuración anunciado en julio, con el objetivo de mejorar el resultado neto anual en 5,5 a 6,5 millones de dólares. Bassett sigue enfocada en la reducción de costos y el fortalecimiento operativo para impulsar la rentabilidad en medio de los desafíos de la industria.
배셋 가구 산업 (Nasdaq: BSET)는 2024년 8월 31일에 종료된 기간에 대한 3분기 재무 결과를 발표했습니다. 주요 내용은 다음과 같습니다:
- 사이버 사건으로 인해 7일간 운영이 중단되어 수익이 13% 감소함
- 640만 달러의 운영 손실, 계약 포기에 따른 120만 달러의 손실 포함
- 총 매출 총 이익률 53.0%, 사이버 중단 임금 비용 제외 시 53.8%
- 희석 주당 손실 0.52달러, 2023년 0.30달러 손실 대비
- 어려움에도 불구하고 현금 흐름 적자는 40만 달러
- 주당 0.20달러의 분기 배당금 선언, 11% 증가
회사는 7월에 발표한 재구성 계획을 진행 중이며, 연간 순이익을 550만에서 650만 달러 개선하는 것을 목표로 하고 있습니다. 배셋은 산업의 도전 과제 속에서 수익성을 높이기 위해 비용 절감 및 운영 강화를 동시에 추진하고 있습니다.
Bassett Furniture Industries (Nasdaq: BSET) a annoncé ses résultats du troisième trimestre fiscal pour la période se terminant le 31 août 2024. Les points essentiels sont les suivants :
- Les revenus ont diminué de 13 % en raison d'un incident cybernétique qui a suspendu les opérations pendant 7 jours
- Perte d'exploitation de 6,4 millions de dollars, incluant une charge de 1,2 million de dollars pour abandon de contrat
- Marge brute de 53,0 %, ou de 53,8 % hors coûts salariaux dus à l'arrêt cybernétique
- Perte par action diluée de 0,52 dollar contre une perte de 0,30 dollar en 2023
- Défict de flux de trésorerie de 0,4 million de dollars malgré les défis
- Dividende trimestriel déclaré de 0,20 dollar par action, une augmentation de 11 %
La société progresse dans son plan de restructuration annoncé en juillet, visant à améliorer le résultat net annuel de 5,5 à 6,5 millions de dollars. Bassett reste concentré sur la réduction des coûts et le renforcement opérationnel pour favoriser la rentabilité au milieu des défis du secteur.
Bassett Furniture Industries (Nasdaq: BSET) hat die Ergebnisse des dritten Finanzquartals für den Zeitraum zum 31. August 2024 veröffentlicht. Die wichtigsten Eckdaten sind:
- Die Einnahmen gingen um 13% zurück, bedingt durch einen Cybervorfall, der die Betriebsabläufe 7 Tage lang unterbrach
- Operativer Verlust von 6,4 Millionen Dollar, einschließlich einer Rückstellung von 1,2 Millionen Dollar wegen Vertragsaufgabe
- Bruttogewinnmarge von 53,0%, oder 53,8%, wenn die Löhne während des Cyberausfalls ausgeschlossen werden
- Verwässerter Verlust pro Aktie von 0,52 Dollar gegenüber einem Verlust von 0,30 Dollar im Jahr 2023
- Cashflow-Defizit von 0,4 Millionen Dollar trotz der Herausforderungen
- Erklärte vierteljährliche Dividende von 0,20 Dollar pro Aktie, eine Erhöhung um 11%
Das Unternehmen macht Fortschritte bei seinem im Juli angekündigten Restrukturierungsplan, der darauf abzielt, das jährliche Ergebnis um 5,5 bis 6,5 Millionen Dollar zu verbessern. Bassett bleibt fokussiert auf Kostensenkung und operative Stärkung, um die Rentabilität inmitten der Herausforderungen der Branche voranzutreiben.
- Gross margin improved to 53.8% (excluding cyber shutdown costs) from 52.7% in 2023
- Declared quarterly dividend of $0.20 per share, an 11% increase over prior year
- cash flow deficit to $0.4 million despite challenging results
- Restructuring plan on target to improve annual bottom-line by $5.5-$6.5 million
- Revenues decreased 13% year-over-year
- Operating loss of $6.4 million compared to $3.8 million loss in 2023
- Diluted loss per share increased to $0.52 from $0.30 in 2023
- Cyber incident suspended all financial systems and manufacturing for 7 days
- $1.2 million loss on abandoned logistical services contract
Insights
The Q3 results for Bassett Furniture Industries (BSET) reveal significant challenges, primarily due to a cyber incident that disrupted operations. Key points:
- Revenue decreased by
13% year-over-year, largely attributed to a 7-day shutdown of financial systems and manufacturing. - Operating loss widened to
$6.4 million , including a$1.2 million loss on an abandoned logistical services contract. - Gross margin improved slightly to
53.0% (or53.8% excluding shutdown-related wages) compared to an adjusted52.7% in 2023. - Diluted loss per share increased to
$0.52 from$0.30 in the previous year.
