Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - LA-Z-BOY INC | v303250_8k.htm |
| EX-99.1 - NEWS RELEASE DATED FEBRUARY 21, 2012 - LA-Z-BOY INC | v303250_ex99-1.htm |
EXHIBIT 99.2
LA-Z-BOY
INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
| Third Quarter Ended | ||||||||
| (Unaudited, amounts in thousands, except per share data) | 1/28/12 | 1/22/11 | ||||||
| Sales | $ | 316,515 | $ | 291,943 | ||||
| Cost of sales | 216,724 | 203,597 | ||||||
| Gross profit | 99,791 | 88,346 | ||||||
| Selling, general and administrative expense | 82,771 | 78,354 | ||||||
| Operating income | 17,020 | 9,992 | ||||||
| Interest expense | 274 | 561 | ||||||
| Interest income | 138 | 250 | ||||||
| Income from Continued Dumping and Subsidy Offset Act, net | 1,415 | 903 | ||||||
| Other income (expense), net | (89 | ) | 251 | |||||
| Income before income taxes | 18,210 | 10,835 | ||||||
| Income tax expense | 2,864 | 2,451 | ||||||
| Net income | 15,346 | 8,384 | ||||||
| Net (income) loss attributable to noncontrolling interests | (388 | ) | 1,626 | |||||
| Net income attributable to La-Z-Boy Incorporated | $ | 14,958 | $ | 10,010 | ||||
| Basic weighted average shares outstanding | 51,811 | 51,865 | ||||||
| Basic net income attributable to La-Z-Boy Incorporated per share | $ | 0.28 | $ | 0.19 | ||||
| Diluted weighted average shares outstanding | 52,379 | 52,270 | ||||||
| Diluted net income attributable to La-Z-Boy Incorporated per share | $ | 0.28 | $ | 0.19 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
| Nine Months Ended | ||||||||
| (Unaudited, amounts in thousands, except per share data) | 1/28/12 | 1/22/11 | ||||||
| Sales | $ | 904,288 | $ | 848,239 | ||||
| Cost of sales | 627,786 | 601,953 | ||||||
| Gross profit | 276,502 | 246,286 | ||||||
| Selling, general and administrative expense | 243,761 | 232,605 | ||||||
| Operating income | 32,741 | 13,681 | ||||||
| Interest expense | 1,087 | 1,743 | ||||||
| Interest income | 487 | 716 | ||||||
| Income from Continued Dumping and Subsidy Offset Act, net | 1,737 | 903 | ||||||
| Other income (expense), net | 176 | 182 | ||||||
| Income before income taxes | 34,054 | 13,739 | ||||||
| Income tax expense (benefit) | (34,820 | ) | 3,126 | |||||
| Net income | 68,874 | 10,613 | ||||||
| Net (income) loss attributable to noncontrolling interests | (510 | ) | 3,126 | |||||
| Net income attributable to La-Z-Boy Incorporated | $ | 68,364 | $ | 13,739 | ||||
| Basic weighted average shares outstanding | 51,928 | 51,835 | ||||||
| Basic net income attributable to La-Z-Boy Incorporated per share | $ | 1.29 | $ | 0.26 | ||||
| Diluted weighted average shares outstanding | 52,440 | 52,242 | ||||||
| Diluted net income attributable to La-Z-Boy Incorporated per share | $ | 1.28 | $ | 0.26 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
| (Unaudited, amounts in thousands) | 1/28/12 | 4/30/11 | ||||||
| Current assets | ||||||||
| Cash and equivalents | $ | 148,074 | $ | 115,262 | ||||
| Receivables, net of allowance of $24,016 at 1/28/12 and $23,937 at 4/30/11 | 158,439 | 161,299 | ||||||
| Inventories, net | 134,170 | 138,444 | ||||||
| Deferred income tax assets - current | 20,242 | 0 | ||||||
| Other current assets | 16,601 | 17,218 | ||||||
| Total current assets | 477,526 | 432,223 | ||||||
| Property, plant and equipment, net | 114,944 | 120,603 | ||||||
| Trade names | 3,100 | 3,100 | ||||||
| Deferred income tax assets – long-term | 30,590 | 2,883 | ||||||
| Other long-term assets, net | 35,427 | 34,646 | ||||||
| Total assets | $ | 661,587 | $ | 593,455 | ||||
| Current liabilities | ||||||||
| Current portion of long-term debt | $ | 1,823 | $ | 5,120 | ||||
| Accounts payable | 48,375 | 49,537 | ||||||
| Accrued expenses and other current liabilities | 86,048 | 77,447 | ||||||
| Total current liabilities | 136,246 | 132,104 | ||||||
| Long-term debt | 28,010 | 29,937 | ||||||
| Other long-term liabilities | 62,401 | 67,274 | ||||||
| Contingencies and commitments | 0 | 0 | ||||||
| Shareholders’ equity | ||||||||
