Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) (NYSE:
ETH) today reported its business and financial results for the
fourth quarter and fiscal year ended June 30, 2021.
Farooq Kathwari, Ethan Allen’s Chairman,
President and CEO commented, “We are pleased to report strong
results for the fourth quarter and fiscal year ended June 30, 2021.
For the fourth quarter we achieved consolidated net sales growth of
94.7%, an operating margin of 13.5% and diluted EPS of $0.71.
Adjusted EPS was $0.74, up from a loss of $0.15 last year. Many of
the changes we implemented last year have allowed us to better
manage expenses and improve our operating leverage. Additionally,
we strengthened the business by expanding capacity, enhanced our
use of technology and brought back many associates to further our
talent. These initiatives helped produce strong results for the
full fiscal 2021 year, including net sales of $685.2 million and
EPS of $2.37. We also generated $129.9 million of cash from
operating activities, repaid 100% of our outstanding debt,
increased our regular quarterly cash dividend by 19% and in May
2021 paid a $0.75 special cash dividend. Last week we announced
another special cash dividend of $0.75 in addition to our regular
quarterly dividend of $0.25 per share, both payable on August 31,
2021.”
“Demand trends have remained strong and our
focus remains on servicing our large backlog of written orders.
Both our wholesale and retail segments experienced high demand,
with fiscal 2021 written orders increasing 31.7% at wholesale and
47.7% at retail. We, like others, have been impacted by supply
chain issues, including raw material delays and increased costs of
shipping. Fortunately, about 75% of our products are made in our
North American manufacturing workshops, which together with our
strong logistics network of national distribution centers and
retail home delivery centers delivering product with white glove
service to our clients’ homes, are an important competitive
advantage,” continued Mr. Kathwari.
“We are focused on continuing to increase
capacity and deliver product while making investments in technology
throughout the Company, all to drive future growth and enhance the
customer experience. We believe we have a great opportunity to
continue our growth in sales and profitability due to our dedicated
team, our vertically integrated structure, and the personal service
of our interior design professionals increasingly combined
with technology,” concluded Mr. Kathwari.
FISCAL 2021
FOURTH QUARTER HIGHLIGHTS*
- Consolidated net
sales increased 94.7% to $178.3 million
- Retail segment written orders growth
of 105.0%
- Wholesale net
sales of $106.4 million increased 106.2%; Retail net sales of
$150.7 million rose 113.0%
- Wholesale segment written orders
increased 82.3%; Excluding GSA and other government orders,
wholesale segment orders increased 87.0%
- Consolidated
gross margin increased to 58.7%; Operating margin grew to 13.5% due
to net sales growth and controlling costs by leveraging cost
reductions from measures taken as part of our previously announced
COVID-19 action plan
- Operating expenses decreased to
45.2% of net sales from 65.9%; Operating expenses increased $20.2
million due to higher selling, delivery and incentive compensation
expenses due to strong net sales growth partially offset by lower
advertising spend
- Diluted EPS of
$0.71 compared to ($0.48); Adjusted EPS of $0.74 compared to
($0.15)
- Strong cash
generation of $27.8 million; Cash on hand of $104.6 million and no
debt outstanding
- Paid a special
cash dividend and regular quarterly cash dividend totaling $31.7
million during the quarter
FULL FISCAL
YEAR 2021 HIGHLIGHTS*
- Consolidated net
sales increased 16.2% to $685.2 million
- Retail segment written orders growth
of 47.7%
- Wholesale net
sales of $413.1 million increased 22.2%; Retail net sales of $555.0
million rose 19.9%
- Wholesale segment written orders
increased 31.7%; excluding GSA and other government orders,
wholesale segment orders grew 41.7%
- Consolidated
gross margin rose to 57.4%; Operating margin increased to
11.3%
- Operating expenses decreased to
46.1% of net sales from 52.3% due to improved operating
leverage
- Diluted EPS of
$2.37 compared to $0.34; Adjusted EPS of $2.37 compared to
$0.52
- Generated $129.9
million of cash from operating activities compared with $52.7
million last year
- Repaid 100% of
outstanding debt during the year
- The Company
increased its regular quarterly cash dividend by 19% in November
2020 as well as paid a $0.75 per share special cash dividend in May
2021
- Opened several
new design centers in the past 12 months including Oxnard,
California; Towson, Maryland; Alpharetta, Georgia; and Portland,
Oregon
- The Company held
its first-ever Virtual Celebration to congratulate associates for
exceptional interior design work
* See reconciliation of U.S. GAAP to adjusted
key financial measures in the back of this press release.
