Bassett Holds Annual Meeting, Announces First Quarter Earnings.Business Editors BASSETT Bassett is a surname, and may refer to:
Bassett Furniture Bassett Furniture is a furniture manufacturer located in Virginia, USA. Bassett Furniture is one of the oldest furniture manufacturers in Virginia and has been producing hand crafted furniture for over 100 years. Industries Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BSET BSET Bachelor of Science in Engineering Technology BSET Building Systems Engineering Technology BSET Berhampur School of Engineering and Technology ) announced earnings results for the first fiscal quarter ended March 2, 2002, at its annual meeting of shareholders today. As previously announced, first quarter 2002 sales were $84.8 million up 8.6% compared to the fourth quarter of 2001, and up 2.7% versus the $82.6 million for the first quarter of 2001. Sales increased due to strong performances in the Bassett Furniture Direct (BFD BFD Big Freakin' Deal (polite form) BFD Bidirectional Forwarding Detection (IP networking) BFD Binary File Descriptor (computer programming) ) retail stores and an additional week of sales in this 53-week fiscal year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $.25 for the first quarter of 2002 compared with $.19 for the prior year period. The first quarter 2001 results included a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $.11 per share related to the realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of the Company's domestic wood manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. . Income from operations was $3 million for the first quarter of 2002, bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by improved earnings from the Upholstery upholstery, general term for household fittings, hangings, curtains, cushions, and covers. It refers to stuffed, padded, and spring-cushioned furniture, such as chairs and sofas, or to the usually decorative materials and fabrics that cover them. Division, and compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the prior year period even with the gain on the sale of property included in the 2001 results. This improvement was also due to the 2001 reductions in the Company's fixed cost structure. Other income improved over the first quarter of 2001 due primarily to a reduction in losses from the Company's investment in LRG LRG Large LRG Liquefied Refinery Gases LRG Local and Regional Governments LRG Long Range Aircraft LRG Looking Real Good LRG Location Reference Group LRG Local Reference Group LRG Library Resource Guide (Information Today, Inc) Furniture, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (LRG). As previously announced, the Company has entered into an agreement with LRG to purchase, for net book value, LRG's five remaining BFD stores in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . This agreement will enable Bassett to complement licensed Bassett Furniture Direct stores with its own corporate store program while allowing LRG to focus its efforts on its seven high volume stores in Texas and Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). . The transaction should be completed during the second quarter, and the Company will include operating results for these five stores in its second quarter consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . During the shareholders meeting Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. H. Spilman Jr., president and chief executive officer, reviewed fiscal year 2001 results, first quarter 2002 results, and provided an update on current business and industry conditions. Certain other key executives also discussed the Company's BFD program, growth plans, merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. efforts, and manufacturing initiatives designed to enhance quality and service. All of these actions are coordinated to support the Company's new distribution strategies. "We are encouraged by the start of our new year and believe that we are now better positioned for improved operating results," said Mr. Spilman. "We continue to focus on our BFD program, providing superior service to our customers, and delivering a better return to our shareholders." Also today, Bassett's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a regular quarterly dividend of $.20 per share payable June June: see month. 3, 2002, to shareholders of record May 17, 2002. Founded in 1902, Bassett Furniture Industries Inc. is one of the world's leading manufacturers and marketers of branded home furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. . Bassett's products, designed to provide quality, style and value, are sold through Bassett Furniture Direct(R) stores, At Home with Bassett(R), Five Star and other furniture and department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. . The Company's common stock is traded on the NASDAQ market under the symbol BSET. More information about Bassett is available at www.bassettfurniture.com. Certain of the statements in the immediately preceding paragraphs, particularly those preceded by, followed by or including the words "believe," "expects," "anticipates," "intends," "estimates," or similar expressions, or those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc store openings, sales, earnings or future improvement of financial results for periods beyond the first quarter of fiscal year 2002, constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . For those statements, Bassett claims the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In many cases, Bassett cannot predict what factors would cause actual results to differ materially from those indicated in the forward-looking statements. Expectations included in the forward-looking statements are based on preliminary information as well as certain assumptions which management believes to be reasonable at this time. The following important factors affect Bassett and could cause those results to differ materially from those expressed in the forward-looking statements: economic, competitive, governmental, or sourcing issues and other factors identified in Bassett's filings with the Securities and Exchange Commission.
