UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 9, 2014
BASSETT FURNITURE INDUSTRIES, INCORPORATED
(Exact name of registrant as specified in its charter)
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VIRGINIA |
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0-209 |
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54-0135270 |
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(State or other jurisdiction of incorporation or organization) |
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(Commission File No.) |
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(I.R.S. Employer Identification No.) |
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3525 FAIRYSTONE PARK HIGHWAY BASSETT, VIRGINIA |
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24055 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code 276/629-6000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 8.01 |
Other Events |
On October 9, 2014 Bassett Furniture Industries issued a news release relating to the declaration of a regular quarterly dividend of $.08 per share of outstanding common stock payable on November 28, 2014 to shareholders of record at the close of business November 14, 2014 and an increase in the limit for the share repurchase plan. A copy of the news release is attached to the report as Exhibit 99.
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Item 9.01. |
Financial Statements and Exhibits |
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Exhibit 99 |
News release issued by Bassett Furniture Industries, Inc. on October 9, 2014. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BASSETT FURNITURE INDUSTRIES, INCORPORATED |
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Date: October 9, 2014 |
By: |
/s/ J. Michael Daniel |
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J. Michael Daniel |
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Title: |
Senior Vice President – Chief Financial Officer |
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EXHIBIT INDEX
Description
Exhibit No. 99 News release issued by Bassett Furniture Industries on October 9, 2014.
Exhibit 99
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Bassett Furniture Industries, Inc. |
J. Michael Daniel, Senior Vice |
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P.O. Box 626 |
President and Chief Financial |
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Bassett, VA 24055 |
Officer |
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(276) 629-6614 - Investors | |
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Jay S. Moore, Director of | |
| Communications | |
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For Immediate Release |
(276) 629-6450 – Media |
Bassett Furniture News Release
Bassett Announces Quarterly Dividend & Increase to Share Repurchase Plan
(Bassett, Va.) – October 9, 2014– Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a dividend of $.08 per share of outstanding common stock payable on November 28, 2014 to shareholders of record at the close of business November 14, 2014. In addition, the Board of Directors has increased the Company’s existing share repurchase authorization by approximately $14 million to a new limit of $20 million.
“We are pleased that the Board has increased our share repurchase authorization by some $14 million,” said Robert H. Spilman, Jr., President and Chief Executive Officer. “So far this year we have returned over $5.5 million to our shareholders in the form of share repurchases and $4.3 million in the form of dividends. This gives us the flexibility to continue our balanced approach to capital allocation, which includes investing in growth, returning capital through dividends and buying back shares.”
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With 94 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, more than 1,000 upholstery fabrics, free in-home design visits, and coordinated decorating accessories. Bassett is also growing its traditional wholesale business with more than 600 accounts in the open market, across the United States and internationally. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)
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