![](https://hugin.info/159909/I/2207281/129743.jpg)
DANBURY, CT -
July 25, 2018 - Ethan Allen Interiors Inc. ("Ethan Allen" or
the "Company") (NYSE: ETH) today reported operating results for the
fiscal 2018 fourth quarter and full fiscal year ended June 30,
2018. Please refer to the accompanying financial statements and
reconciliation to non-GAAP measures discussed below.
Fiscal 2018
fourth quarter compared to fiscal 2017 fourth quarter:
-
Consolidated net sales of $205.6 million
increased 5.5%
-
GAAP Operating margin of 7.7% compared to 9.5%
and adjusted operating margin of 7.9% compared to 9.5%
-
GAAP diluted earnings per share of $0.42
compared to $0.42 and adjusted diluted earnings per share of $0.43
compared to $0.42
-
Repurchased $22.0 million of the Company's
shares
-
Paid $5.2 million in dividends
Full Fiscal Year
2018 compared to prior fiscal year:
-
Consolidated net sales of $766.8 million
increased 0.4%
-
GAAP Operating margin of 6.4% compared to 7.6%
and adjusted operating margin of 6.5% compared to 8.5%
-
GAAP diluted earnings per share of $1.32
compared to $1.29 and adjusted diluted earnings per share of $1.35
compared to $1.45
-
Generated $42.5 million of cash from operating
activities
-
Paid $29.5 million in dividends, a 47.3%
increase
-
Repurchased $22.0 million of the Company's
shares
"Fiscal 2018 has been a year of
major changes and improvements," said Farooq Kathwari, Chairman and
CEO. "We strengthened our leadership in our vertically integrated
business, undertook major product innovation, continued our retail
transformation, and increased our spend in advertising, which
reduced our EPS by about $0.09 over the third and fourth quarters.
We made infrastructure and technology investments to provide
operational excellence and an expanded digital presence, enabling
us to integrate personal services with technology-all under the
umbrella of a socially responsible approach to business."
Mr. Kathwari continued: "During
the fiscal year we were pleased to be an awardee of the GSA
contract; however, our gross margins were under pressure due to new
products for this contract and the short time to deliver. In
addition, raw material costs increased during the year, further
impacting our gross margins. Fortunately, these disruptions
stabilized during the fourth quarter. We ended the fiscal year with
our backlogs well positioned, with the wholesale backlog increasing
19.3% compared to the prior year end and retail division backlog
decreasing by 2.3% due to improvements in shipments. We are pleased
with both our increase in sales and our earnings in the fourth
quarter. Although our retail division written orders were
lower in the fourth quarter, we believe we are well positioned to
grow our sales and earnings as we move forward."
FISCAL 2018 FOURTH QUARTER
FINANCIAL RESULTS:
Consolidated
Net sales
were $205.6 million for the three months ended June 30, 2018
compared to $194.9 million for the same period in the prior year,
an increase of 5.5%.
Gross profit was $111.1
million for the three months ended June 30, 2018 compared to $108.4
million in the comparable prior year period. Consolidated gross
margin for the quarter was 54.1% compared to 55.6%. Retail sales as
a percent of total consolidated sales was 75.9% for the quarter
compared to 78.6% in the prior year quarter, decreasing our
consolidated gross margin due to this reduced percentage.
Operating
expenses for the three months ended June 30, 2018 were $95.2
million or 46.3% of sales compared to $89.8 million or 46.1% of
sales in the comparable prior year period. This was primarily due
to an increase in advertising costs.
Operating income for the
three months ended June 30, 2018 was $15.9 million or 7.7% of sales
compared to $18.6 million or 9.5% of sales in the comparable prior
year period. Adjusted operating income for the three months
ended June 30, 2018 was $16.2 million or 7.9% of sales compared to
$18.6 million or 9.5% of sales in the comparable prior year period.
The primary causes for the change in operating income was the
increase in operating expenses. (See Exhibit 1 for a reconciliation
of GAAP to non-GAAP presentation)
Income taxes were $4.7
million for the three months ended June 30, 2018 and $6.7 million
in the comparable prior year period. The effective rate this
quarter was 29.0% compared to 36.3%. The effective tax rate for the
quarter was lower due to the 2017 tax act.
