ETHAN ALLEN
REPORTS FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2017
RESULTS
DANBURY, CT -
July 26, 2017 - Ethan Allen Interiors Inc. ("Ethan Allen" or
the "Company") (NYSE: ETH) today reported operating results for the
fiscal 2017 fourth quarter and full fiscal year ended June 30,
2017. Please refer to the accompanying financial statements and
reconciliation to non-GAAP measures discussed below.
Summary Financial
Information for Fourth Fiscal Quarter Ended June 30, 2017:
-
Cash returned to stockholders
totaled $12.2 million in share repurchases and dividends.
-
Consolidated net sales of
$194.9 million, compared to $205.7 in the previous year.
-
Operating margin of 9.5%,
compared to previous year of 12.5%; adjusted operating margin of
9.5%, compared to previous year of 12.3%. (See Exhibit 1 for a
reconciliation of GAAP to non-GAAP operating margin)
-
Diluted earnings per share
("EPS") of $0.42 compared to previous year of $0.60; adjusted EPS
of $0.42 compared to previous year adjusted EPS of $0.57 when
adjusted EPS increased 32.6%. (See Exhibit 1 for a
reconciliation of GAAP to non-GAAP EPS)
Summary Financial
Information for the Fiscal Year Ended June 30, 2017:
-
Cash returned to stockholders
totaled $30.2 million in share repurchases and dividends.
-
Consolidated net sales of
$763.4 million, compared to $794.2 million in previous fiscal
year.
-
Operating margin of 7.6% and
adjusted operating margin of 8.5% compared to 11.2% and 10.9%
respectively in previous fiscal year. (See Exhibit 1 for a
reconciliation of GAAP to non-GAAP EPS)
-
EPS of $1.29 compared to
previous year of $2.00; adjusted EPS of $1.45 compared to $1.92 in
the previous fiscal year. (See Exhibit 1 for a reconciliation
of GAAP to non-GAAP EPS)
Farooq Kathwari, Chairman and CEO,
stated, "As we stated in our preliminary release of July, 17, 2017
prior to our Investor Meeting, fiscal 2017 was a 'year of action'
where we completed many initiatives and also launched major new
initiatives. As we enter fiscal 2018 we are well positioned to grow
with refreshed and relevant product offerings, a strong North
American manufacturing, logistics and retail network, investments
in technology, increased advertising and expanded marketing
channels."
Mr. Kathwari concluded, "The
fourth quarter retail written orders were up 1.9% over the prior
year, with strong May and June orders ending the fiscal year on a
positive note. So far in July, written orders have continued a
strong positive trend and we remain cautiously optimistic."
FISCAL 2017
FOURTH QUARTER FINANCIAL RESULTS:
Consolidated
Net sales for
the three months ended June 30, 2017 were $194.9 which decreased
5.2% compared to $205.7 in the comparable prior year period.
Gross profit
was $108.4 million for the three months ended June 30, 2017
compared to $115.8 million and gross margin was 55.6% compared to
56.3% in the comparable prior year period. Gross margin remained
strong despite lower delivered sales. The primary reason for lower
gross profit was the sales decrease. In addition, retail sales as a
percent of total consolidated sales decreased to 78.6% from 79.5%
decreasing our consolidated gross margin due to mix.
Operating
expenses for the three months ended June 30, 2017 were $89.8
million or 46.1% of sales compared to $90.0 million or 43.8% of
sales in the comparable prior year period. Variable costs were
lower on reduced sales, and there was a reduction in incentive
compensation. These were partly offset by advertising costs, which
increased in the current quarter by 27.5% over the prior year
quarter.
