Controls and Procedures:
−Removed: As described in Item 9A.
−Removed: and Procedures in our 2008 Form 10-K, our CEO (principal executive officer) and CFO (principal financial officer) concluded that our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) (Disclosure Controls)
−Removed: were not effective as of November 29, 2008, due to our management control processes being insufficient to ensure that certain non-routine accounting estimates and other transactions were accounted for correctly.
−Removed: Among other things, this control
−Removed: deficiency resulted in the need for two material adjustments being identified by our independent registered public accountants as part of the year-end audit process.
−Removed: One adjustment involved the recognition of losses on certain of our marketable
−Removed: securities where a significant portion of the decline in value of the investments was determined to be other than temporary.
−Removed: This led to the recording of a $2,900 adjustment.
−Removed: The other adjustment involved our reserve for doubtful
−Removed: accounts where management had failed to adequately anticipate the extent to which the current economic and business conditions would accelerate the deterioration in, as well as anticipated future restructurings by, some of our retail licensees.
−Removed: led to our recording a $1,100 increase to this reserve.
−Removed: As these items arose primarily from the economic deterioration during our fourth quarter of 2008, none of these adjustments should have been recorded in prior periods.
−Removed: The steps we are taking
−Removed: to remediate this deficiency include the following:
−Removed: Reassess the assumptions used in certain accounting estimates.
−Removed: We will continually challenge all assumptions inherent in our significant judgmental
−Removed: accounting estimates to ensure that those assumptions are reasonable based on the current environment and supportable within the current accounting literature.
−Removed: We will ensure a second level review is conducted for all such accounting estimates.
−Removed: Proactively review for other new or changed non-routine transactions and challenge the accounting prior to the commencement of the period end closing
−Removed: We will proactively review for new non-routine transactions and for non-routine transactions that may require an accounting process change due to new accounting pronouncements, changes in the business environment or changes in the
−Removed: As business, regulatory and other matters evolve in the future, we will consult with our independent registered public accountant, other third party advisors, or the audit committee to ensure issues with accounting and financial reporting
−Removed: implications are addressed on a timely basis.
−Removed: Although we believe these steps should improve our systems of disclosure controls, there
−Removed: can be no assurance at this time that these steps are or will be effective to remediate the deficiency described above.
−Removed: PART I-FINANCIAL INFORMATION-CONTINUED
−Removed: BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES
−Removed: FEBRUARY 28, 2009 (RESTATED)
−Removed: (Dollars in thousands except share and per share data)
−Removed: Our CEO and CFO have evaluated the Disclosure Controls as of the end of the period covered by this Quarterly Report
−Removed: Based upon their evaluation, our CEO and CFO concluded that the Disclosure Controls were not effective as of February 28, 2009
−Removed: because a proper determination of the effectiveness of our remediation steps requires future testing by us preferably in situations involving new or changed non-routine transactions.
−Removed: Except for managements efforts to implement the remediation
−Removed: steps outlined above, there have been no changes in the Companys internal control over financial reporting during the Companys most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the
−Removed: Companys internal control over financial reporting.
−Removed: Safe-harbor, forward-looking statements:
−Removed: The discussion in items 2 and 3 above contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect
−Removed: to the financial condition, results of operations and business of Bassett Furniture Industries, Incorporated and subsidiaries.
−Removed: Such forward-looking statements are identified by use of forward-looking words such as anticipates ,
−Removed: believes , plans , estimates , expects , aimed and intends or words or phrases of similar expression.
−Removed: These forward-looking statements
−Removed: involve certain risks and uncertainties.
−Removed: No assurance can be given that any such matters will be realized.
−Removed: Important factors that could cause actual results to differ materially from those contemplated by such forward-looking statements are listed
−Removed: in our Annual Report on Form 10-K for fiscal 2008 and include:
−Removed: competitive conditions in the home furnishings industry
−Removed: general economic conditions
−Removed: overall retail traffic levels and consumer demand for home furnishings
−Removed: ability of our customers and consumers to obtain credit
−Removed: Bassett store openings
−Removed: store closings and the profitability of the stores (independent licensees and Company-owned retail stores)
−Removed: ability to implement our Company-owned retail strategies and realize the benefits from such strategies as they are implemented
−Removed: fluctuations in the cost and availability of raw materials, labor and sourced products (including fabrics from troubled suppliers)
−Removed: results of marketing and advertising campaigns
−Removed: information and technology advances
−Removed: ability to execute new global sourcing strategies
−Removed: performance of our marketable securities portfolio and our investment in BIAAF
−Removed: delays or difficulties in converting some of our non-operating assets to cash
−Removed: future tax legislation, or regulatory or judicial positions
−Removed: ability to efficiently manage the import supply chain to minimize business interruption
−Removed: effects of profit improvement initiatives in our domestic wood operations
−Removed: PART I-FINANCIAL INFORMATION-CONTINUED
−Removed: BASSETT FURNITURE INDUSTRIES, INCORPORATED AND SUBSIDIARIES
−Removed: FEBRUARY 28, 2009 (RESTATED)
−Removed: (Dollars in thousands except share and per share data)
−Removed: continued profitability of our unconsolidated affiliated companies, particularly IHFC and its ability to pay dividends
+Added: The Company’s principal executive officer and principal accounting officer have evaluated the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q.
+Added: Based upon their evaluation, the principal executive officer and principal accounting officer concluded that the Company’s disclosure controls and procedures are effective.
+Added: There has been no change in the Company’s internal control over financial reporting during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II - OTHER INFORMATION
1 unchanged sentence
FEBRUARY 27, 2021
+Added: (Dollars in thousands except share and per share data)
Legal Proceedings
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.