<SEC-DOCUMENT>0001185185-25-000659.txt : 20250904
<SEC-HEADER>0001185185-25-000659.hdr.sgml : 20250904
<ACCEPTANCE-DATETIME>20250617105714
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001185185-25-000659
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOOKER FURNISHINGS Corp
		CENTRAL INDEX KEY:			0001077688
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				540251350
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		440 E COMMONWEALTH BLVD
		STREET 2:		POB 4708
		CITY:			MARTINSVILLE
		STATE:			VA
		ZIP:			24115
		BUSINESS PHONE:		2766322133

	MAIL ADDRESS:	
		STREET 1:		440 E COMMONWEALTH BLVD
		STREET 2:		POB 4708
		CITY:			MARTINSVILLE
		STATE:			VA
		ZIP:			24115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HOOKER FURNITURE CORP
		DATE OF NAME CHANGE:	19990128
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><img src="image_001.jpg" alt=""></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 17, 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><u>BY EDGAR</u></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn.: SiSi Cheng and Hugh West</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RE:</b></font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hooker Furnishings Corporation</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form 10-K for the Fiscal Year Ended February 2, 2025</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filed April 18, 2025</b></font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>File No. 000-25349</b></font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear SEC Staff:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter is in response to the letter from the Securities and Exchange
Commission (the &ldquo;Staff&rdquo;), dated June 3, 2025, and received by email on the same date, setting forth comments from the Staff
on Hooker Furnishings Corporation&rsquo;s (the &ldquo;Company&rdquo;) Annual Report on Form 10-K for the fiscal year ended February 2,
2025 (the &ldquo;Form 10-K&rdquo;). The Staff&rsquo;s comments contained in your letter are set forth below in italics, followed by the
Company&rsquo;s response. Where applicable, we have also provided the Company&rsquo;s responses set forth in its Quarterly Report on Form
10-Q for the period ended May 4, 2025, filed June 13, 2025 (&ldquo;First Quarter Form 10-Q&rdquo;), that address certain of the Staff&rsquo;s
comments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Form 10-K for the Fiscal Year Ended February 2, 2025</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Management's Discussion and Analysis of Financial Condition and
Results of Operations Financial Condition, Liquidity and Capital Resources</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Summary Cash Flow Information - Operating, Investing and Financing
Activities, page 28</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">1.</td><td><i>Please provide a more informative discussion and analysis of cash flows from operating activities, including material changes in
working capital components (e.g., trade accounts receivable and inventories), for the periods presented. In doing so, explain the underlying
reasons and implications of material changes between periods to provide investors with an understanding of trends and variability in cash
flows, rather than merely describe items identified on the face of the statement of cash flows. Please refer to Item 303(a) of Regulation
S-K and SEC Release No. 33-8350.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>Response</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">We acknowledge the Staff&rsquo;s comment and, in future
filings, will expand our disclosure to provide a more informative discussion and analysis of cash flows from operating activities, including
material changes in working capital components for the periods presented. In doing so, we will explain the underlying reasons and implications
of material changes between periods to provide investors with an understanding of trends and variability in cash flows. As an example
of this expanded discussion and analysis, in our First Quarter Form 10-Q, we respectfully provided the following disclosure on page 27
as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">During fiscal 2026 first quarter, cash provided by operating
activities totaled $14.7 million for the first quarter of fiscal 2026, compared to $1.5 million for the comparable prior-year period.
This increase was primarily driven by favorable changes in working capital and a reduction in net loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: left">Net Loss: we reported a net loss of $3.1 million in the first
quarter of fiscal 2026, an improvement from a $4.1 million net loss in the first quarter of fiscal 2025.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Key drivers of operating cash flow increase:</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 30.9pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif"></font>&omicron;</td><td style="text-align: left">Improved collections of trade receivables resulted in a $18.8 million cash increase, compared to $2.1 million in the prior year first
quarter, primarily related to large, project-based receipts.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&omicron;</font></td><td>Inventory optimization efforts resulted in a $6.4 million cash increase, compared to $5.2 million in the prior year first quarter,
where we transitioned from previously elevated seasonal inventory build-up to active sell-through, especially at Hooker Branded, resulting
in a net inventory reduction and significant positive cash impact.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&omicron;</font></td><td>Changes in prepaid expenses and other assets resulted in a $928,000 cash decrease, compared to a $2.2 million cash decrease in the
prior year first quarter, reflecting approximately $1.3 million in less spending due primarily to the pause in ERP system implementation.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 1.25in"></td><td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&omicron;</font></td><td>Lower compensation-related payments resulted in a $155,000 cash increase, compared to $1.8 million cash decrease in the prior year
first quarter, attributed to absence of bonus payouts in the current period and decreased headcount and reduced salary and wage expenses.</td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Offsetting Factors</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 30.9pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1.25in"></td><td style="width: 0.25in; text-align: left">&omicron;</td><td style="text-align: left">These cash inflows were partially offset by a decline in accounts
payable, which resulted in a $8.5 million cash decrease, compared to a $2.1 million cash increase in the prior year first quarter, as
we reduced purchasing activity and did not continue building inventory levels during the quarter.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.25in">Cash used in investing activities totaled $967,000 compared
to $959,000 in the first quarter of the prior year. Cash used in financing activities totaled $2.0 million compared to $2.8 million in
the prior year first quarter, due to $534,000 proceeds from revolving credit facility and the absence of term loan payments during the
current quarter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Critical Accounting Policies and Estimates</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Impairments of Long-Lived Assets</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Intangible Assets and Goodwill, page 32</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">2.</td><td><i>We note that none of your reporting units were impaired as of February 2, 2025 based on your annual goodwill impairment test. Please
expand your disclosure in future filings to disclose whether any of your reporting units are at risk of failing the quantitative impairment
test or that the fair value of each of your reporting units are substantially in excess of carrying value and are not at risk of failing.
