Ethan Allen Updates Comments on Business Trends In Advance of Investor Conference
September 25 2006 - 8:07AM
Business Wire
Ethan Allen Interiors Inc. (NYSE: ETH) is hosting an investor
conference on September 26, 2006. In anticipation of being asked to
comment on current business, Chairman and CEO, Farooq Kathwari
said, �As previously indicated, sales in recent months have slowed
as consumer confidence has remained weak. In addition, we find
ourselves up against tough comparable results for the prior year
quarter during which time we experienced a 9% increase in sales and
a 15% increase in comparable retail written sales. The prior year
quarter also marked the first phase of our initiative to reduce the
lead time in filling customer orders. The faster backlog turnover
afforded by this initiative reduces the forward visibility of
delivered sales, subjecting our business to more volatility as
demand levels fluctuate. We currently anticipate that revenues for
the quarter ending September 30, 2006, will total $240 to $245
million.� Mr. Kathwari continued, �Importantly, the implementation
of �Everyday Best Pricing� means that consumers now make purchases
when it is most convenient for them, and we know that the summer
months present numerous other activities and commitments. We have
seen some positive trends in September and, should those trends
continue, we could benefit in the second quarter.� �We recently
conducted an international convention which was attended by more
than 800 of our Ethan Allen associates during which time we
unveiled major renovations in our Danbury design center that serve
to take our focus on providing decoration solutions and interior
design service to a new level. In addition, we introduced two new
product collections � Modern Glamour and Horizons Studio � which
will arrive in our retail network next spring.� The Investor
Conference begins at 10:15 AM. Management�s presentations and the
Q&A session will be webcast live at
http://www.ethanallen.com/investors. Ethan Allen Interiors Inc. is
a leading manufacturer and retailer of quality home furnishings,
selling a full range of products through an exclusive network of
more than 300 design centers located in the United States, Canada,
and overseas. The Company is vertically integrated with
manufacturing facilities and sawmills located throughout the United
States. This press release should be read in conjunction with the
Company's Annual Report on Form 10-K for the year ended June 30,
2006 and other reports filed with the Securities and Exchange
Commission. This press release and related discussions contain
forward-looking statements made pursuant to the safe harbor
provisions of Private Securities Litigation Reform Act of 1995.
Such forward-looking statements reflect management's current
expectations concerning future events and results of the Company,
and are subject to various assumptions, risks and uncertainties.
Accordingly, actual future events or results could differ
materially from those contemplated by the forward-looking
statements. The Company assumes no obligation to update or provide
revision to any forward-looking statement at any time for any
reason. Ethan Allen Interiors Inc. (NYSE: ETH) is hosting an
investor conference on September 26, 2006. In anticipation of being
asked to comment on current business, Chairman and CEO, Farooq
Kathwari said, "As previously indicated, sales in recent months
have slowed as consumer confidence has remained weak. In addition,
we find ourselves up against tough comparable results for the prior
year quarter during which time we experienced a 9% increase in
sales and a 15% increase in comparable retail written sales. The
prior year quarter also marked the first phase of our initiative to
reduce the lead time in filling customer orders. The faster backlog
turnover afforded by this initiative reduces the forward visibility
of delivered sales, subjecting our business to more volatility as
demand levels fluctuate. We currently anticipate that revenues for
the quarter ending September 30, 2006, will total $240 to $245
million." Mr. Kathwari continued, "Importantly, the implementation
of "Everyday Best Pricing" means that consumers now make purchases
when it is most convenient for them, and we know that the summer
months present numerous other activities and commitments. We have
seen some positive trends in September and, should those trends
continue, we could benefit in the second quarter." "We recently
conducted an international convention which was attended by more
than 800 of our Ethan Allen associates during which time we
unveiled major renovations in our Danbury design center that serve
to take our focus on providing decoration solutions and interior
design service to a new level. In addition, we introduced two new
product collections - Modern Glamour and Horizons Studio - which
will arrive in our retail network next spring." The Investor
Conference begins at 10:15 AM. Management's presentations and the
Q&A session will be webcast live at
http://www.ethanallen.com/investors. Ethan Allen Interiors Inc. is
a leading manufacturer and retailer of quality home furnishings,
selling a full range of products through an exclusive network of
more than 300 design centers located in the United States, Canada,
and overseas. The Company is vertically integrated with
manufacturing facilities and sawmills located throughout the United
States. This press release should be read in conjunction with the
Company's Annual Report on Form 10-K for the year ended June 30,
2006 and other reports filed with the Securities and Exchange
Commission. This press release and related discussions contain
forward-looking statements made pursuant to the safe harbor
provisions of Private Securities Litigation Reform Act of 1995.
Such forward-looking statements reflect management's current
expectations concerning future events and results of the Company,
and are subject to various assumptions, risks and uncertainties.
Accordingly, actual future events or results could differ
materially from those contemplated by the forward-looking
statements. The Company assumes no obligation to update or provide
revision to any forward-looking statement at any time for any
reason.
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