Bassett, which provides custom-built furniture that is ready for delivery in the home within 30 days, reported a net income for the quarter of $2.6 million or 22 cents per share compared to net income of $1.9 million or 16 cents per share in the second quarter of 2004. Year-to-date, net income for 2005 is $4.9 million or 42 per share, which compares to $3.4 million or 30 cents per share in 2004.
When the company included a $2.5 million pretax impairment charge for the previously announced acquisition and consolidation of eight BFD stores in Dallas, TX, net income for the quarter was reported at $1 million or 9 cents per share.
Admitting that business conditions continue to be challenging in certain markets, Robert H. Spilman Jr., president and CEO, said in a statement that the company is "focused on continuing to improve every aspect of the BFD store program, enhancing our marketing strategies, and improving the performance of our domestic wood operations."
According to the company, the BFD retail store program continues its growth with 121 stores currently in operation and another 10 to 12 stores opening in the second half of the year for a total of 20 to 22 new BFD stores in 2005. Licensees opened two stores and closed two during the second quarter.
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