BASSETT, VA - Bassett Furniture Industries Inc. reported net income of $2.6 million for the fourth quarter ended Nov. 28, 2009 on sales of $59.5 million.
"The company's ongoing focus on expense reduction and working capital management began to bear fruit in the fourth quarter as we were able to post a modest profit," said Robert Spilman Jr., president and CEO. "More importantly, perhaps, we produced $6.1 million of operating cash flow for the quarter. This marks the company's third consecutive quarter generating positive operating cash.
"Our industry remains in the grasp of a brutal sales slump," Spilman continued. "Until consumers begin to feel significantly better about the state of the economy and the safety of their jobs, we must continue to concentrate on finding ways to successfully operate at reduced sales levels. Consequently, we will once again make positive cash flow the key benchmark for 2010 as we fight for all of the market share we can garner."
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