Attached files
| file | filename |
|---|---|
| 8-K - LA-Z-BOY INC | v174519_8k.htm |
| EX-99.1 - LA-Z-BOY INC | v174519_ex99-1.htm |
EXHIBIT
99.2
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF OPERATIONS
|
Third
Quarter Ended
|
||||||||
|
(Unaudited,
amounts in thousands, except per share data)
|
01/23/10
|
01/24/09
|
||||||
|
Sales
|
$ | 305,094 | $ | 288,576 | ||||
|
Cost
of sales
|
||||||||
|
Cost
of goods sold
|
206,895 | 207,809 | ||||||
|
Restructuring
|
392 | 1,664 | ||||||
|
Total
cost of sales
|
207,287 | 209,473 | ||||||
|
Gross
profit
|
97,807 | 79,103 | ||||||
|
Selling,
general and administrative
|
83,527 | 93,501 | ||||||
|
Restructuring
|
201 | 741 | ||||||
|
Write-down
of long-lived assets
|
— | 7,036 | ||||||
|
Write-down
of trade names
|
— | 5,541 | ||||||
|
Write-down
of goodwill
|
— | 40,436 | ||||||
|
Operating
income (loss)
|
14,079 | (68,152 | ) | |||||
|
Interest
expense
|
577 | 1,386 | ||||||
|
Interest
income
|
140 | 323 | ||||||
|
Income
from Continued Dumping and Subsidy Offset Act, net
|
4,436 | 8,124 | ||||||
|
Other
income (expense), net
|
(593 | ) | (7,433 | ) | ||||
|
Earnings
(loss) before income taxes
|
17,485 | (68,524 | ) | |||||
|
Income
tax (benefit) expense
|
6,547 | (4,263 | ) | |||||
|
Net
income (loss)
|
10,938 | (64,261 | ) | |||||
|
Net
(income) loss attributable to noncontrolling interests
|
38 | (287 | ) | |||||
|
Net
income (loss) attributable to La-Z-Boy Incorporated
|
$ | 10,976 | $ | (64,548 | ) | |||
|
Basic
average shares
|
51,546 | 51,475 | ||||||
|
Basic
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.21 | $ | (1.25 | ) | |||
|
Diluted
average shares
|
51,845 | 51,475 | ||||||
|
Diluted
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.21 | $ | (1.25 | ) | |||
|
Dividends
paid per share
|
$ | — | $ | 0.02 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF OPERATIONS
|
Nine
Months Ended
|
||||||||
|
(Unaudited,
amounts in thousands, except per share data)
|
01/23/10
|
01/24/09
|
||||||
|
Sales
|
$ | 868,472 | $ | 942,176 | ||||
|
Cost
of sales
|
||||||||
|
Cost
of goods sold
|
593,406 | 686,494 | ||||||
|
Restructuring
|
1,791 | 9,696 | ||||||
|
Total
cost of sales
|
595,197 | 696,190 | ||||||
|
Gross
profit
|
273,275 | 245,986 | ||||||
|
Selling,
general and administrative
|
246,011 | 286,603 | ||||||
|
Restructuring
|
1,022 | 2,208 | ||||||
|
Write-down
of long-lived assets
|
— | 7,036 | ||||||
|
Write-down
of trade names
|
— | 5,541 | ||||||
|
Write-down
of goodwill
|
— | 42,136 | ||||||
|
Operating
income (loss)
|
26,242 | (97,538 | ) | |||||
|
Interest
expense
|
2,387 | 4,532 | ||||||
|
Interest
income
|
615 | 1,885 | ||||||
|
Income
from Continued Dumping and Subsidy Offset Act, net
|
4,436 | 8,124 | ||||||
|
Other
income (expense), net
|
352 | (7,974 | ) | |||||
|
Earnings
(loss) before income taxes
|
29,258 | (100,035 | ) | |||||
|
Income
tax expense
|
10,747 | 27,388 | ||||||
|
Net
income (loss)
|
18,511 | (127,423 | ) | |||||
|
Net
(income) loss attributable to noncontrolling interests
|
355 | (407 | ) | |||||
|
Net
income (loss) attributable to La-Z-Boy Incorporated
|
$ | 18,866 | $ | (127,830 | ) | |||
|
Basic
average shares
|
51,517 | 51,454 | ||||||
|
Basic
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.36 | $ | (2.49 | ) | |||
|
Diluted
average shares
|
51,595 | 51,454 | ||||||
|
Diluted
net income (loss) attributable to La-Z-Boy Incorporated per
share
|
$ | 0.36 | $ | (2.49 | ) | |||
|
Dividends
