Ethan Allen Interiors Inc. (ETD) 2004年年度報告「NYSE」.pdf

1、the powerof solutions2004 annual reportOur national television campaign reiterates our”Furnishing Solutions”message in a fun,creative manner.Everyday pricing allows ourcustomers to get on with thebusiness of living,instead of living for a sale.They canstart”shopping smart,“with the knowledge that th

2、ey arereceiving our best price on allour products every day.The dramatic new faade exudes a warmer,richer feeling and isdesigned to better showcase ourinspirational lifestyle vignettes.new everyday pricingbeginning with a problem.that evolves into a process using all of EthanAllens resources.and res

3、ults in the solution that is needed.Customers can shop with confidence,knowing that our fullselection of home furnishings,including our new Newport collection(right)and plasmahome theatre cabinetry(belowleft),is available at our bestprice every day.$907.32003200220012000$955.12004$904.1$892.32004200

4、32002Amounts in thousands,except per share data.Fiscal Years ended June 30Statement of Operations DataNet sales955,107907,264892,288Gross profit461,080449,384421,313Operating income(a)127,805120,675129,900Net income(a)80,34075,38182,256Per Share DataNet income per diluted share(a)2.101.952.06Diluted

5、 weighted averagecommon shares outstanding38,29538,56939,942Balance Sheet DataWorking capital158,893225,836191,473Current ratio2.162.682.48Total assets654,431731,568688,755Total debt,including capital lease obligations9,22110,2189,321Shareholders equity460,780537,699511,189Debt as%of equity2.0%1.9%1

6、.8%(a)Includes the effects of pre-tax restructuring and impairmentcharges totaling$12.5 million,$13.1 million,and$5.1million in fiscal years 2004,2003 and 2002,respectively.financial highlights$856.220032002200120002004Net Income(in millions)$80.3$75.4$82.3$79.7$90.620032002200120002004Net Income Pe

7、r Diluted Share$2.10$1.95$2.06$1.98$2.20Net Sales(in millions)dear fellowshareholdersLife can be challenging.Decorating a home doesnt have to be.This simple philosophy is one thatEthan Allen has valued for more than seven decades,and over the last twelve months we have strivedto refine it in order t

8、o make furnishing a home even easier.The truth is,we are not just in the furni-ture business;we also furnish solutionsthe people who make up the Ethan Allen family;the qualitycraftsmanship we offer;affordable financing;free design service;inspirational store settings;and,most recently,everyday prici

9、ng on our full selection of home furnishings.All that we offer is nowavailable at our best price every day.Our customers can get on with the business of living,instead ofliving for a sale,and our selling process can focus solely on furnishing design solutions.Our“Furnishing Solutions”strategy was of

10、ficially unveiled during the third quarter of this year withthe introduction of our redesigned magazinenow titled Furnishing Solutions by Ethan Allenanda national television campaign.Both campaigns have generated an overwhelmingly positiveresponse from customers,our retail network,and industry insid

11、ers.Eleven new stores were added this fiscal year,including two stores overseas.The inspirational displaysin our stores and convenient shopping locations are important elements of our“Furnishing Solutions”strategy.Rejuvenating our store base by relocating stores and updating their exteriors remains

12、animportant growth driver for our business.We continue to broaden our appeal by introducing new product lines.This fiscal year saw the birthof four exciting product collections:the smart,functional,and fun shapes of Ethan Allen Kids hasbeen drawing younger families into our stores since last summer;

13、the silhouettes of New Countryby Ethan Allen are affordable,easygoing,and family-friendly;our new media cabinets are our solu-tion to TVs flat screen evolution;and the versatility of Newport,launched in June 2004,offersrelaxed sophistication for the way people live today.Currently,our industry is in

14、 transition.Among the issues stimulating discussions is the impact ofanti-dumping legislation for bedroom furnishings manufactured in China.During the last few years,our company has worked hard to balance our U.S.-based manufacturing with our overseas out-sourcing,and shall continue to do so.During

