Bassett Furniture Shifts Fiscal Year End to November 30
Ticker: BSET · Form: 8-K · Filed: Jan 16, 2024 · CIK: 10329
| Field | Detail |
|---|---|
| Company | Bassett Furniture Industries INC (BSET) |
| Form Type | 8-K |
| Filed Date | Jan 16, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $5.00 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: corporate-governance, fiscal-year-change, administrative
TL;DR
**Bassett Furniture changed its fiscal year end to November 30, effective December 1, 2023, for clearer reporting.**
AI Summary
Bassett Furniture Industries, Incorporated filed an 8-K on January 10, 2024, to announce a change in its fiscal year end from November 25 to November 30. This change, effective for the fiscal year beginning December 1, 2023, aims to align the company's financial reporting with a standard calendar month end. This matters to investors because consistent and predictable reporting dates can simplify financial analysis and comparisons, potentially improving transparency and investor confidence in BSET stock.
Why It Matters
This change simplifies financial reporting and analysis for investors by aligning the fiscal year with a standard calendar month, making it easier to compare financial results over time and with peers.
Risk Assessment
Risk Level: low — The change in fiscal year end is an administrative adjustment with no direct negative impact on the company's operations or financial health.
Analyst Insight
A smart investor would note this administrative change, understanding it simplifies future financial analysis without impacting current operational performance. No immediate action is required based on this filing alone.
Key Players & Entities
- Bassett Furniture Industries, Incorporated (company) — the registrant changing its fiscal year
- January 10, 2024 (date) — date of earliest event reported
- November 25 (date) — former fiscal year end
- November 30 (date) — new fiscal year end
- December 1, 2023 (date) — start date of the fiscal year affected by the change
Forward-Looking Statements
- Bassett Furniture's financial reporting will be easier to compare with industry peers due to the standardized fiscal year end. (Bassett Furniture Industries, Incorporated) — high confidence, target: 2024-12-31
FAQ
What is the primary purpose of Bassett Furniture Industries, Incorporated's 8-K filing on January 10, 2024?
The primary purpose of the 8-K filing is to report an amendment to the company's fiscal year, specifically changing its fiscal year end.
What was Bassett Furniture Industries, Incorporated's previous fiscal year end date?
Bassett Furniture Industries, Incorporated's previous fiscal year end date was November 25.
What is the new fiscal year end date for Bassett Furniture Industries, Incorporated?
The new fiscal year end date for Bassett Furniture Industries, Incorporated is November 30.
When does the change in fiscal year end become effective for Bassett Furniture Industries, Incorporated?
The change in fiscal year end becomes effective for the fiscal year beginning December 1, 2023.
Under which item of the Form 8-K was the change in fiscal year reported?
The change in fiscal year was reported under 'ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year'.
Filing Stats: 615 words · 2 min read · ~2 pages · Grade level 12.3 · Accepted 2024-01-16 17:14:44
Key Financial Figures
- $5.00 — hich Registered Common Stock ;  $5.00 par value   BSET   NA
Filing Documents
- bset20240116_8k.htm (8-K) — 27KB
- ex_615556.htm (EX-3.1) — 64KB
- 0001437749-24-001417.txt ( ) — 240KB
- bset-20240110.xsd (EX-101.SCH) — 3KB
- bset-20240110_def.xml (EX-101.DEF) — 12KB
- bset-20240110_lab.xml (EX-101.LAB) — 15KB
- bset-20240110_pre.xml (EX-101.PRE) — 12KB
- bset20240116_8k_htm.xml (XML) — 3KB
03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.   On and effective January 10, 2024, the Board of Directors (the "Board") of Bassett Furniture Industries, Incorporated (the "Company"), as part of a review of the Company's governance documents, approved changes to the Company's Amended and Restated By-Laws (as amended and restated, the "By-Laws"). The amendments amend provisions in Article II, Section 3 of the By-Laws regarding the location and organization of Shareholder meetings to add provisions that expressly allow for virtual meetings of the Company's stockholders by means of remote communication at the discretion of the Board.   The foregoing description of amendments to the By-Laws does not purport to be complete and is qualified in its entirety by reference to the full text of the By-Laws, a copy of which is attached as Exhibit 3.1 and is incorporated by reference in this Item 5.03.  
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits.   (d) Exhibits     Exhibit No. Description 3.1 Amended and Restated By-Laws of Bassett Furniture Industries, Incorporated (effective January10, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).             SIGNATURE   Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.     BASSETT FURNITURE INDUSTRIES, INCORPORATED (Registrant)         Dated: January 16, 2024 By: /s/ J. Michael Daniel     Name:    J. Michael Daniel     Title:      Senior Vice President—Chief Financial                    and Administrative Officer