ETHAN ALLEN REPORTS FISCAL 2018
SECOND QUARTER RESULTS
DANBURY, CT -
January 24, 2018 - Ethan Allen Interiors Inc. ("Ethan Allen" or
the "Company") (NYSE: ETH) today reported operating results for the
fiscal 2018 second quarter ended December 31, 2017. Please refer to
the accompanying financial statements and reconciliation to
non-GAAP measures discussed below.
Farooq Kathwari, Chairman and CEO,
commented, "Our net sales for the second quarter ended December 31,
2017 increased 2.0%. GAAP diluted earnings per share was $0.54
compared to $0.38 in the prior year second quarter and adjusted
diluted earnings per share increased 35.9% to $0.53 compared to
$0.39 in the prior year second quarter. Earnings per share
were helped with the change in the tax laws. We are pleased to end
the quarter with a healthy balance sheet and for the fiscal year to
date have paid $10.5 million in dividends, a 10.8% increase. Also,
as we announced on November 15, 2017, a special dividend of $0.31
is payable on January 24, 2018."
As stated in our press release of
January 16, 2018 our wholesale and retail backlogs increased 56.8%
and 7.0% respectively compared to the previous year quarter.
Shipments were impacted by several factors including gearing up
manufacturing especially due to new products, weather disruption
and political challenges in Honduras. GAAP and adjusted
diluted earnings per share reflect an effective tax rate of 16% for
the fiscal 2018 second quarter compared to 36.9% in the prior year
quarter due to the Tax Cut and Jobs Act. The Company preliminarily
expects its effective tax rate will be approximately 30% for fiscal
2018 and 24% to 25% for fiscal 2019.
Mr. Kathwari concluded, "We are
pleased to announce a major marketing campaign to help increase
traffic to our retail network and to our digital mediums starting
from the third quarter. With major improvements in our offerings,
strengthened retail network, investments in our technology and
improvements in our manufacturing, we plan to increase our
advertising by about 33% in the third quarter and by about 15% in
the fourth quarter."
FISCAL 2018 SECOND QUARTER
FINANCIAL RESULTS:
Consolidated
Net sales for
the three months ended December 31, 2017 were $198.5 million which
increased 2.0% compared to $194.7 million in the comparable prior
year period. Wholesale sales increased 3.8% on increases to our
international and domestic independent retailers and the Department
of State. Retail sales decreased 2.1%, primarily due to delayed
shipments to the retail segment from the wholesale segment as a
large share of manufacturing capacity was absorbed by Department of
State production.
Gross profit
was $107.8 million for the three months ended December 31, 2017
compared to $108.1 million and gross margin was 54.3% compared to
55.5% in the comparable prior year period. Increased sales in our
wholesale segment contributed to increased gross profit, which was
partly offset by the impact of increased promotional activity in
our retail segment and the decrease in retail sales as a percent of
total sales. Retail sales as a percent of total consolidated sales
decreased to 77.1% from 80.3% decreasing our consolidated gross
margin due to mix.
Operating
expenses for the three months ended December 31, 2017 were
$90.3 million or 45.5% of sales compared to $91.0 million or 46.8%
of sales in the comparable prior year period. This was primarily
due to a number of minor non-recurring items in the current
year.
Operating income for the
three months ended December 31, 2017 was $17.5 million or 8.8% of
sales compared to $17.1 million or 8.8% of sales in the comparable
prior year period. Adjusted operating income for the three
months ended December 31, 2017 was $17.2 million or 8.7% of sales
compared to $17.1 million or 8.8% of sales in the comparable prior
year period. The primary causes for the change in operating income
was the change in net sales. (See Exhibit 1 for a reconciliation of
GAAP to non-GAAP presentation)
Income taxes were $2.8
million for the three months ended December 31, 2017 and $6.3
million in the comparable prior year period. The effective rate
this quarter was 16.0% compared to 36.9%. The effective tax rate
for the quarter was dramatically lower due to the 2017 tax act.
Net income
was $14.9 million or $0.54 per diluted share for the three months
ended December 31, 2017 and $10.7 million or $0.38 per diluted
share in the prior year comparable period. Adjusted net income was
$14.6 million or $0.53 per diluted share for the three months ended
December 31, 2017 and $10.8 million or $0.39 per diluted share in
the prior year comparable period. (See Exhibit 1 for a
reconciliation of GAAP to non-GAAP presentation)
Retail
Segment
Net sales for
the three months ended December 31, 2017 were $153.0 million
compared to $156.3 million in the prior year comparable period, a
decrease of 2.1% compared to the prior year. Comparative net sales
were $150.5 million compared to $153.9 million in the prior year
period. Comparable design centers are those which have been
operating for at least 15 months, including relocated design
centers provided the original and relocated design center location
had been operating for at least 15 months on a combined basis.