Despite these headwinds, the company managed to limit its cash flow deficit to
The cyber incident reported by Bassett Furniture Industries highlights the significant operational and financial risks posed by cybersecurity threats in the manufacturing sector. Key observations:
- The 7-day shutdown of financial systems and manufacturing operations due to unauthorized IT system activities demonstrates the severe impact of cyber attacks on business continuity.
- The incident contributed to a substantial revenue decrease and increased operating losses, underscoring the direct financial consequences of cybersecurity breaches.
- The company incurred additional costs related to the cyber incident, though specific details were not provided.
This event serves as a stark reminder of the importance of robust cybersecurity measures in the manufacturing industry. Companies must invest in advanced threat detection, rapid response capabilities and comprehensive business continuity plans to mitigate such risks. The incident's impact on Bassett's financial performance emphasizes the need for cybersecurity to be a top priority at the executive level, as it directly affects shareholder value and company reputation.
BASSETT, Va., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Bassett Furniture Industries, Inc. (Nasdaq: BSET) reported today its results of operations for its third quarter ended August 31, 2024. In addition, the Company’s Board of Directors declared a regular quarterly dividend of
Q3 Consolidated Business Highlights: [FY 24 vs. FY 23, unless otherwise specified]
- Revenues decreased
13% , impacted by a cyber incident that suspended all financial systems and manufacturing for 7 days. - Operating loss of
$6.4 million , which included a$1.2 million loss on a logistical services contract the Company abandoned and various costs associated with the cyber incident. - Gross margin of
53.0% , which included$0.6 million of manufacturing wages paid during the cyber shutdown. Excluding the wage charge, gross profit margin would have been53.8% as compared to adjusted gross margin of52.7% in 2023 (see Table 5). - Diluted loss per share of
$0.52 vs. a loss of$0.30 in 2023. - Limited cash flow deficit for the quarter to
$0.4 million despite challenging results and cyber disruption related costs.
Fiscal 2024 Third Quarter Overview
(Dollars in millions)
| Sales | Operating Income (Loss) | |||||||||||||||||||||
| 3rd Qtr | Dollar | % | 3rd Qtr | % of | 3rd Qtr | % of | ||||||||||||||||
| 2024 | 2023 | Change | Change | 2024 | Sales | 2023 | Sales | |||||||||||||||
| Consolidated (1) | $ | 75.6 | $ | 87.2 | $ | (11.6 | ) | -13.3 | % | $ | (6.4 | ) | - | $ | (3.8 | ) | - | |||||
| Wholesale | $ | 47.8 | $ | 56.7 | $ | (8.9 | ) | -15.7 | % | $ | 4.4 | $ | 6.3 | |||||||||
| Retail | $ | 47.3 | $ | 52.3 | $ | (5.0 | ) | -9.6 | % | $ | (2.8 | ) | - | $ | (3.0 | ) | - | |||||
| Corporate & Other (2) | $ | 1.0 | $ | 1.8 | $ | (0.8 | ) | -44.4 | % | $ | (7.0 | ) | N/A | $ | (7.4 | ) | N/A | |||||
| (1) Our consolidated results for the quarter include certain intercompany eliminations as well as a | ||||||||||||||||||||||
| (2) Corporate and Other includes the operations of Noa Home Inc. along with the shared Corporate costs that are benefiting both the Wholesale and Retail segments. | ||||||||||||||||||||||
“The third quarter is historically our slowest as we customarily shut down manufacturing for the week of July 4th,” said Robert H. Spilman, Jr., Bassett Chairman and Chief Executive Officer. “Although we had additional challenges this year, we delivered strong gross margins. In mid-July, we reported that we detected unauthorized activities in our IT systems, which resulted in us shutting down our IT systems and ceasing manufacturing for 7 days. The industry remained challenged by economic factors in the quarter, including a slow housing market that is forecasted to improve heading into 2025. With our strong balance sheet and our focus on right-sizing our expense structure, our goal is to drive better profitability.”
