Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE:
ETD) today reported its financial and operating results for the
fiscal 2023 full year and fourth quarter ended June 30, 2023.
Farooq Kathwari, Ethan Allen’s Chairman,
President and CEO commented, “We are pleased with our financial and
operating results for the fiscal 2023 full year and fourth quarter
ended June 30, 2023. For the fiscal year, we reported consolidated
net sales of $791.4 million, gross margin of 60.7%, adjusted
operating margin of 16.9% and adjusted diluted EPS of $4.03. We
continue to generate strong operating cash flow and as of June 30,
2023, we had total cash and investments of $172.7 million and
no debt. For our fourth quarter ended June 30, 2023, we delivered
consolidated net sales of $187.4 million, gross margin of 61.5%,
adjusted operating margin of 16.3% and adjusted diluted EPS of
$0.96. During our fiscal year ended June 30, 2023, we distributed
$46.4 million of cash dividends. We are also pleased to announce
that yesterday our Board approved a special cash dividend of $0.50
per share and our regular quarterly cash dividend of $0.36 per
share, both payable on August 31, 2023.”
Mr. Kathwari continued, “I would like to thank
our team for continuing to develop a strong entrepreneurial
enterprise with a focus on great quality, service and strong
financial results. As we enter the post COVID-19 era, we believe we
are well positioned. During the last three years we have
strengthened major areas of our vertically integrated enterprise
including talent, marketing, service, technology and social
responsibility.”
“Our focus moving forward will continue to
strengthen the various areas of our vertically integrated
structure, including developing a strong team which is
entrepreneurial and disciplined, enhancing our product offerings
under the umbrella of Classics with a Modern Perspective,
repositioning our retail network as an Interior Design Destination
and ongoing investments in technology to further enhance our
marketing, our North American manufacturing and our logistics.
While we understand the challenges of a slower economy and the
reduction of consumer focus on the home that had occurred due to
the COVID-19 pandemic, we remain cautiously optimistic due to our
many initiatives over the last three years,” concluded Mr.
Kathwari.
FULL FISCAL
YEAR 2023
HIGHLIGHTS*
- Consolidated net sales of $791.4
million were lower by 3.2%
- Retail net sales of $662.6 million were lower by 4.0%
- Wholesale net sales of $449.6
million were lower by 7.1%
- Written order trends
- Retail segment written orders
increased 0.8% compared with pre-pandemic fiscal 2019; down 12.3%
compared with fiscal 2022
- Wholesale
segment written orders decreased 2.1% compared with fiscal 2019;
down 9.0% from last year
- Consolidated
gross margin rose to 60.7%; adjusted operating margin improved to
16.9%
- Diluted EPS of
$4.13 compared with $4.05; adjusted diluted EPS of $4.03 increased
2.5%
- Generated $100.7
million of cash from operating activities, up from $69.4 million a
year ago
- Paid cash
dividends of $46.4 million; increased the Company’s regular
quarterly cash dividend by 12.5% in April 2023 and paid a $0.50 per
share special cash dividend in August 2022
- Ethan Allen
launched its next reinvention with the grand reopening of the
Danbury Connecticut Design Center as an Interior Design
Destination
- Opened multiple
new design centers during fiscal 2023 that showcase the Company’s
unique vision of American style while combining complimentary
interior design services with technology
- Named one of
America’s Top 10 Retailers by Newsweek, including recognition as
the #1 retailer of Premium Furniture
- For the fourth
year in a row, Ethan Allen’s upholstery manufacturing operation in
Mexico has been named “Empresa Socialmente Responsable”
(Environmentally and Socially Responsible) by the Mexican Center
for Corporate Philanthropy and the Alliance for Corporate Social
Responsibility
FISCAL 2023
FOURTH QUARTER HIGHLIGHTS*
- Consolidated net sales of $187.4
million were lower by 18.4%
- Retail net sales of $156.2 million were lower by 17.2%
- Wholesale net sales of $114.5
million were lower by 16.7%