Operating
income for the three months ended June 30, 2017 was $18.6
million or 9.5% of sales compared to $25.8 million or 12.5% of
sales in the comparable prior year period. Adjusted operating
income for the three months ended June 30, 2017 was $18.6 million
or 9.5% of sales compared to $25.2 million or 12.3% of sales in the
comparable prior year period when adjusted operating income
increased 27.0%. The lower operating income and margin in the
current quarter was driven primarily by reduced sales and increased
advertising expenses in the current quarter, partly offset by
reduced incentive compensation expense in the current quarter. (See
Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Net income
was $11.7 million or $0.42 per diluted share for the three months
ended June 30, 2017 and $16.8 million or $0.60 per diluted share in
the prior year comparable period. Adjusted net income was $11.6
million or $0.42 per diluted share for the three months ended June
30, 2017 and $16.0 million or $0.57 per diluted share in the prior
year comparable period when adjusted EPS increased 32.6%. (See
Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Retail
Segment
Net sales for
the three months ended June 30, 2017 were $153.2 million compared
to $163.6 million in the prior year comparable period, a decrease
of 6.4% compared to the prior year. Comparative net sales were
$147.7 million compared to $162.7 million in the prior year period.
Comparable design centers are those which have been operating for
at least 15 months, including relocated design centers provided the
original and relocated design center location had been operating
for at least 15 months on a combined basis.
Total written
orders for the retail division for the fourth quarter of fiscal
2017 were up 1.9% compared to the same prior year period, and
comparable Design Center written orders were down 1.0% over the
same period.
Operating
income was $5.3 million for the three months ended June 30,
2017, a decrease of $2.1 million from $7.5 million over the same
prior year period. The lower operating income in the current
quarter was driven primarily by the decrease in sales.
Wholesale
Segment
Net sales of
$114.3 million compared to $127.4 million in the prior year
quarter, with decreased sales to our retail and independent dealers
in the United States, partly offset by an increase in international
sales.
Operating
income of $13.1 million compared to $18.4 million in the prior
year quarter. The current year was impacted by increased
advertising and lower sales by retail.
FISCAL 2017
YEAR-TO-DATE FINANCIAL RESULTS:
Net sales for
the fiscal year ended June 30, 2017 were $763.4 million, a decrease
of 3.9% compared to $794.2 million.
Gross profit
was $419.7 million for the fiscal year ended June 30, 2017 compared
to $442.2 million and gross margin was 55.0%, compared to 55.7%.
Adjusted gross margin was 55.8% compared to 55.7% in the comparable
prior year period. The reduction in net sales reduced gross profit,
along with a $6.4 million third quarter charge for write-down of
inventory. Partially offsetting these factors were an increase in
retail sales mix, and a decrease in cost of goods sold due to the
net release of intercompany profit previously held in ending
inventory. Retail sales accounted for 79.1% of sales in the current
year compared to 78.9% in the prior year. (See Exhibit 1 for a
reconciliation of GAAP to non-GAAP presentation)
Operating
expenses for the fiscal year ended June 30, 2017 were $361.8
million or 47.4% of sales compared to $353.1 million or 44.5% of
sales in the comparable prior year period. The increase in fiscal
year 2017 expenses is primarily due to increased advertising costs,
a loss on disposal of real estate in fiscal 2017 compared to a gain
on real estate sales in the prior fiscal year, and an increase in
retail occupancy expense associated with a net increase of five
design centers, partly offset by a reduction in incentive
compensation.
Operating
income for the fiscal year ended June 30, 2017 was $58.0
million or 7.6% of sales compared to $89.2 million or 11.2% of
sales in the comparable prior year period. Adjusted operating
margin of 8.5% compared to 10.9% in the prior year. Adjusted
operating income for the fiscal year ended June 30, 2017 was $65.0
million compared to $87.0 million for the prior fiscal year when
adjusted operating income increased 23.4%. (See Exhibit 1 for
a reconciliation of GAAP to non-GAAP presentation)
Net income of
$36.2 million compared to $56.6 million, and excluding special
items, adjusted net income of $40.6 million compared to $54.4
million. Earnings per diluted of $1.29 compared to $2.00, and
excluding special items, adjusted EPS of $1.45 compared to $1.92.