Update on Restructuring Plan
The Company made progress on the restructuring plan announced in July to lower its cost structure and to strengthen operations for topline growth. The comprehensive strategy builds on the strength of Bassett’s brand quality, design expertise and service, and focuses on driving revenue growth and profitability long-term. The five-point plan will be completed by the end of the fourth quarter. “We are running a leaner operation, reducing expenses and investing in new products and services,” Spilman added. “Through our restructuring plan, we are on target to improve our bottom-line between
Conference Call and Webcast
The Company will hold a conference call to discuss its quarterly results on October 10, 2024, at 9:00 am ET. The public is invited to listen to the conference call by webcast, accessible through the Company’s investor relations website, https://investors.bassettfurniture.com/. Participants can also listen to the conference call via https://edge.media-server.com/mmc/p/4t38wrd6. A replay and transcript of the conference call will be available on demand on the investor relations site.
About Bassett Furniture Industries, Inc.
Bassett Furniture Industries, Inc. (NASDAQ: BSET) is a leading manufacturer and marketer of high-quality home furnishings. With 87 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. For more information, visit the Company’s website at bassettfurniture.com.
Forward-Looking Statements
Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “plans,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the third fiscal quarter of 2024, constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information, as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions and future events on the retail demand for home furnishings and the ability of Bassett’s customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data.
Contacts:
J. Michael Daniel
Senior Vice President and
Chief Financial Officer
(276) 629-6614 – Investors
mdaniel@bassettfurniture.com
Peter D. Morrison
Vice President of Communications
(276) 629-6450 – Media
| Table 1 | |||||||||||||||||||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
| Condensed Consolidated Statements of Operations - unaudited | |||||||||||||||||||||||
| (In thousands, except for per share data) | |||||||||||||||||||||||
| Quarter Ended | Nine Months | ||||||||||||||||||||||
| August 31, 2024 | August 26, 2023 | August 31, 2024 | August 26, 2023 | ||||||||||||||||||||
| Percent of | Percent of | Percent of | Percent of | ||||||||||||||||||||
| Amount | Net Sales | Amount | Net Sales | Amount | Net Sales | Amount | Net Sales | ||||||||||||||||
| Net sales of furniture and accessories | $ | 75,619 | 100.0 | % | $ | 87,217 | 100.0 | % | $ | 245,583 | 100.0 | % | $ | 295,434 | 100.0 | % | |||||||
| Cost of furniture and accessories sold | 35,526 | 47.0 | % | 42,173 | 48.4 | % | 113,863 | 46.4 | % | 140,360 | 47.5 | % | |||||||||||
| Gross profit | 40,093 | 53.0 | % | 45,044 | 51.6 | % | 131,720 | 53.6 | % | 155,074 | 52.5 | % | |||||||||||
| Selling, general and administrative expenses | 45,210 | 59.8 | % | 48,848 | 56.0 | % | 142,141 | 57.9 | % | 154,709 | 52.4 | % | |||||||||||
| Loss on contract abandonment | 1,240 | 1.6 | % | - | 0.0 | % | 1,240 | 0.5 | % | - | 0.0 | % | |||||||||||
| Asset impairment charges | - | 0.0 | % | - | 0.0 | % | 5,515 | 2.2 | % | - | 0.0 | % | |||||||||||
| Gain on revaluation of contingent consideration | - | 0.0 | % | - | 0.0 | % | - | 0.0 | % | 1,013 | 0.3 | % | |||||||||||
| Income (loss) from operations | (6,357 | ) | -8.4 | % | (3,804 | ) | -4.4 | % | (17,176 | ) | -7.0 | % | 1,378 | 0.5 | % | ||||||||
| Interest income | 692 | 0.9 | % | 923 | 1.1 | % | 2,075 | 0.8 | % | 1,644 | 0.6 | % | |||||||||||
| Other loss, net | (109 | ) | -0.1 | % | (309 | ) | -0.4 | % | (489 | ) | -0.2 | % | (1,381 | ) | -0.5 | % | |||||||
| Income (loss) before income taxes | (5,774 | ) | -7.6 | % | (3,190 | ) | -3.7 | % | (15,590 | ) | -6.3 | % | 1,641 | 0.6 | % | ||||||||
