Ethan Allen Comments on Shareholder Letter
(Thomson Reuters ONE) -
DANBURY, CT (August 27, 2015) -- Ethan Allen Interiors Inc. ("Ethan Allen" or
the "Company") (NYSE:ETH) comments on the recent shareholder letter.
Farooq Kathwari, Chairman and CEO commented, "The Company reiterates its policy
and practice of engaging with its shareholders to discuss the Company's
objectives and understand the thoughts and objectives of its shareholders. We
were pleased to have rescheduled the Annual Shareholders Meeting to November
24th.
The Company continues its proactive policy of providing strong shareholder
returns while also maintaining a strong balance sheet. During the last five
years, the Company, despite coming out of a severe recession, reduced $210
million of debt, invested $96 million in capital expenditures, paid $61 million
in dividends, and repurchased $20 million of the Company's common stock. Since
going public, the Company has returned to shareholders $549 million in share
buyback, paid $348 million in dividends, and reduced debt of $391 million.
In addition, since going public the Company was able to invest $740 million in
acquisitions of independently operated Ethan Allen retail businesses, in our
manufacturing and technology and in retail real estate. As the Company
continues its long term plan to relocate many of the retail locations to
stronger locations, vacated properties are being sold. Since 2010, $34 million
has been generated through the sale of real estate.
The Company believes pursuing the sale-leaseback strategy suggested in the
shareholder letter, in which the Company would sell its retail and manufacturing
locations and then lease them back, would impose a burden of significant lease
expenses which would serve to weaken its finances, restrict its continuing
strategic repositioning of its retail footprint, limit its flexibility and erode
its profitability. However, the Company will continue to evaluate its capital
structure to enhance our strong financial position and continued strong
shareholder returns."
About Ethan Allen
Ethan Allen Interiors Inc. (NYSE: ETH) is a leading interior design Company and
manufacturer and retailer of quality home furnishings. The Company offers
complimentary interior design service to its clients and sells a full range of
furniture products and decorative accessories through ethanallen.com and a
network of approximately 300 Design Centers in the United States and abroad.
Ethan Allen owns and operates eight manufacturing facilities including five
manufacturing plants and one sawmill in the United States plus one plant each in
Mexico and Honduras. Approximately seventy percent of its products are made in
its North American plants. For more information on Ethan Allen's products and
services, visit ethanallen.com.
Ethan Allen Interiors Inc.
Investor / Media Contact:
Corey Whitely
Executive Vice President, Administration
Chief Financial Officer and Treasurer
cwhitely(at)ethanalleninc.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ethan Allen Interiors Inc. via GlobeNewswire
[HUG#1948097]
Unternehmensinformation / Kurzprofil:
Datum: 27.08.2015 - 21:45 Uhr
Sprache: Deutsch
News-ID 416503
Anzahl Zeichen: 3816
contact information:
Town:
DANBURY
Kategorie:
Business News
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