| Common shares, $1 par value – 150,000 authorized; 51,724 outstanding at 1/28/12 and 51,909 outstanding at 4/30/11 | 51,724 | 51,909 | ||||||
| Capital in excess of par value | 226,634 | 222,339 | ||||||
| Retained earnings | 170,007 | 105,872 | ||||||
| Accumulated other comprehensive loss | (18,834 | ) | (18,804 | ) | ||||
| Total La-Z-Boy Incorporated shareholders' equity | 429,531 | 361,316 | ||||||
| Noncontrolling interests | 5,399 | 2,824 | ||||||
| Total equity | 434,930 | 364,140 | ||||||
| Total liabilities and equity | $ | 661,587 | $ | 593,455 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
| Nine Months Ended | ||||||||
| (Unaudited, amounts in thousands) | 1/28/12 | 1/22/11 | ||||||
| Cash flows from operating activities | ||||||||
| Net income | $ | 68,874 | $ | 10,613 | ||||
| Adjustments to reconcile net income to cash provided by (used for) operating activities | ||||||||
| Loss on disposal of assets | 119 | 112 | ||||||
| Gain on deconsolidation of VIE | (1,125 | ) | 0 | |||||
| Deferred income tax expense/(benefit) | (48,042 | ) | 11 | |||||
| Provision for doubtful accounts | 3,115 | 3,739 | ||||||
| Depreciation and amortization | 18,054 | 17,745 | ||||||
| Stock-based compensation expense | 4,295 | 3,043 | ||||||
| Pension plan contributions | (2,790 | ) | (2,500 | ) | ||||
| Change in receivables | 2,548 | 10,995 | ||||||
| Change in inventories | 2,203 | (14,138 | ) | |||||
| Change in other assets | 1,657 | (3,120 | ) | |||||
| Change in payables | (785 | ) | (3,232 | ) | ||||
| Change in other liabilities | 7,733 | (12,552 | ) | |||||
| Net cash provided by operating activities | 55,856 | 10,716 | ||||||
| Cash flows from investing activities | ||||||||
| Proceeds from disposal of assets | 257 | 423 | ||||||
| Capital expenditures | (11,518 | ) | (8,169 | ) | ||||
| Purchases of investments | (6,462 | ) | (8,290 | ) | ||||
| Proceeds from sales of investments | 6,429 | 8,013 | ||||||
| Cash effects on deconsolidation of VIE | (971 | ) | (632 | ) | ||||
| Other | (685 | ) | (51 | ) | ||||
| Net cash used for investing activities | (12,950 | ) | (8,706 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from debt | 0 | 30,488 | ||||||
| Payments on debt | (5,708 | ) | (31,450 | ) | ||||
| Payments for debt issuance costs | (568 | ) | 0 | |||||
| Stock issued from stock and employee benefit plans | 718 | 58 | ||||||
| Purchases of common stock | (4,517 | ) | 0 | |||||
| Net cash used for financing activities | (10,075 | ) | (904 | ) | ||||
| Effect of exchange rate changes on cash and equivalents | (19 | ) | 99 | |||||
| Change in cash and equivalents | 32,812 | 1,205 | ||||||
| Cash and equivalents at beginning of period | 115,262 | 108,427 | ||||||
| Cash and equivalents at end of period | $ | 148,074 | $ | 109,632 | ||||
LA-Z-BOY
INCORPORATED
SEGMENT INFORMATION
| Third Quarter Ended | Nine Months Ended | |||||||||||||||
| (Unaudited, amounts in thousands) | 1/28/12 | 1/22/11 | 1/28/12 | 1/22/11 | ||||||||||||
| Sales | ||||||||||||||||
| Upholstery Group | $ | 249,348 | $ | 225,213 | $ | 708,210 | $ | 652,025 | ||||||||
| Casegoods Group | 34,228 | 35,426 | 104,302 | 111,785 | ||||||||||||
| Retail Group | 58,387 | 44,146 | 159,912 | 118,699 | ||||||||||||
| VIEs, net of intercompany sales eliminations | 2,737 | 10,173 | 8,840 | 25,459 | ||||||||||||
| Corporate and Other | 391 | 612 | 1,802 | 1,438 | ||||||||||||
| Eliminations | (28,576 | ) | (23,627 | ) | (78,778 | ) | (61,167 | ) | ||||||||
| Consolidated Sales | $ | 316,515 | $ | 291,943 | $ | 904,288 | $ | 848,239 | ||||||||
| Operating Income (Loss) | ||||||||||||||||
| Upholstery Group | $ | 22,603 | $ | 18,468 | $ | 54,721 | $ | 45,580 | ||||||||
| Casegoods Group | 1,840 | 1,648 | 4,359 | 4,599 | ||||||||||||
| Retail Group | (646 | ) | (2,759 | ) | (6,707 | ) | (12,043 | ) | ||||||||
| VIEs | 596 | (1,130 | ) | 959 | (3,842 | ) | ||||||||||
| Corporate and Other | (7,373 | ) | (6,235 | ) | (20,591 | ) | (20,613 | ) | ||||||||
| Consolidated Operating Income | $ | 17,020 | $ | 9,992 | $ | 32,741 | $ | 13,681 | ||||||||