ETH Grayscale Ethereum Mini Trust (ETH) Common units of fractional undivided beneficial interest

Ethan Allen Interiors Inc. (�Ethan Allen� or the �Company�) (NYSE:ETH) today reported operating results for the three and nine months ended March 31, 2008. Three Month Results Net delivered sales for the quarter ended March 31, 2008 decreased 4.3% to $235.9 million as compared to $246.5 million in the prior year quarter. Net delivered sales for the Company�s Retail division increased 3.0% to $172.8 million. Wholesale sales decreased 9.1% to $156.3 million during that same period. Comparable Ethan Allen design center delivered sales decreased 1.1% as compared to the prior year quarter. During the quarter ended March 31, 2008, four Design Centers were converted to smaller size Design Studios better suited to the markets they serve. In addition, seven Design Centers and two retail Service Centers were closed and, for the most part, were consolidated into other existing operations resulting in a total pretax restructuring and impairment charge of $4.0 million or $2.5 million after tax and $0.09 per diluted share. For the quarter ended March 31, 2008, earnings per diluted share, which includes the aforementioned restructuring and impairment charge, amounted to $0.30 on net income of $8.8 million. This compares to earnings per diluted share and net income of $0.54 and $17.5 million, respectively, in the prior year comparable period which also included a restructuring and impairment charge. Excluding the impact of the restructuring and impairment charges on both periods, earnings per diluted share for the current quarter amounted to $0.39 on net income of $11.4 million and for the comparable prior year period $0.54 per share on net income of $17.4 million. Nine Month Results For the nine months ended March 31, 2008, net delivered sales decreased 0.4% to $744.1 million as compared to $746.8 million in the prior year comparable period. Net delivered sales for the Company�s Retail division increased 7.2% to $548.1 million, while Wholesale sales decreased 5.0% to $468.5 million during that same period. Comparable Ethan Allen design center delivered sales decreased 0.5% as compared to the prior year period. For the nine months ended March 31, 2008, which includes the aforementioned restructuring and impairment charge, earnings per diluted share amounted to $1.58 on net income of $47.0 million. This compares to earnings per diluted share and net income of $1.50 and $48.7 million, respectively, in the prior year comparable period which also included a restructuring and impairment charge. Excluding the impact of these charges in both periods, earnings per diluted share for the current year amounted to $1.67 on net income of $49.5 million, from $1.76 per share, on net income of $57.2 million in the prior year comparable period. Farooq Kathwari, Chairman and CEO, commented, �Despite the challenges of a weak economy, we are pleased with the major progress we are making in positioning Ethan Allen as a provider of design solutions and service. Our results in the third quarter ended March 31, 2008, were impacted by a weaker economy and costs associated with the many initiatives we have implemented to strengthen our business.� Mr. Kathwari continued, �Sales in March particularly slowed down due to broader economic concerns raised by the extraordinary intervention of the Federal Reserve to stabilize financial institutions, and to some extent due to Easter falling in March this year. With a relatively calmer economic environment in April, and Easter behind us, the decline in sales so far has been considerably reduced.� Mr. Kathwari stated, �During the March quarter we continued to reposition our retail network. We opened four new relocated design centers, converted four into design studios, consolidated or closed seven design centers and two retail service centers, and substantially completed the implementation of Lifestyle presentations in nearly all of our 153 company-owned design centers. During the quarter that will end June 30, 2008, we expect to consolidate the two remaining Design Centers located in New York City with the opening of the new flagship Design Center in Manhattan located at 3rd Avenue and 60th Street. The company expects to take a $3 to $4 million pretax restructuring charge or $1.9 to $2.5 million after tax, during the fourth quarter. We also expect to open five or six additional new design centers during the fourth quarter.� Mr. Kathwari continued, �As we stated in our April 10, 2008, press release, we have absorbed costs related to all of these initiatives, especially in the third quarter, and we should see benefits in our next fiscal year. Most of the major relocation of our design centers is expected to be completed this fiscal year, and we expect our capital expenditures for the next fiscal year to be reduced by about 30% to 50% from the current annual expenditure level of about $70 million.