Total written
orders for the retail division for the first quarter of fiscal
2018 were down 5.8% compared to the same prior year period, and
comparable Design Center written orders were down 6.2% over the
same period. Written orders were impacted by lower traffic and for
some retail design centers, by winter weather.
Operating
income was a loss of $0.6 million for the three months ended
December 31, 2017, a decrease of $2.8 million from $2.1 million
over the same prior year period. The lower operating income in the
current quarter was driven primarily by the decrease in sales.
Wholesale
Segment
Net sales of $118.0 million
compared to $113.7 million in the prior year quarter, an increase
of 3.8%. The increase in sales is due to increases to our
international and domestic independent retailers and the Department
of State. Disruptions were caused by first production runs as
discussed previously.
Operating
income of $15.6 million compared to $14.2 million in the prior
year quarter. The current year increase was largely due to
increased current period sales.
FISCAL 2018
YEAR-TO-DATE FINANCIAL RESULTS:
Net sales for
the six months ended December 31, 2017 were $379.8 million, a
decrease of 2.1% compared to $388.0 million. Sales for the retail
and wholesale segments were negatively affected mostly in the first
quarter of fiscal 2018 by the hurricanes and disruptions in the
manufacturing processes due to the first production runs of new
product lines, as discussed previously. While wholesale net sales
increased compared to the prior period, overall, an increase in
wholesale net sales was more than offset by a decrease in retail
sales.
Gross profit
was $208.1 million for the six months ended December 31, 2017
compared to $216.6 million and gross margin was 54.8%, compared to
55.8%. The reduction in net sales reduced gross profit. Retail
sales accounted for 77.6% of sales in the current year compared to
79.5% in the prior year. This reduction in retail sales as a
percent of total sales also contributed to decreased gross profit.
(See Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation).
Operating
expenses for the six months ended December 31, 2017 were $179.0
million or 47.1% of sales compared to $181.2 million or 46.7% of
sales in the comparable prior year period. The decrease in fiscal
2018 expenses is primarily due to lower sales in the current year,
and also decreased current year advertising costs.
Operating
income for the six months ended December 31, 2017 was $29.1
million or 7.7% of sales compared to $35.4 million or 9.1% of sales
in the comparable prior year period. Adjusted operating margin of
7.8% compared to 9.3% in the prior year. Adjusted operating income
for the six months ended December 31, 2017 was $29.6 million
compared to $36.0 million for the prior six months. The primary
causes for the decrease in operating income were lower sales in the
first quarter of fiscal 2018 caused in part by the negative effects
of the hurricanes and first production runs. During the second
quarter of fiscal 2018 operating income was 2.6% greater than the
previous fiscal period, and operating margin was 8.8% during both
periods. (See Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Income taxes
year-to-date totaled $6.8 million compared to $12.9 million. Our
effective tax rate was 23.5% in the period compared to 36.7%. The
effective tax rate for the current year-to-date period was
dramatically lower due to the 2017 tax act.
Net income of
$22.3 million compared to $22.2 million, and excluding special
items, adjusted net income was $22.7 million in both years.
Earnings per diluted share of $0.80 compared to $0.79, and
excluding special items, adjusted EPS of $0.82 compared to $0.81.
(See Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Balance Sheet and
Cash Flow
Total debt of
$0.5 million decreased $13.8 million from June 30, 2017 primarily
due to a $13.3 million early payoff of our term loan, reducing
borrowings under our credit facility to zero.
Total cash and
securities, including restricted cash, of $49.1 million
decreased $16.0 million from June 30, 2017, reflecting
extinguishment of $14.2 million of debt and paying out $10.5
million in dividends. Our cash used in operating activities for the
December 2017 quarter was $3.5 million from $0.0 million for the
prior year December quarter. Working capital decreased $7.0 million
from June 30, 2017, primarily due to the $14.2 million paydown of
debt.
Inventories
of $160.8 million increased by $11.4 million from June 30,
2017.
Capital
expenditures were $5.0 million fiscal year to date at December
31, 2017 compared to $11.3 million for the same prior year period.
