Table Saw Safety Rule being viewed by CPSC

http://www.machineking.com/table-saw-safety-rule-being-viewed-by-cpsc.html#31

WASHINGTON -- Table saw safety remains on the radar of the U.S. Consumer Product Safety Commission.

The CPSC held a May 25 meeting requested by the National Consumers League seeking a national mandatory table saw safety standard. Attendees included Adam Thull and Curtis Harper, hobbyist woodworkers who were injured in separate table saw accidents.

Also in attendance were Steve Gass and Dave Fanning of SawStop. Gass first petitioned the CPSC in 2003 to require that manufacturers use his SawStop table saw safety device on their products.

 Thull described how he was injured working on a table saw in his home workshop. He said he had removed the saw's blade guard because using it slowed down his work. the injury that he had suffered while working on a table saw in his home workshop. The injury has deprived Thull of motor skills in his right arm and resulted in multiple surgeries. He was forced to quit his job and go on public assistance.

Harper said he has suffered two separate injuries operating a table saw in his home. The more recent injury, which occurred while he was working on a home improvement project, resulted in the loss of a finger. Harper said he had removed the saw's blade guard because he was more fearful of a potential kick-back injury that he thought could be created from the use of the guard. He said he had reached this conclusion because he previously experienced a kick-back related injury that almost cost him the use of his thumb with the guard on the table saw.

Thull and Harper each said they had used table saws professionally. They further stated that neither manufacturer-installed nor after-market guards allowed for full functionality of a table saw and provided protection only 50 percent of the time at most. While both men told CPSC commissioners that they were aware of the SawStop technology, both stated that they were not there to endorse it, only to ask for some technology to provide better protection for table saw users than was currently available.

After thanking both presenters for sharing their stories, CPSC Commissioner Robert Adler said he agreed that table saws present a safety hazard. While noting that he also was not a champion for SawStop, he is interested in improving table saw safety as much as is technologically feasible at a cost that did not make the product prohibitive. He added that the CPSC is required undertake a cost/benefit analysis in any rulemaking process.

That said, Adler said he favored pursuing an Advance Notice of Proposed Rulemaking in order to receive public feedback on the issue. He noted that all the commissioners were equally concerned about consumer injuries and that this issue, in part because of the patents held by Gass, was a "particularly thorny one."

Many table saw manufacturers, plus the Power Tool Institute, have gone on record that they are concerned that SawStop could enjoy a monopoly if CPSC or other government agency mandates its use on table saws.

The renewed call for table saw safety, and potential for SawStop to be government specified, made national headlines in spring 2010 when a Boston jury awarded $1.5 million to a man whose hand was severely injured while operating a Ryobi saw. The plaintiff's legal team successfully convinced the jury that table saw design is “defective” and that their client’s injury could have been prevented if the saw had been outfitted with a safety device like the SawStop, which immediately brakes a blade if if comes into contact with skin.

Economy Growth to Accelerate in Second Half of 2011

Why Economists See a Stronger Second Half for 2011

By CHRISTOPHER S. RUGABER and PAUL WISEMAN AP Economics Writers

WASHINGTON June 27, 2011 (AP)

Farewell and good riddance to the first half of 2011 — six months that are ending as sour for the economy as they began. 

Most analysts say economic growth will perk up in the second half of the year. The reason is that the main causes of the slowdown — high oil prices and manufacturing delays because of the disaster in Japan — have started to fade.

"Some of the headwinds that caused us to slow are turning into tail winds," said Mark Zandi, chief economist at Moody's Analytics. 

For an economy barely inching ahead two years after the Great Recession ended, the first half of 2011 can't end soon enough. Severe storms and rising gasoline prices held growth in January, February and March to a glacial annual rate of 1.9 percent.

The current quarter isn't shaping up much better. The average growth forecast of 38 top economists surveyed by The Associated Press is 2.3 percent.

The economy has to grow 3 percent a year just to hold the unemployment rate steady and keep up with population growth. And it has to average about 5 percent growth for a year to lower the unemployment rate by a full percentage point. It is 9.1 percent today.

As welcome as the stronger growth envisioned in the second half is, the improvement should be modest. For the final six months of the year, the AP economists forecast a growth rate of 3.2 percent.

So far this year, high gas and food prices have discouraged people from spending much on other things — from furniture and appliances to dinners out and vacations. That spending fuels economic growth.

And some U.S. auto factories had to suspend or trim production after the March earthquake in Japan interrupted supplies of parts and electronics. American dealerships have had fewer cars to sell.

