BASSETT, VA - Bassett Furniture Industries, Inc. (Nasdaq:BSET) was added to the U.S. broad-market Russell 3000 and small-cap Russell 2000 Indices at the close of market on Friday, June 22, 2012, when Russell Investments reconstituted its U.S. and global equity indices.
"Being added to the Russell 2000 and Russell 3000 Indices creates an opportunity to increase our overall visibility among key institutional investors," said Robert H. Spilman Jr., Bassett CEO. "Inclusion in them is a result of a more than 25% increase in its market capitalization since the end of our fiscal year."
Bassett will launch an HGTV Home brand in late Summer 2012, which it expects to have an impact on revenue by the fourth quarter. It is currently advertising for marketing and retail stylists, sales represenatives, and store managers and design consultants for new stores in New York City, San Francisco, Richmond, VA and Dallas.
Bassett Furniture reinstated dividend payments to shareholders this month, paying $.05 per share on outstanding common stock payable on June 1. Bassett had suspended dividend payments during the downturn after 74 consecutive years pf dividends.