- Written order trends
- Retail segment written orders
decreased 1.2% compared with the pre-pandemic fourth quarter of
fiscal 2019; down 12.5% compared with the fourth quarter of fiscal
2022
- Wholesale
segment written orders decreased 2.5% compared with the fourth
quarter of fiscal 2019; decreased 14.7% from a year ago
- Consolidated
gross margin increased to 61.5%, up from 58.2% a year ago due to a
favorable sales mix, disciplined promotional activity and lower
input costs including reduced inbound freight and raw material
costs partially offset by lower delivered unit volume
- Operating margin
of 16.9%; adjusted operating margin of 16.3% compared with 18.5%
last year due to lower consolidated net sales, higher retail
delivery and health insurance costs, and new product display,
merchandising and sample costs partially offset by gross margin
expansion and the Company’s ability to maintain a disciplined
approach to cost savings and expense control; selling, general and
administrative expenses decreased 7.6% and equaled 45.1% of net
sales, an increase from 39.8% last year due to fixed cost
deleveraging on lower sales
- Advertising
expenses were equal to 1.9% of net sales compared to 1.5% in the
prior year fourth quarter; increased use of digital and direct mail
advertising to further penetrate the market; promotional activity
remained disciplined and was comparable to the prior year
- Diluted EPS of
$0.99 compared with $1.23; adjusted diluted EPS of $0.96 decreased
23.2%
- Generated $26.3
million of cash from operating activities compared to $29.4 million
a year ago
- Paid regular
quarterly cash dividends totaling $9.2 million, up 12.7% from last
year
- Ended the
quarter with $172.7 million in cash and investments with no debt
outstanding
- Reduced
inventory levels to $149.2 million as of June 30, 2023, down $27.3
million or 15.5% from a year ago
* See reconciliation of GAAP to adjusted key
financial measures in the back of this press release. Comparisons
are to the fourth quarter and full fiscal 2022 year.
KEY FINANCIAL MEASURES*
(Unaudited) |
(In thousands,
except per share data) |
|
Three months ended
|
Twelve months ended
|
|
June 30, |
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
% Change |
|
2023 |
|
|
2022 |
|
% Change |
Net sales |
$ |
187,375 |
|
$ |
229,683 |
|
(18.4 |
%) |
$ |
791,382 |
|
$ |
817,762 |
|
(3.2 |
%) |
Gross profit |
$ |
115,183 |
|
$ |
133,785 |
|
(13.9 |
%) |
$ |
480,370 |
|
$ |
484,706 |
|
(0.9 |
%) |
Gross margin |
|
61.5 |
% |
|
58.2 |
% |
|
|
60.7 |
% |
|
59.3 |
% |
|
GAAP operating income |
$ |
31,689 |
|
$ |
41,945 |
|
(24.5 |
%) |
$ |
137,196 |
|
$ |
138,250 |
|
(0.8 |
%) |
Adjusted operating income* |
$ |
30,631 |
|
$ |
42,438 |
|
(27.8 |
%) |
$ |
133,514 |
|
$ |
134,240 |
|
(0.5 |
%) |
GAAP operating margin |
|
16.9 |
% |
|
18.3 |
% |
|
|
17.3 |
% |
|
16.9 |
% |
|
Adjusted operating margin* |
|
16.3 |
% |
|
18.5 |
% |
|
|
16.9 |
% |
|
16.4 |
% |
|
GAAP net income |
$ |
25,405 |
|
$ |
31,519 |
|
(19.4 |
%) |
$ |
105,807 |
|
$ |
103,280 |
|
2.4 |
% |
Adjusted net income* |
$ |
24,615 |
|
$ |
31,888 |
|
(22.8 |
%) |
$ |
103,057 |
|
$ |
100,277 |
|
2.8 |
% |
Effective tax rate |
|
23.6 |
% |
|
24.9 |
% |
|
|
25.0 |
% |
|
25.2 |
% |
|
GAAP diluted EPS |
$ |
0.99 |
|
$ |
1.23 |
|
(19.5 |
%) |
$ |
4.13 |
|
$ |
4.05 |
|
2.0 |
% |
Adjusted diluted EPS* |
$ |
0.96 |
|
$ |
1.25 |
|
(23.2 |
%) |
$ |
4.03 |
|
$ |
3.93 |
|
2.5 |
% |
Cash flows from
operating activities |
$ |
26,306 |
|
$ |
29,355 |
|
(10.4 |
%) |
$ |
100,664 |
|
$ |
69,356 |
|
45.1 |
% |
* See reconciliation of GAAP to adjusted key
financial measures in the back of this press release
BALANCE SHEET
and CASH FLOW
Cash
and investments totaled $172.7 million at June 30,
2023, compared with $121.1 million a year ago. The increase of
$51.6 million during the fiscal year was primarily due to $100.7
million in cash generated from operating activities and $8.1
million in proceeds received from a sale-leaseback transaction
completed in August 2022 partially offset by $46.4 million in cash
dividends paid and capital expenditures of $13.9 million as the
Company continues to return capital to shareholders and reinvest
back into the business.
