Bassett Furniture Industries (BSET) announced a $0.30 per share special dividend payable on December 16, 2016 to shareholders of record on December 2, 2016.

"We are pleased to announce this $0.30 special dividend at the end of our fiscal year," said Robert H. Spilman, Jr., Chairman and Chief Executive Officer. "In 2016, we have opened a new upholstery manufacturing facility, opened two corporate retail stores and repositioned another, upgraded our Zenith Logistics truck fleet, expanded our Bench Made factory, and invested in our technology platform. Through the first three quarters, we have paid our shareholders $5.2 million in dividends and retired $4.0 million of our common stock. Despite these significant investments in the business and return of capital, our working capital management and operating cash flow have kept our balance sheet strong. With these factors and our future growth strategies in mind, management and our Board of Directors believe that today's dividend declaration is appropriate."

Bassett, a manufacturer and marketer of high quality, mid-priced home furnishings, paid a $0.20 per share special dividend in 2015.

Earlier this year the regular quarterly dividend was increased by 11.1% to $0.10 per share. That translates into an estimated dividend yield of 1.7% based on the current $23.95 stock price.

Bassett Furniture Industries is a retailer, manufacturer and marketer of branded home furnishings. The company's products are sold primarily through a network of company-owned and licensee-owned branded stores under the Bassett Home Furnishings name, with additional distribution through other wholesale channels including multi-line furniture stores, many of which feature Bassett galleries or design centers. The company was founded in 1902 and incorporated under the laws of Virginia in 1930. Bassett Furniture Industries initiated a dividend in 2011.