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Ethan Allen Interiors
Inc.
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EXHIBIT
99.2
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GAAP
Reconciliation
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Three and Nine Months
Ended March 31, 2008 and 2007
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(in thousands, except per
share amounts)
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Three Months
Ended
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Nine Months
Ended
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March
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March
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2008
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2007
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2008
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2007
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Net Income / Earnings Per Share
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Net income
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$ | 8,846 | $ | 17,499 | $ | 46,972 | $ | 48,743 | |||||||||
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Add: restructuring and
impairment charge (credit), net of
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related tax
effect
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2,516 | (115 | ) | 2,516 | 8,486 | ||||||||||||
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Net income (excluding
restructuring and impairment
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charge
(credit))
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$ | 11,362 | $ | 17,384 | $ | 49,488 | $ | 57,229 | |||||||||
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Earnings per basic
share
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$ | 0.31 | $ | 0.55 | $ | 1.59 | $ | 1.54 | |||||||||
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Earnings per basic share
(excluding restructuring and
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impairment
charge (credit))
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$ | 0.39 | $ | 0.55 | $ | 1.68 | $ | 1.80 | |||||||||
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Basic weighted average
shares outstanding
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28,909 | 31,656 | 29,461 | 31,736 | |||||||||||||
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Earnings per diluted
share
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$ | 0.30 | $ | 0.54 | $ | 1.58 | $ | 1.50 | |||||||||
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Earnings per diluted
share (excluding restructuring and
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impairment
charge (credit))
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$ | 0.39 | $ | 0.54 | $ | 1.67 | $ | 1.76 | |||||||||
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Diluted weighted average
shares outstanding
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29,049 | 32,352 | 29,685 | 32,495 | |||||||||||||
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Consolidated Operating Income / Operating Margin
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Operating
income
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$ | 15,580 | $ | 28,087 | $ | 76,874 | $ | 78,846 | |||||||||
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Add: restructuring and
impairment charge (credit)
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3,993 | (180 | ) | 3,993 | 13,442 | ||||||||||||
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Operating income
(excluding restructuring and impairment
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charge
(credit))
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$ | 19,573 | $ | 27,907 | $ | 80,867 | $ | 92,288 | |||||||||
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Net sales
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$ | 235,901 | $ | 246,539 | $ | 744,138 | $ | 746,781 | |||||||||
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Operating
margin
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6.6 | % | 11.4 | % | 10.3 | % | 10.6 | % | |||||||||
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Operating margin
(excluding restructuring and impairment
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charge
(credit))
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8.3 | % | 11.3 | % | 10.9 | % | 12.4 | % | |||||||||
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Wholesale Operating
Income / Operating Margin
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Wholesale operating
income
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$ | 26,676 | $ | 31,862 | $ | 79,832 | $ | 73,423 | |||||||||
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Add: restructuring and
impairment charge (credit)
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- | (180 | ) | - | 13,442 | ||||||||||||
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Wholesale operating
income (excluding restructuring and
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impairment
charge (credit))
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$ | 26,676 | $ | 31,682 | $ | 79,832 | $ | 86,865 | |||||||||
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Wholesale net
sales
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$ | 156,269 | $ | 171,906 | $ | 468,522 | $ | 493,208 | |||||||||
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Wholesale operating
margin
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17.1 | % | 18.5 | % | 17.0 | % | 14.9 | % | |||||||||
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Wholesale operating
margin (excluding restructuring and
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impairment
charge (credit))
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17.1 | % | 18.4 | % | 17.0 | % | 17.6 | % | |||||||||
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Retail Operating Income / Operating Margin
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Retail operating income
(loss)
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$ | (8,544 | ) | $ | (94 | ) | $ | (1,294 | ) | $ | 8,540 | ||||||
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Add: restructuring and
impairment charge (credit)
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3,993 | - | 3,993 | - | |||||||||||||
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Retail operating income
(excluding restructuring and
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impairment
charge (credit))
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$ | (4,551 | ) | $ | (94 | ) | $ | 2,699 | $ | 8,540 | |||||||
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Retail net
sales
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$ | 172,779 | $ | 167,724 | $ | 548,112 | $ | 511,104 | |||||||||
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Retail operating
margin
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-4.9 | % | -0.1 | % | -0.2 | % | 1.7 | % | |||||||||
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Retail operating margin
(excluding restructuring and
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impairment
charge (credit))
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-2.6 | % | -0.1 | % | 0.5 | % | 1.7 | % | |||||||||
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EBITDA
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Net income
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$ | 8,846 | $ | 17,499 | $ | 46,972 | $ | 48,743 | |||||||||
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Add: interest expense
(income), net
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2,173 | 1,158 | 5,256 | 2,876 | |||||||||||||
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Add: income tax
expense
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5,195 | 10,000 | 27,587 | 28,469 | |||||||||||||
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Add: depreciation and
amortization
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5,991 | 5,818 | 18,077 | 17,241 | |||||||||||||
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EBITDA
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$ | 22,205 | $ | 34,475 | $ | 97,892 | $ | 97,329 | |||||||||
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Net sales
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$ | 235,901 | $ | 246,539 | $ | 744,138 | $ | 746,781 | |||||||||
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EBITDA as % of net
sales
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9.4 | % | 14.0 | % | 13.2 | % | 13.0 | % | |||||||||
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EBITDA
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$ | 22,205 | $ | 34,475 | $ | 97,892 | $ | 97,329 | |||||||||
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Add: restructuring and
impairment charge (credit)
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3,993 | (180 | ) | 3,993 | 13,442 | ||||||||||||
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EBITDA (excluding
restructuring and impairment charge (credit))
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$ | 26,198 | $ | 34,295 | $ | 101,885 | $ | 110,771 | |||||||||
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Net sales
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$ | 235,901 | $ | 246,539 | $ | 744,138 | $ | 746,781 | |||||||||
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EBITDA as % of net sales
(excluding restructuring and impairment charge (credit))
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11.1 | % | 13.9 | % | 13.7 | % | 14.8 | % | |||||||||