Comparisons are to the fourth quarter of fiscal 2020 and the full
fiscal 2020 year
KEY FINANCIAL MEASURES*
| (Unaudited) |
| (In thousands,
except per share data) |
| |
Three
months ended |
Twelve
months ended |
| |
June 30, |
|
June 30, |
|
| |
|
2021 |
|
|
2020 |
|
% Chg |
|
2021 |
|
|
2020 |
|
% Chg |
| Net sales |
$ |
178,323 |
|
$ |
91,568 |
|
94.7 |
% |
$ |
685,169 |
|
$ |
589,837 |
|
16.2 |
% |
| GAAP gross profit |
$ |
104,596 |
|
$ |
47,868 |
|
118.5 |
% |
$ |
393,107 |
|
$ |
323,132 |
|
21.7 |
% |
|
Adjusted gross profit* |
$ |
104,846 |
|
$ |
48,767 |
|
115.0 |
% |
$ |
393,746 |
|
$ |
328,555 |
|
19.8 |
% |
| GAAP gross margin |
|
58.7 |
% |
|
52.3 |
% |
|
|
57.4 |
% |
|
54.8 |
% |
|
|
Adjusted gross margin* |
|
58.8 |
% |
|
53.3 |
% |
|
|
57.5 |
% |
|
55.7 |
% |
|
| GAAP operating income (loss) |
$ |
24,062 |
|
$ |
(12,447 |
) |
293.3 |
% |
$ |
77,285 |
|
$ |
14,644 |
|
427.8 |
% |
|
Adjusted operating income (loss)* |
$ |
25,084 |
|
$ |
(4,982 |
) |
603.5 |
% |
$ |
80,335 |
|
$ |
17,072 |
|
370.6 |
% |
| GAAP operating margin |
|
13.5 |
% |
|
(13.6 |
%) |
|
|
11.3 |
% |
|
2.5 |
% |
|
|
Adjusted operating margin* |
|
14.1 |
% |
|
(5.4 |
%) |
|
|
11.7 |
% |
|
2.9 |
% |
|
| GAAP net income (loss) |
$ |
18,161 |
|
$ |
(12,069 |
) |
250.5 |
% |
$ |
60,005 |
|
$ |
8,900 |
|
574.2 |
% |
|
Adjusted net income (loss)* |
$ |
18,933 |
|
$ |
(3,654 |
) |
618.1 |
% |
$ |
60,059 |
|
$ |
13,512 |
|
344.5 |
% |
| Effective tax rate |
|
24.3 |
% |
|
8.5 |
% |
|
|
21.5 |
% |
|
37.3 |
% |
|
| GAAP diluted EPS |
$ |
0.71 |
|
$ |
(0.48 |
) |
247.9 |
% |
$ |
2.37 |
|
$ |
0.34 |
|
597.1 |
% |
|
Adjusted diluted EPS* |
$ |
0.74 |
|
$ |
(0.15 |
) |
593.3 |
% |
$ |
2.37 |
|
$ |
0.52 |
|
355.8 |
% |
| Capital expenditures |
$ |
1,687 |
|
$ |
3,252 |
|
(48.1 |
%) |
$ |
12,029 |
|
$ |
15,709 |
|
(23.4 |
%) |
| Cash flows from operating
activities |
$ |
27,792 |
|
$ |
14,012 |
|
98.3 |
% |
$ |
129,912 |
|
$ |
52,696 |
|
146.5 |
% |
* See reconciliation of U.S. GAAP to adjusted
key financial measures in the back of this press release
BALANCE SHEET AND CASH FLOW
Total cash and cash
equivalents was $104.6 million at June 30, 2021
compared with $72.3 million a year ago. Cash and cash equivalents
aggregated to 15.3% of total assets at June 30, 2021, compared with
11.6% last year. Cash and cash equivalents increased $32.3 million
during fiscal 2021 primarily due to net cash provided by operating
activities of $129.9 million and net proceeds of $4.9 million from
the sale of property, plant and equipment, partially offset by the
repayment of 100% or $50.0 million of outstanding borrowings under
the Company’s existing credit facility, cash dividends paid of
$43.3 million and capital expenditures of $12.0 million. Strong
cash flow performance was driven by increased customer deposits
from written orders partially offset by higher inventory
balances.
