Exhibit 99.1

 

 

ETHAN ALLEN REPORTS RESULTS FOR FOURTH QUARTER AND FISCAL YEAR ENDED JUNE 30, 2015

 

DANBURY, CT July 28, 2015 – Ethan Allen Interiors Inc. ("Ethan Allen" or the "Company") (NYSE: ETH) today reported operating results for the fiscal 2015 fourth quarter and fiscal year twelve month year to date periods ended June 30, 2015. Please refer to the accompanying financial statements and reconciliation to non-GAAP measures discussed below.

 

 

Fourth Quarter Highlights

 

Retail Comparable Written Orders increase by 10.4% and Total Written Orders increase by 11.2%.

 

Sales of $193.6 million. Previous year $198.8 million.

 

Gross Margin of 54.9%. Previous year 54.6%.

 

Adjusted Operating Income of $19.8 million 10.3% of Sales. Previous year $24.9 million 12.5% of sales.

 

Adjusted EBITDA $24.7 million 12.8% of sales. Previous year $29.5 million 14.8% of Sales.

 

Adjusted Earnings per Diluted Share (EPS) of $0.43; GAAP Quarterly EPS of $0.44. Previous year $0.50 GAAP EPS of $0.58.

 

 

Fiscal Year Highlights:

 

Retail Comparable Written Orders increase by 4.4% and Total Written Orders increase by 3.9%.

 

Sales of $754.6 million. Previous year $746.7 million.

 

Gross Margin of 54.5%. Previous year 54.4%.

 

Adjusted Operating Income of $70.5 million 9.3% of Sales. Previous year $74.3 million 9.9% of Sales.

 

Adjusted EBITDA $89.5 million 11.9% of sales. Previous year $92.0 million 12.3% of sales.

 

Adjusted EPS of $1.41; GAAP Year to Date EPS of $1.27. Previous year Adjusted EPS of 1.45 and GAAP EPS of $1.47.

 

 

Other Fiscal Year Highlights:

 

During the fourth quarter paid dividends of $3.5 million, 20% increase to prior year. Dividends declared on April 13, 2015 of $0.14 reflect an increase of 40% from the $0.10 declared April 22, 2014. For the 2015 fiscal year the company paid $13.3 million in dividends.

 

During the Quarter the Company Repurchased $13.7 million of our Stock and for the fiscal year repurchased $16.5 million.

 

During the fiscal year replaced $129.4 million in 5 3/8% fixed rate debt with $75 million in variable rate tied to LIBOR currently averaging less than 2.0%.

 

During the fiscal year the Company generated $55.1 million operating cash, reduced debt $53.3 million, invested $21.8 million in capital expenditures.

 

 

Farooq Kathwari, Chairman and CEO commented, “We are pleased with our results for the fiscal year just ended. Despite the impact of major changes to our offerings, the repositioning of our interior design network, investing and managing change in our North American manufacturing, investing in technology, refining and accelerating our message and the prior fiscal year fourth quarter’s record financial results, we have done very well. We have continued to generate healthy profits and cash, reduced our debt, increased our dividends and continued to invest in our enterprise.”

 

He further stated “We have continued to focus on building our enterprise on a sound footing by investing for the future consistent with our expressed goal of sustained, long-term growth for the purpose of improving the well-being of all our stakeholders. Since 1993 when we took the company public after a management leveraged buyout, we have been able to make substantial investments in our business and return value to stockholders. We invested $740.2 million in capital expenditures including in manufacturing, technology and real estate, repaid $390.9 million of debt, paid $348.4 million in dividends and repurchased 18.8 million shares for $549.2 million. We plan to continue on a planned and prudent basis to relocate our design centers to more appropriate locations with a smaller footprint, and to dispose of those properties that we own and which no longer meet our future focus. Since 2010 we have generated $34.9 million through sales of our real estate.”

 

 
 

The following information was filed by Ethan Allen Interiors Inc (ETH) on Tuesday, July 28, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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