Bassett Furniture Q1 Profit Surges

(RTTNews) - Bassett Furniture Industries, Inc. (BSET) reported net income for the first quarter of $6.0 million or $0.56 per share, compared to $0.8 million or $0.08 per share for the year-ago quarter.

Excluding a $7.2 million gain associated with the remeasurement of the previous investment in Zenith to fair value prior to the consummation of the acquisition, the latest quarter net income would have been $1.5 million or $0.14 per share.

Analysts polled by Thomson Reuters expected the company to earn $0.15 per share for the first quarter. Analysts' estimates typically exclude special items.

Sales for the first quarter rose 23% to $92.8 million from $75.6 million a year earlier.