paid per share
|
$ | — | $ | 0.10 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
BALANCE SHEET
|
(Unaudited,
amounts in thousands)
|
01/23/10
|
04/25/09
|
||||||
|
Current
assets
|
||||||||
|
Cash
and equivalents
|
$ | 79,511 | $ | 17,364 | ||||
|
Restricted
cash
|
— | 18,713 | ||||||
|
Receivables,
net of allowance of $25,547 at 01/23/10 and $28,385 at
04/25/09
|
158,656 | 147,858 | ||||||
|
Inventories,
net
|
145,045 | 140,178 | ||||||
|
Deferred
income taxes—current
|
795 | 795 | ||||||
|
Other
current assets
|
16,435 | 22,872 | ||||||
|
Total
current assets
|
400,442 | 347,780 | ||||||
|
Property,
plant and equipment, net
|
135,928 | 146,896 | ||||||
|
Trade
names
|
3,100 | 3,100 | ||||||
|
Other
long-term assets
|
47,595 | 51,431 | ||||||
|
Total
assets
|
$ | 587,065 | $ | 549,207 | ||||
|
Current
liabilities
|
||||||||
|
Current
portion of long-term debt
|
$ | 1,848 | $ | 8,724 | ||||
|
Accounts
payable
|
48,247 | 41,571 | ||||||
|
Accrued
expenses and other current liabilities
|
88,635 | 75,733 | ||||||
|
Total
current liabilities
|
138,730 | 126,028 | ||||||
|
Long-term
debt
|
46,679 | 52,148 | ||||||
|
Deferred
income taxes
|
736 | 724 | ||||||
|
Other
long-term liabilities
|
68,958 | 63,875 | ||||||
|
Contingencies
and commitments
|
— | — | ||||||
|
Equity
|
||||||||
|
La-Z-Boy
Incorporated shareholders’ equity:
|
||||||||
|
Common
shares, $1 par value
|
51,546 | 51,478 | ||||||
|
Capital
in excess of par value
|
201,093 | 205,945 | ||||||
|
Retained
earnings
|
94,925 | 67,431 | ||||||
|
Accumulated
other comprehensive loss
|
(19,807 | ) | (22,698 | ) | ||||
|
Total
La-Z-Boy Incorporated shareholders' equity
|
327,757 | 302,156 | ||||||
|
Noncontrolling
interests
|
4,205 | 4,276 | ||||||
|
Total
equity
|
331,962 | 306,432 | ||||||
|
Total
liabilities and equity
|
$ | 587,065 | $ | 549,207 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
Third
Quarter Ended
|
Nine
Months Ended
|
|||||||||||||||
|
(Unaudited,
amounts in thousands)
|
01/23/10
|
01/24/09
|
01/23/10
|
01/24/09
|
||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||
|
Net
income (loss)
|
$ | 10,938 | $ | (64,261 | ) | $ | 18,511 | $ | (127,423 | ) | ||||||
|
Adjustments
to reconcile net income (loss) to cash provided by operating
activities
|
||||||||||||||||
|
(Gain) loss
on sale of assets
|
38 | (37 | ) | (50 | ) | (2,707 | ) | |||||||||
|
Write-down
of long-lived assets
|
— | 7,036 | — | 7,036 | ||||||||||||
|
Write-down
of trade names
|
— | 5,541 | — | 5,541 | ||||||||||||
|
Write-down
of goodwill
|
— | 40,436 | — | 42,136 | ||||||||||||
|
Write-down
of investments
|
— | 5,140 | — | 5,140 | ||||||||||||
|
Restructuring
|
593 | 2,405 | 2,813 | 11,904 | ||||||||||||
|
Provision
for doubtful accounts
|
1,079 | 9,439 | 5,593 | 18,439 | ||||||||||||
|
Depreciation
and amortization
|
6,611 | 5,993 | 19,186 | 18,267 | ||||||||||||
|
Stock-based
compensation expense
|
1,454 | 1,012 | 4,082 | 2,867 | ||||||||||||
|
Change
in receivables
|
3,413 | 31,405 | (14,173 | ) | 23,314 | |||||||||||
|
Change
in inventories
|
(6,098 | ) | (3,463 | ) | (4,867 | ) | 7,380 | |||||||||
|
Change
in other assets
|
332 | 2,865 | 6,971 | 1,954 | ||||||||||||
|
Change
in payables
|
1,929 | (8,351 | ) | 6,676 | (6,424 | ) | ||||||||||
|
Change
in other liabilities
|
2,707 | (2,512 | ) | 14,258 | (28,245 | ) | ||||||||||
|
Change
in deferred taxes
|
(301 | ) | (4,658 | ) | (301 | ) | 38,842 | |||||||||
|
Total
adjustments
|