Cash
dividends paid were $46.4 million during fiscal
2023, which included a special cash dividend of $12.7 million, or
$0.50 per share paid in August 2022 and a 12.5% increase to the
regular quarterly cash dividend.
Cash from operating activities
totaled $100.7 million during fiscal 2023, an increase from $69.4
million in the prior year due to a reduction in inventory carrying
levels and accounts receivable combined with higher net income
partially offset by a decline in customer deposits.
Inventories, net decreased
to $149.2 million at June 30, 2023, compared with $176.5 million a
year ago, as the Company restores its operating inventory levels to
more historical norms as backlog declines. Inventory balances
continue to decrease as the Company seeks to reduce its levels of
inventory while also ensuring appropriate levels are maintained to
service its customer base.
Customer deposits from
written orders totaled $77.8 million at June 30, 2023, a decrease
of $43.3 million during the fiscal year as net shipments outpaced
written orders, which also helped reduce backlog. As of June 30,
2023, wholesale order backlog was $74.0 million, down 27.7% from a
year ago. The number of weeks of wholesale backlog was reduced by
6.7% compared to the prior year, bringing backlog more current but
still higher than pre-pandemic levels.
No
debt outstanding at
June 30, 2023.
DIVIDENDS
On August 1, 2023, the Company’s Board of
Directors declared a $0.50 per share special cash dividend to
shareholders of record on August 15, 2023, payable on August 31,
2023. The Board also declared a regular quarterly cash dividend of
$0.36 per share, payable on August 31, 2023, to shareholders of
record at the close of business on August 15, 2023. Ethan Allen has
a long history of returning capital to shareholders and is pleased
to pay a special cash dividend, which highlights the Company’s
strong balance sheet and operating results. The Company has paid a
special cash dividend each of the past three years and paid an
annual cash dividend every year since 1996.
CONFERENCE CALL
Ethan Allen will host a conference call with
investors and analysts today, August 2, 2023, at 5:00 PM (Eastern
Time) to discuss these results. The 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 in the conference call:
- U.S.
Participants:
877-705-2976
- International
Participants:
201-689-8798
- Meeting
Number: 13739093
For those unable to listen live, an archived
recording of the call will be made available on the Company’s
website referenced above for up to six months.
ABOUT ETHAN ALLEN
Ethan Allen Interiors Inc. (NYSE: ETD) is a
leading interior design company, manufacturer and retailer in the
home furnishings marketplace. The Company is a global luxury home
fashion brand that is vertically integrated from product design
through home delivery, which offers its customers stylish product
offerings, artisanal quality, and personalized service. The Company
provides complimentary interior design service to its clients and
sells a full range of home furnishings through a retail network of
design centers located throughout the United States and abroad as
well as online at ethanallen.com. Ethan Allen owns and operates ten
manufacturing facilities located in the United States, Mexico and
Honduras, including one sawmill, one rough mill and a lumberyard.
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 Relations Contact:
Matt McNultySenior Vice President, Chief Financial Officer and
TreasurerIR@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
derived from the consolidated financial statements but are not
presented in accordance with GAAP. The Company uses non-GAAP
financial measures, including 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. Investors should consider these
non-GAAP financial measures in addition to, and not as a substitute
for, or superior to, the financial performance measures prepared 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 these 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.
FORWARD-LOOKING STATEMENTS
This press 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 and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). Generally, forward-looking statements represent
management’s beliefs and assumptions concerning current
expectations, projections or trends relating to results of
operations, financial results, financial condition, strategic
objectives and plans, expenses, dividends, share repurchases,
liquidity, use of cash and cash requirements, investments, future
economic performance, business and industry and the effect of the
COVID-19 pandemic on the business operations and financial results.
Such forward-looking statements can be identified by the fact that
they do not relate strictly to historical or current
facts. These forward-looking statements may include 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 other words and terms of
similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other
events. The Company derives many of its forward-looking statements
from operating budgets and forecasts, which are based upon many
detailed assumptions. While the Company believes that its
assumptions are reasonable, it cautions that it is very difficult
to predict the impact of known factors and it is impossible for the
Company to anticipate all factors that could affect actual results
and matters that are identified as “short term,” “non-recurring,”
“unusual,” “one-time,” or other words and terms of similar meaning
may in fact recur in one or more future financial reporting
periods.
Forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from those that are expected. 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 risks and uncertainties disclosed in Part
I, Item 1A. Risk Factors, in the Company’s 2022 Annual Report on
Form 10-K and other factors identified in its reports filed with
the Securities and Exchange Commission (the “SEC”), available on
the SEC's website at www.sec.gov.
