0001437749-21-019145.txt : 20210809 0001437749-21-019145.hdr.sgml : 20210809 20210809161109 ACCESSION NUMBER: 0001437749-21-019145 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210809 DATE AS OF CHANGE: 20210809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ETHAN ALLEN INTERIORS INC CENTRAL INDEX KEY: 0000896156 STANDARD INDUSTRIAL CLASSIFICATION: WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED) [2511] IRS NUMBER: 061275288 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11692 FILM NUMBER: 211156585 BUSINESS ADDRESS: STREET 1: ETHAN ALLEN DR STREET 2: PO BOX 1966 CITY: DANBURY STATE: CT ZIP: 06811 BUSINESS PHONE: 2037438000 8-K 1 eth20210806_8k.htm FORM 8-K eth20210806_8k.htm
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 9, 2021
 
ETHAN ALLEN INTERIORS INC.
 
(Exact name of registrant as specified in its charter)
 
Delaware
1-11692
06-1275288
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
25 Lake Avenue Ext., Danbury, Connecticut
06811-5286
(Address of principal executive offices)
(Zip Code)
 
 
Registrant’s telephone number, including area code: (203) 743-8000
 
Not Applicable

(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock $0.01 Par Value
ETH
New York Stock Exchange
(Title of each class)
(Trading symbol)
(Name of exchange on which registered)
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company         
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
Item 2.02
Results of Operations and Financial Condition
 
On August 9, 2021, Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) issued a press release announcing its financial and operating results for its fourth quarter and full fiscal year ended June 30, 2021. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated by reference herein. The information furnished pursuant to this Item 2.02 (Results of Operations and Financial Condition), including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (such act being the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Exhibit 99.1 to this report contains non-GAAP gross profit and margin, non-GAAP operating income and margin, non-GAAP net income and non-GAAP diluted earnings per share for the periods presented. These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Ethan Allen believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Ethan Allen’s results of operations in conjunction with the corresponding GAAP measures.
 
Ethan Allen believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.
 
Ethan Allen excludes the following items from one or more of its non-GAAP measures when applicable:
 
 
Restructuring and other impairment charges. Ethan Allen from time to time incurs significant asset impairments and restructuring charges, including employee severance, inventory write-downs and other exit costs. The Company excludes these items because it does not believe they are reflective of ongoing business and operating results.
 
 
Income tax effects of the foregoing. This amount is used to present each of the amounts described above on an after-tax basis consistent with the presentation of non-GAAP net income.
 
 
Significant tax matters. Ethan Allen may incur tax charges or benefits that are related to prior periods or not reflective of its ongoing provision for income taxes. The Company excludes these charges or benefits, when significant, because it does not believe they are reflective of ongoing business and operating results.
 
From time to time in the future, there may be other items that Ethan Allen may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management.
 
 
Item 9.01
Financial Statements and Exhibits
 
(d) Exhibits
 
Exhibit No.
Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
ETHAN ALLEN INTERIORS INC.
Date: August 9, 2021
By:
/s/ Corey Whitely
Corey Whitely
Executive Vice President, Administration and
    Chief Financial Officer  
 
 
EX-99.1 2 ex_272973.htm EXHIBIT 99.1 ex_272973.htm
 

Exhibit 99.1

 

Ethan Allen Reports Fiscal 2021 Fourth Quarter and Full Year Results

 

 

DANBURY, CT AUGUST 9, 2021 – Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE: ETH) today reported its business and financial results for the fourth quarter and fiscal year ended June 30, 2021.

 

Farooq Kathwari, Ethan Allen’s Chairman, President and CEO commented, “We are pleased to report strong results for the fourth quarter and fiscal year ended June 30, 2021. For the fourth quarter we achieved consolidated net sales growth of 94.7%, an operating margin of 13.5% and diluted EPS of $0.71. Adjusted EPS was $0.74, up from a loss of $0.15 last year. Many of the changes we implemented last year have allowed us to better manage expenses and improve our operating leverage. Additionally, we strengthened the business by expanding capacity, enhanced our use of technology and brought back many associates to further our talent. These initiatives helped produce strong results for the full fiscal 2021 year, including net sales of $685.2 million and EPS of $2.37. We also generated $129.9 million of cash from operating activities, repaid 100% of our outstanding debt, increased our regular quarterly cash dividend by 19% and in May 2021 paid a $0.75 special cash dividend. Last week we announced another special cash dividend of $0.75 in addition to our regular quarterly dividend of $0.25 per share, both payable on August 31, 2021.”

