Ethan Allen Announces Plans to Consolidate Three Manufacturing Plants.Business Editors DANBURY, Conn.--(BUSINESS WIRE)--June 7, 2001 Ethan Allen Interiors Inc. (NYSE NYSE See: New York Stock Exchange :ETH eth n. Variant of edh. ) today announced that it plans to consolidate three of its case goods manufacturing facilities employing about 350 people. The plants are located in Island Pond, Vermont
Island Pond is a census-designated place and village located in the town of Brighton, Essex County, Vermont. The population was 849 at the 2000 census. ; Frewsburg, New York Frewsburg, New York is a hamlet (and census-designated place) located in the Town of Carroll in Chautauqua County, New York, United States. The population was 1,965 at the 2000 census. The postal code is 14738 and the telephone exchange is 569 (in area code 716). ; and Asheville, North Carolina Not to be confused with Ashville. Asheville is a city in Buncombe County, North Carolina, and is its county seat. As of the 2000 census, the city had a total population of 68,889. It is the largest city in western North Carolina, and continues to grow. . Production from these facilities will be absorbed by other Ethan Allen manufacturing plants. Farooq Kathwari, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "The consolidation is necessary to focus on manufacturing our products in the most suitable plants in the United States. We believe this consolidation strengthens our remaining 18 manufacturing facilities and gives us the opportunity to manufacture our products more competitively." The Company will record an after tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of approximately $0.10 per diluted share in the fourth quarter ending June 30, 2001. The Company will report earnings for the fourth quarter ending June 30, 2001 before the market opens on Friday, August 3, 2001. Ethan Allen Interiors Inc. is a leading manufacturer and retailer of quality home furnishings. The Company sells a full range of furniture products and decorative accessories through an exclusive network of over 300 retail stores in the United States and abroad. Ethan Allen currently has 21 manufacturing facilities, which includes 3 sawmills located throughout the United States. The discussions set forth in this press release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2001. Management's discussion in this release contains forward-looking statements relating to future results of the Company. These forward-looking statements are subject to various assumptions, risk and uncertainties, and accordingly, actual results could differ materially from those contemplated by the forward-looking statements. |
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