DANBURY, CT, Oct. 12, 2020 (GLOBE NEWSWIRE) — Ethan Allen Interiors Inc. (“Ethan Allen” or the “Firm”) (NYSE: ETH) in the present day supplied a number of updates on its enterprise.
Preliminary Monetary Outcomes
The Firm expects to report the next monetary outcomes for its first quarter ended September 30, 2020:
- Consolidated internet gross sales of $151.1 million
- Retail phase written orders continued to speed up with progress of 10.8% over the prior yr
- Wholesale phase orders, whereas benefitting from the robust retail progress, had been down 0.4% as a result of timing of GSA and different authorities orders that had been negatively impacted by COVID-19 pandemic associated disruptions. Excluding GSA and different authorities orders, Wholesale phase orders booked had been up 9.2% for the quarter.
- Consolidated gross margin of 56.8%
- Adjusted diluted EPS within the vary of $0.34 to $0.36
- Paid off all the remaining $50 million in debt throughout the quarter utilizing accessible money
- Ended the quarter with money readily available of $62.0 million as of September 30, 2020
- On August 4, 2020, the Firm’s Board of Administrators reinstated the common quarterly money dividend and declared an everyday quarterly money dividend of $0.21 per share, payable in October 2020
Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “Our fundamentals stay robust. Retail written orders and backlogs proceed to develop, with important progress each in our design facilities and from our e-commerce enterprise. With our manufacturing manufacturing now reaching pre-COVID-19 ranges, we’re rising capability and manufacturing. Our distinctive vertical construction, whereby we produce about 75% of what we promote, totally on a customized made-to-order foundation in our personal North American manufacturing vegetation, permits us to take care of stronger service ranges with larger management over stock. We plan to proceed our advertising and marketing efforts and are nicely positioned to develop with our related choices in addition to our complimentary private inside design service mixed with know-how and in-home white-glove supply.”
“Our groups stay centered on serving our shoppers and maintaining our workplaces secure. I’m personally happy with the unimaginable effort and optimistic angle put forth by our associates below probably the most attempting of circumstances,” concluded Mr. Kathwari.
Fiscal First Quarter Analyst Convention Name
The Firm additionally introduced in the present day that it’s going to launch its monetary and working outcomes for the fiscal 2021 first quarter ended September 30, 2020, after the market closes on Thursday, October 29, 2020.
Following the discharge, the Firm will host an analyst convention name at 5:00 PM (Jap Time) to debate its outcomes. The analyst convention name might be webcast reside from the Firm’s Investor Relations web site at https://ir.ethanallen.com.
To entry the convention name, dial 877-705-2976 (or 201-689-8798 for worldwide contributors), and enter Assembly Quantity 13711572. For these unable to hear reside, an archived recording of the decision might be made accessible on the Firm’s web site for a minimum of 60 days.
ABOUT ETHAN ALLEN
Ethan Allen Interiors Inc. (NYSE: ETH) is a number one inside design firm, producer and retailer within the house furnishings market. In the present day the Firm is a world luxurious worldwide house vogue model that’s vertically built-in from design by means of supply, which affords its clientele a price proposition of fashion, high quality and worth. The Firm offers complimentary inside design service to its shoppers and sells a full vary of furnishings merchandise and ornamental accents by means of a retail community of roughly 300 design facilities in the US and overseas in addition to on-line at ethanallen.com. The design facilities symbolize a mixture of unbiased licensees and Firm-owned and operated areas. The Firm operates retail design facilities positioned in the US and Canada. The independently operated design facilities are positioned in the US, Asia, the Center East and Europe. Ethan Allen owns and operates 9 manufacturing services, together with six manufacturing vegetation in the US, two manufacturing vegetation in Mexico and one manufacturing plant in Honduras. Roughly 75% of its merchandise are manufactured or assembled in these North American services.
For extra info on Ethan Allen’s services and products, go to www.ethanallen.com.
