LA-Z-BOY INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - June 19, 2012

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EXHIBIT 99.2

 

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME

 

   Unaudited
For the Quarter Ended		   Unaudited
For the Year Ended		 
(Amounts in thousands, except per share data)  4/28/2012
(13 weeks)		   4/30/2011
(14 weeks)		   4/28/2012
(52 weeks)		   4/30/2011
(53 weeks)		 
Sales  $327,388   $338,905   $1,231,676   $1,187,143 
Cost of sales   224,033    230,847    851,819    832,799 
Gross profit   103,355    108,058    379,857    354,344 
Selling, general and administrative   86,465    91,358    330,226    323,964 
Write-down of long-lived assets   —    4,471    —    4,471 
Operating income   16,890    12,229    49,631    25,909 
Interest expense   297    603    1,384    2,346 
Interest income   124    228    611    944 
Income from Continued Dumping and Subsidy Offset Act, net   16,300    151    18,037    1,054 
Other income (expense), net   (214)   221    (38)   405 
Income before income taxes   32,803    12,226    66,857    25,966 
Income tax expense (benefit)   12,769    5,466    (22,051)   8,593 
Net income   20,034    6,760    88,908    17,373 
Net (income) loss attributable to noncontrolling interests   (432)   3,548    (942)   6,674 
Net income attributable to La-Z-Boy Incorporated  $19,602   $10,308   $87,966   $24,047 
                     
Basic average shares   51,993    51,890    51,944    51,849 
                     
Basic net income per share attributable to La-Z-Boy Incorporated  $0.37   $0.20   $1.66   $0.46 
                     
Diluted average shares   52,609    52,359    52,478    52,279 
                     
Diluted net income per share attributable to La-Z-Boy Incorporated  $0.37   $0.19   $1.64   $0.45 

  

 
 

 

LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET

 

   Unaudited As of 
(Amounts in thousands, except par value)  4/28/2012   4/30/2011 
Current assets          
Cash and equivalents  $152,370   $115,262 
Restricted cash   2,861    — 
Receivables, net of allowance of $22,705 at 4/28/12 and $23,937 at 4/30/11   167,232    161,299 
Inventories, net   143,787    138,444 
Deferred income taxes – current   19,081    — 
Other current assets   14,669    17,218 
Total current assets   500,000    432,223 
Property, plant and equipment, net   114,366    120,603 
Trade names   3,028    3,100 
Deferred income taxes – long term   33,649    2,883 
Other long-term assets   34,696    34,646 
Total assets  $685,739   $593,455 
           
Current liabilities          
Current portion of long-term debt  $1,829   $5,120 
Accounts payable   56,630    49,537 
Accrued expenses and other current liabilities   91,300    77,447 
Total current liabilities   149,759    132,104 
Long-term debt   7,931    29,937 
Other long-term liabilities   80,234    67,274 
Contingencies and commitments   —    — 
Shareholders' equity          
Common shares, $1 par value – 150,000 authorized; 52,244 outstanding at 4/28/12 and 51,909 outstanding at 4/30/11   52,244    51,909 
Capital in excess of par value   231,332    222,339 
Retained earnings   189,609    105,872 
Accumulated other comprehensive loss   (31,281)   (18,804)
Total La-Z-Boy Incorporated shareholders’ equity   441,904    361,316 
Noncontrolling interests   5,911    2,824 
Total equity   447,815    364,140 
Total liabilities and equity  $685,739   $593,455 

 

 
 

 

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS

 

   Unaudited Fiscal Year Ended 
(Amounts in thousands)  4/28/2012   4/30/2011   4/24/2010 
Cash flows from operating activities               
Net income  $88,908   $17,373   $31,359 
Adjustments to reconcile net income (loss) to cash provided by operating activities               
(Gain) loss on sale of assets   45    201    (538)
Gain on deconsolidation of VIE   (1,125)   —    — 
Write-down of long-lived assets   —    4,471    — 
Deferred income tax benefit   (42,146)   (120)   (2,693)
Provision for doubtful accounts   4,196    7,197    6,535 
Depreciation and amortization   23,486    24,302    25,246 
Stock-based compensation expense   5,718    3,720    5,236 
Pension plan contributions   (5,798)   (4,495)   — 
Change in receivables   (6,182)   1,599    (17,250)
Change in inventories   (7,414)   (10,531)   7,074 
Change in other assets   2,799    (1,092)   3,225 
Change in payables   7,470    (4,429)   13,147 
Change in other liabilities   12,891    (10,350)   18,318 
Net cash provided by operating activities   82,848    27,846    89,659 
                
Cash flows from investing activities               
Proceeds from disposals of assets   372    506    3,338 
Capital expenditures   (15,663)   (10,540)   (10,986)
Purchases of investments   (7,944)   (10,200)   (4,933)
Proceeds from sales of investments   8,649    10,655    8,833 
Change in restricted cash   (2,861)   —    17,507 
Cash effects upon deconsolidation of VIE   (971)   (632)   — 
Other   (676)   (49)   250 
Net cash provided by (used for) investing activities   (19,094)   (10,260)   14,009 
                
