Welcome to our dedicated page for Bassett Furniture Inds SEC filings (Ticker: BSET), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Bassett Furniture Industries鈥� custom-built sofas and 1,000-fabric upholstery options delight customers鈥攂ut the regulatory story behind those designs lives in its SEC filings. Whether you鈥檙e monitoring raw-material cost swings or comparing Retail vs. Wholesale margins, Bassett鈥檚 10-K and 10-Q reports hold the clues investors ask for every quarter.
Stock Titan curates every Bassett Furniture SEC document the instant it hits EDGAR and layers on AI-powered summaries that translate accounting jargon into plain English. Looking for Bassett Furniture insider trading Form 4 transactions? We flag executive stock moves in real time. Need the latest Bassett Furniture quarterly earnings report 10-Q filing? Our platform highlights backlog trends, same-store sales data, and cash-flow shifts within seconds.
Here鈥檚 what you can explore:
- 10-K annual report insights鈥攕egment profitability, owned-real-estate valuations, and Bassett Furniture annual report 10-K simplified by AI.
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- 8-K event filters鈥�Bassett Furniture 8-K material events explained, from factory expansions to supply-chain interruptions.
- DEF 14A proxy鈥攃lear views of Bassett Furniture proxy statement executive compensation and board alignment.
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Bassett Furniture Industries (NASDAQ: BSET) returned to profitability in Q2 FY25 (quarter ended 31 May 2025) after a difficult prior-year period. Net sales inched up 1.1% to $84.3 million, driven by a 7.5% increase in company-owned retail sales that offset a 5.5% decline in external wholesale revenue. Gross profit rose 7.2% to $46.9 million, lifting gross margin to 55.6% from 52.5%, helped by the absence of the $2.7 million inventory valuation charges recorded last year.
Operating expense discipline continues to yield results. SG&A fell $2.3 million (-4.9%) to $44.4 million and improved 330 bp as a percentage of sales (52.7% vs. 56.0%). Without the prior-year $5.5 million asset impairment, operating income swung to a $2.5 million profit versus an $8.5 million loss. Net income reached $1.9 million ($0.22 per diluted share) compared with a $7.2 million loss (-$0.82/sh) a year earlier.
Six-month performance also improved materially despite a 2.0% revenue decline (26 weeks in FY25 vs. 27 weeks in FY24). Operating income was $5.0 million versus a $10.8 million loss, and net income was $3.8 million ($0.43/sh) versus a $8.4 million loss (-$0.96/sh).
Segment detail
- Wholesale: Q2 sales to external customers slipped 5.5% to $30.1 million, but operating income rose 46% to $8.3 million on better mix and cost control.
- Retail: Company-owned store revenue climbed 7.5% to $54.2 million; the segment generated a modest $0.5 million profit versus a $2.2 million loss last year.
Liquidity & balance sheet
- Cash and equivalents: $39.4 million (virtually flat since year-end).
- Short-term investments (CDs): $20.4 million.
- No funded debt; $25 million credit facility with only $8.2 million in standby letters of credit outstanding, leaving $16.8 million available.
- Operating cash flow turned positive at $6.9 million versus a $1.9 million outflow last year; capex was $2.3 million.
- Inventory increased 8.0% to $59.4 million, reflecting higher raw materials and finished goods.
Capital return 鈥� Quarterly dividend raised to $0.20 per share (up from $0.18); YTD dividends paid total $3.5 million. Share repurchases of $1.2 million retired 87,384 shares YTD.
Outlook factors disclosed by management include continued cost focus, warehouse consolidation, and typical industry risks such as raw-material inflation, consumer demand variability, and supply-chain disruptions.
SRM Entertainment, Inc. ("SRM") has circulated a Preliminary Information Statement (Schedule 14C) to notify shareholders that a majority written consent dated June 15, 2025 has already approved two material actions:
- Change-of-Control & 20 % Issuance: In connection with a US$100 million private investment in public equity ("PIPE Offering"), SRM issued 100,000 shares of Series B Convertible Preferred Stock, convertible into 200,000,000 common shares, and PIPE Warrants exercisable for up to 220,000,000 additional common shares, all at US$0.50 per share. The securities were issued to a single institutional investor (the "Investor"). Upon conversion/exercise, the Investor would own more than 20 % of SRM and become its largest shareholder, triggering Nasdaq Listing Rules 5635(b) and (d). The PIPE closed on June 16, 2025, with the US$100 million consideration paid on June 28, 2025 in 365,096,845 TRON tokens held in a custodian wallet controlled by SRM鈥檚 board.
- Charter Amendment: Increase in authorised common shares from 100 million to 1 billion to accommodate the potential 420 million shares issuable from the PIPE and to provide additional corporate flexibility.
The consenting stockholders鈥攐wning approximately 60.05 % of the 26,762,181 voting shares outstanding on the June 15 record date鈥攊nclude CEO Richard Miller, CFO Douglas McKinnon, President Taft Flittner and several large outside holders (Safety Shot Inc., American Ventures LLC Series III SRM and Jordan Schur). Because the required majority approval has already been obtained, no shareholder meeting or proxy solicitation will be held; the actions will take effect more than 20 calendar days after this statement is mailed (expected on or about July 18, 2025).
Governance / Dilution Impact
- Current common shares outstanding: 17,833,610.
- Potential new issuance: up to 420,000,000 common shares (2,359 % increase).
- Existing holders face substantial dilution in ownership, voting power, and EPS.
- No dissenters鈥� or pre-emptive rights are provided.
- The authorised-share increase may have incidental anti-takeover effects.
Key Commercial Terms
- Conversion / exercise price: US$0.50 per share, subject to customary anti-dilution adjustments.
- PIPE Warrants: immediately exercisable; two-year term; Black-Scholes cash-settlement protection on fundamental transactions.
- Placement Agent: Dominari Securities, LLC (reimbursed US$50,000 expenses).
- Additional five-year warrant granted to American Ventures on similar terms.
- Governance: Weike Sun (father of TRON founder Justin Sun and sole shareholder of the Investor) has been appointed to SRM鈥檚 board.
The board believes the capital infusion outweighs dilution risk and will enhance SRM鈥檚 ability to execute its business plan. Shareholders are cautioned that the large share issuance could depress the trading price and that payment in TRON tokens introduces cryptocurrency price volatility to SRM鈥檚 treasury.
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