| Income tax expense (benefit) | (1,269 | ) | -1.7 | % | (599 | ) | -0.7 | % | (2,691 | ) | -1.1 | % | 711 | 0.2 | % | ||||||||
| Net income (loss) | (4,505 | ) | -6.0 | % | (2,591 | ) | -3.0 | % | (12,899 | ) | -5.3 | % | 930 | 0.3 | % | ||||||||
| Basic and diluted earnings (loss) per share | $ | (0.52 | ) | $ | (0.30 | ) | $ | (1.48 | ) | $ | 0.11 | ||||||||||||
| Table 2 | ||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands) | ||||||
| (Unaudited) | ||||||
| Assets | August 31, 2024 | November 25, 2023 | ||||
| Current assets | ||||||
| Cash and cash equivalents | $ | 38,329 | $ | 52,407 | ||
| Short-term investments | 17,834 | 17,775 | ||||
| Accounts receivable, net | 12,974 | 13,736 | ||||
| Inventories, net | 56,138 | 62,982 | ||||
| Recoverable income taxes | 2,846 | 2,574 | ||||
| Other current assets | 9,421 | 8,480 | ||||
| Total current assets | 137,542 | 157,954 | ||||
| Property and equipment, net | 78,564 | 83,981 | ||||
| Other long-term assets | ||||||
| Deferred income taxes, net | 7,410 | 4,645 | ||||
| Goodwill and other intangible assets | 14,199 | 16,067 | ||||
| Right of use assets under operating leases | 90,274 | 100,888 | ||||
| Other | 7,873 | 6,889 | ||||
| Total long-term assets | 119,756 | 128,489 | ||||
| Total assets | $ | 335,862 | $ | 370,424 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current liabilities | ||||||
| Accounts payable | $ | 14,232 | $ | 16,338 | ||
| Accrued compensation and benefits | 6,595 | 8,934 | ||||
| Customer deposits | 23,700 | 22,788 | ||||
| Current portion of operating lease obligations | 18,504 | 18,827 | ||||
| Other accrued expenses | 10,086 | 11,003 | ||||
| Total current liabilities | 73,117 | 77,890 | ||||
| Long-term liabilities | ||||||
| Post employment benefit obligations | 10,885 | 10,207 | ||||
| Long-term portion of operating lease obligations | 85,310 | 97,357 | ||||
| Other long-term liabilities | 1,514 | 1,529 | ||||
| Total long-term liabilities | 97,709 | 109,093 | ||||
| Stockholders’ equity | ||||||
| Common stock | 43,674 | 43,842 | ||||
| Retained earnings | 121,387 | 139,354 | ||||
| Additional paid-in-capital | - | 93 | ||||
| Accumulated other comprehensive income (loss) | (25 | ) | 152 | |||
| Total stockholders' equity | 165,036 | 183,441 | ||||
| Total liabilities and stockholders’ equity | $ | 335,862 | $ | 370,424 | ||
| Table 3 | |||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
| Consolidated Statements of Cash Flows - unaudited | |||||||
| (In thousands) | |||||||
| Nine Months | |||||||
| August 31, 2024 | August 26, 2023 | ||||||
| Operating activities: | |||||||
| Net income (loss) | $ | (12,899 | ) | $ | 930 | ||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) | |||||||
| operating activities: | |||||||
| Depreciation and amortization | 7,613 | 7,502 | |||||
| Non-cash asset impairment charges | 5,515 | - | |||||
| Gain on revaluation of contingent consideration | - | (1,013 | ) | ||||
| Inventory valuation charges | 4,954 | 3,814 | |||||
| Deferred income taxes | (2,765 | ) | 473 | ||||
| Other, net | 937 | 1,781 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 762 | 2,499 | |||||
| Inventories | 1,890 | 14,797 | |||||
| Other current and long-term assets | (1,213 | ) | (289 | ) | |||
| Right of use assets under operating leases | 13,029 | 13,668 | |||||
| Customer deposits | 912 | (12,337 | ) | ||||
| Accounts payable and other liabilities | (5,364 | ) | (6,586 | ) | |||
| Obligations under operating leases | (15,694 | ) | (14,990 | ) | |||
| Net cash provided by (used in) operating activities | (2,323 | ) | 10,249 | ||||
| Investing activities: | |||||||
| Purchases of property and equipment | (4,720 | ) | (14,657 | ) | |||
| Proceeds from disposal of discontinued operations, net | - | 1,000 | |||||
| Other | (909 | ) | (1,664 | ) | |||
| Net cash used in investing activities | (5,629 | ) | (15,321 | ) | |||
| Financing activities: | |||||||
| Cash dividends | (4,909 | ) | (4,406 | ) | |||
| Other issuance of common stock | 275 | 275 | |||||