� Commenting on the outlook, Mr. Kathwari said: �While the near term economic environment remains uncertain, we remain confident that the many initiatives we have taken will help us to continue to do relatively well in the near term, and more importantly, that we are positioned to do well as the over all economy starts to move in a positive direction.� Ethan Allen Interiors Inc. is a leading manufacturer and retailer of quality home furnishings. The Company sells a full range of furniture products and decorative accessories through a network of 291 design centers in the United States and abroad, of which 153 are Company-owned. Ethan Allen has nine manufacturing facilities, which include two sawmills, located throughout the United States and one facility located in Mexico. The Company will conduct a Conference Call at 8:30 a.m. (Eastern) on Tuesday, April 22nd. The live webcast and replay are accessible via the Company�s website at www.ethanallen.com/investors. This press release should be read in conjunction with the Company�s Annual Report on Form 10-K for the year ended June 30, 2007 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 the 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. Selected Financial Information Unaudited (In millions) � � � Selected Consolidated Financial Data: Three Months Ended Nine Months Ended 3/31/08 3/31/07 3/31/08 3/31/07 Net Sales $ 235.9 $ 246.5 $ 744.1 $ 746.8 Gross Margin 53.1% 52.1% 53.5% 52.0% Operating Margin 6.6% 11.4% 10.3% 10.6% Operating Margin (ex restructuring & impairment charge (credit)) 8.3% 11.3% 10.9% 12.4% Net Income $ 8.8 $ 17.5 $ 47.0 $ 48.7 Net Income (ex restructuring & impairment charge (credit)) $ 11.4 $ 17.4 $ 49.5 $ 57.2 � Operating Cash Flow $ 19.9 $ 13.7 $ 67.3 $ 69.9 Capital Expenditures $ 16.0 $ 12.5 $ 46.3 $ 47.5 Treasury Stock Repurchases (settlement�date basis) $ 8.4 $ 16.9 $ 73.2 $ 34.6 � EBITDA $ 22.2 $ 34.5 $ 97.9 $ 97.3 EBITDA as % of Net Sales 9.4% 14.0% 13.2% 13.0% EBITDA (ex restructuring & impairment charge (credit)) $ 26.2 $ 34.3 $ 101.9 $ 110.8 EBITDA as % of Net Sales (ex restructuring & impairment charge (credit)) 11.1% 13.9% 13.7% 14.8% Selected Financial Data by Business Segment: � Three Months Ended Nine Months Ended Retail 3/31/08 � 3/31/07 3/31/08 � 3/31/07 Net Sales $ 172.8 $ 167.7 $ 548.1 $ 511.1 Operating Margin (4.9%) (0.1%) (0.2%) 1.7% Operating Margin (ex restructuring & impairment charge (credit)) (2.6%) (0.1%) 0.5% 1.7% Three Months Ended � Nine Months Ended Wholesale 3/31/08 � 3/31/07 3/31/08 � 3/31/07 Net Sales $ 156.3 $ 171.9 $ 468.5 $ 493.2 Operating Margin 17.1% 18.5% 17.0% 14.9% Operating Margin (ex restructuring & impairment charge (credit)) 17.1% 18.4% 17.0% 17.6% Ethan Allen Interiors Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) � � Three Months � Nine Months Ended March 31, Ended March 31, 2008 � 2007 2008 � 2007 (unaudited) (unaudited) � Net sales $ 235,901 $ 246,539 $ 744,138 $ 746,781 Cost of sales 110,714 118,023 346,041 358,186 Gross profit 125,187 128,516 398,097 388,595 Operating expenses: Selling 56,112 54,880 171,290 164,093 General & administrative 49,502 45,729 145,940 132,214 Restructuring & impairment charge (credit) 3,993 (180) 3,993 13,442 Total operating expenses 109,607 100,429 321,223 309,749 Operating income 15,580 28,087 76,874 78,846 Interest & other miscellaneous income 1,375 2,339 6,478 7,146 Interest & other related financing costs 2,914 2,927 8,793 8,780 Income before income tax expense 14,041 27,499 74,559 77,212 Income tax expense 5,195 10,000 27,587 28,469 Net income $ 8,846 $ 17,499 $ 46,972 $ 48,743 � Basic earnings per share: Net income per share $ 0.31 $ 0.55 $ 1.59 $ 1.54 Basic weighted average shares outstanding 28,909 31,656 29,461 31,736 � Diluted earnings per share: Net income per share $ 0.30 $ 0.54 $ 1.58 $ 1.50 Diluted weighted average shares outstanding 29,049 32,352 29,685 32,495 Ethan Allen Interiors Inc. Condensed Consolidated Balance Sheets Unaudited (In thousands) � � � � March 31, June 30, 2008 2007 � � Assets Current Assets: Cash and cash equivalents $ 77,011 $ 147,879 Accounts receivable, net 12,551 14,602 Inventories 186,357 181,884 Prepaid expenses and other current assets 39,117 33,104 Deferred income taxes 2,327 4,960 Total current assets 317,363 382,429 � Property, plant, and equipment, net 343,160 322,185 Intangible assets, net 94,045 92,500 Other assets 4,823 5,484 Total Assets $ 759,391 $ 802,598 � Liabilities and Shareholders' Equity Current Liabilities: Current maturities of long-term debt $ 41 $ 40 Customer deposits 46,363 52,072 Accounts payable 22,934 26,650 Accrued expenses and other current liabilities 68,841 68,677 Total current liabilities 138,179 147,439 � Long-term debt 202,958 202,868 Other long-term liabilities 20,515 12,003 Deferred income taxes 28,067 30,646 Total liabilities 389,719 392,956 � Shareholders' equity 369,672 409,642 Total Liabilities and Shareholders' Equity $ 759,391 $ 802,598