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(dollars in thousands except per share data)
(Unaudited)
(14 weeks) (13 weeks)
Quarter Ended Quarter Ended
March 2, 2002 February 24, 2001
---------------- -----------------
Amount Percent Amount Percent
of Net of Net
Sales Sales
---------------- -----------------
Net sales $ 84,788 100.0% $ 82,553 100.0%
-------- --------
Cost of sales 68,060 80.3% 67,994 82.4%
Selling, general and
administrative 13,728 16.2% 13,201 16.0%
Gain on sale of property
and equipment - 0.0% (3,028) -3.7%
Restructuring and impaired
asset charges - 0.0% 1,847 2.2%
-------- --------
81,788 96.5% 80,014 96.9%
-------- --------
Income from operations 3,000 3.5% 2,539 3.1%
Other income, net 1,221 1.4% 678 0.8%
-------- --------
Income before income taxes 4,221 5.0% 3,217 3.9%
Income taxes 1,309 1.5% 965 1.2%
-------- --------
Net income $ 2,912 3.4% $ 2,252 2.7%
======== ========
Basic earnings per share: $ 0.25 $ 0.19
======== ========
Diluted earnings per share: $ 0.25 $ 0.19
======== ========
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands except per share data)
(unaudited)
March 2, 2002 November 24, 2001
------------- -----------------
ASSETS
Current Assets
Cash and cash equivalents $ 1,266 $ 5,347
Accounts receivable, net 53,882 51,487
Inventories, net of LIFO 29,782 32,244
Other current assets 2,949 2,955
Refundable income taxes 2,728 2,728
Deferred income taxes 3,841 3,841
------------- -----------------
94,448 98,602
------------- -----------------
Property and Equipment
Cost 226,138 225,661
Less accumulated depreciation 136,126 135,254
------------- -----------------
90,012 90,407
------------- -----------------
Other Assets
Investment securities 8,002 9,116
Investment in affiliated
companies 62,459 62,636
Deferred income taxes 5,492 6,528
Notes receivable, net 14,928 14,551
Other, net 15,767 19,563
------------- -----------------
106,648 112,394
------------- -----------------
$ 291,108 $ 301,403
============= =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 16,493 $ 15,010
Accrued liabilities 13,899 18,250
------------- -----------------
30,392 33,260
------------- -----------------
Long-Term Liabilities
Employee benefits 10,538 10,596
Long-term debt 2,466 7,482
Deferred revenue from affiliate 13,070 15,593
------------- -----------------
26,074 33,671
------------- -----------------
Stockholders' Equity
Common stock 58,651 58,636
Retained earnings 173,601 173,011
Unrealized holding gains,
net of tax 2,567 3,047
Unamortized stock compensation (177) (222)
------------- ----------------
234,642 234,472
------------- ----------------
$ 291,108 $ 301,403
============= ================
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(dollars in thousands - unaudited)
(14 weeks) (13 weeks)
Quarter Ended Quarter Ended
March 2, 2002 February 24, 2001
------------- -----------------
Net income $ 2,912 $ 2,252
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 2,611 2,786
Equity in undistributed income of
affiliated companies (1,644) (956)
Provision for write-down of property
and equipment - 1,600
Net gain on financial instrument - (350)
Net gain from sales of investment
securities (302) -
Net gain from sales of property
and equipment - (3,028)
Compensation earned under
restricted stock plan 45 44
Deferred income taxes 1,309 (72)
Changes in long-term liabilities (58) (67)
Changes in operating assets and
liabilities:
Accounts receivable (309) 3,960
Inventories 2,533 4,970
Other current assets 22 47
Accounts payable and accrued
liabilities (1,233) (4,323)
------- -------
Net cash provided by
operating activities 5,886 6,863
------- -------
Investing Activities:
Purchases of property and equipment (1,196) (5,344)
Proceeds from sales of property
and equipment - 3,828
Dividends from affiliated companies 1,750 25,059
Proceeds from sales of investment
securities 665 -
Investments in affiliated companies (2,118) -
Other, net 598 (946)
------- -------
Net cash provided by (used in)
investing activities (301) 22,597
------- -------
Financing Activities:
(Repayments) of long-term debt (5,016) (26,000)
Issuance of common stock 34 52
Repurchases of common stock - (384)
Cash dividends (4,684) (2,346)
------- -------
Net cash used in
financing activities (9,666) (28,678)
------- -------
Change in Cash and Cash Equivalents (4,081) 782
------- -------
Cash and Cash Equivalents,
beginning of year 5,347 3,259
------- -------
Cash and Cash Equivalents,
end of quarter $ 1,266 $ 4,041
======= =======
Non-cash transactions:
The Company consolidated the results of the Accessory Group, LP at
the beginning of the first quarter of 2002. The non-cash effects of
this consolidation have been excluded from the cash flow statement.
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