(See Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation)
Balance Sheet and
Cash Flow
Total debt of
$14.3 million decreased $27.5 million from June 30, 2016 due to
scheduled repayments, and a $25.0 million payment to reduce the
carrying costs on our revolving credit facility.
Total cash and
securities, including restricted cash, of $65.0 million
increased $4.6 million from June 30, 2016, despite paying down
$25.0 million on debt, $10.2 million to repurchase our stock, and
$20.0 million in dividends. Our cash provided by operating
activities increased to $78.6 million from $58.4 million, and
working capital decreased $8.2 million during the same period.
Inventories
of $149.5 million decreased by $12.8 million from June 30, 2016,
primarily from our inventory write down of $6.4 million.
Capital
expenditures, including acquisitions, were $18.3 million fiscal
year to date at June 30, 2017 compared to $23.1 million for the
same prior year period. We completed our expansion in Mexico this
fiscal year, adding 300,000 square feet to our existing upholstery
manufacturing plant.
Dividends and
share repurchases; During the year ended June 30, 2017, we paid
$20.0 million of dividends, a 20.3% increase over the prior fiscal
year.
Analyst
Conference Call
Ethan Allen will conduct an
analyst conference call at 5:00 PM (Eastern) on Wednesday, July 26
to discuss its financial results and business initiatives. The live
webcast is accessible via the Company's website at
http://ethanallen.com/investors. To participate in the call, dial
844-822-0103 (or 614-999-9166 for international callers) and
provide conference ID# 50728591. 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, 2016 and other reports filed
with the Securities and Exchange Commission.
This press release contains
forward-looking statements within the meaning of 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 in 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. A
number of risks and uncertainties could cause actual results to
differ materially from those anticipated in the forward-looking
statements, including, but not limited to: changes in global or
regional political or economic conditions, including changes in
governmental and central bank policies; our ability to secure debt
or other forms of financing; the effect of operating losses on our
ability to pay cash dividends; changes in business conditions in
the furniture industry, including changes in consumer spending
patterns, tastes and demand for home furnishings; competition from
overseas manufacturers and domestic retailers and competitive
factors such as changes in products or marketing efforts of others;
effects of our brand awareness and marketing programs, including
changes in demand for our existing and new products; 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; fluctuations in interest rates and the
cost, availability and quality of raw materials; pricing pressures;
the effects of labor strikes; weather conditions that may affect
sales; volatility in fuel, utility, transportation and security
costs; the potential effects of natural disasters affecting our
suppliers or trading partners; the effects of terrorist attacks or
conflicts or wars involving the United States or its allies or
trading partners; and those matters discussed in "Item 1A - Risk
Factors" of our Annual Report on Form 10-K for the year ended June
30, 2016, 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. |
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Selected Financial Information |
|
|
|
|
Unaudited |
|
|
|
|
(in
millions) |
|
|
|
|
