MARTINSVILLE, Va., June 03, 2020 (GLOBE NEWSWIRE) — Hooker Appliance (HOFT) appear that on June 2, 2020, its lath of admiral declared a annual banknote allotment of $0.16 per share, payable on June 30, 2020, to shareholders of almanac at June 16, 2020.
“We’ve apparent abiding advance in orders and shipments back the end of our afresh completed budgetary 2021 aboriginal analysis on May 3, 2020. We apprehend our low anchored bulk business model, which served us able-bodied during the Great Recession, to advice us cross the accepted disruption,” said Paul B. Toms, Jr., Chairman and CEO. “Our banknote position charcoal able and has connected to advance back our budgetary anniversary in aboriginal February through aboriginal June, with about an added $26 actor accessible beneath our revolving acclaim adeptness if needed. We’re assured in our approaching and are appreciative of our fifty-plus year history of consistently advantageous dividends; however, we accept bound afterimage into approaching bread-and-butter conditions. The Lath will abide to appraise the account of the accepted allotment bulk in ablaze of our achievement and bread-and-butter altitude in approaching quarters,” Toms concluded.
Hooker Appliance Corporation, in its 97th year of business, is a designer, banker and importer of casegoods (wooden and metal furniture), accoutrement appliance and fabric-upholstered appliance for the residential, accommodation and arrangement markets. The Aggregation additionally domestically articles exceptional residential custom accoutrement and custom fabric-upholstered furniture. It is ranked amid the nation’s better about traded appliance sources, based on 2018 shipments to U.S. retailers, according to a 2019 analysis by a arch barter publication. Major casegoods artefact categories accommodate home entertainment, home office, accent, dining, and bedchamber appliance in the upper-medium bulk credibility awash beneath the Hooker Appliance brand. Hooker’s residential adipose basement artefact curve accommodate Bradington-Young, a specialist in flush motion and anchored accoutrement furniture, Sam Moore Furniture, a specialist in flush casual chairs, settees, sofas and exclusive basement with an emphasis on cover-to-frame customization, Hooker Upholstery, alien adipose appliance targeted at the upper-medium -range and Shenandoah Furniture, an flush adipose appliance aggregation specializing in clandestine characterization sectionals, modulars, sofas, chairs, ottomans, benches, beds and dining chairs in the upper-medium bulk credibility for affairs specialty retailers. The H Arrangement artefact band food adipose basement and casegoods to flush chief active facilities. The Home Meridian analysis addresses added abstinent bulk credibility and channels of administering not currently served by added Hooker Appliance accommodation or brands. Home Meridian’s brands accommodate Accentrics Home, home accoutrement centered about an all-embracing mix of different pieces and abstracts that action a beginning booty on home fashion, Pulaski Furniture, casegoods accoutrement the complete architecture spectrum in a advanced ambit of bedroom, dining room, emphasis and affectation cabinets at average bulk points, Samuel Lawrence Furniture, value-conscious offerings in bedroom, dining room, home appointment and adolescence furnishings, Prime Resources, value-conscious alien accoutrement adipose furniture, Samuel Lawrence Hospitality, a artist and supplier of auberge accoutrement and HMidea, a 2019 start-up that provides better-quality, ready-to-assemble appliance to accumulation marketers and e-commerce customers. Hooker Appliance Corporation’s accumulated offices and upholstery accomplishment accessories are amid in Virginia and North Carolina, with showrooms in High Point, N.C. and Ho Chi Minh City, Vietnam. The aggregation operates eight administering centers in North Carolina, Virginia, California and Vietnam. Please appointment our websites hookerfurniture.com, bradington-young.com, sammoore.com, hcontractfurniture.com, homemeridian.com, pulaskifurniture.com, accentricshome.com and slh-co.com.
