SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* BASSETT JOHN E III (Last) (First) (Middle) BASSETT FURNITURE INDUSTRIES INC 3525 FAIRYSTONE PARK HWY (Street) BASSETT VA 24055 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 02/24/2004	3. Issuer Name and Ticker or Trading Symbol BASSETT FURNITURE INDUSTRIES INC [ BSET ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) vice President Global Sourcing	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
COMMON	17,421	D
COMMON	2,715	I	WIFE
COMMON	3,118	I	SON JOHN IV
COMMON	3,118	I	SON JAMES
COMMON	3,118	I	SON HAYDEN
COMMON(1)	301.84	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
OPTION(2)	01/01/1995	05/04/2004	COMMON	1,000	26.25	D
OPTION(2)	11/07/1997	05/06/2007	COMMON	2,000	22.625	D
OPTION(3)	11/07/2000	03/23/2008	COMMON	27,628	32.25	D
OPTION(3)	01/18/2001	01/17/2010	COMMON	6,140	14.875	D
OPTION(3)	01/18/2002	01/17/2010	COMMON	6,140	14.875	D
OPTION(3)	01/18/2003	01/17/2010	COMMON	6,140	14.875	D
OPTION(3)	01/15/2003	01/14/2012	COMMON	2,667	14.7	D
OPTION(3)	01/15/2004	01/14/2012	COMMON	2,667	14.7	D
OPTION(3)	01/15/2005	01/14/2012	COMMON	2,666	14.7	D

Explanation of Responses:

1. SHARES ACQUIRED UNDER THE EMPLOYEE STOCK PURCHASE PLAN

2. GRANTED UNDER THE 1993 LONG TERM INCENTIVE PLAN WHICH IS A RULE 16b-3 PLAN.

3. GRANTED UNDER THE 1997 EMPLOYEE STOCK PLAN WHICH IS A RULE 16b-3 PLAN.

	John E Bassett III	02/20/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.