 

“Demand trends have remained strong and our focus remains on servicing our large backlog of written orders. Both our wholesale and retail segments experienced high demand, with fiscal 2021 written orders increasing 31.7% at wholesale and 47.7% at retail. We, like others, have been impacted by supply chain issues, including raw material delays and increased costs of shipping. Fortunately, about 75% of our products are made in our North American manufacturing workshops, which together with our strong logistics network of national distribution centers and retail home delivery centers delivering product with white glove service to our clients’ homes, are an important competitive advantage,” continued Mr. Kathwari.

 

“We are focused on continuing to increase capacity and deliver product while making investments in technology throughout the Company, all to drive future growth and enhance the customer experience. We believe we have a great opportunity to continue our growth in sales and profitability due to our dedicated team, our vertically integrated structure, and the personal service of our interior design professionals increasingly combined with technology,” concluded Mr. Kathwari.

 

FISCAL 2021 FOURTH QUARTER HIGHLIGHTS*

 

 

Consolidated net sales increased 94.7% to $178.3 million

 

 

Retail segment written orders growth of 105.0%

 

 

Wholesale net sales of $106.4 million increased 106.2%; Retail net sales of $150.7 million rose 113.0%

 

 

Wholesale segment written orders increased 82.3%; Excluding GSA and other government orders, wholesale segment orders increased 87.0%

 

 

Consolidated gross margin increased to 58.7%; Operating margin grew to 13.5% due to net sales growth and controlling costs by leveraging cost reductions from measures taken as part of our previously announced COVID-19 action plan

 

 

Operating expenses decreased to 45.2% of net sales from 65.9%; Operating expenses increased $20.2 million due to higher selling, delivery and incentive compensation expenses due to strong net sales growth partially offset by lower advertising spend

 

 

Diluted EPS of $0.71 compared to ($0.48); Adjusted EPS of $0.74 compared to ($0.15)

 

 

Strong cash generation of $27.8 million; Cash on hand of $104.6 million and no debt outstanding

 

 

Paid a special cash dividend and regular quarterly cash dividend totaling $31.7 million during the quarter

 

Page 1

 

FULL FISCAL YEAR 2021 HIGHLIGHTS*

 

 

Consolidated net sales increased 16.2% to $685.2 million

 

 

Retail segment written orders growth of 47.7%

 

 

Wholesale net sales of $413.1 million increased 22.2%; Retail net sales of $555.0 million rose 19.9%

 

 

Wholesale segment written orders increased 31.7%; excluding GSA and other government orders, wholesale segment orders grew 41.7%

 

 

Consolidated gross margin rose to 57.4%; Operating margin increased to 11.3%

 

 

Operating expenses decreased to 46.1% of net sales from 52.3% due to improved operating leverage

 

 

Diluted EPS of $2.37 compared to $0.34; Adjusted EPS of $2.37 compared to $0.52

 

 

Generated $129.9 million of cash from operating activities compared with $52.7 million last year

 

 

Repaid 100% of outstanding debt during the year

 

 

The Company increased its regular quarterly cash dividend by 19% in November 2020 as well as paid a $0.75 per share special cash dividend in May 2021

 

 

Opened several new design centers in the past 12 months including Oxnard, California; Towson, Maryland; Alpharetta, Georgia; and Portland, Oregon

 

 

The Company held its first-ever Virtual Celebration to congratulate associates for exceptional interior design work

 

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release. Comparisons are to the fourth quarter of fiscal 2020 and the full fiscal 2020 year

 

KEY FINANCIAL MEASURES*

 

(Unaudited)

(In thousands, except per share data)