Expenditures were primarily at retail design centers.
Dividends and
share repurchases; During the year to date period ended
December 31, 2017, we paid $10.5 million of dividends, a 10.8%
increase over the prior fiscal year.
Analyst
Conference Call
Ethan Allen will conduct an
analyst conference call at 5:00 PM (Eastern) on Wednesday, January
24 to discuss its financial results and business initiatives. The
live webcast is accessible via the Company's website at
http://ethanallen.com/investors. To participate in the call, dial
844-822-0103 (or 614-999-9166 for international callers) and
provide conference ID# 50728593. An archived recording of the call
will be made available for at least 60-days on the Company's
website.
About Ethan
Allen
Ethan Allen Interiors Inc. (NYSE:
ETH) is a leading interior design company and manufacturer and
retailer of quality home furnishings. The company offers
complimentary interior design service to its clients and sells a
full range of furniture products and decorative accessories through
ethanallen.com and a network of approximately 300 Design Centers in
the United States and abroad. Ethan Allen owns and operates nine
manufacturing facilities including six manufacturing plants and one
sawmill in the United States plus one plant each in Mexico and
Honduras. Approximately 75% of its products are made in its North
American plants. For more information on Ethan Allen's products and
services, visit ethanallen.com.
Investor Relations Contact
Corey Whitely
Executive Vice President, Administration
Chief Financial Officer and Treasurer
IR@ethanallen.com
Non-GAAP
Financial Information
This press release is intended to
supplement, rather than to supersede, the Company's condensed
consolidated financial statements, which are prepared and presented
in accordance with U.S. Generally Accepted Accounting Principles
("GAAP"). In this press release we have included financial measures
that are not prepared in accordance with GAAP. The Company uses the
following non-GAAP financial measures: "adjusted operating
expenses", "adjusted operating income", "adjusted operating
margin", "adjusted net income", "adjusted earnings per share", and
earnings before interest, taxes, depreciation and amortization
("EBITDA") (collectively "non-GAAP financial measures"). We compute
these non-GAAP financial measures by adjusting the GAAP measures to
remove the impact of certain recurring and non-recurring charges
and gains and the tax effect of these adjustments. The
presentation of this financial information is not intended to be
considered in isolation or as a substitute for, or superior to, the
financial information prepared and presented in accordance with
GAAP. The Company uses these non-GAAP financial measures for
financial and operational decision making and as a means to
evaluate period-to-period comparisons. The Company believes that
they provide useful information about operating results, enhance
the overall understanding of past financial performance and future
prospects, and allow for greater transparency with respect to key
metrics used by management in its financial and operational
decision making. The non-GAAP financial measures used by the
Company in this press release may be different from the non-GAAP
financial measures, including similarly titled measures, used by
other companies. A reconciliation of these financial measures to
the most directly comparable financial measure reported in
accordance with GAAP is also provided at the end of this press
release.
Forward-Looking
Information
This press release and any related
webcasts, conference calls and other related discussions should
also be read in conjunction with the Company's Annual Report on
Form 10-K for the year ended June 30, 2017 and other reports filed
with the Securities and Exchange Commission.
This press 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 our management's beliefs and assumptions concerning
future events based on information currently available to us
relating to our future results. Such forward-looking statements are
identified in this press release and any related webcasts,
conference calls and other related discussions or documents
incorporated herein by reference by use of forward-looking words
such as "anticipate", "believe", "plan", "estimate", "expect",
"intend", "will", "may", "continue", "project", "target",
"outlook", "forecast", "guidance", 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: competition
from overseas manufacturers and domestic retailers; our
anticipating or responding to changes in consumer tastes and trends
in a timely manner; our ability to maintain and enhance our brand,
marketing and advertising efforts and pricing strategies; changes
in global and local economic conditions that may adversely affect
consumer demand and spending, our manufacturing operations or
sources of merchandise and international operations; changes in
U.S. policy related to imported merchandise; an economic downturn;
our limited number of manufacturing and logistics sites;
fluctuations in the price, availability and quality of raw
materials; environmental, health and safety requirements; product
safety concerns; disruption to our technology infrastructure
(including cyber-attacks); increasing labor costs, competitive
labor markets and our continued ability to retain high-quality
personnel and risks of work stoppages; loss of key personnel; our
ability to obtain sufficient external funding to finance our
operations and growth; access to consumer credit; the effect of
operating losses on our ability to pay cash dividends; our ability
to locate new design center sites and/or negotiate favorable lease
terms for additional design centers or for the expansion of
existing design centers; the effects of terrorist attacks or
conflicts or wars involving the United States or its allies or
trading partners; and those matters discussed in "Item 1A - Risk
Factors" of our Annual Report on Form 10-K for the year ended June
30, 2017, and elsewhere in this press release and our SEC filings.
