UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 7, 2005
ETHAN ALLEN INTERIORS INC.
(Exact name of registrant as specified in its charter)
| | Delaware
(State or other jurisdiction of
incorporation) | | 1-11692
(Commission File Number) | | 06-1275288
(I.R.S. Employer Identification No.) |
| | Ethan Allen Drive
Danbury, CT
(Address of principal executive offices) | | 06811
(Zip Code) |
Registrant’s telephone number, including area code: (203) 743-8000
Not Applicable
(Former name or former address, if changed since last report)
| | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| | [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| | [ ] | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) |
| | [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| | [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
INFORMATION TO BE INCLUDED IN REPORT
SECTION 2 – FINANCIAL INFORMATION
Item 2.05 Costs Associated with Exit or Disposal Activities
On September 7, 2005, Ethan Allen Interiors Inc. (“Ethan Allen” or the “Company”) issued a press release announcing a plan to convert its Dublin, Virginia case goods manufacturing facility into a regional distribution center. In connection with this initiative, the Company will permanently cease production at the Dublin location and consolidate the distribution operations of its existing Old Fort, North Carolina location into the new, larger facility. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
The decision impacts approximately 325 employees, of which the Company expects approximately 75 to remain employed by Ethan Allen in new positions. The net reduction in headcount is anticipated to occur throughout the second quarter of fiscal 2006. The Company will record a pre-tax restructuring and impairment charge of approximately $4.0 to $5.0 million ($2.5 to $3.1 million, after-tax) for costs associated with this initiative, of which approximately $1.5 million will result in future cash expenditures relating to employee severance and benefits and other plant exit costs, and approximately $2.5 to $3.5 million, which is non-cash in nature, relating to fixed asset impairment charges, primarily for real property and machinery and equipment.
Item 2.06 Material Impairments
The information set forth above in Item 2.05 is hereby incorporated into Item 2.06 by reference.
SECTION 7 – REGULATION FD
Item 7.01 Regulation FD Disclosure
The information set forth above in Item 2.05 is hereby incorporated into Item 7.01 by reference.
SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
2
Exhibit
| | Description
|
|---|
| 99.1 | | Press release dated September 7, 2005 |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 7, 2005 | | ETHAN ALLEN INTERIORS INC.
By: /s/ M. Farooq Kathwari
——————————————
M. Farooq Kathwari
Chairman, President and
Chief Executive Officer |
