Ethan Allen Interiors Inc. (ETD) 2009年年度报告「NYSE」.pdf

1、2009 ETHAN ALLEN GLOBAL,INC.09annualreportThe challenges of operating this business infiscal 2009 were extreme,but they also gave usan opportunity to aggressively restructureand reinvent many elements of our enterprise.These actions have made us ready for chal-lenges and opportunities as we move for

2、ward.We reduced our cost structure by$150 millioncompared to fiscal 2008,which affected everyfacet of our vertically integrated structureand included the consolidation of several manu-facturing,distribution,and retail operations.We improved liquidity and maximized cash byreducing inventories by$30 m

3、illion,cuttingquarterly dividends to$0.05 from$0.25 pershare,contributing stock in lieu of cash to our401(k)plan,reducing the cash compensationof management,and establishing a$40 millionasset-based revolving credit facility.We also took the following important steps tostrengthen the business and pos

4、ition ourselvesfor growth as we move forward:We continued to evolve into a solutions-based interior design enterprise.Substantiallyall of our associates in our Design Centers arequalified in interior design.We also strengthenedtheir service approach by implementing a team-based structure,which match

5、es the skills of ourdesign consultants with the needs of their clients.We maintained a strong network at retail.At the end of the fiscal year,we had 293 DesignCenters159 operated by the company and134 by our independent retailers.Due to majorinvestments made during the last ten years,half of our Des

6、ign Centers are less than six yearsold,while 30%are less than three years old.Asa result,we expect to continue substantiallyreducing our capital expenditures from$60 mil-lion in fiscal 2008 and$22.5 million in fiscal 2009to less than$15 million expected in fiscal 2010.We introduced our Interior Desi