The latest dose of glum news: The government reported Monday that consumer spending was about the same in May as in April, the first time in a year that spending hasn't increased from the previous month.

The report confirmed the toll that high gas prices, Japan-related disruptions and high unemployment have taken on personal spending in the second quarter.

"Here's to a better third," says Jennifer Lee, senior economist at BMO Capital Markets.

Relief is in sight, economists say. Oil prices have been falling since Memorial Day. The drop has lowered the price of regular unleaded gasoline by 23 cents in the past month, to a national average of $3.57 a gallon, according to AAA.

The timing of the drop in gas prices is especially fortunate because they usually rise during summer driving season, says Robert DiClemente, chief U.S. economist at Citigroup.

And the kinks in the global manufacturing chain are starting to be smoothed out as the Japanese factories that make cars and electronics resume production.

Diane Swonk, chief economist at Mesirow Financial, says auto sales should improve "quite substantially" later this year because the lost production from the earthquake is coming back faster than had been expected.

One sign of that rebound came when the Federal Reserve Bank of Chicago reported Monday that manufacturing in the Midwest rebounded in May after falling sharply in April.

And last week, the government said orders for machinery, computers, cars and other durable goods rose slightly in May after dropping in April. 

Economists attributed the turnaround, in part, to Japanese factories that started to rev up.

The U.S. economy is also expected to get a slight second-half boost from reconstruction in flood-ravaged sections of the South and Midwest. Construction workers will be employed rebuilding homes and businesses. People will replace destroyed cars and other possessions. Analysts predict the economic losses from the floods in the April-June quarter will be reversed in the July-September quarter.

AP

In this June 23, 2011 photo, Jodi Thomas, a... View Full Caption

The economists surveyed by AP predict unemployment will fall to 8.7 percent at year's end. It is not exactly the start of a boom: The economy is still carrying too much baggage from the financial crisis — damaged banks, depressed home prices, debt-burdened consumers — to achieve much liftoff.

Though some of the economy's weakness in the first half is temporary, "it is hard to see much on the horizon to cheer about," Swonk says.

AP Economics Writer Martin Crutsinger contributed to this report.

SALES UP 37% FOR HERMAN MILLER

ZEELAND, MI - Herman Miller, Inc. (NASDAQ: MLHR) says fourth quarter North American sales rose over 40 percent. For the period ended May 28, 2011, the business furnishings manufacturer said overall net sales reach $441.5 million; an increase of 37.3% from the year ago quarter. Orders reached  $448.5 million, 23% above the 2010 period. 

For the full fiscal year, the furniture maker saw net sales of  $1,649.2 million,  a year-over-year increase of 25%. 

"We finished the fiscal year in strong fashion behind continued strength in customer demand and improved operating leverage," said Brian Walker, CEO. "Net sales in the quarter marked our fourth consecutive period of double-digit percentage growth and capped the largest full-year sales increase in our company's history."

Operating expenses in the fourth quarter totaled $114.1 million, an increase of approximately $23 million  after excluding adjustments related to Nemschoff purchase price contingencies and bad debt charges associated with the write-off of dealer receivables in Australia. Higher variable costs associated with increased sales between periods and a return to full employee benefit levels drove the majority of the year-over-year increase in operating expenses, Herman Miller said.

Manufacturing continues to grow though more slowly than expected

http://www.machineking.com/manufacturing-sector-continues-to-grow-though-slower-than-previously.html#28

ETHAN ALLEN INTERIORS Posts 10.6% Gain in 3rd Quarter

http://www.machineking.com/ethan-allen-interiors-posts-10.6-gain-in-3rd-quarter.html#23

ETHAN ALLEN INTERIORS Posts 10.6% Gain in 3rd Quarter     Date added: 05/10/2011

DANBURY, CT -- Ethan Allen Interiors Inc. (NYSE:ETH) posted a 10.6% sales increase for its third quarter ended March 31. Farooq Kathwari, chairman, president and CEO, said, "We are pleased with our progress which has given us the opportunity to increase the dividend to our shareholders. Our delivered sales increased in the quarter 10.6%, and excluding special items, we had net income per share of $0.07 compared to a loss of $0.05 in the previous year quarter. We have continued to invest in marketing and in adding qualified associates, particularly in our retail operations." Net sales for Q3 were $162.8 million. For the nine months ended March 31,  net sales were $501.0 million, up 17.4% from the prior year comparable period. Net income year to date was $22.1 million.