Accordingly, actual circumstances and results could differ
materially from those contemplated by the forward-looking
statements.
Given the risks and uncertainties
surrounding forward-looking statements, you should not place undue
reliance on these statements. Many of these factors are beyond our
ability to control or predict. Our forward-looking statements speak
only as of the date of this press release. Other than as required
by law, we undertake no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Ethan Allen Interiors Inc. |
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|
|
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Selected Financial Information |
|
|
|
|
Unaudited |
|
|
|
|
(in
millions) |
|
|
|
|
Selected
Consolidated Financial Data: |
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 |
Net
sales |
$198.5 |
$194.7 |
$379.8 |
$388.0 |
Gross
margin |
54.3% |
55.5% |
54.8% |
55.8% |
Operating
margin |
8.8% |
8.8% |
7.7% |
9.1% |
Adjusted
operating margin * |
8.7% |
8.8% |
7.8% |
9.3% |
Net
income |
$14.9 |
$10.7 |
$22.3 |
$22.2 |
Adjusted
net income * |
$14.6 |
$10.8 |
$22.7 |
$22.7 |
Operating
cash flow |
($3.5) |
($0.0) |
$14.2 |
$27.5 |
Capital
expenditures |
$2.3 |
$3.8 |
$5.0 |
$11.3 |
Company
stock repurchases (trade date) |
$0.0 |
$0.0 |
$0.0 |
$3.4 |
|
|
|
|
|
EBITDA |
$22.6 |
$22.2 |
$39.1 |
$45.5 |
EBITDA as
% of net sales |
11.4% |
11.4% |
10.3% |
11.7% |
|
|
|
|
|
Adjusted
EBITDA * |
$22.3 |
$22.2 |
$39.7 |
$46.1 |
Adjusted
EBITDA as % of net sales * |
11.2% |
11.4% |
10.5% |
11.9% |
|
|
|
|
|
Selected
Financial Data by Business Segment: |
|
|
|
|
|
Three Months Ended |
Six Months Ended |
Retail |
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 |
Net
sales |
$153.0 |
$156.3 |
$294.6 |
$308.5 |
Operating
margin |
-0.4% |
1.4% |
-1.2% |
1.0% |
Adjusted
operating margin * |
-0.4% |
1.4% |
-1.2% |
1.2% |
|
|
|
|
|
Wholesale |
|
|
|
|
Net
sales |
$118.0 |
$113.7 |
$229.6 |
$228.3 |
Operating
margin |
13.2% |
12.5% |
12.6% |
13.4% |
Adjusted
operating margin * |
12.9% |
12.5% |
12.9% |
13.4% |
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Ethan Allen Interiors Inc. |
|
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Condensed Consolidated Statements of
Comprehensive Income |
|
|
Unaudited |
|
|
|
|
(in
thousands) |
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
12/31/17 |
12/31/16 |
12/31/17 |
12/31/16 |
Net
sales |
$198,481 |
$194,672 |
$379,783 |
$387,959 |
Cost of
sales |
90,690 |
86,548 |
171,669 |
171,368 |
Gross
profit |
107,791 |
108,124 |
208,114 |
216,591 |
Selling,
general and administrative expenses |
90,253 |
91,030 |
179,027 |
181,160 |
Operating
income |
17,538 |
17,094 |
29,087 |
35,431 |
Interest
and other income |
183 |
182 |
239 |
325 |
Interest
expense |
33 |
324 |
218 |
647 |
Income
before income taxes |
17,688 |
16,952 |
29,108 |
35,109 |
Income
tax expense |
2,826 |
6,252 |
6,831 |
12,880 |
Net
income |
$14,862 |
$10,700 |
$22,277 |
$22,229 |
|
|
|
|
|
Basic
earnings per common share: |
|
|
|
|
Net
income per basic share |
$0.54 |
$0.39 |
$0.81 |
$0.80 |
Basic
weighted average shares outstanding |
27,472 |
27,666 |
27,466 |
27,696 |
|
|
|
|
|
Diluted
earnings per common share: |
|
|
|
|
Net
income per diluted share |
$0.54 |
$0.38 |
$0.80 |
$0.79 |
Diluted
weighted average shares outstanding |
27,728 |
27,945 |
27,742 |
27,979 |
|
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|
|
Comprehensive income: |
