Ethan Allen Announces Earnings Release Date for Fiscal 2018 Second Quarter Results and Comments on Business
January 16 2018 - 4:20PM
Ethan Allen Announces Earnings
Release Date for Fiscal 2018 Second Quarter Results and Comments on
Business
DANBURY, CT-January 16, 2018 (GLOBE NEWSWIRE)-
Ethan Allen Interiors Inc. ("Ethan Allen" or "the Company")
(NYSE:ETH) will release its financial results for the fiscal 2018
second quarter after the market closes on Wednesday, January 24,
2018. Following the release, the Company will then host an analyst
conference call to discuss its business and financial highlights at
5 p.m. EST.
Based on preliminary financial results for the
fiscal second quarter ended December 31, 2017, the Company expects
to report sales of $198.5 million, an increase of 2.0% to the
previous year quarter, gross margin of 54.3%, adjusted operating
margin of 8.7% and adjusted diluted earnings per share in the range
of $0.51 to $0.52, compared to $0.39 in the previous year
quarter.
"Wholesale and retail backlogs increased 56.8% and
7.0% respectively compared to the previous year quarter. Wholesale
orders increased 3.4%, and retail written orders decreased 5.8%,"
explained Farooq Kathwari, President, Chairman and CEO. "Although
written orders were impacted by lower traffic and weather-related
issues, there was a steady positive momentum during the quarter,
with December written orders up from the previous year's levels.
Shipments were impacted by several factors including gearing up
manufacturing, weather disruption and political challenges in
Honduras."
Adjusted diluted earnings per share reflects an
effective tax rate of 17% for the fiscal 2018 second quarter
compared to 36.5% in the prior year quarter due to the Tax Cut and
Jobs Act. The Company preliminarily expects its effective tax rate
will be approximately 30% for fiscal 2018 and 24% to 25% for fiscal
2019.
Mr. Kathwari concluded, "We plan to increase our
marketing spend starting in our third quarter as major new products
are in place, including Uptown collection, which will be introduced
this spring," Mr. Kathwari concluded. "While early in the month,
the January written order trend is positive. Our manufacturing,
sourcing and logistics are in a strong position to service
increased sales."
The analyst conference call will be webcast from
the "Events and Presentations" page at
http://www.ethanallen.com/investors. To access the conference call,
dial 844-822-0103 (or 614-999-9166 for international callers), and
enter conference ID 50728593. For those unable to listen live, the
call will be archived on the company's website for at least 60
days.
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 seventy-five percent of its products are made in its
North American plants. For more information on Ethan Allen's
products and services, visit www.ethanallen.com.
Ethan Allen Interiors Inc.
Investor/Media Contact:
Corey Whitely
Executive Vice President, Administration
Chief Financial Officer and Treasurer
ir@ethanallen.com
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, 2017 (the "2017 Form 10-K") 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 2017 Form 10-K 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.
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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