Ethan Allen Declares Cash Dividend and Comments on Financial Results
July 21 2009 - 5:46PM
Business Wire
Ethan Allen Interiors Inc. (�Ethan Allen� or the �Company�)
(NYSE:ETH) today declared a regular quarterly cash dividend of
$0.05 per share which will be payable to shareholders of record as
of October 9, 2009 and paid on October 26, 2009.
Farooq Kathwari, Chairman and CEO commented, �We are pleased to
continue our cash dividend despite one of the most challenging
economic environments. Due to many proactive initiatives, we have
been able to maintain a good liquidity position and expect to
continue to do so as we move forward. Fiscal 2009, which ended June
30th, had an unprecedented sales decline of 31.3%. For the fourth
quarter ended June 30th, sales of $138 million were nearly equal to
our third fiscal quarter and declined 41.5% from the previous year
fourth fiscal quarter. Our loss per diluted share excluding
restructuring, impairment and other related charges is estimated to
be $0.24 to $0.27. We have maintained a strong balance sheet
including $53 million in cash and equivalents at the end of the
quarter ended June 30, 2009. In addition, we expect a federal tax
refund of over $8 million in the next month.�
Mr. Kathwari continued, �As indicated previously, we made a
conscious decision not to join the bandwagon of high discounting
and liquidations of inventory. While we experienced sales declines,
we have maintained strong gross margins, continued to generate cash
and also maintained our credibility. During fiscal year 2009 we
focused on two major initiatives: first, to bring our cost
structure down on an annualized basis by over $120 million; second,
to implement many major programs to continue our process of
reinvention. We plan to release our earnings on August 12th,
followed by a conference call at 11:00 am EST and will have an
opportunity to provide detailed information at that time.�
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 of 290 design centers in the United States and abroad, of
which 159 are Company owned. Ethan Allen owns eight manufacturing
facilities in the United States, which include two sawmills, and
one upholstery plant in Mexico. For more information on Ethan
Allen�s products and services, visit ethanallen.com.
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