Ethan Allen Interiors Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2015
January 27, 2016 at 02:39 am IST
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Ethan Allen Interiors Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2015. GAAP operating income increased 50.1% to $26.5 million, 12.8% of sales, compared to previous year GAAP operating income $17.7 million, 9.0% of sales. Adjusted operating income increased 35.1% to $25.3 million, 12.2% of sales, compared to previous year adjusted operating income $18.7 million, 9.5% of sales. GAAP EPS of $0.58 improved 70.6% over previous year GAAP EPS of $0.34; adjusted EPS of $0.55 improved 48.6% over prior year adjusted EPS of $0.37. EBITDA $31.3 million, 15.1% of sales, compared to previous year EBITDA $22.3 million, 11.3% of sales; adjusted EBITDA $30.1 million, 14.5% of sales compared to previous year adjusted EBITDA of $23.4 million, 11.9% of sales. Consolidated net sales for the quarter ended December 31, 2015 increased 5.3% over the prior year to $207.5 million. Net income for the quarter ended December 31, 2015 was $16.5 million or $0.58 per diluted share compared with $10.0 million or $0.34 per diluted share in the prior year quarter. Excluding special items, adjusted net income was $15.8 million or $0.55 per diluted share in the current year and $10.8 million or $0.37 per diluted share in the prior year. Capital expenditures were $7.4 million fiscal year to date at December 31, 2015 compared to $13.1 million prior year and inventories of $157.5 million increased $5.6 million from June 30, 2015. Operating cash flow was $5.0 million against $3.7 million a year ago. Income before income taxes was $26.125 million against $15.867 million a year ago.
For the first-half, the company reported GAAP operating income increased 24.3% to $47.4 million, 11.9% of sales, compared to previous year GAAP operating income $38.1 million, 9.8% of sales. Adjusted operating income increased 13.8% to $46.2 million, 11.6% of sales, compared to previous year adjusted operating income $40.6 million, 10.5% of sales. GAAP EPS of $1.04, adjusted EPS $1.01. Year to date net sales were $397.9 million, up 2.6% from $387.8 million the prior year. Net income for the six months ended December 31, 2015 was $29.7 million or $1.04 per diluted share compared with $21.9 million or $0.75 per diluted share in the prior year comparable period. Adjusted net income year to date of $28.9 million increased 22.7% compared with $23.5 million the prior year period and its adjusted earnings per diluted share increased 26.3% for the six months to date at $1.01 compared with $0.80 the prior year to date period. Operating cash flow was $21.0 million against $10.5 million a year ago. Capital expenditures were $7.4 Capital expenditures were $13.1 million a year ago. Income before income taxes was $46.695 million against $34.591 million a year ago.
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.