DANBURY, CT -
January 28, 2019 - Ethan Allen Interiors Inc. ("Ethan Allen" or
the "Company") (NYSE: ETH) today reported operating results for its
fiscal 2019 second quarter ended December 31, 2018. Please refer to
the accompanying financial statements and reconciliation to
non-GAAP measures discussed below.
Fiscal 2019
second quarter compared to fiscal 2018 second quarter:
-
Consolidated net sales of $197.2 million
compared to $198.5 million. Retail net sales of $158.5 million
compared to $153.0 million. Wholesale net sales of $107.7 million
compared to $118.0 million.
-
GAAP operating margin of 8.2% compared to 8.8%
and adjusted operating margin of 8.3% compared to 8.7%.
-
Tax rate of 25.1% compared to 16.0% in quarter
ended December 31, 2018.
-
GAAP diluted earnings per share of $0.45
compared to $0.54 and adjusted diluted earnings per share of $0.46
compared to $0.53.
-
Paid $5.1 million in cash dividends.
-
Announced special dividend of $1.00 which was
paid on January 24, 2019.
"Our unique vertically integrated
structure provides us an opportunity to differentiate and grow both
sales and profits. We continue to strengthen the enterprise with
many initiatives including: introduction of new products to expand
reach; an integrated marketing campaign utilizing both digital and
print mediums; repositioning of our retail network with 200 design
centers in North America and 100 internationally; continuous
improvements to our manufacturing and logistics; and operating our
enterprise in a socially responsible manner," said Farooq Kathwari,
Ethan Allen's Chairman, President, and CEO.
Mr. Kathwari continued, "During
the six months ending December 31, 2018, sales increased 1.4%
despite challenging macroeconomic conditions related to
international trade, stock market fluctuations and the government
shutdown. The increase in retail sales resulted in profitability
for retail for the second quarter and first six months. Wholesale
segment sales and operating income were negatively impacted by
reduced international sales and extraordinary sales discounts in
order to win bids on GSA State Department orders while another
bidder was liquidating inventory during their bankruptcy."
"We are positioned well in both
our wholesale and retail divisions with strengthened and relevant
product offerings, strong marketing initiatives, 1,500 in-house
entrepreneurial interior design associates and continuous
improvement to manufacturing and logistics. In January 2019, we
have seen improved traffic trends in our design centers and a
positive outlook by our clients. We remain cautiously optimistic,"
Mr. Kathwari concluded.
FISCAL 2019
SECOND QUARTER FINANCIAL RESULTS:
Consolidated
Net sales
were $197.2 million for the three months ended December 31, 2018
compared to $198.5 million for the same period in the prior year, a
decrease of 0.7%.
Gross profit
was $108.9 million for the three months ended December 31, 2018
compared to $107.8 million in the comparable prior year period.
Consolidated gross margin for the quarter was 55.2% compared to
54.3%. Retail sales as a percent of total consolidated sales was
80.4% for the quarter compared to 77.1% in the prior year quarter,
increasing our consolidated gross margin primarily due to this
increased retail sales mix.
Operating
expenses for the three months ended December 31, 2018 were
$92.7 million or 47.0% of sales compared to $90.3 million or 45.5%
of sales in the comparable prior year period. Adjusted operating
expenses were $92.4 million or 46.9% of sales compared to $90.6
million or 45.6% of sales. The 2.1% increase in adjusted operating
expenses was primarily due to wholesale distribution cost increases
and increased variable costs at retail, partly offset by a decrease
in advertising. (See Exhibit 1 for a reconciliation of GAAP to
non-GAAP presentation)
Operating
income for the three months ended December 31, 2018 was $16.1
million or 8.2% of sales compared to $17.5 million or 8.8% of sales
in the comparable prior year period. Adjusted operating
income for the three months ended December 31, 2018 was $16.4
million or 8.3% of sales compared to $17.2 million or 8.7% of sales
in the comparable prior year period. The primary causes for the
8.0% decrease in operating income were the decreased wholesale
sales partly offset by retail sales increases, and increased
variable costs of logistics partly associated with increased sales.
(See Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Income taxes
were $4.1 million for the three months ended December 31, 2018 and
$2.8 million in the comparable prior year period. The effective
rate this quarter was 25.1% compared to 16.0%. The effective tax
rate for the prior year quarter was lower due to the benefit from
the re-measurement of deferred tax assets and liabilities as a
result of tax rate changes due to the 2017 tax act.