 

    Three months ended             Twelve months ended          
   

June 30,

           

June 30,

         
   

2021

   

2020

   

% Chg

   

2021

   

2020

   

% Chg

 

Net sales

  $ 178,323     $ 91,568       94.7 %   $ 685,169     $ 589,837       16.2 %

GAAP gross profit

  $ 104,596     $ 47,868       118.5 %   $ 393,107     $ 323,132       21.7 %

Adjusted gross profit*

  $ 104,846     $ 48,767       115.0 %   $ 393,746     $ 328,555       19.8 %

GAAP gross margin

    58.7 %     52.3 %             57.4 %     54.8 %        

Adjusted gross margin*

    58.8 %     53.3 %             57.5 %     55.7 %        

GAAP operating income (loss)

  $ 24,062     $ (12,447 )     293.3 %   $ 77,285     $ 14,644       427.8 %

Adjusted operating income (loss)*

  $ 25,084     $ (4,982 )     603.5 %   $ 80,335     $ 17,072       370.6 %

GAAP operating margin

    13.5 %     (13.6% )             11.3 %     2.5 %        

Adjusted operating margin*

    14.1 %     (5.4% )             11.7 %     2.9 %        

GAAP net income (loss)

  $ 18,161     $ (12,069 )     250.5 %   $ 60,005     $ 8,900       574.2 %

Adjusted net income (loss)*

  $ 18,933     $ (3,654 )     618.1 %   $ 60,059     $ 13,512       344.5 %

Effective tax rate

    24.3 %     8.5 %             21.5 %     37.3 %        

GAAP diluted EPS

  $ 0.71     $ (0.48 )     247.9 %   $ 2.37     $ 0.34       597.1 %

Adjusted diluted EPS*

  $ 0.74     $ (0.15 )     593.3 %   $ 2.37     $ 0.52       355.8 %

Capital expenditures

  $ 1,687     $ 3,252       (48.1% )   $ 12,029     $ 15,709       (23.4% )

Cash flows from operating activities

  $ 27,792     $ 14,012       98.3 %   $ 129,912     $ 52,696       146.5 %

 

* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release

 

Page 2

 

BALANCE SHEET AND CASH FLOW

 

Total cash and cash equivalents was $104.6 million at June 30, 2021 compared with $72.3 million a year ago. Cash and cash equivalents aggregated to 15.3% of total assets at June 30, 2021, compared with 11.6% last year. Cash and cash equivalents increased $32.3 million during fiscal 2021 primarily due to net cash provided by operating activities of $129.9 million and net proceeds of $4.9 million from the sale of property, plant and equipment, partially offset by the repayment of 100% or $50.0 million of outstanding borrowings under the Company’s existing credit facility, cash dividends paid of $43.3 million and capital expenditures of $12.0 million. Strong cash flow performance was driven by increased customer deposits from written orders partially offset by higher inventory balances.

 

Capital expenditures in fiscal 2021 were $12.0 million compared with $15.7 million in the prior year. As part of the Company’s initial response to the COVID-19 health crisis a year ago, the Company delayed investments and capital expenditures, which led to a reduction in capital spending. Partially offsetting the decreases was the Company’s investment in the expansion of its existing Maiden, North Carolina manufacturing campus, which will help increase overall capacity beginning in fiscal 2022.

 

Cash dividends paid were $43.3 million during fiscal 2021, which included a special cash dividend of $19.0 million paid in May 2021. The Company previously had suspended its regular quarterly cash dividend as of April 28, 2020 and reinstated it on August 4, 2020.

 

Inventories, net of $144.0 million increased $17.9 million compared with $126.1 million at June 30, 2020 as the Company continues to increase its manufacturing productivity and service center inventory.

 

Customer deposits from written orders for the Company’s retail segment more than doubled during fiscal 2021 and totaled $130.6 million at June 30, 2021. Strong written retail order growth of 47.7% outpaced net sales growth of 19.9% and led to high customer deposits and backlog at June 30, 2021.

