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Home furnisher Ethan Allen releases Q3 sales & earnings results

24
Apr '07
Leading manufacturer and retailer of quality home furnishings Ethan Allen Interiors Inc reported sales and earnings for the three and nine months ended March 31, 2007.

Three Month Results: Net delivered sales for the quarter ended March 31, 2007 amounted to $246.5 million as compared to $267.1 million in the prior year quarter. Net delivered sales for the Company's Retail division decreased 0.3% to $167.7 million, while Wholesale sales decreased 10.6% to $171.9 million during that same period. Comparable Ethan Allen design center delivered sales decreased 8.6% as compared to the prior year quarter.

For the quarter ended March 31, 2007, earnings per share amounted to $0.54 on net income of $17.5 million. This compares to earnings per share and net income of $0.59 and $20.0 million, respectively, in the prior year comparable period.

Nine Month Results: For the nine months ended March 31, 2007, net delivered sales totaled $746.8 million as compared to $794.4 million in the prior year comparable period. Net delivered sales for the Company's Retail division increased 0.9% to $511.1 million, while Wholesale sales decreased 11.6% to $493.2 million during that same period. Comparable Ethan Allen design center delivered sales decreased 6.4% as compared to the prior year comparable period.

For the nine months ended March 31, 2007, earnings per share, which includes a previously announced September 2006 restructuring and impairment charge, amounted to $1.50 on net income of $48.7 million. This compares to earnings per share and net income of $1.85 and $63.3 million, respectively, in the prior year comparable period which included a September 2005 restructuring and impairment charge.


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