OMB Number: 3235-0145 Expires: October 31, 1994 Estimated average burden hours per response..14.90 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1 )* ETHAN ALLEN INTERIORS, INC. - -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK - -------------------------------------------------------------------------------- (Title of Class of Securities) 297602-10-4 - -------------------------------------------------------------------------------- (CUSIP Number) Check the following box if a fee is being paid with this statement / /. (A fee is not required only if the filing person: (1) has a previous statement on file reporting beneficial ownership of more than five percent of the class of securities described in Item 1; and (2) has filed no amendment subsequent thereto reporting beneficial ownership of five percent or less of such class.) (See Rule 13d-7). * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). SCHEDULE 13G - --------------------- ----------------- CUSIP NO. 297602-10-4 Page 2 of 4 Pages - --------------------- ----------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON VALENZUELA CAPITAL PARTNERS LLC 13-4034639 - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / / (b) / / - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF ------------------------------------------------------------- SHARES 6 SHARED VOTING POWER -- BENEFICIALLY OWNED BY ------------------------------------------------------------- EACH REPORTING 7 SOLE DISPOSITIVE POWER 0 PERSON WITH ------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER -- - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 0 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* N/A - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- *SEE INSTRUCTION BEFORE FILLING OUT! Page 3 of 4 pages SCHEDULE 13G ITEM 1. a. Name of Issuer: Ethan Allen Interiors Inc. b. Address of Issuer's Ethan Allen Drive Principal Offices: Danbury, CT 06813-1966 ITEM 2. a. Name of Person Filing: Valenzuela Capital Partners LLC b. Address of Principal 1270 Avenue of the Americas (Suite 508) Business Office: New York, NY 10020 c. Citizenship: Delaware d. Title of Class of Securities: Common Stock e. CUSIP Number: 297602-10-4 ITEM 3. e. Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940 ITEM 4. a. Amount Beneficially Owned: 0 b: Percent of Class: 0% c: Number of shares as to which such person has: (i) sole power to vote or to direct the vote 0 (ii) shared power to vote or to direct the vote - (iii) sole power to dispose or to direct the disposition of 0 (iv) shared power to dispose or to direct the disposition of - ITEM 5. This statement is being filed to report the fact that Valenzuela Capital Partners LLC has ceased to be the beneficial owner of more than five percent of the common stock of Ethan Allen Interiors Inc. Page 4 of 4 pages ITEM 6. Valenzuela Capital Partners LLC ("Advisor") has included herein 0 shares of Ethan Allen Interiors Inc. Shares were formerly owned by various customer accounts over which Advisor has discretionary investment authority. Each of these accounts has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such security, when owned. ITEM 7. Not Applicable ITEM 8. Not Applicable ITEM 9. Not Applicable ITEM 10. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and disposed of in the ordinary course of business and were not acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer of such securities and were not acquired in connection with or as a participant in any transaction having such purposes or effect. After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. VALENZUELA CAPITAL PARTNERS LLC By: /s/ Hendrik J. Laverge ----------------------- Hendrik J. Laverge Managing Director Dated: February 1, 1999