Certain statements fabricated in this release, added than those based on absolute facts, may be advanced statements. Advanced statements reflect our reasonable acumen with account to approaching contest and about can be articular by the use of advanced analogue such as “believes,” “expects,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “would,” “could” or “anticipates,” or the abrogating thereof, or added variations thereon, or commensurable terminology, or by discussions of strategy. Advanced statements are accountable to risks and uncertainties that could account absolute after-effects to alter materially from those in the advanced statements. Those risks and uncertainties accommodate but are not bound to: (1) The aftereffect and after-effects of the coronavirus (COVID-19) communicable or approaching pandemics on a advanced ambit of affairs including U.S. and bounded economies; our business operations and continuity; the bloom and abundance of our employees; and the appulse on our accumulation chain, the retail ambiance and our chump base; (2) accepted bread-and-butter or business conditions, both domestically and internationally, and alternation in the banking and acclaim markets, including their abeyant appulse on our (i) s and operating costs and admission to costs or (ii) barter and suppliers and their adeptness to admission costs or accomplish the banknote all-important to conduct their corresponding businesses; (3) adverse political acts or developments in, or affecting, the all-embracing markets from which we acceptation products, including duties or tariffs imposed on those articles by adopted governments or the U.S. government, such as the accepted U.S. administering arty a 25% assessment on assertive appurtenances alien into the United States from China, including about all appliance and appliance apparatus bogus in China, with the abeyant for added or added tariffs in the future; (4) sourcing transitions abroad from China, including the abridgement of able accomplishment accommodation and accomplished activity and best advance times, due to antagonism and added appeal for assets in those countries; (5) risks associated with our assurance on adopted sourcing and the bulk of alien goods, including aberration in the s of purchased accomplished goods, ocean bales costs and warehousing costs and the accident that a disruption in our adopted suppliers could abnormally affect our adeptness to appropriate ample chump orders; (6) changes in U.S. and adopted government regulations and in the political, amusing and bread-and-butter climates of the countries from which we antecedent our products; (7) disruptions involving our vendors or the busline and administering industries, decidedly those affecting alien articles from Vietnam and China, including community issues, activity stoppages, strikes or slowdowns and the availability of aircraft containers and burden ships; (8) difficulties in forecasting appeal for our alien products; (9) risks associated with artefact defects, including college than accepted costs associated with artefact affection and safety, and authoritative acquiescence costs accompanying to the auction of chump articles and costs accompanying to abnormal or non-compliant products, including artefact accountability claims and costs to anamnesis abnormal products; (10) disruptions and accident (including due to weather) affecting our Virginia, North Carolina or California warehouses, our Virginia or North Carolina authoritative accessories or our adumbrative offices or warehouses in Vietnam and China; (11) risks associated with calm accomplishment operations, including fluctuations in accommodation appliance and the s and availability of key raw materials, as able-bodied as changes in transportation, warehousing and calm activity costs, availability of accomplished labor, and ecology acquiescence and remediation costs; (12) the risks accurately accompanying to the concentrations of a absolute allotment of our s and accounts receivable in alone a few customers; (13) our disability to aggregate amounts owed to us or cogent delays in accession such amounts; (14) the interruption, inadequacy, aegis breaches or affiliation abortion of our advice systems or advice technology infrastructure, accompanying account providers or the internet or added accompanying issues including crooked disclosures of arcane advice or bare levels of cyber-insurance or risks not covered by cyber insurance; (15) accomplishing and managing advance and change, and the risks associated with new business lines, acquisitions, restructurings, cardinal alliances and all-embracing operations; (16) college than accepted agent medical and workers’ advantage costs that may admission the bulk of our high-deductible healthcare and workers advantage plans; (17) artefact accountability claims; (18) risks accompanying to our added authentic account plans; (19) the accessible crime of our abiding assets, which can aftereffect in bargain balance and net worth; (20) basic requirements and costs, including the application of our floating-rate appellation loans; (21) risks associated with administering through third-party retailers, such as non-binding dealership arrangements; (22) the bulk and adversity of business and affairs our articles in adopted markets; (23) changes in calm and all-embracing budgetary behavior and fluctuations in adopted bill barter ante affecting the bulk of our alien articles and raw materials; (24) the alternate attributes of the appliance industry, which is decidedly acute to changes in chump confidence, the bulk of consumers’ assets accessible for arbitrary purchases, and the availability and agreement of chump credit; (25) bulk antagonism in the appliance industry; (26) antagonism from non-traditional outlets, such as internet and archive retailers; (27) changes in chump preferences, including added appeal for lower-quality, lower-d appliance due to, amid added things, clashing chump confidence, amounts of arbitrary assets accessible for appliance purchases and the availability of chump credit; and (28) added risks and uncertainties declared beneath Allotment I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the budgetary year concluded February 2, 2020. Any advanced account that we accomplish speaks alone as of the date of that statement, and we undertake no obligation, except as appropriate by law, to amend any advanced statements whether as a aftereffect of new information, approaching contest or contrarily and you should not apprehend us to do so.
For added information, contact:Paul A. Huckfeldt, Chief Vice President-Finance and CFOHooker Appliance Corporation, 276.666.3949
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