KIMBALL FURNITURE Net Sales Rose 11 Percent

http://www.machineking.com/kimball-furniture-net-sales-rose-11-percent.html#22

$54,000 Fine SAWSTOP could have prevented

http://www.machineking.com/54-000-fine-sawstop-would-have-prevented.html#21

Soft Maple wood demand up in Canada, U.S. and exports

ANDREOU ( 16" ) GANG RIP SAW

ANDREOU ( 16" ) GANG RIP SAW

50 HP motor

2 HP infeed motor

20 to 100 FPM frequency controlled

16" blade diameter

3500 RPM

6 feed rollers

( 2 ) upper and ( 1 ) lower Anti kick back fingers

Automatic chain lubrication

Solid cast iron frame

Steel transport chain

Heavy duty saw manufactured in Brazil

Additional questions? Contact Justin Bennett at 704 821 1402 or email justin@machineking.com

http://www.machineking.com/saw-1/rip-gang-and-slat-bed-1/andreou-16-gang-rip-saw.html

POWERMATIC ( 68 ) 12" TABLESAW

POWERMATIC ( 68 ) 12" TABLESAW

12" blade diameter

5 HP motor

Heavy duty cast iron trunion

Factory fence included

Additional questions? Contact Justin Bennett at 704 821 1402 or email justin@machineking.com

http://www.machineking.com/saw-1/table-other-1/powermatic-68-12-tablesaw.html

TOOLA - MSL 13 LINE-BORING MACHINE MANUAL

Just came in and available.  Still in the box at a great price:

http://www.machineking.com/boring-1/32-mm-1/toola-msl-13-line-boring-machine-manual.html

TOOLA MSL13 LINE BORING MACHINE ~NEW STILL IN CRATE~ Boring Machine, Single Line, 13 Spindle: Number of drilling spindles 13 Center distance between spindles 32mm Maximum depth of drill 2 1/2" Collet Bore Diameter 10mm Spindle Rotation 3400 rpm Motor Power 1 hp - 1 phase Supply Voltage 115/60 hz Fence Length 72" Number of stops 4 Number of index pins 2 Machine dimensions (L, W, H) 50" x 35" x 56" Machine Weight 220 lbs email paul@machineking.com for freight quote or leasing information Any additional questions contact Paul Rhoades at (704) 821-1402

Register today (704) 821-1402

http://www.machineking.com/membrane-press-technology-seminar.html#17

http://woodworkingnetwork.com/Choosing-the-Best-RipSaw-for-the-Solid-Wood-Machining-Application/2011-03-07/Article.aspx?oid=1311121&fid=WWN-WWP-ARCHIVES%2cWWN-WWP-ARCHIVES&hq_e=el&hq_m=950753&hq_l=27&hq_v=b830805853

By John Branch

Photo: MasterCraft Wood Products

There are many saw choices available for the rough mill area in a typical cabinet or moulding shop. Typically, a shop will start out with a straight-line ripsaw and then add another as business grows. Another option is to have a fixed arbor gang saw to add throughput efficiency for the operation.

A gang ripsaw can typically process three to four times the material that a straight-line ripsaw can process with the same labor input, plus it can deliver true parallel strips, eliminating the taper cuts often associated with single blade straight-line saws. Even better results can be achieved if you include a moving blade to the gang ripsaw.

Figure 1

Figure 2

Figure 3

Improving Yield: Demonstration
By processing the same random width material through different saw configurations it will be possible to demonstrate the impact the right ripsaw can have on yield in a rough mill operation. The input material consisted of 1032 board feet of random width red oak with an average length of 8.56 feet. The average width was 5.63 inches and the lumber had an average side bend of 0.321 inches.

Using Rip Navigator Optimizing software, a cut bill was created using 2-1/4 inches, 2-1/2 inches, 2-3/4 inches, 3-1/4 inches and 3-5/8 inches as the needed widths. The sizes would be used for stiles, rails and staves for panel glue up.

Using a 24-inch fixed arbor gang ripsaw, the bunk of material designated by PO-1006 is processed through the saw (Figure 1). The yield was 80.3 percent, though not all required widths were cut.

Running the same lot of material and cut bill through a 12-inch gang ripsaw with one moving blade and three fixed pockets (Figure 2) produced a yield of 85.4 percent (Figure 3). Next, using a simulated a 12-inch gang ripsaw with one moving blade, an added random width panel part was added to the cut bill. The random width part could be from 1 inch to 5 inches in width. This part would only be cut if the fixed part yield fell below 90 percent. This increased the yield to 89.3 percent.