Net income
was $12.2 million or $0.45 per diluted share for the three months
ended December 31, 2018 and $14.9 million or $0.54 per diluted
share in the prior year comparable period. Adjusted net income was
$12.4 million or $0.46 per diluted share for the three months ended
December 31, 2018 and $14.6 million or $0.53 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, 2018 were $158.5 million
compared to $153.0 million in the prior year comparable period, an
increase of 3.6% compared to the prior year. Comparative net sales
were $155.1 million compared to $151.0 million in the prior year
period. Increased domestic sales were partly offset by decreased
sales in Canada.
Total written
orders for the retail division for the second quarter of fiscal
2019 were down 3.4% compared to the same prior year period, and
comparable Design Center written orders were down 4.2% over the
same period. Orders decreased in the both the U.S. and Canada.
Operating
income was $3.3 million for the three months ended December 31,
2018, an improvement of $3.9 million from a loss of $0.6 million
over the same prior year period, driven by increased sales in the
current year period.
Wholesale
Segment
Net sales of
$107.7 million compared to $118.0 million in the prior year
quarter, a decrease of 8.7%. During the previous year wholesale
segment sales were at elevated levels as the shipping delays and
high backlogs from the first quarter were mostly caught up in the
second quarter. This year the wholesale segment backlog levels in
the first quarter were at normal levels as our manufacturing is
running more efficiently this year with no shipping delays.
Lower international sales, especially to China, partly offset by
increased contract sales, also contributed to the sales
decrease.
Operating
income of $8.8 million compared to $15.6 million in the prior
year quarter. The decrease was largely due to the decrease in
current period sales.
FISCAL 2019
YEAR-TO-DATE FINANCIAL RESULTS:
Consolidated
Net sales
were $384.9 million for the six months ended December 31, 2018
compared to $379.8 million for the same period in the prior year,
an increase of 1.4%. Retail net sales increased 3.1% and wholesale
net sales decreased 1.7%.
Gross profit
was $210.3 million for the six months ended December 31, 2018
compared to $208.1 million in the comparable prior year period.
Consolidated gross margin for the period was 54.6% compared to
54.8%. Our consolidated gross margin decreased primarily due to
lower sales volume at wholesale. Retail sales as a percent of total
consolidated sales was 78.9% for the period compared to 77.6% in
the prior year.
Operating
expenses for the six months ended December 31, 2018 were $182.4
million or 47.4% of sales compared to $179.0 million or 47.1% of
sales in the comparable prior year period. The 1.9% increase in
operating expenses was primarily due to an increase in logistics
costs.
Operating
income for the six months ended December 31, 2018 was $27.9
million or 7.3% of sales compared to $29.1 million or 7.7% of sales
in the comparable prior year period. Adjusted operating
income for the six months ended December 31, 2018 was $28.2 million
or 7.3% of sales compared to $29.6 million or 7.8% of sales in the
comparable prior year period. The primary causes for the 4.7%
decrease in operating income were the reduced sales in wholesale
and increased variable costs of freight distribution and warehouse
costs, partly offset by increased domestic retail sales. (See
Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Income taxes
were $7.0 million for the six months ended December 31, 2018 and
$6.8 million in the comparable prior year period. The effective
rate this year was 25.0% compared to 23.5%. The prior year rate
included a benefit from the re-measurement of deferred tax assets
and liabilities as a result of tax rate changes due to the 2017 tax
act.
Net income
was $21.0 million or $0.78 per diluted share for the six months
ended December 31, 2018 and $22.3 million or $0.80 per diluted
share in the prior year comparable period. Adjusted net income was
$21.3 million or $0.79 per diluted share for the six months ended
December 31, 2018 and $22.7 million or $0.82 per diluted share in
the prior year comparable period. (See Exhibit 1 for a
reconciliation of GAAP to non-GAAP presentation)
Balance Sheet and
Cash Flow
Total debt of
$1.3 million related to capital leases decreased $0.3 million from
June 30, 2018.
Total cash and
cash equivalents of $38.8 million increased $16.4 million from
June 30, 2018, paying out $10.1 million in dividends.
Inventories
of $159.2 million decreased by $3.8 million from June 30, 2018.
Capital
expenditures were $5.0 million fiscal year to date at both
December 31, 2018 and 2017. Expenditures were primarily at retail
design centers.
Dividends
During the year to date period ended December 31, 2018, we paid
$10.1 million of dividends, maintaining our $0.19 quarterly
dividend rate with the prior fiscal year.
