Home furnishing retailer Ethan Allen Interiors Inc. (ETH), Tuesday reported a net loss for the fourth quarter, hurt by restructuring and impairment charges, and lower sales amid the prolonged downturn in the housing sector.
The Danbury, Connecticut-based company posted a net loss of $16.9 million or $0.58 per share for the fourth quarter, compared to net income of $11.1 million or $0.39 per share in the prior year quarter. Results for the quarter include $12.9 million restructuring and impairment charge, and $1.5 million or $0.05 per share of tax expense.
Excluding the impact of the restructuring and impairment charges, loss per share was $0.23, compared to earnings per share of $0.45 in the year-ago quarter. On average, 7 analysts polled by Thomson Reuters expected the company to report a loss of $0.23 per share for the fourth quarter. Analysts' estimates typically exclude one-time items.
Fourth quarter net delivered sales decreased to $138.7 million from $235.9 million in the same quarter last year. Six analysts had a consensus revenue estimate of $141.70 million for the fourth quarter.
Net delivered sales at the Retail division fell to $102.3 million from $176.5 million, and wholesale sales dropped to $85.2 million from $147.7 million. Comparable Ethan Allen design center delivered sales were down 43.5% over last year.
As a percentage of sales, gross margin decreased to 48.7% from 54.2% in the previous year quarter.
For the full-year 2009, Ethan Allen reported a net loss of $52.7 million or $1.83 per share, compared to net income of $58.1 million or $1.97 per share in the year-ago period.
Adjusted net loss was $8.9 million or $0.31 per share, compared to net earnings of $62.4 million or $2.12 per share in the previous year period.
Annual net delivered sales decreased to $674.3 million from $980.0 million in the prior year period.
The Street currently expects the company to report a loss of $0.31 per share for the year on revenue of $676.71 million.
ETH closed Tuesday's regular trading session at $14.15, up 3 cents.
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