Ethan Allen reports $26.5 million loss in fourth quarter
Restructuring, tax charges contribute to loss despite increase is sales
Furniture Today Staff -- Furniture Today, August 5, 2010
DANBURY, Conn. — Ethan Allen reported a $26.5 million loss in its fourth fiscal quarter due to a tax and restructuring charge and despite sales that were up about 18%.
For the fiscal quarter, the loss amounted to about 91 cents per share, compared with a loss in the prior year quarter of $16.9 million, or 58 cents per share. The net loss was attributed to restructuring costs, transition costs, a tax charge of about $34 million, and other items.
The company's sales were $163.3 million for the quarter ending June 30, compared to $138.7 for the quarter last year.
Delivered sales for the quarter were $163.3 million, up 17.8% from the prior year quarter. Retail net sales were $121.2 million, an increase of 18.5% from the prior year comparable quarter.
The company reported that total written orders for the retail division increased 23.5% and comparable design center orders were 31.3% higher than the prior year quarter.
"Our initiatives in our vertically integrated structure have helped us to reduce costs (and) improve the efficiency of our manufacturing, logistics and retail while at the same time improving quality and personal service. While pleased with the recent results, we remain cautious due to uncertain economic times," said Chairman and Chief Executive Farooq Kathwari, in a press release.
Excluding tax and restructuring losses and similar charges, the company would have had a profit of $4.6 million or 16 cents per share, compared to a loss of $6.8 million or 23 cents per share in the same quarter last year.
For the fiscal year ending June 30, the company reported net delivered sales of $590.1 million, a 12% decrease compared to $674.3 million the prior year.
Net delivered sales for the retail division were $438.5 million versus $508.6 million the prior year. Wholesale sales were $362.5 million versus $403.4 million the prior year.
The fiscal year loss was trimmed by about 16% to $1.53, or $44.3 million, compared to a $52.7 million loss the previous year, or $1.83 per share.
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