Investor / Media Contact:
Vice President, Finance
ABOUT NON-GAAP FINANCIAL MEASURES
On this information launch the Firm has included a monetary measure that’s not ready in accordance with U.S. typically accepted accounting ideas (“GAAP”). The Firm computes the non-GAAP monetary measure of adjusted diluted EPS by adjusting GAAP diluted EPS to take away the impression of sure costs and the associated tax impact of those changes. The presentation of this non-GAAP monetary measure will not be supposed to be thought-about in isolation or as an alternative choice to, or superior to, the monetary measure introduced in accordance with GAAP. The Firm makes use of this non-GAAP monetary measure for monetary and operational resolution making and to judge period-to-period comparisons. The Firm believes that it offers helpful details about working outcomes, enhances the general understanding of previous monetary efficiency and prospects, and permits for larger transparency with respect to key metrics utilized by administration in its monetary and operational resolution making.
This information launch incorporates forward-looking statements throughout the that means of the Non-public Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Alternate Act of 1934, as amended (the “Alternate Act”), which symbolize administration’s beliefs and assumptions regarding future occasions primarily based on info at present accessible to the Firm referring to its future outcomes. Such forward-looking statements are recognized on this information launch integrated herein by reference by use of forward-looking phrases reminiscent of “anticipate,” “estimate,” “count on,” “challenge,” “plan,” “intend,” “consider,” “proceed,” “might,” “will,” “short-term,” “goal,” “outlook,” “forecast,” “future,” “technique,” “alternative,” “would,” “steerage,” “non-recurring,” “one-time,” “uncommon,” “ought to,” “probably,” “COVID-19 impression,” and related expressions and the negatives of such forward-looking phrases. These forward-looking statements are topic to administration selections and numerous assumptions about future occasions and aren’t ensures of future efficiency. Precise outcomes might differ materially from these anticipated within the forward-looking statements resulting from quite a few dangers and uncertainties together with, however not restricted to the next: the continuing international COVID-19 pandemic might proceed to materially adversely have an effect on the Firm’s enterprise, its outcomes of operations and total monetary efficiency; further funding from exterior sources is probably not accessible on the ranges required, or might price greater than anticipated; declines in sure financial circumstances, which impression client confidence and client spending; a decline within the well being of the economic system and client spending might have an effect on client purchases of discretionary objects; a major shift in client choice towards buying merchandise on-line; capacity to take care of and improve the Ethan Allen model; failure to efficiently anticipate or reply to modifications in client tastes and developments; international and native financial uncertainty might materially adversely have an effect on manufacturing operations or sources of merchandise and worldwide operations; competitors from abroad producers and home retailers; disruptions within the provide chain; the variety of manufacturing and logistics websites might improve publicity to enterprise disruptions and will lead to larger transportation prices; fluctuations within the worth, availability and high quality of uncooked supplies might lead to elevated prices or trigger manufacturing delays; present and former manufacturing and retail operations and merchandise are topic to more and more stringent environmental, well being and security necessities; product recollects or product security considerations; reliance on info know-how programs to course of transactions, summarize outcomes, and handle its enterprise and that of sure unbiased retailers; disruptions in each main and back-up programs; profitable cyber-attacks and the power to take care of satisfactory cyber-security programs and procedures; loss, corruption and misappropriation of information and knowledge referring to clients; modifications in United States commerce and tax coverage; reliance on sure key personnel; lack of key personnel or lack of ability to rent further certified personnel; further asset impairment costs that would scale back profitability; entry to client credit score could possibly be interrupted; lack of ability to take care of present design middle areas at present prices; failure to efficiently choose and safe design middle areas; modifications to tax insurance policies; hazards and dangers which is probably not absolutely lined by insurance coverage; potential failure to guard the Firm’s mental property; and different elements disclosed in Half I, Merchandise 1A. Danger Components, within the Firm’s 2020 Annual Report on Type 10-Okay.
Given the dangers and uncertainties surrounding forward-looking statements, you shouldn’t place undue reliance on these statements. Many of those elements are past the Firm’s capacity to regulate or predict. These forward-looking statements converse solely as of the date of this information launch. Aside from as required by legislation, the Firm undertakes no obligation to replace or revise its forward-looking statements, whether or not due to new info, future occasions, or in any other case. Accordingly, precise circumstances and outcomes might differ materially from these contemplated by the forward-looking statements.