DANBURY, CT - Ethan Allen Interiors Inc. posted a loss of $0.9 million for its third quarter ended March 31,2010.
The company lost $48.7 million for the same period last year.
Net delivered sales for the quarter were $147.3 million, up 5.0% from the prior year quarter. For the nine months ended March 31, 2010, net delivered sales totaled $426.8 million as compared to $535.6 million the prior year to date.
Farooq Kathwari, chairman, president and CEO of Ethan Allen, commented, “I am pleased that consolidated booked orders during the quarter ended March 31, 2010 totaled approximately $176 million and reflect a 20 percent increase from the depressed booked orders from the prior year quarter. Our backlogs at both retail and wholesale have substantially increased to more normal levels. The increase in orders reflects an improvement in consumer confidence and is due to the many initiatives we have taken including offering special savings from our everyday best prices. We are also pleased that during the last six months, we have added nearly 300 associates in our manufacturing and retail operations as we increase our capacity to meet the improved demand.”
Kathwari continued, “The ‘Great Recession’ has provided us an opportunity to examine every aspect of our business and undertake major improvements to all aspects of our vertically integrated structure. We have also focused on improving our liquidity. Our total cash, investments, and restricted cash at March 31, 2010 was $85 million; an increase of 61% since June 30, 2009.
“While we are gratified with the increase in booked orders during the quarter, the major progress in our initiatives, and the positive news of consumer confidence, we remain cautious as the improvement in the economy is still at an early stage with many uncertainties on the horizon.”
Read Ethan Allen's press release.
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