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bset20171106_8k.htm

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 7, 2017

 

 

BASSETT FURNITURE INDUSTRIES, INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

 

VIRGINIA

 

0-209

 

54-0135270

(State or other jurisdiction of

incorporation or organization)

 

(Commission File No.)

 

(I.R.S. Employer

Identification No.)

 

     

3525 FAIRYSTONE PARK HIGHWAY

BASSETT, VIRGINIA

 

24055

(Address of principal executive offices)

 

(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):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company        ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

 
 

   

Item 8.01

Other Events

 

On November 7, 2017 Bassett Furniture Industries issued a news release relating to the declaration of a special dividend of $0.35 per share of outstanding common stock payable on December 15, 2017 to shareholders of record at the close of business on December 1, 2017. 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 7, 2017

 

 
 

 

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.

 

 

 

BASSETT FURNITURE INDUSTRIES, INCORPORATED

 

 

 

 

 

November 7, 2017

By:                 /s/ J. Michael Daniel

 

 

J. Michael Daniel

 

 

Title:   Senior Vice President - Chief Financial Officer

 

 

 

 
 

 

EXHIBIT INDEX

 

Description

 

Exhibit No. 99       News release issued by Bassett Furniture Industries on November 7, 2017.

 

ex_99418.htm

Exhibit 99

 

 

 

Bassett Furniture Industries, Inc.    J. Michael Daniel, Senior Vice
P.O. Box 626    President and Chief Financial
Bassett, VA 24055      Officer
    (276) 629-6614 - Investors
     
    Jay S. Moore, Director of
    Communications
For Immediate Release    (276) 629-6450 – Media

 

 

Bassett Furniture News Release

Bassett Declares Special Dividend

 

(Bassett, Va.) – November 7, 2017– Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a special dividend of $0.35 per share of outstanding common stock payable on December 15, 2017 to shareholders of record at the close of business on December 1, 2017.

 

“We are pleased to announce a year end special dividend to our shareholders of $0.35,” commented Rob Spilman, Chairman and Chief Executive Officer. “We continued to invest in the business in 2017 by opening five new stores and repositioning another, consolidating our Texas upholstery operation with our Zenith distribution center into a beautiful new facility, and upgrading the existing physical plant and equipment in our manufacturing segment. We have also paid $6.5 million in dividends through the first three quarters. Looking ahead, we intend to open at least six new stores in 2018 while continuing our program of improving our retail real estate portfolio. We will also make more significant investments in technology and replace a portion of our Zenith truck fleet with new equipment. Despite these upcoming investments, management and our Board of Directors believe that the strength of our balance sheet makes this special dividend an appropriate use of capital at this time.”

  

About Bassett Furniture Industries, Inc.

Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 91 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 comfortable 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 custom-built furniture that is ready for delivery in the home within 30 days. The stores also feature 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. In addition, Bassett owns a furniture logistics company providing freight, warehouse, distribution, 3PL and last mile service to home furnishings wholesalers and retailers.  

 

For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)

 

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