Adding a Second Blade
The next step is to see what happens if a second moving blade is added and there is one fixed pocket of 2.250 inches on the arbor to the same cut bill. The two moving blade saw yields 90.5 percent.

A summary reveals that a yield increase of 5.1 percent was achieved by going from a 24-inch fixed arbor to a 12-inch wide moving blade gang ripsaw. By adding a requirement for random width parts, the yield increased another 3.9 percent, by using the moving blade saw to produce those random width staves.

A second moving blade gained another 1.2 percent in yield for the same material input. A total gain in yield of 10.2 percent was achieved in this simulation by using a moving blade ripsaw and adding a random width part to the cut bill.

The end result is that substantial savings — in money and material — can be achieved by using the correct ripsaw.

John Branch is an employee at Mereen-Johnson Machine Co. For information, visit mereen-johnson.com, call (612) 529-7791 or email info@mereen-johnson.com.

Housing affordability hits new high

Added: March 06, 2011

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WASHINGTON -- U.S. housing affordability in the final quarter of 2010 was the best it has been in the 20 years since the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) was started.

The HOI indicated that 73.9% of all new and existing homes sold in the fourth quarter of 2010 were affordable to families earning the national median income of $64,400. The record-setting index for the fourth quarter surpassed the previous high of 72.5% set during the first quarter of 2009 and marked the eighth consecutive quarter that the index has been above 70%.

Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, NV, said, "(W)hile this is good news for consumers, both home buyers and builders continue to confront extremely tight credit conditions, and this remains a significant obstacle to many potential home sales."

Indianapolis-Carmel, IN, ranked as the most affordable major housing market in the country for the second consecutive quarter, after relinquishing for a quarter the top spot it has held for five years. In Indianapolis, 93.5 percent of all homes sold were affordable to households earning the area's median family income of $68,700.

Also ranking near the top of the most affordable major metro housing markets were Youngstown-Warren-Boardman, OH-PA.; Syracuse, NY; Warren-Troy-Farmington Hills, MI; and Detroit-Livonia-Dearborn, MI.

New York-White Plains-Wayne, NY-NJ, again led the nation as the least affordable major housing market during the fourth quarter of 2010. In New York, more than a fourth -- 25.5 percent -- of all homes sold during the quarter were affordable to those earning the area's median income of $65,600. This was the 11th consecutive quarter that the New York metropolitan division has held this position.

The other major metro areas near the bottom of the affordability index included San Francisco-San Mateo-Redwood City, CA; Honolulu, HI; Los Angeles-Long Beach-Glendale, CA; and Santa Ana-Anaheim-Irvine, CA; respectively.

Read more about the NAHB/Wells Fargo Housing Opportunity Index.

Posted by Rich Christianson

BIFMA Sees 8% growth for Office Furniture This Year

An optimistic 2011. That is the overwhelming consensus by representatives of the woodworking industry who say they anticipate an improved economy — and greater sales — this year. Also spurring hope for a better 2011 are recent projections by the National Association of Home Builders (NAHB) and other groups for gains in new housing activity and remodeling projects for 2011. In a recent statement, NAHB Chief Economist David Crowe noted, “Expected improvements in the job market and the overall economy are beginning to increase homeowners’ confidence and remodelers are seeing indications that business will pick up.” See more: http://www.machineking.com/bifma-sees-8-growth-for-office-furniture-this-year.html#15

Oliver Machinery 4255 12-Inch Jointer Straight Knife Cutterhead

Happy again:  http://lumberjocks.com/reviews/1965

• liver Machinery 4255 12-Inch Jointer Straight Knife Cutterhead
• Brand: Oliver Machinery | Category: Jointers
• 

When I decided to upgrade to a 12 Inch Jointer at the end of 2010 I researched many brands and models. Usual suspects like Powermatic, Delta, Grizzly, General, Shop Fox and even some of the Euro models at the urging of a respected colleague. The Euros were way out of my price range (I refuse to take out a loan to buy a machine as my colleague suggested). While researching the remaining brands I found this video of an Oliver on youtube www.youtube.com/watch?v=xKMxIY0iGlw . The Oliver Machinery that some of us may remember from High School shop is no more. The name was purchased by Sunhill Machinery, an importer of Chinese tools and this jointer is one of their branded imports. That said, I began comparing Oliver to the other brands and liked what I found. Two things stuck out to me as pros for the Oliver. This entire machine is cast iron, base and all, it tips the scales at 1700 pounds. Most important to me, this machine has an American made Baldor 3hp motor.

