Danbury, CT, Jan. 13, 2021 (Globe NEWSWIRE) — Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today furnished numerous updates on its company.
Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “We are extremely pleased that inspite of many challenges owing to the ongoing COVID-19 pandemic, we had a strong performance. The amplified buyer emphasis on the residence has continued a robust demand from customers for our merchandise choices and design and style expert services. With our Retail phase composed orders, which includes our e-commerce enterprise, up 44.9%, it has led to a report superior order backlog at quarter-conclusion.”
Preliminary Financial Success
The Company expects to report the following economical outcomes for its second quarter finished December 31, 2020:
- Retail phase composed orders growth of 44.9% about the prior 12 months
- Wholesale section orders greater 28.1%. Excluding GSA and other government orders, wholesale section orders grew 39.7%.
- Consolidated web product sales of $178.8 million
- Modified diluted EPS in the vary of $.67 to $.69
- Powerful funds movement generation, with money furnished by running pursuits of $23.7 million
- Cash on hand of $80. million and no debt as of December 31, 2020
- Paid normal quarterly dividends of $5.3 million in the course of the quarter
- On November 12, 2020, the Company’s Board of Administrators amplified the typical quarterly funds dividend by 19.% and declared a typical quarterly hard cash dividend of $.25 for every share, payable on January 21, 2021
Mr. Kathwari continued, “We finished the quarter with a strong balance sheet, such as funds on hand of $80. million whilst expanding our consolidated gross and working margins by way of disciplined value and cost controls. We have an possibility to go on our development in product sales and profitability due to our robust retail network, the private service of our interior style experts, our exceptional vertical integration whereby 75% of products are created in our North American manufacturing workshops and our national distribution facilities delivering product with white glove assistance to our client’s property.”
“As we head into the 2021 calendar 12 months, we will continue to be concentrated on staff security, continue investing in digital design and interactive conversation systems, rising our small business and making robust dollars movement, refining and repositioning our item choices to attain a bigger client foundation and leveraging our vertical integration,” concluded Mr. Kathwari.
Fiscal Next Quarter Analyst Convention Get in touch with
The Firm also declared nowadays that it will launch its economic and running final results for the fiscal 2021 next quarter ended December 31, 2020, right after the sector closes on Thursday, January 28, 2021.
Subsequent the launch, the Business will host an analyst conference phone at 5:00 PM (Japanese Time) to focus on its results. The analyst meeting connect with will be webcast stay from the Company’s Trader Relations web page at https://ir.ethanallen.com.
To entry the conference call, dial 877-705-2976 (or 201-689-8798 for worldwide members), and enter Assembly Number 13714570. For these not able to listen reside, an archived recording of the call will be produced available on the Company’s website for at the very least 60 days.
ABOUT ETHAN ALLEN
Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior style enterprise, manufacturer and retailer in the home furnishings marketplace. Right now the Company is a world wide luxury worldwide house trend brand name that is vertically integrated from design as a result of shipping, which affords its clientele a worth proposition of model, high quality and price tag. The Firm delivers complimentary inside design and style services to its clientele and sells a complete vary of home furnishings merchandise and attractive accents via a retail community of somewhere around 300 style and design centers in the United States and overseas as properly as on the web at ethanallen.com. The layout centers characterize a mix of impartial licensees and Enterprise-owned and operated areas. The Business operates retail structure centers found in the United States and Canada. The independently operated layout centers are positioned in the United States, Asia, the Middle East and Europe. Ethan Allen owns and operates 9 producing services, like 6 production vegetation in the United States, two production vegetation in Mexico and one particular production plant in Honduras. Roughly 75% of its items are produced or assembled in these North American services.
For much more details on Ethan Allen’s merchandise and services, visit www.ethanallen.com.
ABOUT NON-GAAP Economic Measures
In this information release the Company has included a financial measure that is not well prepared in accordance with U.S. usually recognized accounting principles (“GAAP”). The Firm computes the non-GAAP money evaluate of adjusted diluted EPS by altering GAAP diluted EPS to remove the effects of specific costs and the similar tax effect of these changes. The presentation of this non-GAAP money measure is not meant to be regarded as in isolation or as a substitute for, or excellent to, the fiscal measure presented in accordance with GAAP. The Corporation works by using this non-GAAP money evaluate for economic and operational choice earning and to assess period of time-to-interval comparisons. The Corporation believes that it gives valuable information and facts about running results, enhances the over-all being familiar with of earlier financial functionality and potential clients, and permits for bigger transparency with regard to essential metrics utilized by management in its fiscal and operational conclusion making.
This information launch contains ahead-searching statements within just the this means of the Private Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended (the “Exchange Act”), which symbolize management’s beliefs and assumptions about long term gatherings centered on info currently readily available to the Corporation relating to its long term final results. These forward-looking statements are determined in this news launch integrated herein by reference by use of ahead-hunting terms these as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “continue,” “may,” “will,” “short-phrase,” “target,” “outlook,” “forecast,” “future,” “strategy,” “opportunity,” “would,” “guidance,” “non-recurring,” “one-time,” “unusual,” “should,” “likely,” “COVID-19 impact,” and related expressions and the negatives of these kinds of forward-looking terms. These forward-on the lookout statements are subject matter to administration selections and different assumptions about foreseeable future functions and are not assures of upcoming performance. Real final results could vary materially from all those anticipated in the ahead-searching statements due to a variety of challenges and uncertainties together with, but not minimal to the following: the ongoing global COVID-19 pandemic may carry on to materially adversely impact the Company’s business enterprise, its benefits of functions and total economical performance added funding from external sources may not be out there at the levels needed, or may well price far more than envisioned declines in specified financial problems, which affect shopper self-confidence and customer spending an general drop in the overall health of the economic system and client spending might have an affect on client buys of discretionary things a sizeable change in client desire toward purchasing goods on the web potential to maintain and enhance the Ethan Allen brand failure to effectively anticipate or respond to variations in shopper tastes and trends global and local economic uncertainty might materially adversely have an impact on production functions or resources of items and intercontinental operations competition from overseas manufacturers and domestic merchants disruptions in the provide chain the variety 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 amplified expenditures or lead to production delays recent and former manufacturing and retail operations and products and solutions are matter to ever more stringent environmental, health and security needs merchandise recollects or product safety worries reliance on info technologies systems to process transactions, summarize benefits, and control its enterprise and that of specific independent retailers disruptions in each major and again-up techniques effective cyber-assaults and the skill to manage adequate cyber-safety techniques and treatments reduction, corruption and misappropriation of info and info relating to buyers adjustments in United States trade and tax coverage reliance on specified critical personnel reduction of key staff or inability to use added capable staff additional asset impairment costs that could cut down profitability entry to consumer credit history could be interrupted incapacity to maintain present-day structure middle areas at current costs failure to effectively select and safe design and style middle spots modifications to tax policies hazards and challenges which may not be fully included by insurance coverage possible failure to guard the Company’s mental residence and other components disclosed in Aspect I, Item 1A. Risk Factors, in the Company’s 2020 Annual Report on Sort 10-K.
Offered the challenges and uncertainties encompassing ahead-searching statements, you need to not location undue reliance on these statements. Lots of of these elements are further than the Company’s capacity to management or predict. These ahead-searching statements discuss only as of the date of this information launch. Other than as needed by law, the Business undertakes no obligation to update or revise its forward-wanting statements, whether due to the fact of new information, long run activities, or or else. Accordingly, actual circumstances and final results could differ materially from these contemplated by the forward-on the lookout statements.