Net income
was $11.5 million or $0.42 per diluted share for the three months
ended June 30, 2018 and $11.7 million or $0.42 per diluted share in
the prior year comparable period. Adjusted net income was $11.6
million or $0.43 per diluted share for the three months ended June
30, 2018 and $11.6 million or $0.42 per diluted share in the prior
year comparable period. (See Exhibit 1 for a reconciliation of GAAP
to non-GAAP presentation)
Retail
Segment
Net sales for
the three months ended June 30, 2018 were $156.0 million compared
to $153.2 million in the prior year comparable period, an increase
of 1.9% compared to the prior year. Comparative net sales were
$153.9 million compared to $150.5 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
2018 were down 10.8% compared to the same prior year period, and
comparable Design Center written orders were down 11.4% over the
same period.
Operating
income was $4.6 million for the three months ended June 30,
2018, a decline of $0.8 million from $5.3 million over the same
prior year period.
Wholesale
Segment
Net sales of $127.3 million
compared to $114.3 million in the prior year quarter, an increase
of 11.4%. The increase in sales is primarily due to increased
shipments to the GSA and our international independent
retailers.
Operating income of $11.5
million compared to $13.1 million in the prior year quarter. The
decrease was largely due to the increase in current period
operating expenses, primarily advertising, partly offset by
increased sales volume.
FISCAL 2018
YEAR-TO-DATE FINANCIAL RESULTS:
Net sales for the year ended
June 30, 2018 were $766.8 million, an increase of 0.4% compared to
$763.4 million.
Gross profit was $416.0
million for the year ended June 30, 2018 compared to $419.7
million. Consolidated gross margin year-to-date was 54.2% compared
to 55.0%. Adjusted gross margin was 54.2% compared to 55.8% in the
prior year period. Retail sales as a percent of total consolidated
sales was 76.6% year-to-date compared to 79.1% in the prior year
period, decreasing our consolidated gross margin due to mix. (See
Exhibit 1 for a reconciliation of GAAP to non-GAAP
presentation).
Operating
expenses for the year ended June 30, 2018 were $367.1 million
or 47.9% of sales compared to $361.8 million or 47.4% of sales in
the comparable prior year period.
Operating
income for the year ended June 30, 2018 was $48.9 million or
6.4% of sales compared to $58.0 million or 7.6% of sales in the
comparable prior year period. Adjusted operating margin of 6.5%
compared to 8.5% in the prior year. Adjusted operating income for
the year ended June 30, 2018 was $50.1 million compared to $65.0
million for the prior year. (See Exhibit 1 for a reconciliation of
GAAP to non-GAAP presentation)
Income taxes
year-to-date totaled $12.7 million compared to $20.8 million. Our
effective tax rate was 25.9% in the period compared to 36.5%. The
effective tax rate for the current year-to-date period was lower
due to the 2017 tax act.
Net income of
$36.4 million compared to $36.2 million, and excluding special
items, adjusted net income was $37.3 million for the current year
and $40.6 million in the prior year. Earnings per diluted share of
$1.32 compared to $1.29, and excluding special items, adjusted EPS
of $1.35 compared to $1.45. (See Exhibit 1 for a reconciliation of
GAAP to non-GAAP presentation)
Balance Sheet and
Cash Flow
Total debt of
$1.7 million decreased $12.7 million from June 30, 2017 primarily
due to a $13.3 million early payoff of our term loan, reducing
borrowings under our credit facility to zero.
Total cash and
cash equivalents of $22.4 million decreased $42.7 million from
June 30, 2017, reflecting extinguishment of $14.5 million of debt,
paying out $29.5 million in dividends and repurchasing $22.0
million of the Company's shares.
Inventories
of $163.0 million increased by $13.5 million from June 30, 2017, to
support the order backlog and an expanded stocking program.
Capital
expenditures were $18.8 million fiscal year to date at June 30,
2018 compared to $18.3 million for the same prior year period.