On Feb 2, 2011 I purchased the Oliver from Machine King in Matthews, NC. I found Machine King through the Oliver website. I contacted 8 of the dealers listed. Five did not give me the time of day, one referred me to their website and one gave me a price that was almost the same as a Euro machine. Then I talked to Justin from Machine King. Within the hour he had called me back with his best price ($4050.00), including delivery to my shop in Kingston, NY. Then Oliver was delivered on Feb 15.

It took my friend and I three hours to uncrate the machine and move it from the ground floor to my second story shop. The building I rent in has an elevator and the owners operate a metal fabrication shop on the ground floor. I borrowed their dollys, jensen bars and an engine hoist to move the jointer.

Assembly tasks included: bolting on the fence, cutterhead guard and attaching a plug end. I was pleased to find that the knives and beds were correctly aligned from the factory. I cleaned off the protective oil, hook up the dust collection and fired the machine up. Assembly time three hours.

This machine does not vibrate. At all. Forget nickels, you could serve coffee with your grandmothers fine china on this machine while it is running!

The bed of the machine is 92” long. The infeed bed is adjusted by a large wheel mounted on the back of the machine. The wheel is very easy to use and moves the bed smoothly. I got the three knife cutterhead because I couldn’t justify $1000 premium for the Byrd cutterhead. I put the jointer to the test on 300 linear feet of 6” to 10” wide rough cut (very rough cut) spalted hard maple. I am very impressed with the quality of the cut. The fence is 60” long and 5-5/8” high. The fence on my machine has a spot on each end where it twists about the thickness of a business card. Due to the length of the fence I have not found this to be an issue. I notified Oliver of this and they noted it in my file. The jointer has a two year warranty and I will keep an eye on the fence.

The main reason I took one star away is dust collection. I have a Penn State Industries 1200cfm dust collector with 6” pipe running to all machines with blast gates at all branches. The way the machine is designed makes it almost impossible to efficiently collect dust from the machine. There are large openings at the adjusting wheel for the out feed bed as well as a mix of cavernous openings for dust to get stuck inside the machine. Four small 10”X12” pieces of 1/2 plywood and a few strategically placed shop rags and dust collection now meets my standards. Dust collection modification time 2 hours.

At the end of the day I am very happy with this machine and would recommend it to anyone.

Store Fixture Industry on the Mend

http://www.machineking.com/

By Karen Koenig Added: February 04, 2011

The head of the Association of Retail Environments says, There are some real reasons for optimism for retail environments providers." 

Below are some additional comments from Klein Merriman, executive director of the Association of Retail Environments (A.R.E.) in response to questions posed on the state of the retail environments/store fixture industry.

"Over the course of 2010, a slow recovery in demand began to take hold in the North American retail environments industry. And with the strong 2010 holiday sales comparables the pace of the recovery could accelerate in 2011. Association for Retail Environments research indicates that sales of retail environments products increased by 9.5 percent in 2010 and we project an additional 10 percent increase in 2011. But the recovery has been uneven, sometimes agonizingly slow, and characterized by fits and starts. Many in our industry have been complaining that there is almost no visibility when it comes to future sales prospects. In most cases, retailers are very hesitant to commit to capital expenditure plans until the last possible minute. But after our members experienced a drop in sales of over 3 percent in 2008 and an unprecedented decline of 22 percent in 2009, even a slow and hesitant recovery is a welcome change," Merriman says.

"At first glance, industry growth of close to 10 percent for two consecutive years sounds upbeat. But this is until you realize that the industry has declined so dramatically that it has a long way to go to “get back to even.” As the “Retail Environments Industry Sales” chart indicates, it would take three consecutive years of 10 percent increases for the retail environments industry to get back to 2007 levels.

"The cumulative over-25 percent decline in sales over the last two years in the retail environments industry has not been matched by a corresponding decline in industry capacity. To the contrary, industry capacity may actually have grown while demand has contracted. This is because China’s capabilities in manufacturing fixtures, displays, and visual products has continued to grow through the downturn. Plus, to date there have been relatively few companies exiting the industry due to bankruptcies or closures. This major decrease in demand without a corresponding decrease in supply translates into serious overcapacity for providers of retail environments in North America," he adds.

Merriman continues, "There are some real reasons for optimism for retail environments providers. Strong sales gains two years in a row are certainly much better than what industry suppliers experienced in 2008 and 2009. Beyond this, structural factors are working in favor of our industry. Most importantly, pent-up demand for new and renovated stores should translate into sales gains going forward."

