Bassett Furniture Industries (BSET) Declares $0.30 Special Dividend

November 8, 2016 9:05 AM EST

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Bassett Furniture Industries (NASDAQ: BSET) declared a special dividend of $0.30 per share.

The dividend will be payable on December 16, 2016, to stockholders of record on December 2, 2016.

The annual yield on the dividend is 1.3 percent.

“We are pleased to announce this $0.30 special dividend at the end of our fiscal year,” said Robert H. Spilman, Jr., Chairman and Chief Executive Officer. “In 2016, we have opened a new upholstery manufacturing facility, opened two corporate retail stores and repositioned another, upgraded our Zenith Logistics truck fleet, expanded our Bench Made factory, and invested in our technology platform. Through the first three quarters, we have paid our shareholders $5.2 million in dividends and retired $4.0 million of our common stock. Despite these significant investments in the business and return of capital, our working capital management and operating cash flow have kept our balance sheet strong. With these factors and our future growth strategies in mind, management and our Board of Directors believe that today’s dividend declaration is appropriate.”

For a dividend history and other dividend-related data on Bassett Furniture Industries (BSET) click here.

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