Ethan Allen Provides Business Updates and Announces Earnings Release Date for Fiscal 2021 Second Quarter Results
Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) 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.
Matt McNulty – Vice President Finance – email@example.com
Source: Ethan Allen Interiors, Inc.