|
|
|
|
Net
income |
$14,862 |
$10,700 |
$22,277 |
$22,229 |
Other
comprehensive income |
|
|
|
|
Currency
translation adjustment |
(1,392) |
(1,281) |
(1,522) |
(2,211) |
Other |
(18) |
(11) |
(32) |
(23) |
Other
comprehensive income (loss) net of tax |
(1,410) |
(1,292) |
(1,554) |
(2,234) |
Comprehensive income |
$13,452 |
$9,408 |
$20,723 |
$19,995 |
Ethan Allen Interiors Inc. |
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Condensed Consolidated Balance Sheets |
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|
Unaudited |
|
|
(in
thousands) |
|
|
|
December 31, |
June 30, |
Assets |
2017 |
2017 |
Current
assets: |
|
|
Cash and cash equivalents |
$41,987 |
$57,701 |
Accounts receivable, net |
14,457 |
12,293 |
Inventories |
160,843 |
149,483 |
Prepaid expenses & other current assets |
19,169 |
23,621 |
Total current assets |
236,456 |
243,098 |
|
|
|
Property,
plant and equipment, net |
263,396 |
270,198 |
Intangible assets, net |
45,128 |
45,128 |
Restricted cash and investments |
7,063 |
7,330 |
Other
assets |
2,969 |
2,468 |
Total Assets |
$555,012 |
$568,222 |
Liabilities and Shareholders' Equity |
|
|
Current
liabilities: |
|
|
Current maturities of long-term debt |
276 |
2,731 |
Customer deposits |
58,587 |
62,960 |
Accounts payable |
17,003 |
16,961 |
Accrued expenses & other current liabilities |
50,913 |
43,793 |
Total current liabilities |
126,779 |
126,445 |
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|
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Long-term
debt |
223 |
11,608 |
Other
long-term liabilities |
25,316 |
29,273 |
Total liabilities |
152,318 |
167,326 |
Shareholders' equity: |
|
|
Common stock |
490 |
490 |
Additional paid-in-capital |
377,022 |
377,550 |
Less: Treasury stock |
-634,532 |
-635,179 |
Retained earnings |
665,209 |
661,976 |
Accumulated other comprehensive income |
-5,653 |
-4,131 |
Total
Ethan Allen Interiors Inc. shareholders' equity |
402,536 |
400,706 |
Noncontrolling interests |
158 |
190 |
Total
shareholders' equity |
402,694 |
400,896 |
Total Liabilities and Shareholders' Equity |
$555,012 |
$568,222 |
Ethan Allen Interiors Inc. |
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Design Center Activity |
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|
Second Quarter Fiscal 2018 |
|
|
|
Unaudited |
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|
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Company |
|
|
Independent |
Owned |
Total |
Balance
at beginning of period |
156 |
150 |
306 |
Additions
(includes Relocations) (1) |
3 |
0 |
3 |
Closings
(includes Relocations) (1) |
(2) |
(2) |
(4) |
Transfers |
0 |
0 |
0 |
Balance
at end of period |
157 |
148 |
305 |
|
|
|
|
United
States |
47 |
142 |
189 |
International |
110 |
6 |
116 |
|
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|
|
(1)
Relocations in additions & closing |
0 |
0 |
0 |
Ethan Allen Interiors Inc. |
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GAAP Reconciliation |
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|
|
|
Three and Six Months Ended December 31, 2017
and 2016 |
|
|
|
Unaudited |
|
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|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December
31, |
December
31, |
|
2017 |
2016 |
2017 |
2016 |
Net Income / Earnings Per Share |
|
|
Net
income |
$14,862 |
$10,700 |
$22,277 |
$22,229 |
Adjustments net of related tax effects * |
-217 |
0 |
418 |
