Martinsville, VA-based Hooker Furnishings Corp (NASDAQ:HOFT) shares, currently trading near its Fair Value according to InvestingPro analysis, disclosed in a recent SEC filing that Paul A. Huckfeldt, the company's Chief Financial Officer and Senior Vice President-Finance and Accounting, will retire effective February 2, 2025.
The company, with a market capitalization of approximately $182 million, has maintained a strong dividend track record, having paid dividends consistently for 25 consecutive years. Huckfeldt, who has been with Hooker since 2004 and served as CFO since January 2011, will join the company's Board of Directors the following day, expanding the board from seven to eight directors.
CEO Jeremy Hoff praised Huckfeldt for his two decades of service, highlighting his role during strategic acquisitions and the 2020 COVID crisis. W. Christopher Beeler, Jr., Board Chair, expressed confidence in Huckfeldt's ability to contribute to the board given his extensive experience and knowledge of the company's operations and strategy.
The transition comes at a challenging time, with InvestingPro data showing a 16.7% revenue decline in the last twelve months, though the company maintains a healthy liquidity position with a current ratio of 3.16.
Upon his retirement, Huckfeldt will receive a pro-rated retainer of $22,917 and a restricted stock grant of $29,167 as compensation for his board service. He will not participate in any board committees.
The company also announced that C. Earl Armstrong III will succeed Huckfeldt as CFO. Armstrong, who has been with Hooker since 2009, currently holds the position of Senior Vice President - Finance & Corporate Secretary.
He has played a key role in guiding the Home Meridian segment and its SLH hospitality division towards profitability. Armstrong holds degrees in Accounting from the University of North Carolina at Greensboro and is a Certified Public Accountant.
CEO Hoff commended Armstrong for his leadership and cultural fit within the company, expressing confidence in his capabilities to assume the CFO role. As of the filing date, no compensation details related to Armstrong's new appointment have been determined.
This executive transition comes as Hooker Furnishings continues to navigate the evolving landscape of the home furnishings industry. The company currently offers a notable 5.4% dividend yield, despite facing profitability challenges. The information is based on a press release statement filed with the SEC.
For deeper insights into Hooker Furnishings' financial health and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Hooker Furniture (NASDAQ:HOFT) Corporation reported a surprising loss in its third-quarter earnings, with earnings per share (EPS) falling to -$0.39, significantly below the predicted $0.31. Despite a slight revenue increase to $104.35 million, surpassing the expected $104 million, the company posted a net loss. The firm's consolidated net sales fell by 10.7% year-over-year to $104 million, indicating a downturn in performance.
The company reported a consolidated operating loss of $7.3 million and a net loss of $4.1 million, a considerable deviation from previous quarters. Despite these challenges, Hooker Furniture remains optimistic about the future and plans to focus on cost reduction, high-quality inventory investment, and preparing for a potential market recovery.
CEO Jeremy Hoff emphasized the strategic value of the Margaritaville licensing agreement, stating it "opens a lot of doors that would not be open otherwise." CFO Paul Huckfeld highlighted inventory management efforts, stating, "We're cleaning up the inventory, getting rid of slow-moving stuff to free up working capital." These are recent developments in the company's strategy to overcome current challenges and secure future growth.
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