“Where Are the Numbers?” Doug Bergeron Calls on Ethan Allen to Release First Quarter Results Before November 4 Board Vote
Activist Doug Bergeron, holding roughly 5.2% of Ethan Allen, publicly demanded the company announce and release its fiscal Q1 2027 results before the November 4, 2026 annual meeting, noting the company had not set an earnings date by October 18 for the first time in a decade. The release attacks the board's record, citing a 7.8% FY2026 operating margin versus 17.3% in FY2023, a 31% ten-year share-price decline, and a dividend that consumed 97% of adjusted EPS in FY2026 with the $76 million special dividend exceeding free cash flow. Bergeron also challenges the board's role in CEO succession after 38 years under M.
Key figures
- Bergeron ownership
- 5.2%
- Free cash flow fy2026
- $41 million
- Fy2023 operating margin
- 17.3%
- Fy2026 operating margin
- 7.8%
- Special dividend declared
- $76 million
- Cash dividends paid fy2026
- $46 million
- Ten year share price decline
- 31%
- Five year avg operating margin
- 12.8%
- Five year share price appreciation
- 2.5%
- Dividend pct of adjusted eps fy2022
- 29%
- Dividend pct of adjusted eps fy2026
- 97%
AI analysis
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