Bassett to restate 2005, 2006 earnings
SEC recommends different accounting approach
By Furniture Today Staff -- Furniture Today, December 22, 2006
BASSETT, Va. — Bassett Furniture Inds. said Monday it will restate its earnings for the fiscal year ended in November 2005 and also for periods it has already reported for 2006.
The company said the restatement, triggered by a review of the financial statements by the Securities and Exchange Commission staff, will alter the accounting treatment of items in the company’s acquisition of three retail operations in 2005.
Bassett said the move will increase fiscal 2005 pretax income by $2.5 million for the second quarter and $1.7 million for the third quarter, and will decrease income by a lesser amount in the 2006 year. The company said it agrees with the SEC staff recommendation it should not have recognized certain charges included in connection with the acquisitions.
The company said it will detail the changes in its earnings report for the year ended this Nov. 25, which it expects to release in mid-January.
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