Bassett Furniture Industries, Inc. (BSET) reported third-quarter net income of $0.6 million or $0.05 per share, down significantly from $2.37 million or $0.21 per share in the previous year.
However, the manufacturer and marketer of home furnishings noted that its prior-year quarter included a $1.92 million tax benefit as a result of a favorable provision to return adjustments related to the 2011 Federal income tax return and the release of a portion of the valuation allowance against certain deferred tax assets.
The company said pre-tax income for the quarter was $0.6 million versus $0.5 million for the prior year quarter.
Bassett's consolidated sales grew 20% to $77.15 million from $64.44 million a year earlier. Wholesale sales increased 18% compared to the prior-year quarter.
Company-owned store delivered sales increased 12% from last year.
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