Exhibit 99.1

 

Ethan Allen Reports Fiscal 2021 Third Quarter Results

 

 

DANBURY, CT APRIL 29, 2021 – Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today reported its business and financial results for the fiscal 2021 third quarter ended March 31, 2021. The Company reported GAAP EPS of $0.61 compared to $(0.01) in the prior year third quarter and adjusted EPS of $0.58 compared to $0.02.

 

Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “Crisis creates opportunity. In March and April 2020 we furloughed approximately 70% of our global workforce, temporarily closed about 250 manufacturing, logistics and retail design center facilities in North America along with over 100 retail locations internationally, and borrowed $100 million as a precautionary measure and to maximize financial flexibility in light of the uncertainty surrounding the impact of COVID-19. A year later our teams have performed well, most of our retail workforce is back and our workforce in our manufacturing has surpassed pre-pandemic levels, we have paid back all the borrowings, ended the quarter with over $100 million of cash, and earlier this week declared a special dividend of $0.75 in addition to the regular quarterly dividend of $0.25. For the quarter ended March 31, 2021 our retail division written orders increased 51.8% over the prior year quarter.”

 

Mr. Kathwari continued, “We have performed well due to our strong offerings, a strong network of retail design centers, and our focus on interior design services, which are increasingly being combined with technology. Our industry and many others have been challenged on the supply side. We are relatively in a much better position of focusing on manufacturing in North America where about 75% of our products are made by our craftspeople. About 70% of the products we make are custom-made when an order is received.”

 

“In these challenging times we continue to focus on safety and treating our associates and customers with dignity and compassion,” Mr. Kathwari concluded.

 

FISCAL 2021 THIRD QUARTER HIGHLIGHTS*

 

 

Diluted earnings per share (“EPS”) of $0.61 compared to $(0.01); adjusted EPS of $0.58 compared to $0.02

 

 

Consolidated operating margin of 10.7% compared with -0.5%; adjusted operating margin of 11.1% compared with 0.2%

 

 

Retail segment written order growth of 51.8%

 

 

Wholesale segment written orders increased 39.0%; excluding GSA and other government orders, wholesale segment orders grew 48.3%

 

 

Consolidated net delivered sales increased 18.2% to $177.0 million

 

 

Consolidated gross margin of 57.3% compared to 56.1%

 

 

Strong cash flow helped end the quarter with cash on hand of $109.0 million and no borrowings

 

 

Paid regular quarterly cash dividend of $6.3 million during the quarter

 

The company also announced on April 27, 2021 that its Board of Directors declared a special cash dividend of $0.75 and regular cash dividend of $0.25 payable on May 25, 2021 to shareholders of record on May 11, 2021.

 

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release. Comparisons are to the third quarter of fiscal 2020.

 

Page 1

The following information was filed by Ethan Allen Interiors Inc (ETH) on Thursday, April 29, 2021 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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