Bassett Furniture Q2 loss $0.82/sh, revenue down 17%; launches restructuring to save $5.5-6.5M annually

BASSETT FURNITURE INDUSTRIES INC

Q2 revenues $83.4M, down 17% YoY; operating loss $8.5M includes $5.5M impairment and $2.7M inventory charges.
Loss per share $0.82 vs. diluted EPS $0.24 in prior-year quarter; operating cash flow $5.8M.
Restructuring plan: consolidate wood mfg, close Noa Home e-commerce, drop unproductive lines.
Annual cost savings target $5.5-6.5M; quarterly dividend increased 11%.
Wholesale segment op income $5.7M (10.8% of sales); Retail segment op loss $2.2M.

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