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): January 27, 1998
ETHAN ALLEN INTERIORS INC.
(Exact name of registrant as specified in its charter)
Delaware 1-11806 06-1275288
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
Ethan Allen Drive
Post Office Box 1966
Danbury, Connecticut 06813-1966
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including are code: (203) 743-8000
Not Applicable
(Former name or former address, if changed since last report)
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INFORMATION TO BE INCLUDED IN REPORT
Item 1. Changes in Control of Registrant.
Not Applicable.
Item 2. Acquisition or Disposition of Assets.
Not Applicable.
Item 3. Bankruptcy or Receivership.
Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant.
Not Applicable.
Item 5. Other Events.
On January 27, 1998, the Board of Directors of Ethan Allen Inc.
("Company"), the wholly-owned subsidiary of Ethan Allen Interiors Inc., approved
the redemption ("Redemption"), on March 15, 1998 ("Redemption Date"), of all of
the Company's outstanding 8 3/4% Senior Notes Due 2001 ("Notes"). Each $1,000
principal amount of Notes will be redeemed for $1058.33 ("Redemption Amount") in
cash, which includes a redemption premium of $14.58 and accrued interest of
$43.75. The Redemption Amount, as a percentage of the principal amount of the
Notes, is 101.458%. The principal amount of the outstanding Notes to be redeemed
is $52,404,000. No amounts will be paid to the holders of the Notes prior to the
Redemption Date. The principal amount of Notes held by the Company is
$22,596,000, all of which will be retired on the Redemption Date. The Notes were
issued pursuant to an Indenture ("Indenture"), dated as of March 23, 1993 and
amended March 23, 1995, between the Company and The First National Bank of
Boston (now known as BankBoston, N.A.).
State Street Bank and Trust Company in New York City, the Successor
Trustee under the Indenture, will act as paying agent in connection with the
Redemption.
Notice of the Redemption was given to the New York Stock Exchange on
January 27, 1998 and a press release was issued on the same date. The terms of
the Redemption are further described in the press release attached as an exhibit
hereto.
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Item 6. Resignations of Registrant's Directors.
Not Applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Not Applicable.
Item 8. Change in Fiscal Year.
Not Applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S.
Not Applicable.
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<PAGE>
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.
ETHAN ALLEN INTERIORS INC.
Date: February 11, 1998 By: /s/ M. Farooq Kathwari
---------------------------
Name: M. Farooq Kathwari
Title: Chairman, President and
Chief Executive Officer
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EXHIBIT INDEX
Exhibit
Number Description
- ------ -----------
99 Press release issued by the Company
EXHIBIT 99
ETHAN
ALLEN
NEWS RELEASE
For immediate release Contact: Ed Schade
- --------------------- Ethan Allen Interiors Inc.
(203) 743-8294
ETHAN ALLEN INC.
ANNOUNCES REDEMPTION OF
8 3/4% SENIOR NOTES DUE 2001
DANBURY, CT, January 27, 1998 -- Ethan Allen Interiors Inc. (NYSE:ETH), today
announced that its wholly owned subsidiary, Ethan Allen Inc., is calling all of
its outstanding 8 3/4% Senior Notes Due 2001 for redemption on March 15, 1998.
Each $1,000 principal amount of the Senior Notes will be redeemed for $1,058.33
in cash, which includes a redemption premium of $14.58 and accrued interest of
$43.75. Approximately $52.4 million principal amount of the Senior Notes is
presently outstanding.
State Street Bank and Trust Company, 61 Broadway, New York, New York 10006 will
act as the paying agent.
"Over the past few years we have made progress in both the manufacturing and
retail sides of our business," commented M. Farooq Kathwari, Chairman and Chief
Executive Officer of Ethan Allen Interiors Inc. "Because of our strong operating
results and cash flow, we believe that it makes good business sense to redeem
the 8 3/4% Senior Notes at this point in time."
Ethan Allen Interiors Inc., a leading manufacturer and retailer of quality home
furnishings, sells a full range of furniture products and decorative accents
through an exclusive retail network of 306 retail stores, 65 of which are
Company-owned. Retail stores are located in the United States, Canada and Mexico
with 20 located abroad. Ethan Allen has 21 manufacturing facilities and 3
sawmills throughout the United States. Ethan Allen can be found on the internet
at http://www.ethanallen.com.
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