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Ethan Allen Earns $7.2 Million

Furniture Today Staff -- Furniture Today, August 26, 2011

DANBURY, Conn. - Manufacturer and retailer Ethan Allen said sales rose 9% in the quarter ended June 30, and the company recorded a profit of about $7.2 million.
     The quarterly profit, which equals 25 cents per share, reversed a net loss of $26.5 million or 91 cents per share in the same quarter last year.
     Sales for the quarter - the fourth quarter of Ethan Allen's fiscal year - totaled $178 million, up from $163.3 million in the same quarter last year.
     The company said retail sales were up 13% in the quarter, while written orders grew 14.6%.
     The results were much the same for the fiscal year ended June 30, which saw sales rise 15.1% to $679 million. Retail sales for the year totaled $505.9 million, up 15.4% from $438.5 million in the year ended June 30, 2010.
     Net income for the year totaled $29.3 million or $1.02 per share. That compares with a net loss of $44.3 million or $1.53 per share the previous year.
     The prior year included $2.44 million in restructuring charges.
     "Our improving trends in written business, especially in the second half of our fiscal year, resulted in stronger retail and wholesale backlogs than this time last year," said Farooq Kathwari, chairman and CEO. "We also made major progress in improving our vertically integrated enterprise during fiscal 2011."
     Kathwari said written business in July, the first month of the new fiscal year, continued to be ahead of the previous year.
     "While we are operating in an uncertain economic environment, we remain cautiously optimistic of the opportunity to continue our progress and increase both sales and profitability," Kathwari said.
     Ethan Allen has approximately 300 design centers worldwide and operates seven manufacturing plants in North America. The company said about 70% of its products are made at its U.S. plants.

Ethan Allen
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
Quarter ended 6/39	2011	2010	Change
Sales	$177,952,000	$163,304,000	9.0%
Operating income	12,048,000	12,907,000	(6.7%)
Net income (a)	7,175,000	(26,544,000)	-
Earnings per share	0.25	(0.91)	-
Year ended 6/30	2011	2010	Change
Sales	$678,960,000	$590,054,000	15.1%
Operating income	33,059,000	(9,298,000)	-
Net income (a)	29,250,000	(44,316,000)	-
Earnings per share	1.01	(1.53)	-
(a) Includes restructuring and impairment charges of $773,000 in the 2011 quarter, $448,000 in the 2010 quarter, $1.1 million in the 2011 year and $2.4 million in the 2010 year.

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Sales, profits up as Ethan Allen wraps fiscal year

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