Ethan Allen Concludes New Revolving Credit Facility
May 29 2009 - 4:09PM
Business Wire
Ethan Allen Interiors Inc. (�Ethan Allen� or the �Company�)
(NYSE:ETH) today announced it has entered into a new three year
senior secured revolving credit facility. The new facility is
initially set at $40 million with an accordion feature permitting
increase to up to $60 million.
The Company currently has no plans to use the facility other
than for its outstanding letters of credit (currently $12.5
million). The credit facility is provided by a syndicate led by JP
Morgan Chase Bank, N.A. The facility is secured by the Company�s
domestic assets other than real estate and related fixed
assets.
Farooq Kathwari, Chairman and CEO commented, "We are pleased
that we have been able to maintain a strong cash position. While we
expect that to continue, it is prudent for the Company to have a
modest credit facility. We continue to have good liquidity from our
business operations and have significant flexibility under this new
facility, including no encumbrances on the more than $300 million
of value in the real estate owned by the Company.�
About Ethan Allen
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 as of March 31, 2009 of 290 design centers in the United
States and abroad, of which 159 are Company owned. Ethan Allen
operates eight manufacturing facilities in the United States, which
include two sawmills, and one manufacturing facility in Mexico. For
more information on Ethan Allen�s products and services, visit
ethanallen.com.
This press release should be read in conjunction with the
Company�s Annual Report on Form 10-K for the year ended June 30,
2008 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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