Bassett, VA, January 22, 2007--Furniture maker Bassett Furniture Industries Inc. said Friday its fourth-quarter profit plunged 83 percent, hurt by falling sales amid a soft housing market.
Quarterly net income fell to $359,000, or 3 cents per share, from $2.1 million, or 18 cents per share, in the prior-year period. Sales slipped to $76.5 million from $88.6 million.
For the full year, earnings dropped to $5.4 million, or 46 cents per share, from $9.8 million, or 82 cents per share, in the prior year. Sales slipped to $328.2 million from $335.2 million.
"The fourth quarter was tough for our industry and Bassett was no exception," president and chief executive Robert H. Spilman Jr. said in a statement.
Spilman said the company is preparing to unveil a new store prototype later this year in hopes of boosting the fortunes of its retail operations. Bassett Furniture's retail segment reported an operating loss of $3.4 million during the quarter, compared with a prior-year loss of $1.6 million, hurt by soft retail conditions, selling of products at clearance prices and other factors.