All forward-looking statements attributable to
the Company, or persons acting on its behalf, are expressly
qualified in their entirety by these cautionary statements, as well
as other cautionary statements. A reader should evaluate all
forward-looking statements made in this press release in the
context of these risks and uncertainties. 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. The Company
is including this cautionary note to make applicable and take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 for forward-looking statements. The
forward-looking statements included in this press release are made
only as of the date hereof. The Company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise, except as
otherwise required by law.
Ethan Allen Interiors Inc. |
Condensed Consolidated Statements of
Comprehensive Income |
(Unaudited) |
(In thousands, except per share data) |
|
Three months ended June 30, |
Twelve months ended June 30, |
|
|
2023 |
|
|
2022 |
|
2023 |
|
|
2022 |
|
Net sales |
$ |
187,375 |
|
$ |
229,683 |
$ |
791,382 |
|
$ |
817,762 |
|
Cost of sales |
|
72,192 |
|
|
95,898 |
|
311,012 |
|
|
333,056 |
|
Gross profit |
|
115,183 |
|
|
133,785 |
|
480,370 |
|
|
484,706 |
|
Selling, general and administrative expenses |
|
84,552 |
|
|
91,460 |
|
346,894 |
|
|
350,917 |
|
Restructuring and other impairment charges, net of gains |
|
(1,058 |
) |
|
380 |
|
(3,720 |
) |
|
(4,461 |
) |
Operating income |
|
31,689 |
|
|
41,945 |
|
137,196 |
|
|
138,250 |
|
Other income (expense), net |
|
1,566 |
|
|
26 |
|
3,829 |
|
|
(129 |
) |
Income before income taxes |
|
33,255 |
|
|
41,971 |
|
141,025 |
|
|
138,121 |
|
Income tax expense |
|
7,850 |
|
|
10,452 |
|
35,218 |
|
|
34,841 |
|
Net income |
$ |
25,405 |
|
$ |
31,519 |
$ |
105,807 |
|
$ |
103,280 |
|
|
|
|
|
|
Net income per diluted share |
$ |
0.99 |
|
$ |
1.23 |
$ |
4.13 |
|
$ |
4.05 |
|
Diluted weighted average common shares |
|
25,674 |
|
|
25,574 |
|
25,604 |
|
|
25,522 |
|
Ethan Allen Interiors
Inc. |
|
|
Condensed Consolidated
Balance Sheets |
|
|
(Unaudited) |
|
|
(In thousands) |
|
|
|
June 30, |
June 30, |
ASSETS |
|
2023 |
|
|
2022 |
|
Current assets |
|
|
Cash and cash equivalents |
$ |
62,130 |
|
$ |
109,919 |
|
Investments |
|
110,577 |
|
|
11,199 |
|
Accounts receivable, net |
|
11,577 |
|
|
17,019 |
|
Inventories, net |
|
149,195 |
|
|
176,504 |
|
Prepaid expenses and other
current assets |
|
25,974 |
|
|
32,108 |
|
Total current assets |
|
359,453 |
|
|
346,749 |
|
|
|
|
Property, plant and equipment,
net |
|
222,167 |
|
|
223,530 |
|
Goodwill |
|
25,388 |
|
|
25,388 |
|
Intangible assets |
|
19,740 |
|
|
19,740 |
|
Operating lease right-of-use
assets |
|
115,861 |
|
|
100,782 |
|
Deferred income taxes |
|
640 |
|
|
820 |
|
Other assets |
|
2,204 |
|
|
2,886 |
|
Total ASSETS |
$ |
745,453 |
|
$ |
719,895 |
|
|
|
|
LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
Current liabilities |
|
|
Accounts payable and accrued
expenses |
$ |
28,565 |
|
$ |
37,370 |
|
Customer deposits |
|
77,765 |
|
|
121,080 |
|
Accrued compensation and
benefits |
|
23,534 |
|
|
22,700 |
|
Current operating lease
liabilities |
|
26,045 |
|
|
25,705 |
|
Other current liabilities |
|
7,188 |
|
|
8,788 |
|
Total current liabilities |
|
163,097 |
|
|
215,643 |
|
|
|
|
Operating lease liabilities,
long-term |
|
104,301 |
|
|
89,506 |
|
Deferred income taxes |
|
3,056 |
|
|
4,418 |
|
Other long-term liabilities |
|
3,993 |
|
|
3,005 |
|
Total LIABILITIES |
$ |
274,447 |
|
$ |
312,572 |
|
|
|
|
Shareholders’ equity |
|
|
Ethan Allen Interiors Inc. shareholders’ equity |
$ |
471,028 |
|
$ |
407,349 |
|
Noncontrolling interests |
|
(22 |
) |
|
(26 |
) |
Total shareholders’ equity |
$ |
471,006 |
|
$ |
407,323 |
|
Total LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
745,453 |
|
$ |
719,895 |
|
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 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.
