{"id":484646,"date":"2021-04-29T16:07:12","date_gmt":"2021-04-29T20:07:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ethan-allen-reports-fiscal-2021-third-quarter-results\/"},"modified":"2021-04-29T16:07:12","modified_gmt":"2021-04-29T20:07:12","slug":"ethan-allen-reports-fiscal-2021-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ethan-allen-reports-fiscal-2021-third-quarter-results\/","title":{"rendered":"Ethan Allen Reports Fiscal 2021 Third Quarter Results"},"content":{"rendered":"
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DANBURY, CT, April 29, 2021 (GLOBE NEWSWIRE) — Ethan Allen Interiors Inc. (\u201cEthan Allen\u201d or the \u201cCompany\u201d) (NYSE: ETH) today reported its business and financial results for the fiscal 2021 third quarter ended March 31, 2021. The Company reported GAAP EPS of $0.61 compared to $(0.01) in the prior year third quarter and adjusted EPS of $0.58 compared to $0.02.<\/p>\n

Farooq Kathwari, Ethan Allen\u2019s Chairman, President and CEO commented, \u201cCrisis creates opportunity. In March and April 2020 we furloughed approximately 70% of our global workforce, temporarily closed about 250 manufacturing, logistics and retail design center facilities in North America along with over 100 retail locations internationally, and borrowed $100 million as a precautionary measure and to maximize financial flexibility in light of the uncertainty surrounding the impact of COVID-19. A year later our teams have performed well, most of our retail workforce is back and our workforce in our manufacturing has surpassed pre-pandemic levels, we have paid back all the borrowings, ended the quarter with over $100 million of cash, and earlier this week declared a special dividend of $0.75 in addition to the regular quarterly dividend of $0.25. For the quarter ended March 31, 2021 our retail division written orders increased 51.8% over the prior year quarter.\u201d<\/p>\n

Mr. Kathwari continued, \u201cWe have performed well due to our strong offerings, a strong network of retail design centers, and our focus on interior design services, which are increasingly being combined with technology. Our industry and many others have been challenged on the supply side. We are relatively in a much better position of focusing on manufacturing in North America where about 75% of our products are made by our craftspeople. About 70% of the products we make are custom-made when an order is received.\u201d<\/p>\n

\u201cIn these challenging times we continue to focus on safety and treating our associates and customers with dignity and compassion,\u201d Mr. Kathwari concluded.<\/p>\n

\n FISCAL 202<\/strong>
\n 1<\/strong>
\n THIRD<\/strong>
\n QUARTER HIGHLIGHTS*<\/strong>\n <\/p>\n