Analyst
Conference Call
Ethan Allen will conduct an
analyst conference call at 5:00 PM (Eastern) on Monday, January 28
to discuss its financial results and business initiatives. The
analyst conference call will be webcast from the "Events and
Presentations" page at http://www.ethanallen.com/investors. To
participate in the call, dial 844-822-0103 (or 614-999-9166 for
international callers) and provide conference ID# 8299000. 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, 2018 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;
potentially negative or unexpected tax consequences of changes to
fiscal and tax policies; 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; disruptions 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;
additional impairment charges that could reduce our profitability;
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; results of operations for any
quarter are not necessarily indicative of our results of operations
for a full year; possible failure to protect our intellectual
property; and those matters discussed in "Item 1A - Risk Factors"
of our Annual Report on Form 10-K for the year ended June 30, 2018,
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. |
|
|
|
|
Selected Financial Information |
|
|
|
|
Unaudited |
|
|
|
|
(in
millions) |
|
|
|
|
Selected Consolidated Financial Data: |
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
12/31/18 |
12/31/17 |
12/31/18 |
12/31/17 |
Net
sales |
$197.2 |
$198.5 |
$384.9 |
$379.8 |
Gross
margin |
55.2% |
54.3% |
54.6% |
54.8% |
Operating
margin |
8.2% |
8.8% |
7.3% |
7.7% |
Adjusted
operating margin * |
8.3% |
8.7% |
7.3% |
7.8% |
Net
income |
$12.2 |
$14.9 |
$21.0 |
$22.3 |
Adjusted
net income * |
$12.4 |
$14.6 |
$21.3 |
$22.7 |
Operating
cash flow |
$7.0 |
($3.5) |
$31.5 |
$14.2 |
Capital
expenditures |
$2.2 |
$2.3 |
$5.0 |
$5.0 |
Company
stock repurchases (trade date) |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
|
|
|
|
|
EBITDA |
$21.1 |
$22.6 |
$37.9 |
$39.1 |
EBITDA as
% of net sales |
10.7% |
11.4% |
9.8% |
10.3% |
|
|
|
|
|
Adjusted
EBITDA * |
$21.4 |
$22.3 |
$38.2 |
$39.7 |
Adjusted
EBITDA as % of net sales * |
10.9% |
11.2% |
9.9% |
10.5% |
|
|
|
|
|
Selected Financial Data by Business Segment: |
|
|
|
|
|
Three Months Ended |
Six Months Ended |
Retail |
12/31/18 |
12/31/17 |
12/31/18 |
12/31/17 |
Net
sales |
$158.5 |
$153.0 |
$303.7 |
$294.6 |
Operating
margin |
2.1% |
-0.4% |
0.6% |
-1.2% |
Adjusted
operating margin * |
2.2% |
-0.4% |
0.7% |
-1.2% |
Wholesale |
|
|
|
|
Net
sales |
$107.7 |
$118.0 |
$225.7 |
$229.6 |
Operating
margin |
8.2% |
13.2% |
10.2% |
12.6% |
Adjusted
operating margin * |
8.3% |
12.9% |
10.3% |
12.9% |
|
|
|
|
|
Ethan Allen Interiors Inc. |
|
|
|
|
|
Condensed Consolidated Statements of
Comprehensive Income |
|
|
|
Unaudited |
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|
|
12/31/18 |
12/31/17 |
12/31/18 |
12/31/17 |
|
Net sales |
$197,152 |
$198,481 |
$384,937 |
$379,783 |
|
Cost of sales |
88,292 |
90,690 |
174,627 |
171,669 |
|
Gross profit |
108,860 |
107,791 |
210,310 |
208,114 |
|
Selling, general and administrative expenses |
92,732 |
90,253 |
182,383 |
179,027 |
|
Operating income |
16,128 |
17,538 |
27,927 |
29,087 |
|
Interest and other income |
233 |
183 |
259 |
239 |
|
Interest expense |
81 |
33 |
134 |
218 |
|
Income before income taxes |
16,280 |
17,688 |
28,052 |
29,108 |
|
Income tax expense |
4,090 |