The following tables below provide 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, |
|
|
|
2023 |
|
|
2022 |
|
% Change |
|
|
2023 |
|
|
2022 |
|
% Change |
Consolidated
Adjusted Operating Income / Operating Margin |
GAAP Operating income |
$ |
31,689 |
|
$ |
41,945 |
|
(24.5 |
%) |
|
$ |
137,196 |
|
$ |
138,250 |
|
(0.8 |
%) |
Adjustments (pre-tax)* |
|
(1,058 |
) |
|
493 |
|
|
|
|
(3,682 |
) |
|
(4,010 |
) |
|
Adjusted operating income* |
$ |
30,631 |
|
$ |
42,438 |
|
(27.8 |
%) |
|
$ |
133,514 |
|
$ |
134,240 |
|
(0.5 |
%) |
|
|
|
|
|
|
|
|
Consolidated Net sales |
$ |
187,375 |
|
$ |
229,683 |
|
(18.4 |
%) |
|
$ |
791,382 |
|
$ |
817,762 |
|
(3.2 |
%) |
GAAP Operating margin |
|
16.9 |
% |
|
18.3 |
% |
|
|
|
17.3 |
% |
|
16.9 |
% |
|
Adjusted operating margin* |
|
16.3 |
% |
|
18.5 |
% |
|
|
|
16.9 |
% |
|
16.4 |
% |
|
|
|
|
|
|
|
|
|
Consolidated
Adjusted Net Income / Adjusted Diluted EPS |
GAAP Net income |
$ |
25,405 |
|
$ |
31,519 |
|
(19.4 |
%) |
|
$ |
105,807 |
|
$ |
103,280 |
|
2.4 |
% |
Adjustments, net of tax* |
|
(790 |
) |
|
369 |
|
|
|
|
(2,750 |
) |
|
(3,003 |
) |
|
Adjusted net income |
$ |
24,615 |
|
$ |
31,888 |
|
(22.8 |
%) |
|
$ |
103,057 |
|
$ |
100,277 |
|
2.8 |
% |
Diluted weighted average common
shares |
|
25,674 |
|
|
25,574 |
|
|
|
|
25,604 |
|
|
25,522 |
|
|
GAAP Diluted EPS |
$ |
0.99 |
|
$ |
1.23 |
|
(19.5 |
%) |
|
$ |
4.13 |
|
$ |
4.05 |
|
2.0 |
% |
Adjusted diluted EPS* |
$ |
0.96 |
|
$ |
1.25 |
|
(23.2 |
%) |
|
$ |
4.03 |
|
$ |
3.93 |
|
2.5 |
% |
* Adjustments to
reported GAAP financial measures including 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, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Gain on sale-leaseback
transaction |
$ |
(656 |
) |
$ |
- |
|
$ |
(4,222 |
) |
$ |
- |
|
Gain on sales of property,
plant and equipment |
|
(311 |
) |
|
- |
|
|
(311 |
) |
|
(5,431 |
) |
Severance and other
charges |
|
91 |
|
|
380 |
|
|
813 |
|
|
970 |
|
Impairment of long-lived
assets and lease exit costs |
|
- |
|
|
113 |
|
|
38 |
|
|
451 |
|
Adjustments to operating income |
$ |
(1,058 |
) |
$ |
493 |
|
$ |
(3,682 |
) |
$ |
(4,010 |
) |
Adjustments to income before income taxes |
$ |
(1,058 |
) |
$ |
493 |
|
$ |
(3,682 |
) |
$ |
(4,010 |
) |
Related income tax effects on
non-recurring items(1) |
|
268 |
|
|
(124 |
) |
|
932 |
|
|
1,007 |
|
Adjustments to net income |
$ |
(790 |
) |
$ |
369 |
|
$ |
(2,750 |
) |
$ |
(3,003 |
) |
(1) Calculated using the marginal tax rate for
each period presented
Ethan Allen Interiors (NYSE:ETD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Ethan Allen Interiors (NYSE:ETD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024