Ethan Allen (ETH) Lowers Guidance
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Price: $17.82 --0%
Financial Fact:
Basic weighted average common shares (in Shares): 27.73M
Today's EPS Names:
UONE, FTH, SUJA, More
Financial Fact:
Basic weighted average common shares (in Shares): 27.73M
Today's EPS Names:
UONE, FTH, SUJA, More
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Ethan Allen Interiors Inc. (NYSE: ETH) updates progress on the plan to consolidate the operations of about twelve of its company owned retail Design Centers and two Retail Service Centers during the March and June quarters which was announced on January 10, 2008, and comments on business for the quarter ended March 31, 2008.
During the quarter ended March 31, 2008, four Design Centers were converted to smaller size Design Studios better suited to the smaller markets they serve. In addition, seven Design Centers and two retail Service Centers were closed and, for the most part, were consolidated into other existing operations resulting in a total pretax restructuring charge of about $4.0 million or $2.5 million after tax and $0.09 per diluted share.
Regarding the business update for the quarter ended March 31, 2008, Mr. Kathwari, Chairman and CEO, commented, "We saw the impact of the weak economy on our sales during the March quarter. Our sales of $235.9 million were 4.3% lower than the previous year quarter and earnings per diluted share is expected to be $0.29 to $0.30 including restructuring charges and $0.38 to $0.39 excluding them."
The company expects to take a $3 to $4 million pretax restructuring charge, or $1.9 to $2.5 million after tax, during the fourth quarter. The overall restructuring charges in the third and fourth fiscal quarters are anticipated to have a diluted earnings per share impact of about $0.15 to $0.17 which is less than the previous estimate of $0.20 to $0.22 per diluted share."
Ethan Allen Interiors Inc. is a leading manufacturer and retailer of quality home furnishings. [JT]
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During the quarter ended March 31, 2008, four Design Centers were converted to smaller size Design Studios better suited to the smaller markets they serve. In addition, seven Design Centers and two retail Service Centers were closed and, for the most part, were consolidated into other existing operations resulting in a total pretax restructuring charge of about $4.0 million or $2.5 million after tax and $0.09 per diluted share.
Regarding the business update for the quarter ended March 31, 2008, Mr. Kathwari, Chairman and CEO, commented, "We saw the impact of the weak economy on our sales during the March quarter. Our sales of $235.9 million were 4.3% lower than the previous year quarter and earnings per diluted share is expected to be $0.29 to $0.30 including restructuring charges and $0.38 to $0.39 excluding them."
The company expects to take a $3 to $4 million pretax restructuring charge, or $1.9 to $2.5 million after tax, during the fourth quarter. The overall restructuring charges in the third and fourth fiscal quarters are anticipated to have a diluted earnings per share impact of about $0.15 to $0.17 which is less than the previous estimate of $0.20 to $0.22 per diluted share."
Ethan Allen Interiors Inc. is a leading manufacturer and retailer of quality home furnishings. [JT]
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