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 pleased to provide a brief
overview of our continued progress resulting in strong performance
in the third quarter ending March 31. While last year results were
impacted with the start of the COVID-19 pandemic, we had a record
increase of 51.8% in written orders in our retail division,
including ecommerce, compared to the prior year third quarter
ending March 31, 2020. These strong written orders also reflected a
21.9% increase compared to the fiscal 2019 third quarter. We also
realized a major increase in earnings compared to the fiscal 2020
and 2019 third quarter periods. Our focus remains on increasing our
production to deliver the large backlog.”
Preliminary Financial
Results
The Company expects to report the following
financial results for its fiscal third quarter ended March 31,
2021:
- Retail segment written orders increased 51.8% over the prior
year quarter.
- Wholesale segment orders increased 39.0%. Excluding GSA and
other government orders, wholesale segment orders increased
48.3%
- Consolidated net delivered sales of $177.0 million increased
18.2%
- Adjusted diluted EPS in the range of $0.56 to $0.58 compared to
$0.02 in the prior year quarter
- Strong cash flow generation resulting in cash on hand of $109.0
million and no borrowings as of March 31, 2021
- Paid regular quarterly dividends of $6.3 million during the
quarter
Mr. Kathwari continued, “We ended the quarter
with a strong balance sheet, including cash on hand of $109.0
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 to increase production”
concluded Mr. Kathwari.
Fiscal Third Quarter Analyst Conference
Call
The Company also announced today that it will
release its financial and operating results for the fiscal 2021
third quarter ended March 31, 2021, after the market closes on
Thursday, April 29, 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 13718964. 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. The Company provides complimentary
interior design service to its clients and sells a full range of
furniture products and decorative home accents through a retail
network of approximately 300 design centers in the United States
and abroad as well as online at ethanallen.com. 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: Corey Whitely Executive Vice
President Administration & CFO 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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