Selected Consolidated Financial Data: |
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
06/30/17 |
06/30/16 |
06/30/17 |
06/30/16 |
Net
sales |
$194.9 |
$205.7 |
$763.4 |
$794.2 |
Gross
margin |
55.6% |
56.3% |
55.0% |
55.7% |
Adjusted
gross margin * |
55.6% |
56.3% |
55.8% |
55.7% |
Operating
margin |
9.5% |
12.5% |
7.6% |
11.2% |
Adjusted
operating margin * |
9.5% |
12.3% |
8.5% |
10.9% |
Net
income |
$11.7 |
$16.8 |
$36.2 |
$56.6 |
Adjusted
net income * |
$11.6 |
$16.0 |
$40.6 |
$54.4 |
Operating
cash flow |
$24.9 |
$19.8 |
$78.6 |
$58.4 |
Capital
expenditures |
$2.5 |
$9.1 |
$17.6 |
$23.0 |
Acquisitions |
$0.7 |
$0.2 |
$0.7 |
$0.2 |
Company
stock repurchases (trade date) |
$6.9 |
$0.0 |
$10.2 |
$19.3 |
|
|
|
|
|
EBITDA |
$23.6 |
$30.6 |
$77.8 |
$108.5 |
EBITDA as
% of net sales |
12.1% |
14.9% |
10.2% |
13.7% |
|
|
|
|
|
Adjusted
EBITDA * |
$23.6 |
$30.1 |
$84.9 |
$106.3 |
Adjusted
EBITDA as % of net sales * |
12.1% |
14.6% |
11.1% |
13.4% |
|
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|
Selected Financial Data by Business Segment: |
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|
|
|
Three Months Ended |
Twelve Months Ended |
Retail |
06/30/17 |
06/30/16 |
06/30/17 |
06/30/16 |
Net
sales |
$153.2 |
$163.6 |
$603.7 |
$626.5 |
Operating
margin |
3.5% |
4.6% |
0.2% |
2.6% |
Adjusted
operating margin * |
3.5% |
4.2% |
1.3% |
2.3% |
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|
|
Wholesale |
|
|
|
|
Net
sales |
$114.3 |
$127.4 |
$453.3 |
$491.5 |
Operating
margin |
11.5% |
14.4% |
11.8% |
15.1% |
Adjusted
operating margin * |
11.5% |
14.4% |
12.3% |
15.1% |
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Ethan Allen Interiors Inc. |
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Condensed Consolidated Statements of
Comprehensive Income |
|
|
Unaudited |
|
|
|
|
(in
thousands) |
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|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
06/30/17 |
06/30/16 |
06/30/17 |
06/30/16 |
Net
sales |
$194,925 |
$205,693 |
$763,385 |
$794,202 |
Cost
of sales |
86,528 |
89,905 |
343,662 |
351,966 |
Gross
profit |
108,397 |
115,788 |
419,723 |
442,236 |
Selling, general and administrative expenses |
89,798 |
90,025 |
361,773 |
353,057 |
Operating income |
18,599 |
25,763 |
57,950 |
89,179 |
Interest and other income |
20 |
71 |
268 |
395 |
Interest expense |
274 |
151 |
1,223 |
1,618 |
Income
before income taxes |
18,345 |
25,683 |
56,995 |
87,956 |
Income
tax expense |
6,662 |
8,905 |
20,801 |
31,319 |
Net
income |
$11,683 |
$16,778 |
$36,194 |
$56,637 |
|
|
|
|
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Basic
earnings per common share: |
|
|
|
|
Net
income per basic share |
$0.42 |
$0.60 |
$1.31 |
$2.02 |
Basic
weighted average shares outstanding |
27,633 |
27,745 |
27,679 |
28,072 |
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Diluted earnings per common share: |
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|
|
Net
income per diluted share |
$0.42 |
$0.60 |
$1.29 |
$2.00 |
Diluted weighted average shares outstanding |
27,938 |
28,023 |
27,958 |
28,324 |
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Comprehensive income: |
|
|
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|
Net
income |
$11,683 |
$16,778 |
$36,194 |
$56,637 |
Other
comprehensive income |
|
|
|
|
Currency translation adjustment |
928 |
(979) |
715 |
(2,208) |
Other |
6 |
7 |
(14) |
27 |
Other
comprehensive income (loss) net of tax |
934 |
(972) |
701 |
(2,181) |
Comprehensive income |
$12,617 |
$15,806 |
$36,895 |
$54,456 |
Ethan Allen Interiors Inc. |