Expenditures were primarily at retail design centers.
Dividends and
share repurchases; During the year to date period ended June
30, 2018, we paid $29.5 million of dividends, a 47.3% increase over
the prior fiscal year. This included a special dividend of $0.31
per share paid in January 2018. We also paid $22.0 million for
share repurchases, all during the fourth fiscal quarter.
Analyst
Conference Call
Ethan Allen will conduct an
analyst conference call at 5:00 PM (Eastern) on Wednesday, July 25
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# 50728595. 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, 2017 and other reports filed
with the Securities and Exchange Commission.
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, 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 any related webcasts,
conference calls and other related discussions or 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. Actual results could differ materially from those
anticipated in the forward-looking statements due to a number of
risks and uncertainties including, but not limited to: competition
from overseas manufacturers and domestic retailers; our
anticipating or responding to changes in consumer tastes and trends
in a timely manner; our ability to maintain and enhance our brand,
marketing and advertising efforts and pricing strategies; changes
in global and local economic conditions that may adversely affect
consumer demand and spending, our manufacturing operations or
sources of merchandise and international operations; changes in
U.S. policy related to imported merchandise; an economic downturn;
our limited number of manufacturing and logistics sites;
fluctuations in the price, availability and quality of raw
materials; environmental, health and safety requirements; product
safety concerns; disruption to our technology infrastructure
(including cyber-attacks); increasing labor costs, competitive
labor markets and our continued ability to retain high-quality
personnel and risks of work stoppages; loss of key personnel; our
ability to obtain sufficient external funding to finance our
operations and growth; access to consumer credit; the effect of
operating losses on our ability to pay cash dividends; 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; 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, 2017, 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. |
|
|
|
|
Selected Financial Information |
|
|
|
|
Unaudited |
|
|
|
|
(in
millions) |
|
|
|
|
Selected
Consolidated Financial Data: |
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
06/30/18 |
06/30/17 |
06/30/18 |
06/30/17 |
Net
sales |
$205.6 |
$194.9 |
$766.8 |
$763.4 |
Gross
margin |
54.1% |
55.6% |
54.2% |
55.0% |
Adjusted
gross margin * |
54.1% |
55.6% |
54.2% |
55.8% |
Operating
margin |
7.7% |
9.5% |
6.4% |
7.6% |
Adjusted
operating margin * |
7.9% |
9.5% |
6.5% |
8.5% |
Net
income |
$11.5 |
$11.7 |
$36.4 |
$36.2 |
Adjusted
net income * |
$11.6 |
$11.6 |
$37.3 |
$40.6 |
Operating
cash flow |
$7.4 |
$24.9 |
$42.5 |
$78.6 |
Capital
expenditures |
$9.7 |
$3.2 |
$18.8 |
