Danbury, CT, Jan. 13, 2021 (World NEWSWIRE) — Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) currently offered numerous updates on its business enterprise.
Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “We are very pleased that inspite of several difficulties thanks to the ongoing COVID-19 pandemic, we had a solid functionality. The elevated client emphasis on the dwelling has continued a strong demand for our item offerings and style services. With our Retail section published orders, such as our e-commerce enterprise, up 44.9%, it has led to a document large order backlog at quarter-end.”
Preliminary Money Results
The Enterprise expects to report the following money benefits for its second quarter finished December 31, 2020:
- Retail phase published orders development of 44.9% more than the prior year
- Wholesale section orders increased 28.1%. Excluding GSA and other government orders, wholesale phase orders grew 39.7%.
- Consolidated net gross sales of $178.8 million
- Adjusted diluted EPS in the range of $.67 to $.69
- Strong dollars movement generation, with income offered by working pursuits of $23.7 million
- Funds on hand of $80. million and no debt as of December 31, 2020
- Paid out typical quarterly dividends of $5.3 million during the quarter
- On November 12, 2020, the Company’s Board of Administrators increased the normal quarterly money dividend by 19.% and declared a normal quarterly money dividend of $.25 per share, payable on January 21, 2021
Mr. Kathwari ongoing, “We ended the quarter with a strong equilibrium sheet, including income on hand of $80. million when increasing our consolidated gross and operating margins by way of disciplined expense and expense controls. We have an chance to carry on our growth in sales and profitability thanks to our sturdy retail community, the particular support of our interior structure industry experts, our unique vertical integration whereby 75% of merchandise are created in our North American producing workshops and our countrywide distribution centers delivering merchandise with white glove company to our client’s house.”
“As we head into the 2021 calendar 12 months, we will continue being centered on staff security, go on investing in electronic style and interactive interaction systems, escalating our organization and producing robust money move, refining and repositioning our product choices to get to a more substantial consumer foundation and leveraging our vertical integration,” concluded Mr. Kathwari.
Fiscal 2nd Quarter Analyst Conference Simply call
The Corporation also declared right now that it will launch its economic and working effects for the fiscal 2021 second quarter ended December 31, 2020, following the industry closes on Thursday, January 28, 2021.
Adhering to the release, the Organization will host an analyst meeting contact at 5:00 PM (Eastern Time) to go over its effects. The analyst meeting call will be webcast reside from the Company’s Trader Relations web-site at https://ir.ethanallen.com.
To access the convention simply call, dial 877-705-2976 (or 201-689-8798 for worldwide contributors), and enter Conference Amount 13714570. For those people unable to pay attention dwell, an archived recording of the get in touch with will be produced obtainable on the Company’s web page for at the very least 60 times.
ABOUT ETHAN ALLEN
Ethan Allen Interiors Inc. (NYSE: ETH) is a foremost interior style and design firm, company and retailer in the dwelling furnishings marketplace. Today the Organization is a global luxurious global dwelling trend model that is vertically built-in from design and style by means of shipping and delivery, which affords its clientele a benefit proposition of type, quality and cost. The Firm supplies complimentary inside design and style service to its clientele and sells a entire array of household furniture products and ornamental accents by way of a retail network of somewhere around 300 design and style facilities in the United States and abroad as properly as on the internet at ethanallen.com. The design and style facilities represent a combine of impartial licensees and Organization-owned and operated spots. The Business operates retail design facilities positioned in the United States and Canada. The independently operated structure centers are situated in the United States, Asia, the Center East and Europe. Ethan Allen owns and operates 9 manufacturing facilities, like 6 manufacturing crops in the United States, two production plants in Mexico and one particular production plant in Honduras. Close to 75% of its merchandise are made or assembled in these North American services.
For more data on Ethan Allen’s items and solutions, visit www.ethanallen.com.