 

No debt outstanding as of June 30, 2021 as the Company paid down the remaining $50.0 million of its borrowing in September 2020 using available cash on hand.

 

DIVIDEND DECLARED

 

On August 3, 2021, the Company announced that its Board of Directors had declared a $0.75 per share special cash dividend to shareholders of record on August 17, 2021, payable on August 31, 2021. The Board also declared a regular quarterly cash dividend of $0.25 per share, payable on August 31, 2021 to shareholders of record at the close of business on August 17, 2021.

 

DESIGN CENTER ACTIVITY

 

   

Independent

   

Company-

         

Design Center activity

 

Retailers

   

Operated

   

Total

 

Balance at June 30, 2020

    160       144       304  

New locations

    18       3       21  

Closures

    (17 )     (6 )     (23 )

Transfers

    -       -       -  

Balance at June 30, 2021

    161       141       302  

Relocations (in new and closures)

    -       2       2  
                         

U.S.

    34       136       170  

International

    127       5       132  

 

Page 3

 

CONFERENCE CALL

 

Ethan Allen will host an analyst conference call today, August 9, 2021 at 5:00 PM (Eastern Time) to discuss its results. The analyst conference call will be webcast live from the Company’s Investor Relations website at https://ir.ethanallen.com.

 

The following information is provided for those who would like to participate:

 

U.S. Participants: 877-705-2976

 

International Participants: 201-689-8798

 

Meeting Number:13721721

 

For those unable to listen live, an archived recording of the call will be made available on the Company’s website referenced above for at least 60 days.

 

ABOUT ETHAN ALLEN

 

Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior design company, manufacturer and retailer in the home furnishings marketplace. The Company provides complimentary interior design service to its clients and sells a full range of furniture products and decorative home accents through a retail network of approximately 300 design centers in the United States and abroad as well as online at ethanallen.com. Ethan Allen owns and operates nine manufacturing facilities, including six manufacturing plants in the United States, two manufacturing plants in Mexico and one manufacturing plant in Honduras. Approximately 75% of its products are manufactured or assembled in these North American facilities.

 

For more information on Ethan Allen's products and services, visit www.ethanallen.com.

 

Investor / Media Contact:

Matt McNulty
Vice President, Finance
IR@ethanallen.com

 

ABOUT NON-GAAP FINANCIAL MEASURES

 

This press release is intended to supplement, rather than to supersede, the Company's consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”). In this press release the Company has included financial measures that are not prepared in accordance with GAAP. The Company uses non-GAAP financial measures, including adjusted gross profit and margin, adjusted operating income and margin, adjusted net income and adjusted diluted EPS (collectively “non-GAAP financial measures”). The Company computes these non-GAAP financial measures by adjusting the comparable GAAP measure to remove the impact of certain charges and gains and the related tax effect of these adjustments. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial measures presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and to evaluate period-to-period comparisons. The Company believes that they provide useful information about operating results, enhance the overall understanding of past financial performance and prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. A reconciliation of the non-GAAP financial measures to the most directly comparable financial measure reported in accordance with GAAP is provided at the end of this press release.

 

Page 4

 

 

FORWARD-LOOKING STATEMENTS

 