2,826 |
7,022 |
6,831 |
|
Net income |
$12,190 |
$14,862 |
$21,030 |
$22,277 |
|
|
|
|
|
|
|
Basic earnings per common
share: |
|
|
|
|
|
Net income per basic share |
$0.46 |
$0.54 |
$0.79 |
$0.81 |
|
Basic weighted average shares outstanding |
26,574 |
27,472 |
26,556 |
27,466 |
|
|
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
Net income per diluted share |
$0.45 |
$0.54 |
$0.78 |
$0.80 |
|
Diluted weighted average shares outstanding |
26,923 |
27,728 |
26,932 |
27,742 |
|
|
|
|
|
|
|
Comprehensive income: |
|
|
|
|
|
Net income |
$12,190 |
$14,862 |
$21,030 |
$22,277 |
|
Other comprehensive income |
|
|
|
|
|
Currency translation adjustment |
(1,195) |
(1,392) |
52 |
(1,522) |
|
Other |
(19) |
(18) |
(45) |
(32) |
|
Other comprehensive income (loss) net of tax |
(1,214) |
(1,410) |
7 |
(1,554) |
|
Comprehensive income |
$10,976 |
$13,452 |
$21,037 |
$20,723 |
|
Ethan Allen Interiors Inc. |
|
|
Condensed Consolidated Balance Sheets |
|
|
Unaudited |
|
|
(in
thousands) |
|
|
|
December 31, |
June 30, |
Assets |
2018 |
2018 |
Current
assets: |
|
|
Cash and cash equivalents |
$38,763 |
$22,363 |
Accounts receivable, net |
9,234 |
12,364 |
Inventories |
159,174 |
163,012 |
Prepaid expenses & other current assets |
15,925 |
16,686 |
Total current assets |
223,096 |
214,425 |
|
|
|
Property,
plant and equipment, net |
262,972 |
267,903 |
Intangible assets, net |
45,128 |
45,128 |
Other
assets |
3,295 |
2,977 |
Total Assets |
$534,491 |
$530,433 |
Liabilities and Shareholders' Equity |
|
|
Current
liabilities: |
|
|
Current maturities of long-term debt |
538 |
584 |
Customer deposits |
54,242 |
61,248 |
Accounts payable |
16,407 |
18,768 |
Accrued expenses & other current liabilities |
69,049 |
40,660 |
Total current liabilities |
140,236 |
121,260 |
|
|
|
Long-term
debt |
796 |
1,096 |
Other
long-term liabilities |
23,794 |
24,207 |
Total liabilities |
164,826 |
146,563 |
Shareholders' equity: |
|
|
Common stock |
490 |
490 |
Additional paid-in-capital |
378,558 |
376,950 |
Less: Treasury stock |
-656,551 |
-656,551 |
Retained earnings |
653,193 |
669,013 |
Accumulated other comprehensive income |
-6,119 |
-6,171 |
Total
Ethan Allen Interiors Inc. shareholders' equity |
369,571 |
383,731 |
Noncontrolling interests |
94 |
139 |
Total
shareholders' equity |
369,665 |
383,870 |
Total Liabilities and Shareholders' Equity |
$534,491 |
$530,433 |
Ethan Allen Interiors Inc. |
|
|
|
Design Center Activity |
|
|
|
Second Quarter Fiscal 2019 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Company |
|
|
Independent |
Owned |
Total |
Balance
at beginning of period |
153 |
147 |
300 |
Additions
(includes Relocations) (1) |
7 |
1 |
8 |
Closings
(includes Relocations) (1) |
0 |
(3) |
(3) |
Transfers |
(1) |
1 |
0 |
Balance
at end of period |
159 |
146 |
305 |
|
|
|
|
United
States |
42 |
140 |
182 |
International |
117 |
6 |
123 |
|
|
|
|
(1)
Relocations in additions & closing |
0 |
1 |
1 |
Ethan Allen Interiors Inc. |
|
|
|
|
GAAP Reconciliation |
|
|
|
|
Three and Six Months Ended December 31,
2018 and 2017 |
|
|
|
Unaudited |
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December
31, |
December
31, |
|
2018 |
2017 |
2018 |
2017 |
Net Income / Earnings Per Share |
|
|
|
|
Net
income |
$12,190 |
$14,862 |
$21,030 |
$22,277 |
Adjustments net of related tax effects * |
224 |
-217 |
224 |
418 |
Normalized income tax effects * |
0 |
0 |
0 |
0 |
Adjusted net income |
$12,414 |
