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bset20201007_8k.htm
false 0000010329 0000010329 2020-10-08 2020-10-08
 
 
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 8, 2020
 
 
BASSETT FURNITURE INDUSTRIES, INCORPORATED
(Exact name of registrant as specified in its charter)
 
 
Virginia
 
000-00209
 
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))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
  
Trading Symbol
  
Name of exchange on which registered
Common Stock ($5.00 par value)
  
BSET
  
NASDAQ
 
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 October 8, 2020, Bassett Furniture Industries issued a news release relating to the declaration of a quarterly dividend of $0.125 per share of common stock payable on November 27, 2020 to shareholders of record at the close of business on October 13, 2020. A copy of the news release is attached to the report as Exhibit 99.
 
 
Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits
 
99 News release issued by Bassett Furniture Industries, Inc. on October 8, 2020
104 Cover Page Interactive Data File (formatted as Inline XBRL).
 
 
 
 
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.
 
October 8, 2020
By:
/s/ J. Michael Daniel
J. Michael Daniel
Title:    Senior Vice President – Chief Financial & Administrative Officer
       
 
 
 
 
ex_206306.htm

 

Exhibit 99

 

 

https://cdn.kscope.io/654d3b72610dae1ed71df4e29fa761bc-ex_206306img001.jpg
  
   
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
   
  Peter D. Morrison, Vice President of
  Communications
For Immediate Release (276) 629-6387 – Media

 

 

 

Bassett Furniture News Release

Bassett Increases Regular Quarterly Dividend

 

(Bassett, Va.) – October 8, 2020– Bassett Furniture Industries, Inc. (Nasdaq: BSET) announced today that its Board of Directors has declared a regular quarterly dividend of $0.125 per share of common stock, payable on November 27, 2020 to shareholders of record at the close of business on November 13, 2020.

 

“Our incoming wholesale order rate continued the recent trend in September, exceeding the prior year by 39%,” said Rob Spilman, Chairman and CEO. “In acknowledgement of this sales trend and the corresponding strengthening of our balance sheet, we are pleased to announce that our Board of Directors restored our dividend to its pre-COVID level.”

 

About Bassett Furniture Industries, Inc.

Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 98 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 and a logistics business specializing in home furnishings. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)

 

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