Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE:
ETH) today provided several updates on its business.
Farooq Kathwari, Ethan Allen’s Chairman,
President and CEO commented, “We are very pleased that despite many
challenges due to the ongoing COVID-19 pandemic, we had a strong
performance. The increased consumer focus on the home has
continued a strong demand for our product offerings and design
services. With our Retail segment written orders, including our
e-commerce business, up 44.9%, it has led to a record high order
backlog at quarter-end.”
Preliminary Financial
Results
The Company expects to report the following
financial results for its second quarter ended December 31,
2020:
- Retail segment written orders growth of 44.9% over the prior
year
- Wholesale segment orders increased 28.1%. Excluding GSA and
other government orders, wholesale segment orders grew
39.7%.
- Consolidated net sales of $178.8 million
- Adjusted diluted EPS in the range of $0.67 to $0.69
- Strong cash flow generation, with cash provided by operating
activities of $23.7 million
- Cash on hand of $80.0 million and no debt as of December 31,
2020
- Paid regular quarterly dividends of $5.3 million during the
quarter
- On November 12, 2020, the Company’s Board of Directors
increased the regular quarterly cash dividend by 19.0% and declared
a regular quarterly cash dividend of $0.25 per share, payable on
January 21, 2021
Mr. Kathwari continued, “We ended the quarter
with a strong balance sheet, including cash on hand of $80.0
million while growing our consolidated gross and operating margins
through disciplined cost and expense controls. We have an
opportunity to continue our growth in sales and profitability due
to our strong retail network, the personal service of
our interior design professionals, our unique vertical
integration whereby 75% of products are made in our North American
manufacturing workshops and our national distribution centers
delivering product with white glove service to our client’s
home.”
“As we head into the 2021 calendar year, we will
remain focused on employee safety, continue investing in digital
design and interactive communication technologies, growing our
business and generating strong cash flow, refining and
repositioning our product offerings to reach a larger client base
and leveraging our vertical integration,” concluded Mr.
Kathwari.
Fiscal Second Quarter Analyst Conference
Call
The Company also announced today that it will
release its financial and operating results for the fiscal 2021
second quarter ended December 31, 2020, after the market closes on
Thursday, January 28, 2021.
Following the release, the Company will host an
analyst conference call at 5:00 PM (Eastern Time) to discuss its
results. The analyst conference call will be webcast live from the
Company’s Investor Relations website at
https://ir.ethanallen.com.
To access the conference call, dial 877-705-2976
(or 201-689-8798 for international participants), and enter Meeting
Number 13714570. For those unable to listen live, an archived
recording of the call will be made available on the Company's
website for at least 60 days.
ABOUT ETHAN ALLEN
Ethan Allen Interiors Inc. (NYSE: ETH) is a
leading interior design company, manufacturer and retailer in the
home furnishings marketplace. Today the Company is a global luxury
international home fashion brand that is vertically integrated from
design through delivery, which affords its clientele a value
proposition of style, quality and price. The Company provides
complimentary interior design service to its clients and sells a
full range of furniture products and decorative accents through a
retail network of approximately 300 design centers in the United
States and abroad as well as online at ethanallen.com. The design
centers represent a mix of independent licensees and Company-owned
and operated locations. The Company operates retail design
centers located in the United States and Canada. The
independently operated design centers are located in the United
States, Asia, the Middle East and Europe. Ethan Allen owns and
operates nine manufacturing facilities, including six manufacturing
plants in the United States, two manufacturing plants in Mexico and
one manufacturing plant in Honduras. Approximately 75% of its
products are manufactured or assembled in these North American
facilities.
For more information on Ethan Allen's products
and services, visit www.ethanallen.com.
Investor / Media Contact: Matt McNulty Vice President,
Finance IR@ethanallen.com
ABOUT NON-GAAP FINANCIAL
MEASURES
In this news release the Company has included a
financial measure that is not prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”). The Company
computes the non-GAAP financial measure of adjusted diluted EPS by
adjusting GAAP diluted EPS to remove the impact of certain charges
and the related tax effect of these adjustments. The
presentation of this non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for, or superior to,
the financial measure presented in accordance with GAAP. The
Company uses this non-GAAP financial measure for financial and
operational decision making and to evaluate period-to-period
comparisons. The Company believes that it provides useful
information about operating results, enhances the overall
understanding of past financial performance and prospects, and
allows for greater transparency with respect to key metrics used by
management in its financial and operational decision making.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), which represent management's beliefs
and assumptions concerning future events based on information
currently available to the Company relating to its future results.
Such forward-looking statements are identified in this news release
incorporated herein by reference by use of forward-looking words
such as “anticipate,” “estimate,” “expect,” “project,” “plan,”
“intend,” “believe,” “continue,” “may,” “will,” “short-term,”
“target,” “outlook,” “forecast,” “future,” “strategy,”
“opportunity,” “would,” “guidance,” “non-recurring,” “one-time,”
“unusual,” “should,” “likely,” “COVID-19 impact,” and similar
expressions and the negatives of such forward-looking words. These
forward-looking statements are subject to management decisions and
various assumptions about future events and are not guarantees of
future performance. Actual results could differ materially from
those anticipated in the forward-looking statements due to a number
of risks and uncertainties including, but not limited to the
following: the ongoing global COVID-19 pandemic may continue
to materially adversely affect the Company’s business,
its results of operations and overall financial performance;
additional funding from external sources may not be available at
the levels required, or may cost more than expected; declines in
certain economic conditions, which impact consumer confidence and
consumer spending; an overall decline in the health of the economy
and consumer spending may affect consumer purchases of
discretionary items; a significant shift in consumer preference
toward purchasing products online; ability to
maintain and enhance the Ethan Allen brand;
failure to successfully anticipate or respond to changes in
consumer tastes and trends;
global and local economic uncertainty may materially
adversely affect manufacturing operations or sources of merchandise
and international operations; competition from overseas
manufacturers and domestic retailers; disruptions in the
supply chain; the number of manufacturing and logistics
sites may increase exposure to
business disruptions and could result in
higher transportation costs;
fluctuations in the price, availability and quality of raw materials could result in
increased costs or cause production delays; current and former
manufacturing and retail operations and products are
subject to increasingly stringent environmental, health and
safety requirements; product recalls or product safety concerns;
reliance on information technology systems to process transactions,
summarize results, and manage its business and that of certain
independent retailers; disruptions in both primary and back-up
systems; successful cyber-attacks and the ability to maintain
adequate cyber-security systems and procedures; loss, corruption
and misappropriation of data and information relating to customers;
changes in United States trade and tax policy; reliance on certain
key personnel; loss of key personnel or inability to hire
additional qualified personnel; additional asset impairment charges
that could reduce profitability; access to consumer credit
could be interrupted; inability to maintain current design center
locations at current costs; failure to successfully select
and secure design center locations; changes to tax policies;
hazards and risks which may not be fully covered by insurance;
possible failure to protect the Company’s intellectual property;
and other factors disclosed in Part I, Item 1A. Risk Factors, in
the Company’s 2020 Annual Report on Form 10-K.
Given the risks and uncertainties surrounding
forward-looking statements, you should not place undue reliance on
these statements. Many of these factors are beyond the Company’s
ability to control or predict. These forward-looking statements
speak only as of the date of this news release. Other than as
required by law, the Company undertakes no obligation to update or
revise its forward-looking statements, whether because of new
information, future events, or otherwise. Accordingly, actual
circumstances and results could differ materially from those
contemplated by the forward-looking statements.
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