15、the fourth quarter of this fiscal year we announcedthe consolidation of two smaller case goods plants.Their closing has given us the opportunity tomake more efficient production use of our larger U.S.plants.On May 10,2004,a special dividend of$3.00 per share was returned toshareholders of record.In

16、addition,the board also increased its authoriza-tion to repurchase up to 2.5 million shares of treasury stock.Ethan Allen isessentially debt-free and continues to have the strong cash flow needed tofund future growth and to maintain operating flexibility.Thank you for your continued support.Farooq K

17、athwariChairman of the Board,President and CEO,Ethan Allen Interiors Inc.meeting theNew Country by Ethan Allen is acollection of affordable,easygoingdesigns that have been well-received by customers.challengeOur“Furnishing Solutions”campaign illustrates the many ways EthanAllen makes decorating easi

18、erour newly redesigned magazine and anational television campaign debuted during the third quarter of thisfiscal year.Our newest solution,everyday pricing,allows our customers to shopwith confidencethey are receiving our best price on all of our homefurnishings every day.Now,they can completely furn

19、ish their roomswithout having to wait for a sale.We began this pricing strategy lastsummer with the reintroduction of Ethan Allen Kids and then fol-lowed with our upholstery and accents.In May,our full selection ofhome furnishings was transitioned to everyday pricing.This greatvalue further serves t

20、o differentiate us within the marketplace and hasbeen met with positive response across the board.Customers haveembraced being able to choose from our full selection right away without waiting for a sale and our design consultants have seen theirproductivity flourish.The financing solutions we offer

21、 remain a powerful marketing tool.TheEthan Allen Finance Plus Card caters to our customers needs:they canchoose which payment optionrevolving credit or Simple FinancePlanbest suits them.In addition,they can take advantage of specialfinancing offers,such as the“6 Months,No Payment,Deferred Interest”p

22、romotion at participating retailers.We believe that location is everything.We have relocated many of ourexisting stores to higher-traffic areas and have expanded their displayspace so that our home furnishings are optimally showcased.Of theeleven stores opened this year,five were relocations.In addi

23、tion,ourinspirational lifestyle vignettes make shopping easier for our customersand help them garner decorating ideas for their home.Our store settings are vital to our success,which is why we began toupdate store exteriors during this fiscal year,introducing a more dramatic front.The first new faad

24、e appeared on a corporate store relocation in Alpharetta,GA,in June2003.However,the outside is only the beginning of the inspirationaljourney on which customers embarkat Ethan Allen.Our redesigned magazine,whichillustrates true-to-life decoratingproblems and how Ethan Allen cansolve them,has receive

25、d positivecustomer and retailer response.every dayOur complimentary design serviceenhances the shopping experience by making decorating fun and easy.Our design consultants can help with everything from space planningand fabric selection to providingfinancing information and artfullyarranging decorat

26、ive accessorieswithin the home.CEO Farooq Kathwari,surroundedby members of the Ethan Allen family.The passion and dedicationof the people behind the product,from development to delivery,iswhat drives our business.Quality craftsmanship has been ahallmark of our business for morethan 70 yearsfrom case

27、 goodsand upholstery to our soft goodsand accents.Our”white glove”free local deliveryis an important customer benefit.Our personnel inspect,prep,andpolish your furniture before bringingit into your home.the servicethe people,the qualityevery dayCustomers cant help but be inspired by the gracious and

28、 inviting inte-riors of our stores.They feel.well.at home.And they should.Ourclassic and casual houses feature room settings designed to be beauti-ful and functional,as well as aspirational.And by having our stores setup in this manner,our customers find the overall shopping experienceeasy and rewar

29、ding since they see so many ideas that can be broughtinto their own homes.The passion of the people behind our products is the heart of our company.What begins as an idea in our Style department turns into asketch in Product Development and then leaps off the page into thehands of dedicated craftspe

