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Bassett declares special dividend

BASSETT, Va. — Bassett Furniture Inds.' board has declared a special dividend of 20 cents per share, payable Dec. 20 to shareholders of record on Dec. 10.

"2013 has been a year of improved performance for Bassett as sales and operating profit have increased significantly," said Rob Spilman Jr., president and CEO of the manufacturer and retailer. "In support of these efforts, the company has invested $14 million in new store openings, manufacturing infrastructure, a new retail operating system, and upgrades to its information technology platform. A similar level of investment is planned in fiscal 2014.

"As we are coming out of the economic downturn, our business has steadily improved and we have gained confidence in the overall environment for home furnishings," Spilman added. "The Bassett Home Furnishings stores that have opened over the past two years have produced encouraging results and we will continue to open new locations at a manageable pace in 2014 and beyond."

He said the company also plans to invest in its two domestic manufacturing facilities as demand for those products has risen.

In its most recent fiscal quarter, ended Aug. 31, Bassett reported sales of $77.2 million, up 19.7% from the comparable quarter a year earlier. Net income was $556,000 or 5 cents per share, down from $2.37 million or 21 cents per share a year earlier. The 2012 quarter had included a $1.9 million income tax benefit and a reversal of a portion of valuation allowance against certain deferred tax assets.

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