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent management's beliefs and assumptions concerning future events based on information currently available to the Company relating to its future results. Such forward-looking statements are identified in this news release and incorporated herein by reference by use of certain forward-looking words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “continue,” “may,” “will,” “short-term,” “target,” “outlook,” “forecast,” “future,” “strategy,” “opportunity,” “would,” “guidance,” “non-recurring,” “one-time,” “unusual,” “should,” “likely,” “COVID-19 impact,” and similar expressions and the negatives of such forward-looking words. These forward-looking statements are subject to management decisions and various assumptions about future events, including projections about future financial growth and trends with respect to the Company’s business and results of operations, and are not guarantees of future performance. Actual results could differ materially from those anticipated in the forward-looking statements due to a number of risks and uncertainties including, but not limited to the following: the ongoing global COVID-19 pandemic may continue to materially adversely affect the Company’s business, its results of operations and overall financial performance; additional funding from external sources may not be available at the levels required, or may cost more than expected; declines in certain economic conditions, which impact consumer confidence and consumer spending; a decline in the health of the economy and consumer spending may affect consumer purchases of discretionary items; financial or operational difficulties due to competition in the residential furniture industry; a significant shift in consumer preference toward purchasing products online; ability to maintain and enhance the Ethan Allen brand; failure to successfully anticipate or respond to changes in consumer tastes and trends; global and local economic uncertainty may materially adversely affect manufacturing operations or sources of merchandise and international operations; competition from overseas manufacturers and domestic retailers; disruptions in the supply chain; the number of manufacturing and logistics sites may increase exposure to business disruptions and could result in higher transportation costs; fluctuations in the  price, availability and quality of raw materials could result in increased costs or cause production delays; current and former manufacturing and retail operations and products are subject to increasingly stringent environmental, health and safety requirements; product recalls or product safety concerns; reliance on information technology systems to process transactions, summarize results, and manage its business and that of certain independent retailers; disruptions in both primary and back-up systems; successful cyber-attacks and the ability to maintain adequate cyber-security systems and procedures; loss, corruption and misappropriation of data and information relating to customers; changes in United States trade and tax policy; reliance on certain key personnel; loss of key personnel or inability to hire additional qualified personnel; additional asset impairment charges that could reduce profitability; access to consumer credit could be interrupted; inability to maintain current design center locations at current costs; failure to successfully  select and secure design center locations; changes to tax policies; hazards and risks which may not be fully covered by insurance; possible failure to protect the Company’s intellectual property; and other factors disclosed in Part I, Item 1A. Risk Factors, in the Company’s 2020 Annual Report on Form 10-K.

 

Given the risks and uncertainties surrounding forward-looking statements, you should not place undue reliance on these statements. Many of these factors are beyond the Company’s ability to control or predict. These forward-looking statements speak only as of the date of this news release. Other than as required by law, the Company undertakes no obligation to update or revise its forward-looking statements, whether because of new information, future events, or otherwise. Accordingly, actual circumstances and results could differ materially from those contemplated by the forward-looking statements.

 

Page 5

 

Ethan Allen Interiors Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

(In thousands, except per share data)

 

   

Three months ended

June 30,

   

Twelve months ended

June 30,

 
   

2021

   

2020

   

2021

   

2020

 

Net sales

  $ 178,323     $ 91,568     $ 685,169     $ 589,837  

Cost of sales

    73,727       43,700       292,062       266,705  

Gross profit

    104,596       47,868       393,107       323,132  

Selling, general and administrative expenses

    79,762       53,161       313,411       311,507  

Restructuring and other impairment charges, net of gains

    772       7,154       2,411       (3,019 )

Operating income (loss)

    24,062       (12,447 )     77,285       14,644  

Other expenses

                               
Interest and other financing costs     48       555       481       739  
Other income (expense), net     (15 )     (195 )     (393 )     284  

Income (loss) before income taxes

    23,999       (13,197 )     76,411       14,189  

Income tax expense (benefit)

    5,838       (1,128 )     16,406       5,289  

Net income (loss)

  $ 18,161     $ (12,069 )   $ 60,005     $ 8,900  
                                 

Per share data

                               

Diluted earnings per common share:

                               

Net income per diluted share

  $ 0.71     $ (0.48 )   $ 2.37     $ 0.34  

Diluted weighted average common shares

    25,493       25,179       25,352       26,069  

 

Page 6

 

 

 

Ethan Allen Interiors Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

 

   

June 30,

   

June 30,

 

 

 

2021

   

2020

 
ASSETS            

Current assets:

               

Cash and cash equivalents

  $ 104,596     $ 72,276  

Accounts receivable, net

    9,026       8,092  

Inventories, net

    143,978       126,101  

Prepaid expenses and other current assets

    37,679       23,483  

Total current assets

    295,279       229,952  
                 

Property, plant and equipment, net

    231,446       236,678  

Goodwill

    25,388       25,388  

Intangible assets

    19,740       19,740  

Operating lease right-of-use assets

    108,730       109,342  

Deferred income taxes

    1,078       137  

Other assets

    1,584       1,552  

Total ASSETS

  $ 683,245     $ 622,789  
                 

LIABILITIES AND SHAREHOLDERS’ EQUITY

               

