BSET & PPWE – Thursday Afternoon Stock Highlights! from PennyToBuck.com –
pennytobuck Newsletter
__ *
*
*___*
*Bassett Furniture Industries, Inc. (Nasdaq:BSET)* announced today its results of operations for its fiscal quarter ended November 27, 2010.
Consolidated sales for the quarter ended November 27, 2010 were $66.0 million as compared to $59.5 million for the quarter ended November 28, 2009, an increase of 10.9%. This sales increase was primarily driven by a 10.1% increase in total wholesale shipments and increased sales at retail due primarily to additional Company-owned stores. Gross margins for the fourth quarter of 2010 and 2009 were 48.3% and 46.5%, respectively. The margin increase was primarily a result of the retail segment`s increased share of the overall sales mix, partially offset by lower margins in both the wholesale and retail segments. Selling, general and administrative expenses, excluding bad debt and notes receivable valuation charges, increased $4.8 million for the fourth quarter of 2010 as compared to the fourth quarter of 2009, primarily due to the net addition of 11 Company-owned retail stores since the fourth quarter of 2009. The Company also recorded $1.4 million of bad debt and notes receivable valuation charges during the fourth quarter of 2010 as compared to $2.2 million for the fourth quarter of 2009, a $0.8 million decrease. The Company reported net income of $1.9 million, or $0.17 per share, for the quarter ended November 27, 2010, as compared to net income of $2.6 million, or $0.22 per share, for the quarter ended November 28, 2009.
“We are pleased to report an 11% sales increase for the fourth quarter of 2010,” said Robert H. Spilman Jr., President and CEO. “While we do not believe that the overall pace of sales has improved significantly on an industry-wide basis, we are making progress on several fronts to grow our top line. This includes slight improvements in sales in our Company-owned retail fleet, the addition of new accounts outside our store network, and improved service levels on our imported products by virtue of our strategy to carry higher levels of inventory on our key items. The profit that we generated during the quarter resulted from a higher level of sales enhanced by an expense structure that has been aggressively trimmed for several quarters. We are very focused on doing everything that we can to generate future growth while continuing to monitor our operating expenses.” Bassett Furniture Industries, Incorporated, together with its subsidiaries, engages in the manufacture, marketing, and retail of branded home furnishings in the United States. It operates in three segments: Wholesale, Retail, and Investments/Real Estate. The company was founded in 1902 and is based in Bassett, Virginia.
*****
*Proper Power & Energy, Inc. (PPWE.OB)*
*Proper Power & Energy, Inc.*`s operations are in Kentucky, which provides for low risk developmental drilling and production, and Utah, which the Company controls over 11,000 acres for its exploratory prospect.
Kentuckys existing oil and gas infrastructure is extensive. Finding and production costs are low due to the occurrence of shallow resources. Kentucky is centrally located for access and distribution to northern and eastern industrial markets.
Furthermore, *PPWE* recently reported that its wholly owned subsidiary, American Resources, Inc. (ARI), has begun production on its 87.5 acres in Western Kentucky.
Renowned geophysicist and consultant to *PPWE*, Robert Dunbar, believes the Utah prospect could hold up to one billion barrels of recoverable oil.
The state of Utah is ranked 13th in the country in crude oil production and 9th in natural gas gross production (Energy Information Administration; rankings based on 2008 production, not including Federal Offshore production areas). There are approximately 9,100 wells currently in production within the state.
*About Proper Power & Energy:*
*Proper Power & Energy, Inc.* was formed in 2006 as an exploration and production company for oil and gas. *PPWE* is committed to utilizing a very dynamic system of research and testing, and as a result of this extensive research and testing, have selected several sites with very good to excellent potential for productivity.
To learn more about *PPWE* visit: http://properpower.com ___ *
*
*
*THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!*
*Disclaimer:* Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. PennyToBuck.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers.Our disclaimer (*http://pennytobuck.com/disclaimer*) is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold PennyToBuck.com report and Crown Equity Holdings Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings Inc. (CRWE.OB) is a newswire as well as an IR and PR firm. Crown Equity Holdings Inc. (CRWE.OB), in some cases, provides media advertising and public awareness for both public and private companies, as well as disseminating news. As such, in some cases, when Crown Equity Holdings Inc. (CRWE.OB) advertises for a particular client, Crown Equity Holdings Inc. (CRWE.OB) charges an advertising fee which it must disclose under 17B. The fee may be in cash, in free trading stock or in restricted stock. Crown Equity Holdings Inc. (CRWE.OB), if paid in stock, can and may sell those securities during the advertising period. * Crown Equity Holdings Inc. (CRWE.OB) received 1,000,000 shares of free trading shares from a third party (Mohamad Nehmeh) for two (2) weeks of advertisement services for Proper Power & Energy, Inc. (PPWE.OB).*
— The following information is a reminder of your current mailing list subscription:
You are subscribed to the following list:
pennytobuck.com
Related posts:
- PPWE – PennyToBuck.com Mid Day Video Stock Watch!
- MXIM, THWI, PPWE – End of the Week Stock Highlights! from PennyToBuck.com –
- TXN, ORFG, PPWE – Top of the Week Stock Highlights! from PennyToBuck.com
- CAVO & PPWE – PennyToBuck.com Stock Market Highlight With Video Included!
- PPWE – PennyToBuck.com Stock Market Review!