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Ethan Allen Interiors Inc. |
EXHIBIT 99.2 |
GAAP Reconciliation
Three and Nine Months Ended March 31, 2007 and 2006
(in thousands, except per share amounts)
| Three Months Ended March |
Nine Months Ended March | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2007 |
2006 |
2007 |
2006 | |||||||||||
| Net Income / Earnings Per Share | ||||||||||||||
| Net income | $ | 17,499 | $ | 19,994 | $ | 48,743 | $ | 63,288 | ||||||
| Add: restructuring and impairment charge (credit), net of related tax effect | (115 | ) | – | 8,486 | 2,624 | |||||||||
| Net income (excluding restructuring and impairment charge (credit)) | $ | 17,384 | $ | 19,994 | $ | 57,229 | $ | 65,912 | ||||||
| Earnings per basic share | $ | 0.55 | $ | 0.61 | $ | 1.54 | $ | 1.90 | ||||||
| Earnings per basic share (excluding restructuring and impairment charge (credit)) | $ | 0.55 | $ | 0.61 | $ | 1.80 | $ | 1.98 | ||||||
| Basic weighted average shares outstanding | 31,656 | 33,021 | 31,736 | 33,340 | ||||||||||
| Earnings per diluted share | $ | 0.54 | $ | 0.59 | $ | 1.50 | $ | 1.85 | ||||||
| Earnings per diluted share (excluding restructuring and impairment charge (credit)) | $ | 0.54 | $ | 0.59 | $ | 1.76 | $ | 1.93 | ||||||
| Diluted weighted average shares outstanding | 32,352 | 34,046 | 32,495 | 34,173 | ||||||||||
| Consolidated Operating Income / Operating Margin | ||||||||||||||
| Operating income | $ | 28,087 | $ | 33,339 | $ | 78,846 | $ | 105,821 | ||||||
| Add: restructuring and impairment charge (credit) | (180 | ) | – | 13,442 | 4,241 | |||||||||
| Operating income (excluding restructuring and impairment charge (credit)) | $ | 27,907 | $ | 33,339 | $ | 92,288 | $ | 110,062 | ||||||
| Net sales | $ | 246,539 | $ | 267,071 | $ | 746,781 | $ | 794,388 | ||||||
| Operating margin | 11.4 | % | 12.5 | % | 10.6 | % | 13.3 | % | ||||||
| Operating margin (excluding restructuring and impairment charge (credit)) | 11.3 | % | 12.5 | % | 12.4 | % | 13.9 | % | ||||||
| Wholesale Operating Income / Operating Margin | ||||||||||||||
| Wholesale operating income | $ | 31,862 | $ | 33,974 | $ | 73,423 | $ | 97,283 | ||||||
| Add: restructuring and impairment charge (credit) | (180 | ) | – | 13,442 | 4,241 | |||||||||
| Wholesale operating income (excluding restructuring and impairment charge (credit)) | $ | 31,682 | $ | 33,974 | $ | 86,865 | $ | 101,524 | ||||||
| Wholesale net sales | $ | 171,906 | $ | 192,192 | $ | 493,208 | $ | 558,153 | ||||||
| Wholesale operating margin | 18.5 | % | 17.7 | % | 14.9 | % | 17.4 | % | ||||||
| Wholesale operating margin (excluding restructuring and impairment charge (credit)) | 18.4 | % | 17.7 | % | 17.6 | % | 18.2 | % | ||||||
| EBITDA | ||||||||||||||
| Net income | $ | 17,499 | $ | 19,994 | $ | 48,743 | $ | 63,288 | ||||||
| Add: interest expense (income), net | 1,158 | 1,254 | 2,876 | 2,814 | ||||||||||
| Add: income tax expense | 10,000 | 11,997 | 28,469 | 38,986 | ||||||||||
| Add: depreciation and amortization | 5,818 | 5,285 | 17,241 | 16,141 | ||||||||||
| EBITDA | $ | 34,475 | $ | 38,530 | $ | 97,329 | $ | 121,229 | ||||||
| Net sales | $ | 246,539 | $ | 267,071 | $ | 746,781 | $ | 794,388 | ||||||
| EBITDA as % of net sales | 14.0 | % | 14.4 | % | 13.0 | % | 15.3 | % | ||||||
| EBITDA | $ | 34,475 | $ | 38,530 | $ | 97,329 | $ | 121,229 | ||||||
| Add: restructuring and impairment charge (credit) | (180 | ) | – | 13,442 | 4,241 | |||||||||
| EBITDA (excluding restructuring and impairment charge (credit)) | $ | 34,295 | $ | 38,530 | $ | 110,771 | $ | 125,470 | ||||||
| Net sales | $ | 246,539 | $ | 267,071 | $ | 746,781 | $ | 794,388 | ||||||
| EBITDA as % of net sales (excluding restructuring and impairment charge (credit)) | 13.9 | % | 14.4 | % | 14.8 | % | 15.8 | % | ||||||
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