Capital expenditures in
fiscal 2021 were $12.0 million compared with $15.7 million in the
prior year. As part of the Company’s initial response to the
COVID-19 health crisis a year ago, the Company delayed investments
and capital expenditures, which led to a reduction in capital
spending. Partially offsetting the decreases was the Company’s
investment in the expansion of its existing Maiden, North Carolina
manufacturing campus, which will help increase overall capacity
beginning in fiscal 2022.
Cash
dividends paid were $43.3 million during fiscal
2021, which included a special cash dividend of $19.0 million paid
in May 2021. The Company previously had suspended its regular
quarterly cash dividend as of April 28, 2020 and reinstated it on
August 4, 2020.
Inventories, net of $144.0
million increased $17.9 million compared with $126.1 million at
June 30, 2020 as the Company continues to increase its
manufacturing productivity and service center inventory.
Customer deposits from
written orders for the Company’s retail segment more than doubled
during fiscal 2021 and totaled $130.6 million at June 30, 2021.
Strong written retail order growth of 47.7% outpaced net sales
growth of 19.9% and led to high customer deposits and backlog at
June 30, 2021.
No
debt outstanding as of June 30, 2021
as the Company paid down the remaining $50.0 million of its
borrowing in September 2020 using available cash on hand.
DIVIDEND
DECLARED
On August 3, 2021, the Company announced that
its Board of Directors had declared a $0.75 per share special cash
dividend to shareholders of record on August 17, 2021, payable on
August 31, 2021. The Board also declared a regular quarterly cash
dividend of $0.25 per share, payable on August 31, 2021
to shareholders of record at the close of business on August 17,
2021.
DESIGN CENTER ACTIVITY
|
|
Independent |
Company- |
|
|
Design Center activity |
Retailers |
Operated |
Total |
|
Balance at June 30, 2020 |
160 |
|
144 |
|
304 |
|
|
New locations |
18 |
|
3 |
|
21 |
|
|
Closures |
(17 |
) |
(6 |
) |
(23 |
) |
|
Transfers |
- |
|
- |
|
- |
|
|
Balance at June 30, 2021 |
161 |
|
141 |
|
302 |
|
|
Relocations (in new and closures) |
- |
|
2 |
|
2 |
|
|
|
|
|
|
|
U.S. |
34 |
|
136 |
|
170 |
|
|
International |
127 |
|
5 |
|
132 |
|
CONFERENCE CALL
Ethan Allen will host an analyst conference call
today, August 9, 2021 at 5:00 PM (Eastern Time) to discuss its
results. The analyst conference call will be webcast live from the
Company’s Investor Relations website at
https://ir.ethanallen.com.
The following information is provided for those
who would like to participate:
- U.S.
Participants:
877-705-2976
- International
Participants:
201-689-8798
- Meeting
Number:
13721721
For those unable to listen live, an archived
recording of the call will be made available on the Company’s
website referenced above for at least 60 days.
ABOUT ETHAN ALLEN
Ethan Allen Interiors Inc. (NYSE: ETH) is a
leading interior design company, manufacturer and retailer in the
home furnishings marketplace. The Company provides complimentary
interior design service to its clients and sells a full range of
furniture products and decorative home accents through a retail
network of approximately 300 design centers in the United States
and abroad as well as online at ethanallen.com. Ethan Allen owns
and operates nine manufacturing facilities, including six
manufacturing plants in the United States, two manufacturing plants
in Mexico and one manufacturing plant in Honduras. Approximately
75% of its products are manufactured or assembled in these North
American facilities.