$18.3 |
Company
stock repurchases (trade date) |
$22.0 |
$6.9 |
$22.0 |
$10.2 |
|
|
|
|
|
EBITDA |
$21.0 |
$23.6 |
$68.8 |
$77.8 |
EBITDA as
% of net sales |
10.2% |
12.1% |
9.0% |
10.2% |
|
|
|
|
|
Adjusted
EBITDA * |
$21.2 |
$23.6 |
$70.2 |
$84.9 |
Adjusted
EBITDA as % of net sales * |
10.3% |
12.1% |
9.2% |
11.1% |
|
|
|
|
|
Selected
Financial Data by Business Segment: |
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
Retail |
06/30/18 |
06/30/17 |
06/30/18 |
06/30/17 |
Net
sales |
$156.0 |
$153.2 |
$587.5 |
$603.7 |
Operating
margin |
2.9% |
3.5% |
(0.3%) |
0.2% |
Adjusted
operating margin * |
3.1% |
3.5% |
(0.3%) |
1.3% |
|
|
|
|
|
Wholesale |
|
|
|
|
Net
sales |
$127.3 |
$114.3 |
$475.7 |
$453.3 |
Operating
margin |
9.1% |
11.5% |
10.2% |
11.8% |
Adjusted
operating margin * |
9.1% |
11.5% |
10.4% |
12.3% |
|
|
|
|
|
Ethan Allen Interiors Inc. |
|
|
|
|
|
Condensed Consolidated Statements of Comprehensive
Income |
|
|
|
Unaudited |
|
|
|
|
|
(in
thousands) |
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
06/30/18 |
06/30/17 |
06/30/18 |
06/30/17 |
|
Net
sales |
$205,582 |
$194,925 |
$766,784 |
$763,385 |
|
Cost of
sales |
94,440 |
86,528 |
350,820 |
343,662 |
|
Gross
profit |
111,142 |
108,397 |
415,964 |
419,723 |
|
Selling,
general and administrative expenses |
95,235 |
89,798 |
367,097 |
361,773 |
|
Operating
income |
15,907 |
18,599 |
48,867 |
57,950 |
|
Interest
and other income |
302 |
20 |
525 |
268 |
|
Interest
expense |
53 |
274 |
325 |
1,223 |
|
Income
before income taxes |
16,156 |
18,345 |
49,067 |
56,995 |
|
Income
tax expense |
4,678 |
6,662 |
12,696 |
20,801 |
|
Net
income |
$11,478 |
$11,683 |
$36,371 |
$36,194 |
|
|
|
|
|
|
|
Basic
earnings per common share: |
|
|
|
|
|
Net
income per basic share |
$0.43 |
$0.42 |
$1.33 |
$1.31 |
|
Basic
weighted average shares outstanding |
26,878 |
27,633 |
27,321 |
27,679 |
|
|
|
|
|
|
|
Diluted
earnings per common share: |
|
|
|
|
|
Net
income per diluted share |
$0.42 |
$0.42 |
$1.32 |
$1.29 |
|
Diluted
weighted average shares outstanding |
27,323 |
27,938 |
27,625 |
27,958 |
|
|
|
|
|
|
|
Comprehensive income: |
|
|
|
|
|
Net
income |
$11,478 |
$11,683 |
$36,371 |
$36,194 |
|
Other
comprehensive income |
|
|
|
|
|
Currency
translation adjustment |
(1,969) |
928 |
(2,040) |
715 |
|
Other |
(12) |
6 |
(51) |
(14) |
|
Other
comprehensive income (loss) net of tax |
(1,981) |
934 |
(2,091) |
701 |
|
Comprehensive income |
$9,497 |
$12,617 |
$34,280 |
$36,895 |
|
Ethan Allen Interiors Inc. |
|
|
Condensed Consolidated Balance Sheets |
|
|
Unaudited |
|
|
(in
thousands) |
|
|
|
June 30, |
June 30, |
Assets |
2018 |
2017 |
Current
assets: |
|
|
Cash and cash equivalents |
$22,363 |
$57,701 |
Accounts receivable, net |
12,364 |
12,293 |
Inventories |
163,012 |
149,483 |
Prepaid expenses & other current assets |
16,686 |
23,621 |
Total current assets |
214,425 |
243,098 |
|
|
|
Property,
plant and equipment, net |
267,903 |
270,198 |
Intangible assets, net |
45,128 |
45,128 |
Restricted cash and investments |
0 |
7,330 |
Other
assets |
2,977 |
2,468 |
Total Assets |
$530,433 |
$568,222 |
