Stock Monitor: Bassett Furniture Industries Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 31, 2018 / Active-Investors.com has just released a free earnings report on Ethan Allen Interiors Inc. (NYSE: ETH) ("Ethan Allen"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ETH. Ethan Allen reported its second quarter fiscal 2018 operating and financial results on January 24, 2018. The home furnishings Company exceeded earnings expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Bassett Furniture Industries, Incorporated (NASDAQ: BSET), which also belongs to the Consumer Goods sector as the Company Ethan Allen Interiors. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ethan Allen Interiors most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
Ethan Allen's net sales for the three months ended December 31, 2017, were $198.5 million, up 2.0% compared to $194.7 million in Q2 FY17. The Company's reported numbers were in-line with analysts' expectations.
For Q2 FY18, Ethan Allen reported gross profit of $107.8 million compared to $108.1 million in Q2 FY17. The Company's gross margin was 54.3% in the reported quarter compared to 55.5% in the year ago corresponding period.
Ethan Allen's operating expenses were $90.3 million, or 45.5% of sales, for Q2 FY18 compared to $91.0 million, or 46.8% of sales, in Q2 FY17. The Company's operating income was $17.5 million, or 8.8% of sales, for the reported quarter compared to $17.1 million, or 8.8% of sales, in the prior year's comparable period. Ethan Allen's adjusted operating income was $17.2 million, or 8.7% of sales, for Q2 FY18 compared to $17.1 million, or 8.8% of sales, in Q2 FY17.
For Q2 FY18, Ethan Allen's net income totaled $14.9 million, or $0.54 per diluted share, compared to $10.7 million, or $0.38 per diluted share, in Q2 FY17. The Company's adjusted net income for the reported quarter was $14.6 million, or $0.53 per diluted share, and $10.8 million, or $0.39 per diluted share, in the prior year's comparable period, and ahead of Wall Street's estimates of $0.52 per share.
Ethan Allen's Segment Results
During Q2 FY18, Ethan Allen's retail segment's net sales totaled $153.0 million compared to $156.3 million in Q2 FY17, reflecting a decrease of 2.1%. The segment's Comparative net sales were $150.5 million in the reported quarter compared to $153.9 million in the prior year's same period.
For Q2 FY18, Ethan Allen's total written orders for the retail division were down 5.8% on a y-o-y basis, and comparable Design Center written orders were down 6.2% over the same period. Written orders were impacted by lower traffic and for some retail design centers, by winter weather. The segment posted operating loss of $0.6 million for Q2 FY18, reflecting a decrease of $2.8 million, compared to operating income of $2.1 million in the year ago same period.
During Q2 FY18, Wholesale segment's net sales grew 3.8% to $118.0 million compared to $113.7 million in Q2 FY17. The increase in sales was attributed to growth in the Company's international and domestic independent retailers and the Department of State. The segment posted operating income of $15.6 million in the reported quarter compared to $14.2 million in the prior year's same quarter.
Balance Sheet and Cash Flow
As of December 31, 2017, Ethan Allen's total cash and securities, including restricted cash came in at $49.1 million, declining $16.0 million from June 30, 2017, reflecting extinguishment of $14.2 million of debt and paying out $10.5 million in dividends. The Company's cash used in operating activities was $3.5 million for the reported quarter from $0.0 million for the prior year's same quarter.
Ethan Allen's total debt of $0.5 million decreased $13.8 million from June 30, 2017, primarily due to a $13.3 million early payoff of the Company's term loan, reducing borrowings under its credit facility to zero.
On January 25, 2018, Ethan Allen announced that its Board of Directors has declared a regular quarterly cash dividend of $0.19 per share, which will be payable to shareholders of record as of April 11, 2018 and will be paid on April 25, 2018.
Stock Performance Snapshot
January 30, 2018 - At Tuesday's closing bell, Ethan Allen's stock marginally declined 0.20%, ending the trading session at $24.90.
Volume traded for the day: 502.85 thousand shares, which was above the 3-month average volume of 340.95 thousand shares.
After yesterday's close, Ethan Allen's market cap was at $661.59 million.
Price to Earnings (P/E) ratio was at 19.05.
The stock has a dividend yield of 3.05%.
The stock is part of the Consumer Goods sector, categorized under the Home Furnishings & Fixtures industry.
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