Cash flows from financing activities               
Proceeds from debt   —    30,585    41,817 
Payments on debt   (25,936)   (41,618)   (54,707)
Payments for debt issuance costs   (568)   —    — 
Stock issued for stock and employee benefit plans   4,943    270    1,035 
Excess tax benefit on stock option exercises   223    —    — 
Purchases of common stock   (5,179)   —    — 
Net cash used for financing activities   (26,517)   (10,763)   (11,855)
                
Effect of exchange rate changes on cash and equivalents   (129)   12    (756)
Change in cash and equivalents   37,108    6,835    91,057 
Cash and equivalents at beginning of period   115,262    108,427    17,370 
Cash and equivalents at end of period  $152,370   $115,262   $108,427 

 

 
 

 

LA-Z-BOY INCORPORATED
Segment Information

 

   Unaudited
For the Quarter Ended		   Unaudited
For the Year Ended		 
   4/28/2012   4/30/2011   4/28/2012   4/30/2011 
(Amounts in thousands)  (13 weeks)   (14 weeks)   (52 weeks)   (53 weeks) 
Sales                    
Upholstery Segment  $266,893   $264,842   $975,103   $916,867 
Casegoods Segment   35,337    40,749    139,639    152,534 
Retail Segment   55,578    58,288    215,490    176,987 
VIEs   —    3,646    8,840    29,105 
Corporate and Other   554    471    2,356    1,909 
Eliminations   (30,974)   (29,091)   (109,752)   (90,259)
Consolidated Sales  $327,388   $338,905   $1,231,676   $1,187,143 
                     
Operating income (loss)                    
Upholstery Segment  $27,032   $27,163   $81,753   $72,743 
Casegoods Segment   1,181    2,099    5,540    6,698 
Retail Segment   (1,112)   (3,035)   (7,819)   (15,078)
VIEs   —    (1,107)   959    (4,949)
Corporate and Other   (10,211)   (8,420)   (30,802)   (29,034)
Write-down of long-lived assets   —    (4,471)   —    (4,471)
Consolidated Operating Income   $16,890   $12,229   $49,631   $25,909 

 

 
 

 

LA-Z-BOY INCORPORATED
Unaudited Quarterly Financial Data

 

(Dollar amounts in thousands, except per share data)  (13 weeks)   (13 weeks)   (13 weeks)   (13 weeks) 
Fiscal Quarter Ended  7/30/2011   10/29/2011   1/28/2012   4/28/2012 
Sales  $280,094   $307,679   $316,515   $327,388 
Cost of sales   199,166    211,896    216,724    224,033 
Gross profit   80,928    95,783    99,791    103,355 
Selling, general and administrative expense   77,455    83,535    82,771    86,465 
Operating income   3,473    12,248    17,020    16,890 
Interest expense   424    389    274    297 
Interest income   183    166    138    124 
Income from Continued Dumping and Subsidy Offset Act, net   322    —    1,415    16,300 
Other income (expense), net   373    (108)   (89)   (214)
Income before income taxes   3,927    11,917    18,210    32,803 
Income tax expense (benefit)   (41,929)   4,245    2,864    12,769 
Net income   45,856    7,672    15,346    20,034 
Net (income) loss attributable to noncontrolling interests   (320)   198    (388)   (432)
Net income attributable to La-Z-Boy Incorporated  $45,536   $7,870   $14,958   $19,602 
                     
Diluted weighted average shares   52,443    52,475    52,379    52,609 
                     
Diluted net income per share attributable to La-Z-Boy Incorporated  $0.85   $0.15   $0.28   $0.37 

 

 
 

 

LA-Z-BOY INCORPORATED
Unaudited Quarterly Financial Data

 

(Dollar amounts in thousands, except per share data)  (13 weeks)   (13 weeks)   (13 weeks)   (14 weeks) 
Fiscal Quarter Ended  7/24/2010   10/23/2010   1/22/2011   4/30/2011 
Sales  $263,313   $292,982   $291,943   $338,905 
Cost of sales   190,479    207,876    203,597    230,847 
Gross profit   72,834    85,106    88,346    108,058 
Selling, general and administrative expense   74,485    79,767    78,354    91,358 
Write-down of long-lived assets   —    —    —    4,471 
Operating income (loss)   (1,651)   5,339    9,992    12,229 
Interest expense   590    592    561    603 
Interest income   243    223    250    228 
Income from Continued Dumping and Subsidy Offset Act, net   —    —    903    151 
Other income (expense), net   351    (418)   251    221 
Income (loss) before income taxes   (1,647)   4,552    10,835    12,226 
Income tax expense (benefit)   (705)   1,381    2,451    5,466 
Net income (loss)   (942)   3,171    8,384    6,760 
Net loss attributable to noncontrolling interests   726    774    1,626    3,548 
Net income (loss) attributable to La-Z-Boy Incorporated  $(216)  $3,945   $10,010   $10,308 
                     
Diluted weighted average shares   51,785    52,214    52,270    52,359 
                     
Diluted net income per share attributable to La-Z-Boy Incorporated  $—   $0.07   $0.19   $0.19 

 

 

 

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