Hooker Furniture Declares Quarterly Dividend
MARTINSVILLE, Va., Dec. 4, 2012 (GLOBE NEWSWIRE) -- Hooker Furniture
Corporation (Nasdaq:HOFT) announced that at its December 4, 2012 meeting, its
board of directors declared a quarterly cash dividend of $0.10 per share,
payable on December 28, 2012 to shareholders of record at December 17, 2012.
Additionally, the board of directors expects that future dividends will be
declared and paid in the months of March, June, September and December, in
order to more closely coincide with the Company's fiscal quarters.
Ranked among the nation's top 10 largest publicly traded furniture sources
based on 2011 shipments to U.S. retailers, Hooker Furniture Corporation is an
88-year old residential wood, metal and upholstered furniture resource. Major
casegoods product categories include home entertainment, home office, accent,
dining, and bedroom furniture in the upper-medium price points sold under the
Hooker Furniture brand, and youth bedroom furniture sold under the Opus
Designs by Hooker Furniture brand. Hooker's residential upholstered seating
companies include Bradington-Young, a specialist in upscale motion and
stationary leather furniture, and Sam Moore Furniture, a specialist in upscale
fabric occasional chairs with an emphasis on cover-to-frame customization.
Please visit our websites at www.hookerfurniture.com,
www.bradington-young.com, www.sammoore.comand www.opusdesigns.com.
The Hooker Furniture Corporation logo is available at
Although we presently intend to continue to declare cash dividends on a
quarterly basis for the foreseeable future, the determination as to the
payment and the amount of any future dividends will be made by the board of
directors from time to time and will depend on our then-current financial
condition, capital requirements, results of operations and any other factors
then deemed relevant by the board of directors.
Certain statements made in this report, other than those based on historical
facts, are forward-looking statements. These statements reflect our reasonable
judgment with respect to future events and typically can be identified by the
use of forward-looking terminology such as "believes," "expects," "projects,"
"intends," "plans," "may," "will," "should," "would," "could" or
"anticipates," or the negative thereof, or other variations thereon, or
comparable terminology, or by discussions of strategy. Forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking statements.
Those risks and uncertainties include but are not limited to: (1) general
economic or business conditions, both domestically and internationally, and
instability in the financial and credit markets, including their potential
impact on our (i) sales and operating costs and access to financing, (ii)
customers and suppliers and their ability to obtain financing or generate the
cash necessary to conduct their respective businesses; (2) risks associated
with domestic manufacturing operations, including fluctuations in capacity
utilization and the prices and availability of key raw materials as well as
transportation, warehousing and domestic labor costs and environmental
compliance and remediation costs; (3) disruptions involving our vendors or the
transportation and handling industries, particularly those affecting imported
products, including customs issues, labor stoppages, strikes or slowdowns and
the availability of shipping containers and cargo ships; (4) our ability to
successfully implement our business plan to increase sales and improve
financial performance, including possible adverse effects on our results due
to material restructuring or asset impairment charges if we are unsuccessful;
(5) volatility in the increased costs of imported goods, including
fluctuations and increases in the prices of purchased finished goods and
transportation and warehousing costs; (6) higher than expected costs
associated with product quality and safety, including costs related to
defective or non-compliant products as well as regulatory compliance costs
related to the sale of consumer products; (7) the direct and indirect costs
associated with the implementation of our Enterprise Resource Planning system,
including costs resulting from unanticipated disruptions to our business; (8)
price competition in the furniture industry; (9) changes in domestic and
international monetary policies and fluctuations in foreign currency exchange
rates affecting the price of our imported products and raw materials; (10) the
cyclical nature of the furniture industry, which is particularly sensitive to
changes in the housing markets, consumer confidence, the amount of consumers'
income available for discretionary purchases, and the availability and terms
of consumer credit; (11) supply, transportation and distribution disruptions,
particularly those affecting imported products, including the availability of
shipping containers and cargo ships; (12) achieving and managing growth and
change, and the risks associated with international operations, acquisitions,
restructurings, and strategic alliances; (13) adverse political acts or
developments in, or affecting, the international markets from which we import
products, including duties or tariffs imposed on those products; (14) risks
associated with distribution through third-party retailers, such as
non-binding dealership arrangements; (15) capital requirements and costs; and
(16) competition from non-traditional outlets, such as catalogs and internet
retailers and home improvement centers; changes in consumer preferences,
including increased demand for lower-quality, lower-priced furniture due to
declines in consumer confidence and/or discretionary income available for
furniture purchases and the availability of consumer credit. Any forward
looking statement that we make speaks only as of the date of that statement,
and we undertake no obligation, except as required by law, to update any
forward-looking statements whether as a result of new information, future
events or otherwise.
CONTACT: Paul B. Toms Jr.
Chairman and Chief Executive Officer
Phone: (276) 632-2133, or
Paul Huckfeldt, Vice President, Chief Financial Officer
Phone: (276) 632-2133
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