11,757 | 92,251 | 40,188 | 145,444 | ||||||||||||
|
Net
cash provided by operating activities
|
22,695 | 27,990 | 58,699 | 18,021 | ||||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||
|
Proceeds
from disposals of assets
|
9 | 45 | 1,925 | 7,831 | ||||||||||||
|
Capital
expenditures
|
(2,929 | ) | (4,089 | ) | (5,708 | ) | (14,079 | ) | ||||||||
|
Purchases
of investments
|
(1,397 | ) | (1,630 | ) | (3,934 | ) | (10,595 | ) | ||||||||
|
Proceeds
from sales of investments
|
1,684 | 10,854 | 5,793 | 21,881 | ||||||||||||
|
Change
in restricted cash
|
500 | (4,709 | ) | 17,507 | (7,664 | ) | ||||||||||
|
Change
in other long-term assets
|
115 | (575 | ) | 129 | (346 | ) | ||||||||||
|
Net
cash provided by (used for) investing activities
|
(2,018 | ) | (104 | ) | 15,712 | (2,972 | ) | |||||||||
|
Cash
flows from financing activities
|
||||||||||||||||
|
Proceeds
from debt
|
10,718 | 15,992 | 31,391 | 55,458 | ||||||||||||
|
Payments
on debt
|
(11,169 | ) | (43,752 | ) | (43,736 | ) | (69,039 | ) | ||||||||
|
Dividends
paid
|
— | (1,037 | ) | — | (5,188 | ) | ||||||||||
|
Net
cash used for financing activities
|
(451 | ) | (28,797 | ) | (12,345 | ) | (18,769 | ) | ||||||||
|
Effect
of exchange rate changes on cash and equivalents
|
248 | (228 | ) | 81 | (871 | ) | ||||||||||
|
Change
in cash and equivalents
|
20,474 | (1,139 | ) | 62,147 | (4,591 | ) | ||||||||||
|
Cash
acquired from consolidation of VIEs
|
— | 631 | — | 631 | ||||||||||||
|
Cash
and equivalents at beginning of period
|
59,037 | 11,024 | 17,364 | 14,476 | ||||||||||||
|
Cash
and equivalents at end of period
|
$ | 79,511 | $ | 10,516 | $ | 79,511 | $ | 10,516 | ||||||||
|
Cash
paid (net of refunds) during period – income taxes
|
$ | 5,429 | $ | (660 | ) | $ | (7,653 | ) | $ | (456 | ) | |||||
|
Cash
paid during period - interest
|
$ | 557 | $ | 1,337 | $ | 1,845 | $ | 3,750 | ||||||||
LA-Z-BOY
INCORPORATED
SEGMENT
INFORMATION
|
Third
Quarter Ended
|
Nine
Months Ended
|
|||||||||||||||
|
(Unaudited,
amounts in thousands)
|
01/23/10
(13
weeks)
|
01/24/09
(13
weeks)
|
01/23/10
(39
weeks)
|
01/24/09
(39
weeks)
|
||||||||||||
|
Sales
|
||||||||||||||||
|
Upholstery
Group
|
$ | 234,262 | $ | 199,200 | $ | 663,734 | $ | 684,252 | ||||||||
|
Casegoods
Group
|
36,029 | 42,116 | 109,196 | 138,710 | ||||||||||||
|
Retail
Group
|
40,411 | 40,497 | 114,387 | 122,408 | ||||||||||||
|
VIEs
|
15,629 | 13,430 | 39,616 | 39,301 | ||||||||||||
|
Corporate
and Other
|
603 | 1,084 | 4,143 | 3,362 | ||||||||||||
|
Eliminations
|
(21,840 | ) | (7,751 | ) | (62,604 | ) | (45,857 | ) | ||||||||
|
Consolidated
|
$ | 305,094 | $ | 288,576 | $ | 868,472 | $ | 942,176 | ||||||||
|
Operating
income (loss)
|
||||||||||||||||
|
Upholstery
Group
|
$ | 26,102 | $ | (1,652 | ) | $ | 67,751 | $ | 16,542 | |||||||
|
Casegoods
Group
|
292 | (313 | ) | (13 | ) | 1,819 | ||||||||||
|
Retail
Group
|
(4,135 | ) | (7,108 | ) | (15,104 | ) | (27,509 | ) | ||||||||
|
VIEs
|
350 | (1,381 | ) | (118 | ) | (5,422 | ) | |||||||||
|
Corporate
and Other
|
(7,937 | ) | (2,280 | ) | (23,461 | ) | (16,351 | ) | ||||||||
|
Long-lived
asset write-down
|
— | (7,036 | ) | — | (7,036 | ) | ||||||||||
|
Goodwill
write-down
|
— | (40,436 | ) | — | (42,136 | ) | ||||||||||
|
Trade
name write-down
|
— | (5,541 | ) | — | (5,541 | ) | ||||||||||
|
Restructuring
|
(593 | ) | (2,405 | ) | (2,813 | ) | (11,904 | ) | ||||||||
|
Consolidated
|
$ | 14,079 | $ | (68,152 | ) | $ | 26,242 | $ | (97,538 | ) | ||||||