Ethan Allen Updates Comments on Current Business in Advance of Investor Conference
September 12 2005 - 6:49AM
Business Wire
Ethan Allen Interiors Inc. (NYSE: ETH) ("Ethan Allen" or the
"Company") is hosting an investor conference on September 13, 2005.
In anticipation of being asked to comment on current business
trends, Farooq Kathwari, Chairman and CEO, said, "We are pleased
and gratified at the continuing progress that has been made at
Ethan Allen. We have seen a continuation of the positive trends
that began in our fourth quarter ended June 30th. During the months
of July and August, incoming orders at wholesale and written
business at retail have both increased over 10%. We believe this
strong consumer response is the result of the many initiatives that
we've undertaken to redefine Ethan Allen: over 70% of our product
has been newly introduced in the last few years; we continue to
open inspirational stores in convenient, highly visible shopping
areas; we've introduced Everyday Best Pricing so that consumers can
shop with the confidence of knowing that they are getting the best
possible price when the time is right for them; and, equally
important, we've strengthened our retail network by adding the
support of project managers in our stores to improve the efficiency
of design consultants and to provide superior decorating solutions
to our customers." Mr. Kathwari continued by stating, "As
previously indicated, we believe the current range of analyst
estimates for the first quarter ended September 30, 2005 and for
the fiscal year ended June 30, 2006, are reasonable and achievable.
For the quarter ended September 30, 2005, the current range of
analyst estimates of between $0.53 and $0.56 per share does not
reflect the anticipated $0.07 to $0.09 per share impact associated
with the restructuring and impairment charge, which was announced
last week, related to the conversion of one of our wood case goods
plant into a major regional distribution center. This planned
conversion has enabled us to return the five remaining wood case
goods plants to a 40-hour work week, up from the reduced 32-hour
work week that was in effect during the first two months of this
quarter." The presentations and question and answer session of the
investor conference will be webcast and can be accessed through our
website at http://www.ethanallen.com/investors. This press release
should be read in conjunction with the Company's Quarterly Report
on Form 10-Q for the quarter ended March 31, 2005 and other reports
filed with the Securities and Exchange Commission. Management's
discussion in this release contains forward-looking statements
relating to future results of the Company. These forward-looking
statements are subject to various assumptions, risk and
uncertainties, and accordingly, actual results could differ
materially from those contemplated by the forward-looking
statements. This news release does not constitute an offer to sell
or a solicitation of an offer to buy any securities.
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