391 |
Normalized income tax effects * |
0 |
65 |
0 |
65 |
Adjusted
net income |
$14,645 |
$10,765 |
$22,695 |
$22,685 |
Diluted
weighted average shares outstanding |
27,728 |
27,945 |
27,742 |
27,979 |
Earnings
per diluted share |
$0.54 |
$0.38 |
$0.80 |
$0.79 |
Adjusted
earnings per diluted share |
$0.53 |
$0.39 |
$0.82 |
$0.81 |
|
|
|
|
|
Consolidated Operating Income / Operating
Margin |
|
Operating
income |
$17,538 |
$17,094 |
$29,087 |
$35,431 |
Add:
adjustments * |
-312 |
0 |
535 |
616 |
Adjusted
operating income * |
$17,226 |
$17,094 |
$29,622 |
$36,047 |
|
|
|
|
|
Net
sales |
$198,481 |
$194,672 |
$379,783 |
$387,959 |
Operating
margin |
8.8% |
8.8% |
7.7% |
9.1% |
Adjusted
operating margin * |
8.7% |
8.8% |
7.8% |
9.3% |
|
|
|
|
|
Wholesale Operating Income / Operating
Margin |
Wholesale
operating income |
$15,568 |
$14,179 |
$29,030 |
$30,670 |
Add:
adjustments * |
-312 |
0 |
535 |
0 |
Adjusted
wholesale operating income * |
$15,256 |
$14,179 |
$29,565 |
$30,670 |
Wholesale
net sales |
$117,965 |
$113,693 |
$229,552 |
$228,257 |
Wholesale
operating margin |
13.2% |
12.5% |
12.6% |
13.4% |
Adjusted
wholesale operating margin * |
12.9% |
12.5% |
12.9% |
13.4% |
Retail Operating Income / Operating
Margin |
Retail
operating income |
-$635 |
$2,147 |
-$3,408 |
$3,170 |
Add:
adjustments * |
0 |
0 |
0 |
616 |
Adjusted
retail operating income * |
-$635 |
$2,147 |
-$3,408 |
$3,786 |
Retail
net sales |
$152,991 |
$156,292 |
$294,566 |
$308,547 |
Retail
operating margin |
-0.4% |
1.4% |
-1.2% |
1.0% |
Adjusted
retail operating margin * |
-0.4% |
1.4% |
-1.2% |
1.2% |
Ethan Allen Interiors Inc. |
|
|
|
|
GAAP Reconciliation |
|
|
|
|
Three and Six Months Ended December 31, 2017
and 2016 |
|
|
|
Unaudited |
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December
31, |
December
31, |
|
2017 |
2016 |
2017 |
2016 |
EBITDA |
|
|
|
|
Net
income |
$14,862 |
$10,700 |
$22,277 |
$22,229 |
Add: interest expense, net |
-44 |
208 |
-18 |
409 |
income
tax expense |
2,826 |
6,252 |
6,831 |
12,880 |
depreciation and amortization |
4,954 |
5,000 |
10,040 |
9,999 |
EBITDA |
$22,598 |
$22,160 |
$39,130 |
$45,517 |
Net
sales |
$198,481 |
$194,672 |
$379,783 |
$387,959 |
EBITDA as
% of net sales |
11.4% |
11.4% |
10.3% |
11.7% |
|
|
|
|
|
EBITDA |
$22,598 |
$22,160 |
$39,130 |
$45,517 |
Add:
adjustments * |
-312 |
0 |
602 |
616 |
Adjusted
EBITDA |
$22,286 |
$22,160 |
$39,732 |
$46,133 |
Net
sales |
$198,481 |
$194,672 |
$379,783 |
$387,959 |
Adjusted
EBITDA as % of net sales |
11.2% |
11.4% |
10.5% |
11.9% |
|
|
|
|
|
|
|
|
|
|
*
Adjustments consist of the following: |
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December
31, |
December
31, |
|
2017 |
2016 |
2017 |
2016 |
Adjustments net of related income tax effects: |
|
|
|
|
Real
estate losses |
$0 |
$0 |
$0 |
$616 |
Organizational changes and other exit costs |
-312 |
0 |
535 |
0 |
Adjustments to operating income |
-312 |
0 |
535 |
616 |
Early
debt extinguishment |
0 |
0 |
67 |
0 |
Adjustments to EBITDA |
-312 |
0 |
602 |
616 |
Related
tax effects |
95 |
0 |
-184 |
-225 |
Adjustments net of related income tax effects |
-$217 |
$0 |
$418 |
$391 |
|
|
|
|
|
Related tax effects are calculated using a normalized tax
rate of 30.5% in the current fiscal year and 36.5% in the prior
fiscal year |
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ethan Allen Interiors Inc. via Globenewswire
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