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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (115437)	8/3/2001 10:04:52 AM
From: TheStockFairy	Read Replies (1) \| Respond to of 436258

Here you go..... DANBURY, Conn. (Reuters) - Home furnishings maker and seller Ethan Allen Interiors Inc. on Friday said its fiscal fourth-quarter profits fell by one-third, meeting its lowered estimate, and warned that sales and earnings in its fiscal first quarter would be lower than expected due to softer economic activity. The Danbury, Conn.-based retailer, which sells its furnishings through a network of 312 retail locations, said its net income for the fourth quarter ended June 30, excluding a $6.9 million restructuring and impairment charge, was $20.1 million, or 50 cents a diluted share. Wall Street analysts polled by Thomson Financial/First Call had expected the company to post a profit in the range of 40 to 50 cents, with a mean estimate of 46 cents a share. The company said in April its fourth-quarter earnings would fall below analysts' expectations, which at that time targeted 55 cents a share. Including the charge, net income fell to $15.8 million, or 39 cents a diluted share, from $23.8 million, or 59 cents a diluted share, in the year-ago quarter. The company said it expects sales for the fiscal first quarter ending September 30 will be lower by about 5 percent, while earnings per share will be in the range of 40 cents to 44 cents, well below the First Call consensus estimate of 49 cents a share expected by analysts. "...We anticipate that economic activity will remain soft for the first two quarters of the next fiscal year and will improve in the third and fourth quarters," said Chairman and Chief Executive Farooq Kathwari. Net sales for the fourth quarter slipped 1 percent to $226.4 million from $228.8 million a year earlier. Sales for the company's retail division rose 5.7 percent to $107.7 million, while sales at retail stores open at least one year fell 0.9 percent. Shares of the company closed at $38 on Thursday on the New York Stock Exchange, near the high end of the 52-week range of $23.88 to $39.52.