Bassett Q3 loss $0.52; revenue $75.6M (-13%); dividend raised 11% to $0.20

BASSETT FURNITURE INDUSTRIES INC

2024-Q3 EPS reported -$1.48 revenue$245,583,000

Diluted loss per share $0.52 vs $0.30 loss in Q3 2023; revenue $75.6M, down 13.3% YoY.
Cyber incident caused 7-day IT and manufacturing shutdown; operating loss includes $1.2M logistics contract abandonment charge.
Gross margin improved to 53.0% (adjusted 53.8%) vs 52.7% in prior year period.
Restructuring plan targets $5.5M-$6.5M annual cost savings, on track to complete by end of Q4.
Quarterly dividend increased 11% to $0.20 per share; payable Nov. 29, 2024 to holders of record Nov. 15.

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