Liabilities and Shareholders' Equity |
|
|
Current
liabilities: |
|
|
Current maturities of long-term debt |
584 |
2,731 |
Customer deposits |
61,248 |
62,960 |
Accounts payable |
18,768 |
16,961 |
Accrued expenses & other current liabilities |
40,660 |
43,793 |
Total current liabilities |
121,260 |
126,445 |
|
|
|
Long-term
debt |
1,096 |
11,608 |
Other
long-term liabilities |
24,207 |
29,273 |
Total liabilities |
146,563 |
167,326 |
Shareholders' equity: |
|
|
Common stock |
490 |
490 |
Additional paid-in-capital |
376,950 |
377,550 |
Less: Treasury stock |
(656,551) |
(635,179) |
Retained earnings |
669,013 |
661,976 |
Accumulated other comprehensive income |
(6,171) |
(4,131) |
Total
Ethan Allen Interiors Inc. shareholders' equity |
383,731 |
400,706 |
Noncontrolling interests |
139 |
190 |
Total
shareholders' equity |
383,870 |
400,896 |
Total Liabilities and Shareholders' Equity |
$530,433 |
$568,222 |
Ethan Allen Interiors Inc. |
|
|
|
Design Center Activity |
|
|
|
Fourth Quarter Fiscal 2018 |
|
|
|
Unaudited |
|
|
|
|
|
|
|
|
|
Company |
|
|
Independent |
Owned |
Total |
Balance
at beginning of period |
160 |
147 |
307 |
Additions
(includes Relocations) (1) |
0 |
1 |
1 |
Closings
(includes Relocations) (1) |
(10) |
(2) |
(12) |
Transfers |
(2) |
2 |
0 |
Balance
at end of period |
148 |
148 |
296 |
|
|
|
|
United
States |
44 |
142 |
186 |
International |
104 |
6 |
110 |
|
|
|
|
(1)
Relocations in additions & closing |
0 |
1 |
1 |
Ethan Allen Interiors Inc. |
|
|
|
|
GAAP Reconciliation |
|
|
|
|
Three and Twelve Months Ended June 30, 2018
and 2017 |
|
|
|
Unaudited |
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
June
30, |
June
30, |
|
2018 |
2017 |
2018 |
2017 |
Net Income / Earnings Per Share |
|
|
|
|
Net
income |
$11,478 |
$11,683 |
$36,371 |
$36,194 |
Adjustments net of related tax effects * |
169 |
0 |
935 |
4,451 |
Normalized income tax effects * |
0 |
(34) |
0 |
(2) |
Adjusted
net income |
$11,647 |
$11,649 |
$37,306 |
$40,643 |
Diluted
weighted average shares outstanding |
27,323 |
27,938 |
27,625 |
27,958 |
Earnings
per diluted share |
$0.42 |
$0.42 |
$1.32 |
$1.29 |
Adjusted
earnings per diluted share |
$0.43 |
$0.42 |
$1.35 |
$1.45 |
Consolidated Gross Profit / Gross Margin |
|
|
|
|
Gross
profit |
$111,142 |
$108,397 |
$415,964 |
$419,723 |
Add:
adjustments * |
0 |
0 |
0 |
6,394 |
Adjusted
gross profit * |
$111,142 |
$108,397 |
$415,964 |
$426,117 |
Net
sales |
$205,582 |
$194,925 |
$766,784 |
$763,385 |
Gross
margin |
54.1% |
55.6% |
54.2% |
55.0% |
Adjusted
gross margin * |
54.1% |
55.6% |
54.2% |
55.8% |
Consolidated Operating Income / Operating Margin |
|
|
|
|
Operating
income |
$15,907 |
$18,599 |
$48,867 |
$57,950 |
Add:
adjustments * |
243 |
0 |
1,278 |
7,010 |
Adjusted
operating income * |
$16,150 |
$18,599 |
$50,145 |
$64,960 |
|
|
|
|
|
Net
sales |
$205,582 |
$194,925 |
$766,784 |
$763,385 |
Operating
margin |
7.7% |
9.5% |
6.4% |
7.6% |
Adjusted
operating margin * |
7.9% |
9.5% |
6.5% |
8.5% |
Wholesale Operating Income / Operating Margin |
|
|
|
|
Wholesale
operating income |
$11,542 |
$13,106 |
$48,499 |
