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TheStreet Open House

Ethan Allen Reports Results For Fiscal Year And Quarter Ended June 30, 2013

Stocks in this article: ETH

Ethan Allen Interiors Inc. (NYSE: ETH) today reported operating results for the fiscal year and three months ended June 30, 2013. Please refer to the accompanying financial statements and reconciliations to non-GAAP measures discussed below.

Fiscal 2013 Highlights:

  • Adjusted net income per diluted share of $1.31 grew 39% with flat sales compared to the prior fiscal year
  • Adjusted operating profits were $69 million, a 33% increase
  • Gross margin improved by 110 basis points to 54.6%
  • Company Retail division adjusted operating profit increased to $14.5 million, a positive change of $24.1 million from the previous year and net sales increased 3.4%
  • Cash dividends to stockholders of $22 million, an increase of 176%
  • Cash and securities at June 30, 2013 totaled $104 million

Fourth Quarter Highlights:

  • Adjusted net income per diluted share of $0.34 grew 26% with 1.7% lower net sales
  • Adjusted operating income of $17.5 million grew 23%
  • Gross margin of 54.0% compared to 53.9% the prior year
  • Company Retail division adjusted operating profit increased to $4.2 million from a loss of $1.0 million with a net sales increase of 1.1%
  • Repurchased $24 million of bonds bringing outstanding balance to $129 million
  • Retail division written orders decreased 1.9% including a decline of 0.9% in comparable design center written orders

Farooq Kathwari, Chairman and CEO commented, “We are gratified with our strong performance in earnings due to major improvements in all areas but especially in the operations of the Retail division. This major increase took place despite flat sales. Written and delivered sales were impacted by several factors including significant reductions in clearance events, lower international shipments, and timing of events.”

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