Current liabilities:

               

Accounts payable and accrued expenses

  $ 37,786     $ 25,595  

Customer deposits and deferred revenue

    130,635       64,031  

Accrued compensation and benefits

    23,866       18,278  

Current operating lease liabilities

    27,395       27,366  

Other current liabilities

    4,220       3,708  

Total current liabilities

    223,902       138,978  
                 

Long-term debt

    -       50,000  

Operating lease liabilities, long-term

    97,911       102,111  

Deferred income taxes

    5,028       1,074  

Other long-term liabilities

    4,986       2,562  

Total LIABILITIES

  $ 331,827     $ 294,725  
                 

Shareholders’ equity:

               

Ethan Allen Interiors Inc. shareholders’ equity

  $ 351,443     $ 328,065  

Noncontrolling interests

    (25 )     (1 )

Total shareholders’ equity

  $ 351,418     $ 328,064  

Total LIABILITIES AND SHAREHOLDERS’ EQUITY

  $ 683,245     $ 622,789  

 

Page 7

 

 

Reconciliation of Non-GAAP Financial Measures

 

To supplement the financial measures prepared in accordance with GAAP, the Company uses non-GAAP financial measures including adjusted gross profit and margin, adjusted operating income, adjusted retail operating income and margin, adjusted wholesale operating income and margin, adjusted net income and adjusted diluted earnings per share. The reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in tables below.

 

These non-GAAP measures are derived from the consolidated financial statements but are not presented in accordance with GAAP. The Company believes these non-GAAP measures provide a meaningful comparison of its results to others in its industry and prior year results. Investors should consider these non-GAAP financial measures in addition to, and not as a substitute for, its financial performance measures prepared in accordance with GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than the Company does, limiting the usefulness of those measures for comparative purposes.

 

Despite the limitations of these non-GAAP financial measures, the Company believes these adjusted financial measures and the information they provide are useful in viewing its performance using the same tools that management uses to assess progress in achieving its goals. Adjusted measures may also facilitate comparisons to historical performance.

 

Page 8

 

 

The following tables below show a reconciliation of non-GAAP financial measures used in this release to the most directly comparable GAAP financial measures.

 

(Unaudited)

(In thousands, except per share data)

 

   

Three months ended

           

Twelve months ended

         
   

June 30,

           

June 30,

         
   

2021

   

2020

   

% Chg

   

2021

   

2020

   

% Chg

 

Consolidated Adjusted Gross Profit / Gross Margin

 

GAAP Gross profit

  $ 104,596     $ 47,868       118.5 %   $ 393,107     $ 323,132       21.7 %

Adjustments (pre-tax) *

    250       899               639       5,423          

Adjusted gross profit *

  $ 104,846     $ 48,767       115.0 %   $ 393,746     $ 328,555       19.8 %

Adjusted gross margin *

    58.8 %     53.3 %             57.5 %     55.7 %        
                                                 

Consolidated Adjusted Operating Income / Operating Margin

 

GAAP Operating income (loss)

  $ 24,062     $ (12,447 )     293.3 %   $ 77,285     $ 14,644       427.8 %

Adjustments (pre-tax)*

    1,022       7,465               3,050       2,428          

Adjusted operating income (loss)*

  $ 25,084     $ (4,982 )     603.5 %   $ 80,335     $ 17,072       370.6 %
                                                 

Consolidated Net sales

  $ 178,323     $ 91,568       94.7 %   $ 685,169     $ 589,837       16.2 %

GAAP Operating margin

    13.5 %     (13.6% )             11.3 %     2.5 %        

Adjusted operating margin*

    14.1 %     (5.4% )             11.7 %     2.9 %        
                                                 

Consolidated Adjusted Net Income / Adjusted Diluted EPS

 

GAAP Net income (loss)