$53,505 |
Add:
adjustments * |
0 |
0 |
1,035 |
2,241 |
Adjusted
wholesale operating income * |
$11,542 |
$13,106 |
$49,534 |
$55,746 |
Wholesale
net sales |
$127,258 |
$114,250 |
$475,731 |
$453,326 |
Wholesale
operating margin |
9.1% |
11.5% |
10.2% |
11.8% |
Adjusted
wholesale operating margin * |
9.1% |
11.5% |
10.4% |
12.3% |
Retail Operating Income / Operating Margin |
|
|
|
|
Retail
operating income |
$4,566 |
$5,347 |
($1,738) |
$1,198 |
Add:
adjustments * |
243 |
0 |
243 |
6,541 |
Adjusted
retail operating income * |
$4,809 |
$5,347 |
($1,495) |
$7,739 |
Retail
net sales |
$156,033 |
$153,182 |
$587,502 |
$603,677 |
Retail
operating margin |
2.9% |
3.5% |
(0.3%) |
0.2% |
Adjusted
retail operating margin * |
3.1% |
3.5% |
(0.3%) |
1.3% |
Ethan Allen Interiors Inc. |
|
|
|
|
|
|
|
|
|
GAAP Reconciliation |
|
|
|
|
Three and Twelve Months Ended June 30, 2018 and
2017 |
|
|
|
|
Unaudited |
|
|
|
|
(in
thousands, except per share amounts) |
|
|
|
|
|
Three Months
Ended |
Twelve Months
Ended |
|
June
30, |
June
30, |
|
2018 |
2017 |
2018 |
2017 |
EBITDA |
|
|
|
|
Net
income |
$11,478 |
$11,683 |
$36,371 |
$36,194 |
Add: interest expense, net |
(36) |
128 |
(82) |
732 |
income
tax expense |
4,678 |
6,662 |
12,696 |
20,801 |
depreciation and amortization |
4,876 |
5,092 |
19,831 |
20,115 |
EBITDA |
$20,996 |
$23,565 |
$68,816 |
$77,842 |
Net
sales |
$205,582 |
$194,925 |
$766,784 |
$763,385 |
EBITDA as
% of net sales |
10.2% |
12.1% |
9.0% |
10.2% |
|
|
|
|
|
EBITDA |
$20,996 |
$23,565 |
$68,816 |
$77,842 |
Add:
adjustments * |
243 |
0 |
1,345 |
7,010 |
Adjusted
EBITDA |
$21,239 |
$23,565 |
$70,161 |
$84,852 |
Net
sales |
$205,582 |
$194,925 |
$766,784 |
$763,385 |
Adjusted
EBITDA as % of net sales |
10.3% |
12.1% |
9.2% |
11.1% |
|
|
|
|
|
|
|
|
|
|
*
Adjustments consist of the following: |
|
|
|
|
|
Three Months
Ended |
Twelve Months Ended |
|
June
30, |
June
30, |
|
2018 |
2017 |
2018 |
2017 |
Adjustments net of related income tax effects: |
|
|
|
|
Real
estate losses |
$0 |
$0 |
$0 |
$616 |
Inventory
write-down |
0 |
0 |
0 |
6,394 |
Organizational changes and other exit costs |
0 |
0 |
535 |
0 |
Contingent legal claim |
0 |
0 |
500 |
0 |
Retail
asset purchase costs |
243 |
0 |
243 |
0 |
Adjustments to operating income |
243 |
0 |
1,278 |
7,010 |
Early
debt extinguishment |
0 |
0 |
67 |
0 |
Adjustments to EBITDA |
243 |
0 |
1,345 |
7,010 |
Related
tax effects |
(74) |
0 |
(410) |
(2,559) |
Adjustments net of related income tax effects |
$169 |
$0 |
$935 |
$4,451 |
|
|
|
|
|
|
Related tax effects are calculated using a normalized tax
rate of 30.5% in the current fiscal year and 36.5% in the prior
fiscal year |
![](http://thomsonreuterscorporategroup.122.2o7.net/b/ss/trcgclientrs876/1/H.22.1--NS/0?pageName=ETHAN%20ALLEN%20REPORTS%20FOURTH%20QUARTER%20AND%20FISCAL%20YEAR%20ENDED%20JUNE%2030,%202018%20RESULTS&c1=2207281&c2=D=Referer)
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
Ethan Allen Interiors (NYSE:ETH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ethan Allen Interiors (NYSE:ETH)
Historical Stock Chart
From Jul 2023 to Jul 2024