To the extent any reporting unit fair values are not substantially in excess of fair values, disclose the identity of those reporting
units and the amount or percentage by which the fair value exceeds their carrying values. Refer to ASC 350-20-50 and Item 303(b)(3) of
Regulation S-K.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Response</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We acknowledge the Staff&rsquo;s comment and, in future
10-K filings, will expand our disclosure to disclose whether any of our reporting units are at risk of failing the annual quantitative
impairment test or that the fair value of each of our reporting units are substantially in excess of carrying value and are not at risk
of failing. In addition, to the extent any reporting unit fair values are not substantially in excess of fair values, in future 10-K filings,
we will disclose the identity of those reporting units and the amount or percentage by which the fair value exceeds their carrying value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Notes to Consolidated Financial Statements</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Note 18 - Segment Information, page F-30</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">3.</td><td><i>Please expand your disclosure in future filings to more fully explain how the CODM uses the reported measure of segment profit
or loss, including gross profit and operating income, in assessing segment performance and deciding how to allocate resources. Refer to
ASC 280-10-50-29(f). See also ASC 280-10-55-47(bb).</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Response</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We acknowledge the Staff&rsquo;s comment and, in future
filings, will expand our disclosure to more fully explain how the CODM uses the reported measure of segment profit or loss, including
gross profit and operating income, in assessing segment performance and deciding how to allocate resources. As an example of this expansion,
we respectfully have updated our disclosure in our First Quarter Form 10-Q, Note 13 &ndash; Segment Information on page 15 as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">We define our segments as those operations our chief operating
decision maker (&ldquo;CODM&rdquo;) regularly reviews to analyze performance and allocate resources. The Company&rsquo;s CODM is the Chief
Executive Officer. The CODM regularly reviews net sales, gross profit, and operating income by segment as the primary measures of segment
performance. The CODM reviews net sales as a primary indicator of operational performance, assessing how much revenue is brought in from
core business activities, after returns, allowances, and discounts, which reflects demand and execution of each segment&rsquo;s strategy.
Gross profit is reviewed by the CODM as a diagnostic metric, particularly useful in evaluating margin trends. Operating income is the
key profitability metric used to assess performance across segments and make decisions related to resource allocation, including capital
expenditures, headcount, and other investment initiatives. These metrics are considered in budgeting, forecasting, and operational planning
decisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in">4.</td><td><i>You disclose that each segment&rsquo;s net sales and gross profit are regularly reviewed by your CODM. Please tell us your consideration
of disclosing cost of sales as a significant segment expense for each reportable segment in the table on page F-31. In this regard, tell
us how you determined whether cost of sales is significant and is easily computable from information that is regularly provided to the
CODM. Refer to ASC 280-10-50-26A and 280-10-55-15B.</i></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><b>Response</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We acknowledge the Staff&rsquo;s comment and respectfully
submit the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In accordance with ASC 280-10-50-26A, a public entity shall
disclose for each reportable segment the significant expense categories and amounts that are regularly provided to the chief operating
decision maker and included in reported segment profit or loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">While our CODM regularly reviews net sales and gross profit
by reportable segment as key performance measures, cost of sales is not separately provided to or reviewed by the CODM on a segment basis.
The CODM does not assess individual segment performance based on cost of sales, nor is cost of sales used in allocating resources or making
operating decisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Although gross profit is mathematically derived from net
sales and cost of sales, segment-level cost of sales is not separately tracked or reported to the CODM, and therefore is not regularly
reviewed or used as contemplated by ASC 280-10-50-26A or the illustrative guidance in 280-10-55-15B.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Accordingly, we have concluded that cost of sales does not
meet the criteria of a significant segment expense under ASC 280-10-50-26A and, therefore, is not required to be disclosed in the segment
information table on page F-31.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*****</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hope the foregoing has been responsive to the
Staff&rsquo;s comments and look forward to resolving any outstanding issues as quickly as possible. Please direct any questions or comments
you may have regarding the Company&rsquo;s responses to me at&nbsp;(276)&nbsp;666-3969&nbsp;or&nbsp;earmstrong@hookerfurnishings.com.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2" style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2" style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="width: 60%">&nbsp;</td>
    <td style="font-size: 10pt; width: 4%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </font></td>
    <td style="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 36%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ C. Earl Armstrong III</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2" style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Earl Armstrong III</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2" style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and
    <br />
Senior Vice President - Finance</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</font></td>
    <td style="font-size: 10pt"> <font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeremy R. Hoff, Chief Executive Officer</font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; width: 0.25in">&nbsp;</td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James M. Anderson III (McGuireWoods LLP)</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">4</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
