(RTTNews) - Ethan Allen Interiors Inc. (ETH) reported that its fourth-quarter net loss widened to $12.07 million or $0.48 per share from $3.31 million or $0.12 per share in the prior year.
ETH closed Tuesday regular trading at $13.89, up $1.63 or 13.30 percent. However, in the after-hours trade, the stock dropped $0.89 or 6.41 percent.
Adjusted loss per share was $0.15 compared with adjusted net income of $0.46 in the prior year. Analysts polled by Thomson Reuters expect the company to report a loss of $0.54 per share for the quarter. Analysts' estimates typically exclude special items. The decrease was primarily from net sales being negatively impacted as a result of the COVID-19 pandemic partially offset by expense management.
Net sales were $91.6 million, a decrease of 50.2% or $92.4 million compared to the same prior year period. Analysts expected revenue of $95.17 million for the quarter. Net sales were negatively impacted as a result of disruptions from the COVID-19 pandemic, which included the closing of the Company's design centers and manufacturing plants for most of the first two months of the fiscal fourth quarter as well as lower order backlog entering the quarter.
The company declared a regular quarterly cash dividend of $0.21 per share, which will be payable to shareholders of record as of October 8, 2020 and will be paid on October 22, 2020.
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