Attached files
| file | filename |
|---|---|
| 8-K - LA-Z-BOY INCORPORATED 8-K 8-21-2012 - LA-Z-BOY INC | form8k.htm |
| EX-99.1 - EXHIBIT 99.1 - LA-Z-BOY INC | ex99_1.htm |
EXHIBIT 99.2
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
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First Quarter Ended
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||||||||
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(Unaudited, amounts in thousands, except per share data)
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7/28/12
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7/30/11
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||||||
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Sales
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$ | 301,501 | $ | 280,094 | ||||
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Cost of sales
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211,889 | 199,166 | ||||||
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Gross profit
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89,612 | 80,928 | ||||||
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Selling, general and administrative expense
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81,986 | 77,455 | ||||||
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Operating income
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7,626 | 3,473 | ||||||
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Interest expense
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173 | 424 | ||||||
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Interest income
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121 | 183 | ||||||
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Income from Continued Dumping and Subsidy Offset Act
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— | 322 | ||||||
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Other income (expense), net
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(121 | ) | 373 | |||||
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Income before income taxes
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7,453 | 3,927 | ||||||
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Income tax expense (benefit)
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2,758 | (41,929 | ) | |||||
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Net income
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4,695 | 45,856 | ||||||
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Net income attributable to noncontrolling interests
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(297 | ) | (320 | ) | ||||
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Net income attributable to La-Z-Boy Incorporated
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$ | 4,398 | $ | 45,536 | ||||
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Basic weighted average shares outstanding
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52,193 | 51,942 | ||||||
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Basic net income attributable to La-Z-Boy Incorporated per share
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$ | 0.08 | $ | 0.86 | ||||
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Diluted weighted average shares outstanding
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53,040 | 52,443 | ||||||
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Diluted net income attributable to La-Z-Boy Incorporated per share
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$ | 0.08 | $ | 0.85 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
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(Unaudited, amounts in thousands)
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7/28/12
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4/28/12
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Current assets
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Cash and equivalents
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$ | 112,564 | $ | 152,370 | ||||
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Restricted cash
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9,792 | 2,861 | ||||||
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Receivables, net of allowance of $23,052 at 7/28/12 and $22,705 at 4/28/12
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147,280 | 167,232 | ||||||
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Inventories, net
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167,060 | 143,787 | ||||||
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Deferred income tax assets – current
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21,462 | 19,081 | ||||||
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Other current assets
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21,772 | 14,669 | ||||||
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Total current assets
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479,930 | 500,000 | ||||||
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Property, plant and equipment, net
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114,023 | 114,366 | ||||||
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Trade names
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3,028 | 3,028 | ||||||
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Deferred income tax assets – long-term
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31,294 | 33,649 | ||||||
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Other long-term assets, net
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38,540 | 34,696 | ||||||
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Total assets
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$ | 666,815 | $ | 685,739 | ||||
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Current liabilities
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Current portion of long-term debt
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$ | 373 | $ | 1,829 | ||||
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Accounts payable
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52,084 | 56,630 | ||||||
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Accrued expenses and other current liabilities
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73,350 | 91,300 | ||||||
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Total current liabilities
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125,807 | 149,759 | ||||||
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Long-term debt
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7,405 | 7,931 | ||||||
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Other long-term liabilities
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80,901 | 80,234 | ||||||
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Contingencies and commitments
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— | — | ||||||
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Shareholders’ equity
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||||||||
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Common shares, $1 par value – 150,000 authorized; 52,283 outstanding at 7/28/12 and 52,244 outstanding at 4/28/12
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52,283 | 52,244 | ||||||
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Capital in excess of par value
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232,375 | 231,332 | ||||||
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Retained earnings
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192,534 | 189,609 | ||||||
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Accumulated other comprehensive loss
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(30,641 | ) | (31,281 | ) | ||||
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Total La-Z-Boy Incorporated shareholders' equity
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446,551 | 441,904 | ||||||
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Noncontrolling interests
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6,151 | 5,911 | ||||||
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Total equity
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452,702 | 447,815 | ||||||
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Total liabilities and equity
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$ | 666,815 | $ | 685,739 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
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Quarter Ended
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(Unaudited, amounts in thousands)
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7/28/12
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7/30/11
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Cash flows from operating activities
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Net income
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$ | 4,695 | $ | 45,856 | ||||
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Adjustments to reconcile net income to cash provided by (used for) operating activities
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||||||||
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Loss (gain) on disposal of assets
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70 | (69 | ) | |||||
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Deferred income tax expense/(benefit)
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(180 | ) | (43,355 | ) | ||||
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Provision for doubtful accounts
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669 | 1,038 | ||||||
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Depreciation and amortization
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5,486 | 5,907 | ||||||
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Stock-based compensation expense
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3,619 | 1,559 | ||||||
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Pension plan contributions
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(1,160 | ) | (930 | ) | ||||
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Change in receivables
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19,657 | 13,408 | ||||||
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Change in inventories
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(23,273 | ) | (10,358 | ) | ||||
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Change in other assets
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(2,976 | ) | (2,203 | ) | ||||
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Change in payables
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(4,546 | ) | (3,630 | ) | ||||
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Change in other liabilities
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(17,407 | ) | (4,201 | ) | ||||
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Net cash provided by (used for) operating activities
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(15,346 | ) | 3,022 | |||||
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Cash flows from investing activities
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||||||||
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Proceeds from disposal of assets
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922 | 88 | ||||||
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Capital expenditures
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(5,235 | ) | (3,288 | ) | ||||
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Purchases of investments
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(10,783 | ) | (3,502 | ) | ||||
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Proceeds from sales of investments
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2,198 | 3,379 | ||||||
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Change in restricted cash
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(6,931 | ) | — | |||||
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Net cash used for investing activities
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(19,829 | ) | (3,323 | ) | ||||
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Cash flows from financing activities
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Payments on debt
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(2,121 | ) | (4,590 | ) | ||||
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Stock issued for stock and employee benefit plans
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654 | 50 | ||||||
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Excess tax benefit on stock option exercises
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873 | — | ||||||
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Purchases of common stock
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(4,012 | ) | — | |||||
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Net cash used for financing activities
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(4,606 | ) | (4,540 | ) | ||||
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Effect of exchange rate changes on cash and equivalents
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(25 | ) | 5 | |||||
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Change in cash and equivalents
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(39,806 | ) | (4,836 | ) | ||||
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Cash and equivalents at beginning of period
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152,370 | 115,262 | ||||||
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Cash and equivalents at end of period
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$ | 112,564 | $ | 110,426 | ||||
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
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Quarter Ended
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(Unaudited, amounts in thousands)
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7/28/12
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7/30/11
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Sales
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Upholstery Segment
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$ | 238,167 | $ | 217,462 | ||||
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Casegoods Segment
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34,609 | 34,131 | ||||||
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Retail Segment
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57,119 | 48,814 | ||||||
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VIEs, net of intercompany sales eliminations
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— | 3,341 | ||||||
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Corporate and Other
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702 | 594 | ||||||
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Eliminations
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(29,096 | ) | (24,248 | ) | ||||
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Consolidated Sales
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$ | 301,501 | $ | 280,094 | ||||
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Operating Income (Loss)
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||||||||
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Upholstery Segment
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$ | 15,578 | $ | 11,125 | ||||
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Casegoods Segment
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1,279 | 557 | ||||||
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Retail Segment
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(1,988 | ) | (3,378 | ) | ||||
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VIEs
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— | 567 | ||||||
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Corporate and Other
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(7,243 | ) | (5,398 | ) | ||||
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Consolidated Operating Income
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$ | 7,626 | $ | 3,473 | ||||