Bassett Furniture (BSET) Declares $0.10 Quarterly Dividend; Suspends Second Special Dividend

October 16, 2008 5:03 PM EDT

Bassett Furniture Industries Inc. (Nasdaq: BSET) declared a quarterly dividend of $0.10 per share payable on December 1, 2008 to shareholders of record on November 17, 2008. The Company has returned over $22 million of capital to its shareholders in fiscal 2008 in the form of a $0.75 special dividend paid in August, its regular quarterly dividend totaling $0.85 paid to date during the year, and its share repurchase program (buying back nearly $4 million in common stock in the first three quarters of fiscal 2008). The source of this return of capital has been the liquidation of a significant portion of the Company's investment portfolio.

In light of unprecedented turmoil in the financial markets, further erosion of home furnishings sales, and general uncertainty regarding the depths to which current economic conditions could worsen, the Company announced that its Board of Directors has decided to suspend making any decision with respect to the $0.50 per share second special dividend that it previously said it intended to make during 2008. The Company expects this decision will be suspended until there is more certainty regarding the timing of redemption of certain portions of the Company's investment portfolio and there is more stability in the overall retail home furnishings environment.

Bassett Furniture Industries is a manufacturer and marketer of high quality, mid-priced home furnishings. [SM]

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