Bassett Furniture Industries, Incorporated Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended November 25, 2017
January 18, 2018 at 09:00 am
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Bassett Furniture Industries, Incorporated announced consolidated unaudited earnings results for the fourth quarter and full year ended November 25, 2017. For the fourth quarter, the company reported total sales revenue of $118,225,000 compare to $113,786,000 a year ago. Income from operations was $7,494,000 compare to $9,009,000 a year ago. Income before income taxes was $8,163,000 compare to $8,497,000 a year ago. Net income was $4,974,000 or $0.46 per basic and diluted share compare to $5,045,000 or $0.47 per basic and diluted share a year ago.
For the full year, the company reported total sales revenue of $452,503,000 compare to $432,038,000 a year ago. Income from operations was $27,018,000 compare to $28,193,000 a year ago. Income before income taxes was $27,876,000 compare to $25,777,000 a year ago. Net income was $18,256,000 or $1.70 per diluted share compare to $15,829,000 or $1.46 per diluted share a year ago. Net cash provided by operating activities was $36,384,000 compare to $39,062,000 a year ago. Purchases of property and equipment was $15,500,000 compare to $21,501,000 a year ago.
Bassett Furniture Industries, Incorporated is a retailer, manufacturer and marketer of home furnishings. Its products are sold through a network of Company-owned and licensee-owned stores under the Bassett Home Furnishings (BHF) name. Its segments include Wholesale, Retail-Company-owned stores and Corporate and other. The Wholesale segment is involved in the design, manufacturing and sourcing of furniture products that are distributed through its BHF store network (both Company-owned and licensee-owned stores) and various independent retailers. The Wholesale segment includes its wood and upholstery operations, such as Lane Venture. The Retail-Company-owned stores segment consists of 56 BHF stores that provide consumers with a friendly and casual environment for buying furniture and accessories. It also has a traditional wholesale business with over 700 accounts on the open market, across the United States and internationally and a logistics business specializing in home furnishings.
Bassett Furniture Industries, Incorporated Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended November 25, 2017