BASSETT FURNITURE INDUSTRIES INC
For the period ended Apr 2, 2025. Filed Apr 2, 2025.
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Apr 2, 2025 · Filed Apr 2, 2025
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EX-99 · Forward-Looking Statements
Forward-Looking Statements
Certain of the statements in this release, particularly those preceded by, followed by or including the words “believes,” “plans,” “expects,” “anticipates,” “intends,” “should,” “estimates,” or similar expressions, or those relating to or anticipating financial results or changes in operations for periods beyond the end of the first fiscal quarter of 2025, constitute “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended. For those statements, Bassett claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act 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 actual results to differ materially from those indicated in the forward looking statements: the effects of national and global economic or other conditions and future events on the retail demand for home furnishings and the ability of Bassett’s customers and consumers to obtain credit; the success of marketing, logistics, retail and other initiatives; and the economic, competitive, governmental and other factors identified in Bassett’s filings with the Securities and Exchange Commission. Any forward-looking statement that Bassett makes speaks only as of the date of such statement, and Bassett undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indication of future performance, unless expressed as such, and should only be viewed as historical data.
Table 1
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations - unaudited
(In thousands, except for per share data)
| Quarter Ended* | ||||
|---|---|---|---|---|
| March 1, 2025 · March 2, 2024 | ||||
| Percent of | Percent of | |||
| Amount | Net Sales | Amount | Net Sales | |
| Net sales of furniture and accessories | $82,162 | 100.0% | $86,554 | 100.0% |
| Cost of furniture and accessories sold | 35,332 | 43.0% | 38,687 | 44.7% |
| Gross profit | 46,830 | 57.0% | 47,867 | 55.3% |
| Selling, general and administrative expenses | 44,375 | 54.0% | 50,224 | 58.0% |
| Income (loss) from operations | 2,455 | 3.0% | (2,357) | -2.7% |
| Interest income | 559 | 0.7% | 756 | 0.9% |
| Other loss, net | (459) | -0.6% | (104) | -0.1% |
| Income (loss) before income taxes | 2,555 | 3.1% | (1,705) | -2.0% |
| Income tax expense (benefit) | 701 | 0.9% | (512) | -0.6% |
| Net income (loss) | 1,854 | 2.3% | (1,193) | -1.4% |
| Basic and diluted earnings (loss) per share | $0.21 | $(0.14) | ||
Table 2
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
| (Unaudited) | ||
|---|---|---|
| March 1, 2025 | November 30, 2024 | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $36,062 | $39,551 |
| Short-term investments | 20,360 | 20,360 |
| Accounts receivable, net | 14,218 | 13,181 |
| Inventories, net | 58,103 | 54,965 |
| Recoverable income taxes | 4,240 | 4,240 |
| Other current assets | 9,857 | 9,242 |
| Total current assets | 142,840 | 141,539 |
| Property and equipment, net | 75,408 | 77,047 |
| Other long-term assets | ||
| Deferred income taxes, net | 6,280 | 6,867 |
| Goodwill and other intangible assets | 14,170 | 14,185 |
| Right of use assets under operating leases | 89,413 | 93,624 |
| Other | 7,675 | 7,908 |
| Total long-term assets | 117,538 | 122,584 |
| Total assets | $335,786 | $341,170 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities | ||
| Accounts payable | $14,682 | $13,303 |
| Accrued compensation and benefits | 6,721 | 6,898 |
| Customer deposits | 25,352 | 25,742 |
| Current portion of operating lease obligations | 18,141 | 18,050 |
| Other accrued expenses | 8,841 | 9,410 |
| Total current liabilities | 73,737 | 73,403 |
| Long-term liabilities | ||
| Post employment benefit obligations | 10,958 | 10,882 |
| Long-term portion of operating lease obligations | 83,371 | 88,395 |
| Other long-term liabilities | 922 | 1,163 |
| Total long-term liabilities | 95,251 | 100,440 |
| Stockholders’ equity | ||
| Common stock | 43,462 | 43,681 |
| Retained earnings | 122,555 | 122,847 |
| Additional paid-in-capital | - | 6 |
| Accumulated other comprehensive income | 781 | 793 |
| Total stockholders' equity | 166,798 | 167,327 |
| Total liabilities and stockholders’ equity | $335,786 | $341,170 |
Table 3
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows - unaudited
(In thousands)
| Three Months Ended* | ||
|---|---|---|
| March 1, 2025 | March 2, 2024 | |
| Operating activities: | ||
| Net income (loss) | $1,854 | $(1,193) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 2,246 | 2,664 |
| Deferred income taxes | 587 | (922) |
| Other, net | 454 | 302 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,037) | (206) |
| Inventories | (3,138) | 25 |
| Other current and long-term assets | (615) | (3,167) |
| Right of use assets under operating leases | 4,211 | 4,375 |
| Customer deposits | (390) | (24) |
| Accounts payable and other liabilities | 709 | (3,374) |
| Obligations under operating leases | (4,933) | (6,219) |
| Net cash used in operating activities | (52) | (7,739) |
| Investing activities: | ||
| Purchases of property and equipment | (871) | (2,076) |
| Other | (11) | (270) |
| Net cash used in investing activities | (882) | (2,346) |
| Financing activities: | ||
| Cash dividends | (1,734) | (1,573) |
| Other issuance of common stock | 80 | 86 |
| Repurchases of common stock | (721) | - |
| Taxes paid related to net share settlement of equity awards | (136) | (161) |
| Repayments of finance lease obligations | (44) | (74) |
| Net cash used in financing activities | (2,555) | (1,722) |
| Effect of exchange rate changes on cash and cash equivalents | - | 9 |
| Change in cash and cash equivalents | (3,489) | (11,798) |
| Cash and cash equivalents - beginning of period | 39,551 | 52,407 |
| Cash and cash equivalents - end of period | $36,062 | $40,609 |
Table 4
BASSETT FURNITURE INDUSTRIES, INC. AND SUBSIDIARIES
Segment Information - unaudited
(In thousands)
| Quarter Ended* | ||
|---|---|---|
| March 1, 2025 | March 2, 2024 | |
| Sales Revenue | ||
| Wholesale sales of furniture and accessories | $52,927 | $54,700 |
| Less: Sales to retail segment | (24,059) | (23,762) |
| Wholesale sales to external customers | 28,868 | 30,938 |
| Retail sales of furniture and accessories | 53,294 | 53,754 |
| Corporate & Other - Noa Home (1) | - | 1,862 |
| Consolidated net sales of furniture and accessories | $82,162 | $86,554 |
| Income (Loss) before Income Taxes | ||
| Income (Loss) from Operations | ||
| Wholesale | $8,685 | $6,760 |
| Retail | (48) | (1,612) |
| Net expenses - Corporate and other (1) | (6,226) | (7,595) |
| Inter-company elimination | 44 | 90 |
| Consolidated income (loss) from operations | 2,455 | (2,357) |
| Interest income | 559 | 756 |
| Other loss, net | (459) | (104) |
| Consolidated income (loss) before income taxes | $2,555 | $(1,705) |
(1) Corporate and Other includes the operations of Noa Home Inc. (fiscal 2024 only) along with the shared Corporate costs that are benefiting both the Wholesale and Retail segments.
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