For more information on Ethan Allen's products
and services, visit www.ethanallen.com.
Investor / Media Contact: Matt McNultyVice President,
FinanceIR@ethanallen.com
ABOUT
NON-GAAP FINANCIAL MEASURES
This press release is intended to supplement,
rather than to supersede, the Company's consolidated financial
statements, which are prepared and presented in accordance with
U.S. generally accepted accounting principles (“GAAP”). In this
press release the Company has included financial measures that are
not prepared in accordance with GAAP. The Company uses non-GAAP
financial measures, including adjusted gross profit and margin,
adjusted operating income and margin, adjusted net income and
adjusted diluted EPS (collectively “non-GAAP financial measures”).
The Company computes these non-GAAP financial measures by adjusting
the comparable GAAP measure to remove the impact of certain charges
and gains and the related tax effect of these adjustments. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for, or superior
to, the financial measures presented in accordance with GAAP. The
Company uses these non-GAAP financial measures for financial and
operational decision making and to evaluate period-to-period
comparisons. The Company believes that they provide useful
information about operating results, enhance the overall
understanding of past financial performance and prospects, and
allow for greater transparency with respect to key metrics used by
management in its financial and operational decision making. A
reconciliation of the non-GAAP financial measures to the most
directly comparable financial measure reported in accordance with
GAAP is provided at the end of this press release.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which represent management's beliefs and assumptions
concerning future events based on information currently available
to the Company relating to its future results. Such forward-looking
statements are identified in this news release and incorporated
herein by reference by use of certain forward-looking words such as
“anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,”
“believe,” “continue,” “may,” “will,” “short-term,” “target,”
“outlook,” “forecast,” “future,” “strategy,” “opportunity,”
“would,” “guidance,” “non-recurring,” “one-time,” “unusual,”
“should,” “likely,” “COVID-19 impact,” and similar expressions and
the negatives of such forward-looking words. These forward-looking
statements are subject to management decisions and various
assumptions about future events, including projections about future
financial growth and trends with respect to the Company’s business
and results of operations, and are not guarantees of future
performance. Actual results could differ materially from those
anticipated in the forward-looking statements due to a number of
risks and uncertainties including, but not limited to the
following: the ongoing global COVID-19 pandemic may continue to
materially adversely affect the Company’s business, its results of
operations and overall financial performance; additional funding
from external sources may not be available at the levels required,
or may cost more than expected; declines in certain economic
conditions, which impact consumer confidence and consumer spending;
a decline in the health of the economy and consumer spending may
affect consumer purchases of discretionary items; financial or
operational difficulties due to competition in the residential
furniture industry; a significant shift in consumer preference
toward purchasing products online; ability to maintain and enhance
the Ethan Allen brand; failure to successfully anticipate or
respond to changes in consumer tastes and trends; global and local
economic uncertainty may materially adversely affect manufacturing
operations or sources of merchandise and international operations;
competition from overseas manufacturers and domestic retailers;
disruptions in the supply chain; the number of manufacturing and
logistics sites may increase exposure to business disruptions and
could result in higher transportation costs; fluctuations in
the price, availability and quality of raw materials could
result in increased costs or cause production delays; current and
former manufacturing and retail operations and products are subject
to increasingly stringent environmental, health and safety
requirements; product recalls or product safety concerns; reliance
on information technology systems to process transactions,
summarize results, and manage its business and that of certain
independent retailers; disruptions in both primary and back-up
systems; successful cyber-attacks and the ability to maintain
adequate cyber-security systems and procedures; loss, corruption
and misappropriation of data and information relating to customers;
changes in United States trade and tax policy; reliance on certain
key personnel; loss of key personnel or inability to hire
additional qualified personnel; additional asset impairment charges
that could reduce profitability; access to consumer credit could be
interrupted; inability to maintain current design center locations
at current costs; failure to successfully select and secure
design center locations; changes to tax policies; hazards and risks
which may not be fully covered by insurance; possible failure to
protect the Company’s intellectual property; and other factors
disclosed in Part I, Item 1A. Risk Factors, in the Company’s 2020
Annual Report on Form 10-K.