ABOUT NON-GAAP Financial Measures
In this information release the Corporation has integrated a fiscal measure that is not prepared in accordance with U.S. generally approved accounting concepts (“GAAP”). The Company computes the non-GAAP monetary evaluate of modified diluted EPS by adjusting GAAP diluted EPS to eliminate the affect of selected rates and the similar tax result of these changes. The presentation of this non-GAAP fiscal evaluate is not intended to be thought of in isolation or as a substitute for, or exceptional to, the economical measure introduced in accordance with GAAP. The Firm makes use of this non-GAAP economic evaluate for economic and operational choice generating and to consider time period-to-interval comparisons. The Enterprise thinks that it gives helpful info about operating benefits, enhances the overall understanding of previous financial functionality and prospective clients, and lets for better transparency with respect to key metrics utilised by management in its money and operational decision earning.
This news release incorporates ahead-searching statements within just the indicating of the Non-public Securities Litigation Reform Act of 1995, Portion 27A of the Securities Act of 1933, as amended, and Segment 21E of the Securities Trade Act of 1934, as amended (the “Exchange Act”), which characterize management’s beliefs and assumptions about long run situations based on facts currently available to the Business relating to its long run benefits. These kinds of ahead-hunting statements are determined in this news launch integrated herein by reference by use of ahead-searching terms this sort of as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “continue,” “may,” “will,” “short-expression,” “target,” “outlook,” “forecast,” “future,” “strategy,” “opportunity,” “would,” “guidance,” “non-recurring,” “one-time,” “unusual,” “should,” “likely,” “COVID-19 affect,” and very similar expressions and the negatives of this kind of ahead-on the lookout phrases. These ahead-on the lookout statements are issue to management decisions and several assumptions about upcoming events and are not guarantees of long term overall performance. Genuine benefits could differ materially from those expected in the ahead-seeking statements because of to a amount of threats and uncertainties which include, but not minimal to the subsequent: the ongoing global COVID-19 pandemic may continue to materially adversely have an affect on the Company’s business enterprise, its final results of functions and all round economic overall performance added funding from exterior sources may possibly not be available at the ranges needed, or might value far more than envisioned declines in specific financial circumstances, which effect client assurance and purchaser paying an over-all drop in the wellbeing of the economic system and consumer paying out may possibly have an effect on purchaser buys of discretionary objects a substantial shift in customer desire toward acquiring goods online capacity to maintain and enhance the Ethan Allen brand failure to effectively anticipate or react to improvements in consumer tastes and trends global and local economic uncertainty may perhaps materially adversely have an impact on manufacturing operations or sources of products and intercontinental operations competition from overseas manufacturers and domestic shops disruptions in the source chain the selection of production 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 greater prices or induce production delays current and former manufacturing and retail functions and solutions are issue to significantly stringent environmental, health and safety needs merchandise recalls or solution security worries reliance on facts technology units to approach transactions, summarize success, and deal with its organization and that of sure independent retailers disruptions in both equally main and back-up systems profitable cyber-assaults and the ability to maintain sufficient cyber-safety methods and procedures reduction, corruption and misappropriation of details and data relating to buyers alterations in United States trade and tax coverage reliance on certain crucial staff decline of key staff or incapability to hire more certified staff extra asset impairment rates that could reduce profitability accessibility to consumer credit rating could be interrupted lack of ability to keep existing design center areas at latest expenditures failure to properly select and safe layout heart places alterations to tax policies dangers and dangers which may perhaps not be thoroughly lined by insurance coverage attainable failure to secure the Company’s intellectual house and other variables disclosed in Part I, Item 1A. Danger Factors, in the Company’s 2020 Yearly Report on Type 10-K.
Specified the pitfalls and uncertainties surrounding ahead-hunting statements, you really should not spot undue reliance on these statements. Several of these elements are outside of the Company’s capability to management or predict. These forward-hunting statements discuss only as of the day of this information release. Other than as demanded by law, the Business undertakes no obligation to update or revise its forward-looking statements, regardless of whether mainly because of new information and facts, upcoming activities, or otherwise. Appropriately, actual circumstances and final results could differ materially from individuals contemplated by the ahead-looking statements.