"When we made the initial decision to support the petition, we had no idea how divisive this issue would become in our industry. If we had fully anticipated that, we would have been neutral from the start"
Paul B. Toms Jr., chairman and CEO

Hooker Furniture has withdrawn from the American Furniture Manufacturers Committee for Legal Trade, the group of U.S. manufacturers that filed an anti-dumping petition regarding wooden bedroom furniture imported from China. Going forward, the Company will take a neutral position on the anti-dumping issue.

"From the very beginning of this effort, we have struggled with the proper course of action," said Paul B. Toms Jr., chairman and chief executive officer. "Our intention has always been to act in the best interests of each of our stakeholders, including our employee-owners, our shareholders, our retail customers and our international and domestic suppliers. When we made the initial decision to support the petition, we had no idea how divisive this issue would become in our industry. If we had fully anticipated that, we would have been neutral from the start." Toms added, "Given the fact that domestic bedroom accounted for 4% of Hooker's total revenues in 2003, we have come to believe that the potential adverse effects on our relationships with our customers and international suppliers outweigh the benefits of continuing to actively support the petition."

In making this decision, "We continue to operate under the same guiding principles we did initially as a participant in the petition. We continue to support free, fair and legal trade and are opposed to any trade that involves illegally dumping furniture into the U.S. market. That position has not changed," Toms said. Hooker also remains committed to be a vital domestic manufacturer and to act in the best interests of its employee owners who, through the Company's Employee Stock Ownership Plan, hold almost 30% of Hooker Furniture's stock.

"Over the years, our employee owners have trusted the management of this Company to make decisions in their best interests. Obviously, whatever we can do to maintain strong relationships with our customers and suppliers is in the best interests of our employee owners and all of our stakeholders," Toms said.

Ranked among the nation's top 15 public furniture manufacturers in sales, Hooker Furniture is an 80-year old producer and importer of wall and entertainment systems, home office, occasional, dining, bedroom and upholstered leather furniture with approximately 1,900 employees. The Company has manufacturing facilities, distribution centers and warehouses located in Virginia and North Carolina. Plant locations include Cherryville, Hickory, Pleasant Garden, Maiden, and Woodleaf, N.C. and Martinsville and Roanoke, Va. The Company's stock is listed on the NASDAQ SmallCap Market under the symbol HOFT, and closed on February 13, 2004 at $24.14 per share. Please visit us on the World Wide Web at www.hookerfurniture.com and www.bradington-young.com.