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Ethan Allen announces Q3 sales & earnings

22
Apr '08
Ethan Allen Interiors Inc reported operating results for the three and nine months ended March 31, 2008.

Three Month Results:
Net delivered sales for the quarter ended March 31, 2008 decreased 4.3% to $235.9 million as compared to $246.5 million in the prior year quarter. Net delivered sales for the Company's Retail division increased 3.0% to $172.8 million. Wholesale sales decreased 9.1% to $156.3 million during that same period. Comparable Ethan Allen design center delivered sales decreased 1.1% as compared to the prior year quarter.

During the quarter ended March 31, 2008, four Design Centers were converted to smaller size Design Studios better suited to the markets they serve. In addition, seven Design Centers and two retail Service Centers were closed and, for the most part, were consolidated into other existing operations resulting in a total pretax restructuring and impairment charge of $4.0 million or $2.5 million after tax and $0.09 per diluted share.

For the quarter ended March 31, 2008, earnings per diluted share, which includes the aforementioned restructuring and impairment charge, amounted to $0.30 on net income of $8.8 million. This compares to earnings per diluted share and net income of $0.54 and $17.5 million, respectively, in the prior year comparable period which also included a restructuring and impairment charge.

Excluding the impact of the restructuring and impairment charges on both periods, earnings per diluted share for the current quarter amounted to $0.39 on net income of $11.4 million and for the comparable prior year period $0.54 per share on net income of $17.4 million.

Nine Month Results:
For the nine months ended March 31, 2008, net delivered sales decreased 0.4% to $744.1 million as compared to $746.8 million in the prior year comparable period. Net delivered sales for the Company's Retail division increased 7.2% to $548.1 million, while Wholesale sales decreased 5.0% to $468.5 million during that same period. Comparable Ethan Allen design center delivered sales decreased 0.5% as compared to the prior year period.

For the nine months ended March 31, 2008, which includes the aforementioned restructuring and impairment charge, earnings per diluted share amounted to $1.58 on net income of $47.0 million. This compares to earnings per diluted share and net income of $1.50 and $48.7 million, respectively, in the prior year comparable period which also included a restructuring and impairment charge.


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