Daily News
From Home Furnishing Business
Ethan Allen 1Q Income Climbs
October 22,
2014 by in Financial Reports, Industry 
Ethan Allen Interiors (NYSE: ETH) reported net income of $11.9 million for the first quarter ended Sept. 30, a 32 percent increase from $9 million reported in the same quarter last year.
Net sales for the quarter increased 5 percent to 190.7 million. Net sales for the first quarter of last year were $181.7 million.
In addition to the earnings report, Ethan Allen announced a new credit facility of $150 million. The funds will be used for working capital and general corporate purposes, and to refinance senior notes due Oct. 1, 2015.
"We are pleased with our continued strong performance," said Farooq Kathwari, chairman and CEO of Ethan Allen. "Both the wholesale and retail segments performed well. Despite clearance sales at lower margins and the disruption at manufacturing and retail in implementing new products and renovations, we maintained strong gross and adjusted operating margins of 55 percent and 11.5 percent compared to 54.4 percent and 9.2 percent in the prior year.