Ethan Allen Interiors Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Half Year Ended December 31, 2014; Provides Capital Expenditure Guidance for the Fiscal 2015
January 27, 2015 at 09:35 pm
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Ethan Allen Interiors Inc. reported unaudited consolidated earnings results for the second quarter and half year ended December 31, 2014. For the quarter, the company reported net sales of $197.1 million, increased 2.1% compared to the prior year second quarter of $193.1 million. Net income was $10.0 million or $0.34 per diluted share compared with $11.6 million or $0.39 per diluted share in the prior year quarter. Excluding special items in both periods, adjusted earnings for the quarter were $0.37 per diluted share or $10.8 million compared to $0.41 per diluted share or $11.9 million in the prior year quarter. Operating cash flow was $3.7 million compared to $1.5 million a year ago. Capital expenditures were $7.7 million compared to $5.3 million a year ago. EBITDA was $22.3 million compared to $24.2 million a year ago. EBITDA (excluding special items) was $23.4 million compared to $25.0 million a year ago. Adjusted operating income for the second quarter was $18.7 million or 9.5% of sales compared to $20.6 million or 10.7% of sales in the prior year second quarter.
For the half year, the company reported net sales of $387.8 for the first half fiscal 2015, increased 3.5% from $374.8 million the prior year. Net income was $21.9 million or $0.75 per diluted share compared with $20.6 million or $0.70 per diluted share in the prior year comparable period. Adjusted net income year to date of $23.5 million increased 9.7% compared with $21.5 million the prior year period and adjusted earnings per diluted share increased 9.6% for the six months to date at $0.80 compared with $0.73 the prior year to date period. Operating cash flow was $10.5 million compared to $22.6 million a year ago. Capital expenditures were $13.1 million compared to $8.6 million a year ago. EBITDA was $47.5 million compared to $44.4 million a year ago. EBITDA (excluding special items) was $50.0 million compared to $46.0 million a year ago. Adjusted operating income was $40.6 million or 10.5% of sales compared to $37.4 million or 10.0% in the prior year period.
The company expects fiscal 2015 total capital expenditures of $28 million to $29 million as company continues to invest in new technology in the retail and wholesale segments, as well as incur capital expenditures relating to improving and growing design centers.
Ethan Allen Interiors Inc. is an interior design company, which is a manufacturer and retailer in the home furnishings marketplace. The Company operates through two segments: wholesale and retail. The wholesale segment is involved in the development of the Ethan Allen brand and encompasses all aspects of design, manufacturing, sourcing, marketing, sale, and distribution of the Companyâs broad range of home furnishings and accents. The retail segment sells home furnishings and accents to clients through a network of 139 Company-operated design centers. The Company operates approximately 139 retail design centers with 135 located in the United States and four in Canada. The Company also owns and operates ten manufacturing facilities, including four manufacturing plants, one sawmill, one rough mill and one kiln dry lumberyard in the United States, two manufacturing plants in Mexico and one manufacturing plant in Honduras.
Ethan Allen Interiors Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Half Year Ended December 31, 2014; Provides Capital Expenditure Guidance for the Fiscal 2015