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) November 10, 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)) |
Item 8.01 Other Events
On November 10, 2014 Bassett Furniture Industries issued a news release relating to the declaration of a special dividend of $.20 per share of outstanding common stock payable on December 19, 2014, to shareholders of record at the close of business December 5, 2014. A copy of the news release is attached to the report as Exhibit 99.
Item 9.01. Financial Statements and Exhibits
Exhibit 99 News release issued by Bassett Furniture Industries, Inc. on November 10, 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: November 10, 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 November 10, 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 Special Dividend
(Bassett, Va.) – November 10, 2014– Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors declared a $0.20 per share special dividend payable on December 19, 2014 to shareholders of record on December 5, 2014.
“We are pleased to announce this special dividend at year end”, said Robert H. Spilman, Jr., President and Chief Executive Officer. “2014 has been another year of improved performance for Bassett as sales and operating profit have increased significantly. In support of these efforts, the Company has invested $15 million in new store openings and relocations and domestic manufacturing infrastructure.”
“As our business has continued to improve, the Bassett Home Furnishings stores that we have opened and relocated over the past three years have produced encouraging results and we expect to open three to five more new stores in 2015”, continued Spilman. “We will continue to closely monitor the operating results of the newer stores to challenge the rate at which we will grow our store count. Our balance sheet is fundamental to our growth strategy and we will primarily utilize it for this purpose. In concert, management and our Board of Directors will continue to review the Company’s capital allocation and, when deemed appropriate, will consider a return of capital to shareholders. It is in this context that today’s special dividend has been declared.”
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 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 on the open market, across the United States and internationally. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)
Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results for periods beyond the end of the third fiscal quarter of 2014, 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; 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.
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