30、ople who bring it to life.Providing our cus-tomers with great value,great quality,and great service is a priority forus,so we continually evolve our product lines to ensure that we meetthe needs and wants of as many lifestyles as possible.More than 3,000 Ethan Allen design consultants help customers

31、 bringthe visions they have for their home to lifewhether they desiresomething as simple as the perfect buffet lamp or a more elaboratecomplete room plan.Our design consultants even make house calls,and their help is complimentary!From space planning and selectingpaint chips and fabrics to choosing

32、the perfect furnishings and discussing the best financing options,they do it all.The relationshipsthey are able to cultivate with their clients garner us customers for life.However,our customer service does not end with the design consultant.Our white glove delivery ensures that our customers aresat

33、isfied when we bring their furnishings into their home,free ofcharge.Each piece is carefully inspected,polished,and prepped beforeit enters their door.Superior service is the benchmark of smart business;service coupled with the power of branded solutions helps meet the ever-evolving challenges of th

34、e marketplace nowand for years to come.Our vertical integration allows us tooversee all aspects of our business so that we are able to differentiate ourselves from the competition.Weaccomplish this by offering an array of product and service solutions;one of these is custom upholstery,whichallows cu

35、stomers the creative expression they desire.officers andcorporate dataOFFICERSM.Farooq KathwariChairman of the Board,President and Chief Executive OfficerPamela A.Banks Vice President,General Counsel and SecretaryKelly A.Bean Vice President,AdvertisingJack DeKorneVice President,MerchandisingKhusro E

36、lleyVice President,Regional ManagerCharles J.FarfagliaVice President,Human ResourcesDon GarrettVice President and General Manager,Case Goods ManufacturingJeffrey HoytVice President,FinanceHenry KapteinaDirector,Internal AuditSandra LamenzaGeneral Manager,Ethan Allen HotelMargaret W.LuptonDirector,In

37、vestor Relations and Assistant SecretaryJames D.McCrearyVice President,Product SourcingPeggy McLindenVice President,Store PlanningJack MollGeneral Manager,Physical DistributionNora MurphyVice President,StyleKenneth MusanteManufacturing ControllerMax A.SneedVice President,Southeast Case Goods Manufac

38、turingCraig StoutVice President,Design and Product DevelopmentEdward TeplitzVice President and General Manager,Retail DivisionClifford ThornVice President and General Manager,Upholstery ManufacturingCorey WhitelyVice President,OperationsAnn ZaccariaVice President,Business Development CORPORATE DATAC

39、orporate HeadquartersEthan Allen Interiors Inc.Ethan Allen DriveDanbury,CT Transfer AgentComputershare Investor Services,LLC2 North LaSalle StreetP.O.Box A3504Chicago,IL 60690-3504312.360.5196 Independent Certified Public AccountantsKPMG LLP3001 Summer StreetStamford,CT 06905203.356.9800Stock Exchan

40、ge ListingNew York Stock ExchangeEthan Allen Interiors Inc.Trading Symbol:(ETH)Investor RDesignEthan Allen Marketing CorporationDIRECTORSM.Farooq KathwariChairman of the Board,President and Chief Executive OfficerClinton A.ClarkPresident,Ironwood Equity,Inc.Kristin GamblePresident,Flood,Gamble Assoc

41、iates,Inc.Horace G.McDonellFormer Chairman and Chief Executive Officer,Perkin Elmer CorporationEdward H.MeyerChairman of the Board,President and Chief Executive Officer,Grey Advertising Inc.Richard A.SandbergChief Financial Officer,Matritech,Inc.Frank G.WisnerVice Chairman,American International GroupETHAN ALLEN BOARD OF DIRECTORSTop row from left:Clinton A.Clark,Richard A.Sandberg,Horace G.McDonell,Frank G.Wisner Bottom row from left:Farooq Kathwari,Kristin Gamble,Edward H.Meyer?2004 Ethan Allen Marketing Corporation