Bassett Furniture Reports Increased Sales for 1999 First Quarter

Business Wire, March 30, 1999

THOMASVILLE, N.C.--(BUSINESS WIRE)--March 30, 1999--Bassett Furniture Industries Inc. (NASDAQ:BSET) today announced at its annual stockholders meeting in Thomasville, an increase in sales for the first quarter of 1999.

Paul Fulton, chairman and chief executive officer, said he also expects earnings per share of $.34 versus $.33 (excluding the effect of non-recurring charges in 1998) for the prior year. Net sales for the quarter were $99.8 million, compared with $97.5 million on a continuing basis in the prior year, an increase of 2.4%. The company will release a comprehensive earnings report next week.

In other company news, the Board of Directors approved a payment of a cash dividend of $.20 per share to holders of record on May 17, 1999, payable on June 1, 1999.

Bassett also announced that a definitive agreement has been signed for the sale of the Bassett Mattress Division with closing expected within the next 45 days. In January, Bassett announced it had signed a letter of intent for LIS Corp., an investment company with holdings in the bedding, cosmetic and hotel industries, to acquire the division.

Bassett Furniture Industries Inc. is one of the world's largest manufacturers and marketers of home furnishings. Its products are sold in more than 33 countries through many channels, including Bassett Furniture Direct stores, major department stores, and other regional and upscale furniture stores. The company operates 23 facilities in 11 states, owns or licenses 39 stores, and employs 5,200 nationwide. Bassett's stock (BSET) is traded on the NASDAQ market.

This press release contains certain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations and business of Bassett Furniture Industries Inc. These forward-looking statements involve certain risks and uncertainties. No assurance can be given that any such matters will be realized. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive conditions in the industry in which Bassett operates; and (II) general economic conditions that are less favorable than expected.