Furniture Today,
BASSETT, Va. — Bassett Furniture Inds. said Monday it

will restate its earnings for the fiscal year ended in November 2012 and also for periods it has already reported for 2013.

The company said the restatement, triggered by a review of the financial statements by the Securities and Exchange Commission staff, will alter the accounting treatment of items in the company’s acquisition of three retail operations in 2012.

Bassett said the move will increase fiscal 2012 pretax income by $2.5 million for the second quarter and $1.7 million for the third quarter, and will decrease income by a lesser amount in the 2013 year. The company said it agrees with the SEC staff recommendation it should not have recognized certain charges included in connection with the acquisitions.

The company said it will detail the changes in its earnings report for the year ended this Nov. 25, which it expects to release in mid-January.