  $ 18,161     $ (12,069 )     250.5 %   $ 60,005     $ 8,900       574.2 %

Adjustments, net of tax*

    772       8,415               54       4,612          

Adjusted net income (loss)

  $ 18,933     $ (3,654 )     618.1 %   $ 60,059     $ 13,512       344.5 %

Diluted weighted average common shares

    25,493       25,179               25,352       26,069          

GAAP Diluted EPS

  $ 0.71     $ (0.48 )     247.9 %   $ 2.37     $ 0.34       597.1 %

Adjusted diluted EPS*

  $ 0.74     $ (0.15 )     593.3 %   $ 2.37     $ 0.52       355.8 %
                                                 

Wholesale Adjusted Operating Income / Adjusted Operating Margin

 

Wholesale GAAP operating income

  $ 11,915     $ 1,512       688.0 %   $ 52,281     $ 33,106       57.9 %

Adjustments (pre-tax)*

    552       (103 )             552       (5,794 )        

Adjusted wholesale operating income*

  $ 12,467     $ 1,409       784.8 %   $ 52,833     $ 27,312       93.4 %
                                                 

Wholesale net sales

  $ 106,372     $ 51,591       106.2 %   $ 413,076     $ 337,948       22.2 %

Wholesale GAAP operating margin

    11.2 %     2.9 %             12.7 %     9.8 %        

Adjusted wholesale operating margin*

    11.7 %     2.7 %             12.8 %     8.1 %        
                                                 

Retail Adjusted Operating Income / Adjusted Operating Margin

 

Retail GAAP operating income (loss)

  $ 11,970     $ (14,071 )     185.1 %   $ 28,824     $ (21,414 )     234.6 %

Adjustments (pre-tax)*

    470       7,568               2,498       8,222          

Adjusted retail operating income (loss)*

  $ 12,440     $ (6,503 )     291.3 %   $ 31,322     $ (13,192 )     337.4 %
                                                 

Retail net sales

  $ 150,676     $ 70,735       113.0 %   $ 554,971     $ 462,800       19.9 %

Retail GAAP operating margin

    7.9 %     (19.9% )             5.2 %     (4.6% )        

Adjusted retail operating margin*

    8.3 %     (9.2% )             5.6 %     (2.9% )        

 

Page 9

 

 

* Adjustments to reported GAAP financial measures including gross profit and margin, operating income and margin, net income and diluted EPS have been adjusted by the following:

 

(Unaudited)

 

Three months ended

   

Twelve months ended

 

(In thousands)

 

June 30,

   

June 30,

 
   

2021

   

2020

   

2021

   

2020

 

Inventory write-downs and additional reserves (wholesale)

  $ 196     $ 899     $ 585     $ 4,107  

Optimization of manufacturing and logistics (wholesale)

    54       -       54       1,316  

Adjustments to gross profit

  $ 250     $ 899     $ 639     $ 5,423  
                                 

Inventory write-downs and additional reserves (wholesale)

  $ 196     $ 899     $ 585     $ 4,107  

Optimization of manufacturing and logistics (wholesale)

    356       -       356       2,147  

Gain on sale of property, plant and equipment (wholesale)

    -       -       -       (11,497 )

Gain on sale of property, plant and equipment (retail)

    -       -       (473 )     -  

Employee retention credit (wholesale)

    -       (1,177 )     -       (1,177 )

Severance and other charges (wholesale)

    -       175       (389 )     626  

Severance and other charges (retail)

    339       414       811       562  

Impairment of long-lived assets and lease exit costs (retail)

    131       7,154       2,160       7,660  

Adjustments to operating income

    1,022       7,465       3,050       2,428  

Adjustments to income before income taxes

    1,022       7,789       3,050       2,752  

Related income tax effects on non-recurring items(1)

    (250 )     (1,908 )     (747 )     (674 )

Income tax expense (benefit) from valuation allowance change

    -       2,534       (2,249 )     2,534  

Adjustments to net income

  $ 772     $ 8,415     $ 54     $ 4,612  

 

(1)

Calculated using a tax rate of 24.5% in all periods presented

 

Page 10
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