Given the risks and uncertainties surrounding
forward-looking statements, you should not place undue reliance on
these statements. Many of these factors are beyond the Company’s
ability to control or predict. These forward-looking statements
speak only as of the date of this news release. Other than as
required by law, the Company undertakes no obligation to update or
revise its forward-looking statements, whether because of new
information, future events, or otherwise. Accordingly, actual
circumstances and results could differ materially from those
contemplated by the forward-looking statements.
|
Ethan Allen Interiors Inc. |
|
Consolidated Statements of Comprehensive
Income |
|
(Unaudited) |
|
(In thousands, except per share data) |
|
|
Three months ended June 30, |
Twelve months ended June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
Net sales |
$ |
178,323 |
|
$ |
91,568 |
|
$ |
685,169 |
|
$ |
589,837 |
|
|
Cost of sales |
|
73,727 |
|
|
43,700 |
|
|
292,062 |
|
|
266,705 |
|
|
Gross profit |
|
104,596 |
|
|
47,868 |
|
|
393,107 |
|
|
323,132 |
|
|
Selling, general and administrative expenses |
|
79,762 |
|
|
53,161 |
|
|
313,411 |
|
|
311,507 |
|
|
Restructuring and other impairment charges, net of gains |
|
772 |
|
|
7,154 |
|
|
2,411 |
|
|
(3,019 |
) |
|
Operating income (loss) |
|
24,062 |
|
|
(12,447 |
) |
|
77,285 |
|
|
14,644 |
|
|
Other expenses |
|
|
|
|
|
Interest and other financing
costs |
|
48 |
|
|
555 |
|
|
481 |
|
|
739 |
|
|
Other income (expense),
net |
|
(15 |
) |
|
(195 |
) |
|
(393 |
) |
|
284 |
|
|
Income (loss) before income taxes |
|
23,999 |
|
|
(13,197 |
) |
|
76,411 |
|
|
14,189 |
|
|
Income tax expense (benefit) |
|
5,838 |
|
|
(1,128 |
) |
|
16,406 |
|
|
5,289 |
|
|
Net income (loss) |
$ |
18,161 |
|
$ |
(12,069 |
) |
$ |
60,005 |
|
$ |
8,900 |
|
|
|
|
|
|
|
|
Per share data |
|
|
|
|
|
Diluted earnings per common share: |
|
|
|
|
|
Net income per diluted share |
$ |
0.71 |
|
$ |
(0.48 |
) |
$ |
2.37 |
|
$ |
0.34 |
|
|
Diluted weighted average common shares |
|
25,493 |
|
|
25,179 |
|
|
25,352 |
|
|
26,069 |
|
|
|
|
|
|
|
| Ethan Allen Interiors
Inc. |
|
|
| Condensed Consolidated
Balance Sheets |
|
|
| (Unaudited) |
|
|
| (In thousands) |
|
|
| |
June 30, |
June 30, |
| ASSETS |
|
2021 |
|
|
2020 |
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ |
104,596 |
|
$ |
72,276 |
|
| Accounts receivable, net |
|
9,026 |
|
|
8,092 |
|
| Inventories, net |
|
143,978 |
|
|
126,101 |
|
| Prepaid expenses and other
current assets |
|
37,679 |
|
|
23,483 |
|
| Total current assets |
|
295,279 |
|
|
229,952 |
|
| |
|
|
| Property, plant and equipment,
net |
|
231,446 |
|
|
236,678 |
|
| Goodwill |
|
25,388 |
|
|
25,388 |
|
| Intangible assets |
|
19,740 |
|
|
19,740 |
|
| Operating lease right-of-use
assets |
|
108,730 |
|
|
109,342 |
|
| Deferred income taxes |
|
1,078 |
|
|
137 |
|
| Other assets |
|
1,584 |
|
|
1,552 |
|
| Total ASSETS |
$ |
683,245 |
|
$ |
622,789 |
|
