Bassett, VA, December 22, 2006--Bassett Furniture said it will restate its financial statements for the year ended Nov. 26, 2005, as part of its fiscal 2006 annual report as a result of accounting changes related to some acquisitions.
The company also will provide amended quarterly financial information for 2005 and 2006 in the 2006 Annual Report, to be filed by February 8, 2007. The overall effects of the restatements will be to increase the company's 2005 previously reported earnings and to reduce its 2006 previously reported earnings.
