Business
Hooker Furniture Reports Preliminary Results for First Quarter During February-April COVID Crisis
MARTINSVILLE, Va., June 12, 2020 (GLOBE NEWSWIRE) -- Hooker Furniture Corporation (NASDAQ-GS: HOFT) today reported its preliminary financial results for its
About this update from Hooker Furnishings Corporation
[{"type":"text","content":"MARTINSVILLE, Va., June 12, 2020 (GLOBE NEWSWIRE) -- Hooker Furniture Corporation (NASDAQ-GS: HOFT) today reported its preliminary financial results for its fiscal 2021 first quarter.\n “COVID-19 had a material impact on our financial performance in the fiscal 2021 first quarter and on the market valuations, discount rates and other inputs used in our intangibles valuation analysis,” said Paul B. Toms, Jr. Chairman and CEO. “Consequently and despite having completed a similar intangible asset valuation during our fiscal 2020 fourth quarter, we determined that another intangible asset valuation was appropriate given our performance and changing market dynamics. Given the effort and complexity involved in this project, we need additional time to complete this analysis,” he concluded. The Company’s preliminary unaudited financial results do not include any impairment charges on its intangibles assets as of the end of its fiscal 2021 first quarter. Due to the complexity of the impairment analysis resulting from economic uncertainty of COVID-19, the Company is still in the process of finalizing its impairment assessment, including the design and operation of internal controls, so actual results may differ materially from the preliminary unaudited results provided herein. The Company expects to complete the impairment analysis and finalize the amount of the impairment charges, if any, in connection with the filing of the Company’s Form 10-Q for the fiscal quarter ended May 3, 2020, which is currently expected to be filed on or before the extended due date of July 27, 2020. The Company is relying on Release No. 34-88465 (the “Order”) issued by the Securities and Exchange Commission (the “SEC”) on March 25, 2020, pursuant to Section 36 of the Securities Exchange Act of 1934, as amended (the “Exchange Act), which provides conditional relief to public companies unable to timely comply with their filing obligations as a result of the COVID-19 pandemic. Impairment charges, if any, will not affect the Company’s cash position, but would adversely impact operating loss, net loss, loss per share on the Company’s condensed consolidated statement of operations, total comprehensive loss on the statement of comprehensive loss, and deferred income taxes, intangible assets and retained earnings on the condensed consolidated statement of financial pos...