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Condensed Consolidated Balance Sheets |
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Unaudited |
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(in
thousands) |
|
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|
June 30, |
June 30, |
Assets |
2017 |
2016 |
Current
assets: |
|
|
Cash and cash equivalents |
$57,701 |
$52,659 |
Accounts receivable, net |
12,293 |
9,467 |
Inventories |
149,483 |
162,323 |
Prepaid expenses & other current assets |
23,621 |
23,755 |
Total current assets |
243,098 |
248,204 |
|
|
|
Property,
plant and equipment, net |
270,198 |
273,615 |
Intangible assets, net |
45,128 |
45,128 |
Restricted cash and investments |
7,330 |
7,820 |
Other
assets |
2,468 |
2,642 |
|
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Total Assets |
$568,222 |
$577,409 |
Liabilities and Shareholders' Equity |
|
|
Current
liabilities: |
|
|
Current maturities of long-term debt |
2,731 |
3,001 |
Customer deposits |
62,960 |
60,958 |
Accounts payable |
16,961 |
15,437 |
Accrued expenses & other current liabilities |
43,793 |
43,951 |
Total current liabilities |
126,445 |
123,347 |
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Long-term
debt |
11,608 |
38,837 |
Other
long-term liabilities |
29,273 |
23,023 |
Total liabilities |
167,326 |
185,207 |
Shareholders' equity: |
|
|
Common stock |
490 |
489 |
Additional paid-in-capital |
377,550 |
374,972 |
Less: Treasury stock |
-635,179 |
-624,932 |
Retained earnings |
661,976 |
646,315 |
Accumulated other comprehensive income |
-4,131 |
-4,846 |
Total
Ethan Allen Interiors Inc. shareholders' equity |
400,706 |
391,998 |
Noncontrolling interests |
190 |
204 |
Total
shareholders' equity |
400,896 |
392,202 |
Total Liabilities and Shareholders' Equity |
$568,222 |
$577,409 |
Ethan Allen Interiors Inc. |
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Design Center Activity |
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Fourth Quarter Fiscal 2017 |
|
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|
Unaudited |
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Company |
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Independent |
Owned |
Total |
Balance
at beginning of period |
155 |
146 |
301 |
Additions
(includes Relocations) (1) |
1 |
1 |
2 |
Closings
(includes Relocations) (1) |
0 |
0 |
0 |
Transfers |
(1) |
1 |
0 |
Balance
at end of period |
155 |
148 |
303 |
|
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|
United
States |
48 |
142 |
190 |
International |
107 |
6 |
113 |
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(1)
Relocations in additions & closing |
0 |
0 |
0 |
Ethan Allen Interiors Inc. |
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GAAP Reconciliation |
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Three and Twelve Months Ended June 30,
2017 and 2016 |
|
|
|
Unaudited |
|
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|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
June
30, |
June
30, |
|
2017 |
2016 |
2017 |
2016 |
Net Income / Earnings Per Share |
|
|
|
|
Net
income |
$11,683 |
$16,778 |
$36,194 |
$56,637 |
Adjustments net of related tax effects * |
0 |
-351 |
4,451 |
-1,407 |
Normalized income tax effects * |
-34 |
-469 |
-2 |
-785 |
Adjusted net income |
$11,649 |
$15,958 |
$40,643 |
$54,445 |
Diluted weighted average shares outstanding |
27,938 |
28,023 |
27,958 |
28,324 |
Earnings per diluted share |
$0.42 |
$0.60 |
$1.29 |
$2.00 |
Adjusted earnings per diluted share |
$0.42 |
$0.57 |
$1.45 |
$1.92 |
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Consolidated Gross Profit / Gross Margin |
