Bassett expects to break even in 3Q
By Furniture Today Staff -- Furniture Today, September 9, 2001
BASSETT, Va. — Because of continued lower sales and production and transition costs, Bassett said it expects to about break even in its third quarter before restructuring charges.
Wall Street analysts polled by First Call had forecast earnings of 15 cents per share. Bassett's stock declined on the announcement, then rebounded.
Previously announced restructuring charges, mostly non-cash, in the June-August quarter still are expected to be in the range of 24 to 30 cents per share, said Rob Spilman, president and chief executive officer.
Bassett said earlier it would close its Bassett Chair plant and an associated rough mill as it reduces its work force and increases imports. Sales in the quarter were down about 20% from a year earlier because of a soft retail environment and the loss of two big customers to bankruptcy. Average weekly sales in the third quarter leveled out and were about even with the second quarter, the company said.
"We continue to feel the effects of a soft economy and are responding by focusing on new product introductions, improving service levels, bringing inventories in balance with demand and reducing our manufacturing cost structure," said Spilman.
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