Ethan Allen Comments on Business Trends
August 15 2007 - 7:30AM
Business Wire
Ethan Allen Interiors Inc. (�Ethan Allen� or the �Company�) (NYSE:
ETH) will be hosting investor meetings in the coming weeks. In
anticipation of being asked about business trends, CEO Farooq
Kathwari commented, �As stated in our July 25, 2007 press release
and conference call, our retail written sales on a comparable store
basis were modestly up in June and that modest positive trend has
continued in July. We remain cautiously aware of the fact that
consumer confidence can be impacted by several factors that are
beyond our control.� Mr Kathwari continued: �We continue to believe
that the strong operating performance that we have been able to
sustain during what have been very challenging times for our
industry are the direct result of several initiatives that we�ve
put in place that are focused on providing solutions and service.
These initiatives have included the continued repositioning of our
retail network; investments in recruiting and training to increase
the professionalism of our retail management team; the development
of stylish, high-quality products at good value; stronger
advertising and marketing programs; and faster delivery of our
products to our customers. We believe that our focus on providing
service and solutions provides a distinct competitive advantage and
an opportunity to grow our business.� On July 24, 2007 the
Company�s Board of Directors increased the authorization to
repurchase shares of the Company�s common stock to 2.5 million
shares and increased the regular quarterly cash dividend by 10% to
$0.22. From July 1 through August 14 the Company has repurchased
1,075,800 shares and has a remaining authorization to purchase 2.1
million shares. 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 313 design centers in the United States and
abroad, of which 159 are Company-owned. Ethan Allen has 9
manufacturing facilities in 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 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.
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