| |
|
|
| LIABILITIES AND SHAREHOLDERS’
EQUITY |
|
|
| Current liabilities: |
|
|
| Accounts payable and accrued
expenses |
$ |
37,786 |
|
$ |
25,595 |
|
| Customer deposits and deferred
revenue |
|
130,635 |
|
|
64,031 |
|
| Accrued compensation and
benefits |
|
23,866 |
|
|
18,278 |
|
| Current operating lease
liabilities |
|
27,395 |
|
|
27,366 |
|
| Other current liabilities |
|
4,220 |
|
|
3,708 |
|
| Total current liabilities |
|
223,902 |
|
|
138,978 |
|
| |
|
|
| Long-term debt |
|
- |
|
|
50,000 |
|
| Operating lease liabilities,
long-term |
|
97,911 |
|
|
102,111 |
|
| Deferred income taxes |
|
5,028 |
|
|
1,074 |
|
| Other long-term liabilities |
|
4,986 |
|
|
2,562 |
|
| Total LIABILITIES |
$ |
331,827 |
|
$ |
294,725 |
|
| |
|
|
| Shareholders’ equity: |
|
|
|
Ethan Allen Interiors Inc. shareholders’ equity |
$ |
351,443 |
|
$ |
328,065 |
|
|
Noncontrolling interests |
|
(25 |
) |
|
(1 |
) |
| Total shareholders’ equity |
$ |
351,418 |
|
$ |
328,064 |
|
| Total LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
683,245 |
|
$ |
622,789 |
|
Reconciliation of
Non-GAAP
Financial Measures
To supplement the financial measures prepared in
accordance with GAAP, the Company uses non-GAAP financial measures
including adjusted gross profit and margin, adjusted operating
income, adjusted retail operating income and margin, adjusted
wholesale operating income and margin, adjusted net income and
adjusted diluted earnings per share. The reconciliations of these
non-GAAP financial measures to the most directly comparable
financial measures calculated and presented in accordance with GAAP
are shown in tables below.
These non-GAAP measures are derived from the
consolidated financial statements but are not presented in
accordance with GAAP. The Company believes these non-GAAP measures
provide a meaningful comparison of its results to others in its
industry and prior year results. Investors should consider
these non-GAAP financial measures in addition to, and not as a
substitute for, its financial performance measures prepared in
accordance with GAAP. Moreover, these non-GAAP financial
measures have limitations in that they do not reflect all the items
associated with the operations of the business as determined in
accordance with GAAP. Other companies may calculate similarly
titled non-GAAP financial measures differently than the Company
does, limiting the usefulness of those measures for comparative
purposes.
Despite the limitations of these non-GAAP
financial measures, the Company believes these adjusted financial
measures and the information they provide are useful in viewing its
performance using the same tools that management uses to assess
progress in achieving its goals. Adjusted measures may also
facilitate comparisons to historical performance.
The following tables below show a reconciliation
of non-GAAP financial measures used in this release to the most
directly comparable GAAP financial measures.