$14,645 |
$21,254 |
$22,695 |
Diluted weighted average shares outstanding |
26,923 |
27,728 |
26,932 |
27,742 |
Earnings per diluted share |
$0.45 |
$0.54 |
$0.78 |
$0.80 |
Adjusted earnings per diluted share |
$0.46 |
$0.53 |
$0.79 |
$0.82 |
Consolidated Operating Income / Operating
Margin |
|
|
|
|
Operating income |
$16,128 |
$17,538 |
$27,927 |
$29,087 |
Add:
adjustments * |
297 |
-312 |
297 |
535 |
Adjusted operating income * |
$16,425 |
$17,226 |
$28,224 |
$29,622 |
|
|
|
|
|
Net
sales |
$197,152 |
$198,481 |
$384,937 |
$379,783 |
Operating margin |
8.2% |
8.8% |
7.3% |
7.7% |
Adjusted operating margin * |
8.3% |
8.7% |
7.3% |
7.8% |
Wholesale Operating Income / Operating
Margin |
|
|
|
|
Wholesale operating income |
$8,821 |
$15,568 |
$23,136 |
$29,030 |
Add:
adjustments * |
74 |
-312 |
74 |
535 |
Adjusted wholesale operating income * |
$8,895 |
$15,256 |
$23,210 |
$29,565 |
Wholesale net sales |
$107,658 |
$117,965 |
$225,730 |
$229,552 |
Wholesale operating margin |
8.2% |
13.2% |
10.2% |
12.6% |
Adjusted wholesale operating margin * |
8.3% |
12.9% |
10.3% |
12.9% |
Retail Operating Income / Operating
Margin |
|
|
|
|
Retail
operating income |
$3,311 |
-$635 |
$1,752 |
-$3,408 |
Add:
adjustments * |
223 |
0 |
223 |
0 |
Adjusted retail operating income * |
$3,534 |
-$635 |
$1,975 |
-$3,408 |
Retail
net sales |
$158,508 |
$152,991 |
$303,722 |
$294,566 |
Retail
operating margin |
2.1% |
-0.4% |
0.6% |
-1.2% |
Adjusted retail operating margin * |
2.2% |
-0.4% |
0.7% |
-1.2% |
Ethan Allen Interiors Inc. |
|
|
|
|
GAAP Reconciliation |
|
|
|
|
Three and Six Months Ended December 31, 2018 and
2017 |
|
|
|
|
Unaudited |
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December
31, |
December
31, |
|
2018 |
2017 |
2018 |
2017 |
EBITDA |
|
|
|
|
Net
income |
$12,190 |
$14,862 |
$21,030 |
$22,277 |
Add: interest expense, net |
-58 |
-44 |
-76 |
-18 |
income
tax expense |
4,090 |
2,826 |
7,022 |
6,831 |
depreciation and amortization |
4,925 |
4,954 |
9,925 |
10,040 |
EBITDA |
$21,147 |
$22,598 |
$37,901 |
$39,130 |
Net
sales |
$197,152 |
$198,481 |
$384,937 |
$379,783 |
EBITDA as
% of net sales |
10.7% |
11.4% |
9.8% |
10.3% |
|
|
|
|
|
EBITDA |
$21,147 |
$22,598 |
$37,901 |
$39,130 |
Add:
adjustments * |
297 |
-312 |
297 |
602 |
Adjusted
EBITDA |
$21,444 |
$22,286 |
$38,198 |
$39,732 |
Net
sales |
$197,152 |
$198,481 |
$384,937 |
$379,783 |
Adjusted
EBITDA as % of net sales |
10.9% |
11.2% |
9.9% |
10.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Adjustments consist of the following: |
|
|
|
|
|
Three Months
Ended |
Six Months
Ended |
|
December
31, |
December
31, |
|
2018 |
2017 |
2018 |
2017 |
Adjustments net of related income tax effects: |
|
|
|
|
Organizational changes and other exit costs |
138 |
-312 |
138 |
535 |
Retail
asset purchase costs |
159 |
0 |
159 |
0 |
Adjustments to operating income |
297 |
-312 |
297 |
535 |
Early
debt extinguishment |
0 |
0 |
0 |
67 |
Adjustments to EBITDA |
297 |
-312 |
297 |
602 |
Related
tax effects |
-73 |
95 |
-73 |
-184 |
Adjustments net of related income tax effects |
$224 |
-$217 |
$224 |
$418 |
|
|
|
|
|
Related tax effects are calculated using a normalized tax
rate of 24.5% in the current fiscal year and 36.5% in the prior
fiscal year |
This
announcement is distributed by West Corporation on behalf of West
Corporation 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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