| Repurchases of common stock | (1,127 | ) | (4,056 | ) | |||
| Taxes paid related to net share settlement of equity awards | (161 | ) | (109 | ) | |||
| Repayments of finance lease obligations | (210 | ) | (208 | ) | |||
| Net cash used in financing activities | (6,132 | ) | (8,504 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | 6 | (37 | ) | ||||
| Change in cash and cash equivalents | (14,078 | ) | (13,613 | ) | |||
| Cash and cash equivalents - beginning of period | 52,407 | 61,625 | |||||
| Cash and cash equivalents - end of period | $ | 38,329 | $ | 48,012 | |||
| Table 4 | ||||||||||||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | ||||||||||||||||
| Segment Information - unaudited | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Quarter Ended | Nine Months | |||||||||||||||
| August 31, 2024 | August 26, 2023 | August 31, 2024 | August 26, 2023 | |||||||||||||
| Sales Revenue | ||||||||||||||||
| Wholesale sales of furniture and accessories | $ | 47,828 | $ | 56,660 | $ | 155,138 | $ | 188,318 | ||||||||
| Less: Sales to retail segment | (20,453 | ) | (23,503 | ) | (64,967 | ) | (77,932 | ) | ||||||||
| Wholesale sales to external customers | 27,375 | 33,157 | 90,171 | 110,386 | ||||||||||||
| Retail sales of furniture and accessories | 47,256 | 52,264 | 151,478 | 178,004 | ||||||||||||
| Corporate & Other - Noa Home (1) | 988 | 1,796 | 3,934 | 7,044 | ||||||||||||
| Consolidated net sales of furniture and accessories | $ | 75,619 | $ | 87,217 | $ | 245,583 | $ | 295,434 | ||||||||
| Income (Loss) before Income Taxes | ||||||||||||||||
| Income (Loss) from Operations | ||||||||||||||||
| Wholesale | $ | 4,440 | $ | 6,340 | $ | 16,886 | $ | 22,339 | ||||||||
| Retail | (2,840 | ) | (3,036 | ) | (6,674 | ) | (751 | ) | ||||||||
| Net expenses - Corporate and other (1) | (6,963 | ) | (7,420 | ) | (21,500 | ) | (22,140 | ) | ||||||||
| Inter-company elimination | 246 | 312 | 867 | 917 | ||||||||||||
| Loss on abandoned warehouse contract | (1,240 | ) | - | (1,240 | ) | - | ||||||||||
| Asset impairment charges | - | - | (5,515 | ) | - | |||||||||||
| Gain on revaluation of contingent consideration | - | - | - | 1,013 | ||||||||||||
| Consolidated income (loss) from operations | (6,357 | ) | (3,804 | ) | (17,176 | ) | 1,378 | |||||||||
| Interest income | 692 | 923 | 2,075 | 1,644 | ||||||||||||
| Other loss, net | (109 | ) | (309 | ) | (489 | ) | (1,381 | ) | ||||||||
| Consolidated income (loss) before income taxes | $ | (5,774 | ) | $ | (3,190 | ) | $ | (15,590 | ) | $ | 1,641 | |||||
| (1) Corporate and Other includes the operations of Noa Home Inc. along with the shared | ||||||||||||||||
| Corporate costs that are benefiting both the Wholesale and Retail segments. | ||||||||||||||||
| Table 5 | |||||||||||||||||||
| BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||||||||
| Adjusted Gross Profit | |||||||||||||||||||
| (In thousands) | |||||||||||||||||||
| Quarter Ended | Nine Months | ||||||||||||||||||
| August 31, 2024 | August 26, 2023 | August 31, 2024 | August 26, 2023 | ||||||||||||||||
| Percent of | Percent of | Percent of | Percent of | ||||||||||||||||
| Amount | Net Sales | Amount | Net Sales | Amount | Net Sales | Amount | Net Sales | ||||||||||||
| Gross profit as reported | $ | 40,093 | 53.0 | % | $ | 45,044 | 51.6 | % | $ | 131,720 | 52.5 | % | $ | 155,074 | 52.4 | % | |||
| Wages paid during cyber shutown | 609 | 0.8 | % | - | - | 609 | 0.2 | % | - | - | |||||||||
| Additional inventory valuation charges | - | - | 893 | 1.0 | % | 2,701 | 1.1 | % | 1,896 | 0.6 | % | ||||||||
| Gross profit as adjusted | $ | 40,702 | 53.8 | % | $ | 45,937 | 52.7 | % | $ | 135,030 | 55.0 | % | $ | 156,970 | 53.1 | % | |||
FAQ
What were Bassett Furniture's (BSET) Q3 2024 financial results?
How did the cyber incident affect Bassett Furniture's (BSET) Q3 2024 performance?
What is Bassett Furniture's (BSET) dividend for Q3 2024?
What progress has Bassett Furniture (BSET) made on its restructuring plan announced in July 2024?