| (Unaudited) |
| (In thousands,
except per share data) |
| |
Three months ended |
|
|
Twelve months ended |
|
| |
June 30, |
|
|
June 30, |
|
| |
|
2021 |
|
|
2020 |
|
% Change |
|
|
2021 |
|
|
2020 |
|
% Change |
| Consolidated
Adjusted Gross Profit / Gross Margin |
| GAAP Gross profit |
$ |
104,596 |
|
$ |
47,868 |
|
118.5 |
% |
|
$ |
393,107 |
|
$ |
323,132 |
|
21.7 |
% |
| Adjustments (pre-tax) * |
|
250 |
|
|
899 |
|
|
|
|
639 |
|
|
5,423 |
|
|
|
Adjusted gross profit * |
$ |
104,846 |
|
$ |
48,767 |
|
115.0 |
% |
|
$ |
393,746 |
|
$ |
328,555 |
|
19.8 |
% |
|
Adjusted gross margin * |
|
58.8 |
% |
|
53.3 |
% |
|
|
|
57.5 |
% |
|
55.7 |
% |
|
| |
|
|
|
|
|
|
| Consolidated
Adjusted Operating Income / Operating Margin |
| GAAP Operating income (loss) |
$ |
24,062 |
|
$ |
(12,447 |
) |
293.3 |
% |
|
$ |
77,285 |
|
$ |
14,644 |
|
427.8 |
% |
| Adjustments (pre-tax)* |
|
1,022 |
|
|
7,465 |
|
|
|
|
3,050 |
|
|
2,428 |
|
|
|
Adjusted operating income (loss)* |
$ |
25,084 |
|
$ |
(4,982 |
) |
603.5 |
% |
|
$ |
80,335 |
|
$ |
17,072 |
|
370.6 |
% |
| |
|
|
|
|
|
|
|
| Consolidated Net sales |
$ |
178,323 |
|
$ |
91,568 |
|
94.7 |
% |
|
$ |
685,169 |
|
$ |
589,837 |
|
16.2 |
% |
| GAAP Operating margin |
|
13.5 |
% |
|
(13.6 |
%) |
|
|
|
11.3 |
% |
|
2.5 |
% |
|
|
Adjusted operating margin* |
|
14.1 |
% |
|
(5.4 |
%) |
|
|
|
11.7 |
% |
|
2.9 |
% |
|
| |
|
|
|
|
|
|
|
| Consolidated
Adjusted Net Income / Adjusted Diluted EPS |
| GAAP Net income (loss) |
$ |
18,161 |
|
$ |
(12,069 |
) |
250.5 |
% |
|
$ |
60,005 |
|
$ |
8,900 |
|
574.2 |
% |
| Adjustments, net of tax* |
|
772 |
|
|
8,415 |
|
|
|
|
54 |
|
|
4,612 |
|
|
|
Adjusted net income (loss) |
$ |
18,933 |
|
$ |
(3,654 |
) |
618.1 |
% |
|
$ |
60,059 |
|
$ |
13,512 |
|
344.5 |
% |
| Diluted weighted average common
shares |
|
25,493 |
|
|
25,179 |
|
|
|
|
25,352 |
|
|
26,069 |
|
|
| GAAP Diluted EPS |
$ |
0.71 |
|
$ |
(0.48 |
) |
247.9 |
% |
|
$ |
2.37 |
|
$ |
0.34 |
|
597.1 |
% |
|
Adjusted diluted EPS* |
$ |
0.74 |
|
$ |
(0.15 |
) |
593.3 |
% |
|
$ |
2.37 |
|
$ |
0.52 |
|
355.8 |
% |
|
|
|
|
|
|
|
|
|
| Wholesale Adjusted
Operating Income / Adjusted Operating Margin |
| Wholesale GAAP operating
income |
$ |
11,915 |
|
$ |
1,512 |
|
688.0 |
% |
|
$ |
52,281 |
|
$ |
33,106 |
|
57.9 |
% |
| Adjustments (pre-tax)* |
|
552 |
|
|
(103 |
) |
|
|
|
552 |
|
|
(5,794 |
) |
|
|
Adjusted wholesale operating income* |
$ |
12,467 |
|
$ |
1,409 |
|
784.8 |
% |
|
$ |
52,833 |
|
$ |
27,312 |
|
93.4 |
% |
| |
|
|
|
|
|
|
|
| Wholesale net sales |
$ |
106,372 |
|
$ |
51,591 |
|
106.2 |
% |
|
$ |
413,076 |
|
$ |
337,948 |
|
22.2 |
% |
| Wholesale GAAP operating
margin |
|
11.2 |
% |
|
2.9 |
% |
|
|
|
12.7 |
% |
|
9.8 |
% |
|
|
Adjusted wholesale operating margin* |
|
11.7 |
% |
|
2.7 |
% |
|
|
|
12.8 |
% |
|
8.1 |
% |
|
| |
|
|
|
|
|
|
| Retail Adjusted
