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Ethan Allen Interiors Inc. (ETH) filed Quarterly Report for the period ended 2011-12-31.
Ethan Allen Interiors Inc. has a market cap of $698.1 million; its shares were traded at around $24.2 with a P/E ratio of 29.1 and P/S ratio of 1. The dividend yield of Ethan Allen Interiors Inc. stocks is 1.2%.
This is the annual revenues and earnings per share of ETH over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ETH.
Highlight of Business Operations:
Gross profit increased during the quarter to $98.2 million (53.6% of net sales) from $89.9 million (51.8% of net sales) in the prior year comparable quarter. The 9.3% increase in gross profit was primarily attributable to (i) an overall increase in net sales of 5.7%, with increases in shipments in both market segments, (ii) more efficient manufacturing compared to the prior year when the ramping up of upholstery production and the transition to custom case goods continued to be under way, and (iii) net improved pricing. The higher mix of retail net sales to consolidated net sales in the current quarter (78%) compared to the prior year period (76%) also contributed to the higher gross profit margin in the current quarter.Operating income and profit margin for the quarter ended December 31, 2011 was $13.9 million, or 7.6% of net sales, an increase of $3.5 million or 33.1% from the prior year quarter s $10.5 million, or 6.0% of net sales. Wholesale operating income for the three months ended December 31, 2011 was $15.7 million, or 14.7% of sales, compared to $9.9 million, or 9.8% of sales, in the prior year comparable quarter. Retail operating loss for the second quarter of fiscal 2012, which included a loss on the sale of real estate, was $2.5 million, or a negative 1.8% of sales, compared to a loss of $1.2 million, or a negative 0.9% of sales the prior year. Improvements in operating income were driven primarily by the 5.7% growth in consolidated net sales but also arose from continued operating efficiencies achieved.
Gross profit increased during the period to $196.1 million (53.3% of net sales) from $172.2 million (50.9% of net sales) in the prior year comparable period. The 13.9% increase in gross profit was primarily attributable to (i) an overall increase in net sales of 8.9%, with increases in shipments in both market segments, (ii) more efficient manufacturing compared to the prior year when the ramping up of upholstery production and the transition to custom case goods continued to be under way, and (iii) net improved pricing. The higher mix of retail net sales to consolidated net sales in the current period (77%) compared to the prior year period (75%) also contributed to the higher gross profit margin in the current period.
Operating income and profit margin for the six month period ended December 31, 2011 was $27.6 million, or 7.5% of net sales, an increase of $11.7 million or 73.9% from the prior year s $15.9 million, or 4.7% of net sales. Wholesale operating income for the six months ended December 31, 2011 was $31.4 million, or 14.1% of sales, compared to $21.8 million, or 10.5% of sales, in the prior year comparable period. Retail operating loss for the first six months of fiscal 2012 was $4.0 million, or a negative 1.4% of sales, compared to a loss of $5.5 million, or a negative 2.2% of sales the prior year. Improvements in operating income across the business were driven primarily by the 8.9% growth in consolidated net sales but also arose from continued operating efficiencies achieved.
In the first six months of fiscal 2012, cash of $11.0 million was generated by operating activities, an increase of $8.2 million from the prior fiscal period. This increase was due largely to the $30.0 million increase in sales which contributed to an increase in income before income taxes of $8.8 million. Income taxes in the prior year were largely affected by non-cash changes to valuation reserves included in working capital.
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