“The competitive environment has changed and retailer expectations have changed.” according to Bob Riley, A.R.E. President and CEO/President of DSA Phototech, Carson, Calif., “Successful suppliers in 2011 will need to offer cost effective, creative solutions to their clients, and be prepared to offer technology integration to the products they provide. With the emphasis on remodeling existing stores, instead of building new stores, suppliers and designers will be focusing on providing the most visual impact within the budget allowed.”

Merriman adds, "Looking back, a relatively mild eight-month recession in 2001 caused two subsequent years of weak sales in the retail environments industry. It wasn’t until 2004 that pent-up demand was fully unleashed and the retail environments industry grew by 12.5 percent. It appears that it will take even longer to fully recover from the more severe 2008/2009 recession. Two-thirds of the respondents to our September 2010 A.R.E. Industry Forecast believe it will be 2012 or later before they are back to 2007 sales levels. So the outlook for 2011 is continued growth—even if at a pace slower than most would prefer."

http://www.machineking.com/store-fixture-industry-on-the-mend.html#14

Steelcase adding jobs at Alabama plant

ATHENS, AL -- Steelcase, a manufacturer of office furniture and the largest industry employer in Athens, will add an unspecified number of jobs to its current workforce of approximately 850 within the next nine months.

The new jobs result from Steelcase's recently announced reorganization, which includes closing three plants and spreading product manufacturing to other existing factories.

According to WAFF, Steelcase plans to move its Architectural Wall products to Athens. The product line had been made in Markham, ON, one of the factories that is shutting down.

Hill expects things to move quickly and the work force to be in place in the next nine months.

Posted by Rich Christianson


http://www.machineking.com/steelcase-adding-jobs-at-alabama-plant.html#8

NAHB Remodeling Index edges up

WASHINGTON -- The National Association of Home Builders (NAHB) reported that its quarterly Remodeling Market Index (RMI) moved up to 41.5 in the fourth quarter of 2010, compared to 40.8 in the third quarter.

An RMI below 50 indicates that more remodelers say market activity is lower compared to the prior quarter than report it is higher. The RMI has been running below 50 since the final quarter of 2005.

"Remodelers are starting to see an uptick in interest from consumers who are considering future remodeling projects," said NAHB Remodelers Chairman Bob Peterson, CGR, CAPS, CGP, a remodeler from Ft. Collins, CO. "Home owners are also showing more willingness to undertake larger remodeling projects."

Current conditions indices for remodeling improved in the Midwest 54.3, up from 44.9 in the third quarter, and the South 45.8 (from 42.3). However, the current indices declined in the Northeast 38.8 (from 41.6) and West 39.7 (from 49.3).

Read more about the National Association of Home Builders' RMI.

Posted by Rich Christianson


http://www.machineking.com/nahb-remodeling-index-edges-up.html#10

Bassett posts 10.9% Q4 increase; mulls IHFC sale

BASSETT, VA -- Bassett Furniture Ind. reported consolidated sales for the fourth quarter ended November 27, 2010 of $66.0 million as compared to $59.5 million for the quarter ended November 28, 2009, an increase of 10.9%. The company also said it is actively involved in selling its interest in the International Home Furnishings Center Inc.

Bassett said this sales increase was primarily driven by a 10.1% increase in total wholesale shipments and increased sales at retail due primarily to additional company-owned stores. It also included proceeds of approximately $500,000 gained from the antidumping duties collected from Chinese wood bedroom furniture importers.

"We are pleased to report an 11% sales increase for the fourth quarter of 2010," said Robert H. Spilman Jr., president and CEO. "While we do not believe that the overall pace of sales has improved significantly on an industry-wide basis, we are making progress on several fronts to grow our top line."

Bassett also announced that it is engaged in negotiations for the sale of its 46.9% interest in International Home Furnishings Center Inc.  in High Point, NC. No definitive agreement for the sale has been reached. Bassett is one of four shareholders of IHFC.

"The proposed sale of IHFC offers us the opportunity to unlock value in a key non-core asset that we believe is not currently fully recognized in the company's stock price as well as to significantly strengthen our already strong balance sheet," said Spilman. "Although there can be no assurance that an agreement among all of the required parties will be reached, we hope to complete the sale by the end of February."

Read Bassett Furniture Industries' financial report.


http://www.machineking.com/bassett-posts-10.9-q4-increase-mulls-ihfc-sale.html#11

Home Furniture Industry Projects 5% Sales Gain

For more information:

http://www.machineking.com/additional-comments-from-andy-counts-ahfa.html#12