Operating Income / Adjusted Operating Margin |
| Retail GAAP operating income
(loss) |
$ |
11,970 |
|
$ |
(14,071 |
) |
185.1 |
% |
|
$ |
28,824 |
|
$ |
(21,414 |
) |
234.6 |
% |
| Adjustments (pre-tax)* |
|
470 |
|
|
7,568 |
|
|
|
|
2,498 |
|
|
8,222 |
|
|
|
Adjusted retail operating income (loss)* |
$ |
12,440 |
|
$ |
(6,503 |
) |
291.3 |
% |
|
$ |
31,322 |
|
$ |
(13,192 |
) |
337.4 |
% |
| |
|
|
|
|
|
|
|
| Retail net sales |
$ |
150,676 |
|
$ |
70,735 |
|
113.0 |
% |
|
$ |
554,971 |
|
$ |
462,800 |
|
19.9 |
% |
| Retail GAAP operating margin |
|
7.9 |
% |
|
(19.9 |
%) |
|
|
|
5.2 |
% |
|
(4.6 |
%) |
|
|
Adjusted retail operating margin* |
|
8.3 |
% |
|
(9.2 |
%) |
|
|
|
5.6 |
% |
|
(2.9 |
%) |
|
| * Adjustments to
reported GAAP financial measures including gross profit and margin,
operating income and margin, net income and diluted EPS have been
adjusted by the following: |
| |
|
|
| (Unaudited) |
Three months ended |
Twelve months ended |
| (In thousands) |
June 30, |
June 30, |
| |
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
| Inventory write-downs and
additional reserves (wholesale) |
$ |
196 |
|
$ |
899 |
|
$ |
585 |
|
$ |
4,107 |
|
| Optimization of manufacturing
and logistics (wholesale) |
|
54 |
|
|
- |
|
|
54 |
|
|
1,316 |
|
|
Adjustments to gross profit |
$ |
250 |
|
$ |
899 |
|
$ |
639 |
|
$ |
5,423 |
|
| |
|
|
|
|
| Inventory write-downs and
additional reserves (wholesale) |
$ |
196 |
|
$ |
899 |
|
$ |
585 |
|
$ |
4,107 |
|
| Optimization of manufacturing
and logistics (wholesale) |
|
356 |
|
|
- |
|
|
356 |
|
|
2,147 |
|
| Gain on sale of property,
plant and equipment (wholesale) |
|
- |
|
|
- |
|
|
- |
|
|
(11,497 |
) |
| Gain on sale of property,
plant and equipment (retail) |
|
- |
|
|
- |
|
|
(473 |
) |
|
- |
|
| Employee retention credit
(wholesale) |
|
- |
|
|
(1,177 |
) |
|
- |
|
|
(1,177 |
) |
| Severance and other charges
(wholesale) |
|
- |
|
|
175 |
|
|
(389 |
) |
|
626 |
|
| Severance and other charges
(retail) |
|
339 |
|
|
414 |
|
|
811 |
|
|
562 |
|
| Impairment of long-lived
assets and lease exit costs (retail) |
|
131 |
|
|
7,154 |
|
|
2,160 |
|
|
7,660 |
|
|
Adjustments to operating income |
|
1,022 |
|
|
7,465 |
|
|
3,050 |
|
|
2,428 |
|
|
Adjustments to income before income taxes |
|
1,022 |
|
|
7,789 |
|
|
3,050 |
|
|
2,752 |
|
| Related income tax effects on
non-recurring items(1) |
|
(250 |
) |
|
(1,908 |
) |
|
(747 |
) |
|
(674 |
) |
| Income tax expense (benefit)
from valuation allowance change |
|
- |
|
|
2,534 |
|
|
(2,249 |
) |
|
2,534 |
|
|
Adjustments to net income |
$ |
772 |
|
$ |
8,415 |
|
$ |
54 |
|
$ |
4,612 |
|
(1) Calculated using a tax rate of 24.5% in all
periods presented.
Grayscale Ethere (NYSE:ETH)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Grayscale Ethere (NYSE:ETH)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024