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|
Gross
profit |
$108,397 |
$115,788 |
$419,723 |
$442,236 |
Add:
adjustments * |
0 |
0 |
6,394 |
0 |
Adjusted gross profit * |
$108,397 |
$115,788 |
$426,117 |
$442,236 |
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|
|
|
|
Net
sales |
$194,925 |
$205,693 |
$763,385 |
$794,202 |
Gross
margin |
55.6% |
56.3% |
55.0% |
55.7% |
Adjusted gross margin * |
55.6% |
56.3% |
55.8% |
55.7% |
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Consolidated Operating Income / Operating
Margin |
|
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|
Operating income |
$18,599 |
$25,763 |
$57,950 |
$89,179 |
Add:
adjustments * |
0 |
-552 |
7,010 |
-2,216 |
Adjusted operating income * |
$18,599 |
$25,211 |
$64,960 |
$86,963 |
|
|
|
|
|
Net
sales |
$194,925 |
$205,693 |
$763,385 |
$794,202 |
Operating margin |
9.5% |
12.5% |
7.6% |
11.2% |
Adjusted operating margin * |
9.5% |
12.3% |
8.5% |
10.9% |
|
|
|
|
|
Wholesale Operating Income / Operating
Margin |
|
|
|
|
Wholesale operating income |
$13,106 |
$18,371 |
$53,505 |
$74,412 |
Add:
adjustments * |
0 |
0 |
2,241 |
0 |
Adjusted wholesale operating income * |
$13,106 |
$18,371 |
$55,746 |
$74,412 |
Wholesale net sales |
$114,250 |
$127,435 |
$453,326 |
$491,467 |
Wholesale operating margin |
11.5% |
14.4% |
11.8% |
15.1% |
Adjusted wholesale operating margin * |
11.5% |
14.4% |
12.3% |
15.1% |
Retail Operating Income / Operating
Margin |
|
|
|
|
Retail
operating income |
$5,347 |
$7,492 |
$1,198 |
$16,450 |
Add:
adjustments * |
0 |
-552 |
6,541 |
-2,216 |
Adjusted retail operating income * |
$5,347 |
$6,940 |
$7,739 |
$14,234 |
Retail
net sales |
$153,182 |
$163,594 |
$603,677 |
$626,511 |
Retail
operating margin |
3.5% |
4.6% |
0.2% |
2.6% |
Adjusted retail operating margin * |
3.5% |
4.2% |
1.3% |
2.3% |
Ethan Allen Interiors Inc. |
|
|
|
|
GAAP Reconciliation |
|
|
|
|
Three and Twelve Months Ended June 30,
2017 and 2016 |
|
|
|
Unaudited |
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
June
30, |
June
30, |
|
2017 |
2016 |
2017 |
2016 |
EBITDA |
|
|
|
|
Net
income |
$11,683 |
$16,778 |
$36,194 |
$56,637 |
Add: interest expense, net |
128 |
219 |
732 |
1,168 |
income
tax expense |
6,662 |
8,905 |
20,801 |
31,319 |
depreciation and amortization |
5,092 |
4,722 |
20,115 |
19,353 |
EBITDA |
$23,565 |
$30,624 |
$77,842 |
$108,477 |
Net
sales |
$194,925 |
$205,693 |
$763,385 |
$794,202 |
EBITDA
as % of net sales |
12.1% |
14.9% |
10.2% |
13.7% |
|
|
|
|
|
EBITDA |
$23,565 |
$30,624 |
$77,842 |
$108,477 |
Add:
adjustments * |
0 |
-552 |
7,010 |
-2,216 |
Adjusted EBITDA |
$23,565 |
$30,072 |
$84,852 |
$106,261 |
Net
sales |
$194,925 |
$205,693 |
$763,385 |
$794,202 |
Adjusted EBITDA as % of net sales |
12.1% |
14.6% |
11.1% |
13.4% |
|
|
|
|
|
|
|
|
|
|
*
Adjustments consist of the following: |
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
June 30, |
|
June 30, |
|
|
2017 |
2016 |
2017 |
2016 |
Adjustments net of related income tax effects: |
|
|
|
|
Real
estate losses (gains) |
$0 |
-$595 |
$616 |
-$2,419 |
Inventory write-down |
0 |
0 |
6,394 |
0 |
Restructuring charges |
0 |
43 |
0 |
203 |
|
0 |
(552) |
7,010 |
(2,216) |
Related tax effects |
0 |
201 |
-2,559 |
809 |
Adjustments net of related income tax effects |
$0 |
-$351 |
$4,451 |
-$1,407 |
|
|
|
|
|
Related tax effects are calculated using a normalized tax
rate of 36.5% |
|
|
|
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions 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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