Attached files
| file | filename |
|---|---|
| 8-K - LA-Z-BOY INCORPORATED 8-K 8-20-2013 - 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
|
|
First Quarter Ended
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|||||||
|
(Unaudited, amounts in thousands, except per share data)
|
7/27/13
|
7/28/12
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||||||
|
Sales
|
$
|
318,913
|
$
|
301,501
|
||||
|
Cost of sales
|
215,627
|
211,889
|
||||||
|
Gross profit
|
103,286
|
89,612
|
||||||
|
Selling, general and administrative expense
|
88,464
|
81,986
|
||||||
|
Operating income
|
14,822
|
7,626
|
||||||
|
Interest expense
|
136
|
173
|
||||||
|
Interest income
|
180
|
121
|
||||||
|
Other income (expense), net
|
536
|
(121
|
)
|
|||||
|
Income before income taxes
|
15,402
|
7,453
|
||||||
|
Income tax expense
|
5,467
|
2,758
|
||||||
|
Net income
|
9,935
|
4,695
|
||||||
|
Net income attributable to noncontrolling interests
|
(345
|
)
|
(297
|
)
|
||||
|
Net income attributable to La-Z-Boy Incorporated
|
$
|
9,590
|
$
|
4,398
|
||||
|
|
||||||||
|
Basic weighted average shares outstanding
|
52,343
|
52,193
|
||||||
|
Basic net income attributable to La-Z-Boy Incorporated per share
|
$
|
0.18
|
$
|
0.08
|
||||
|
|
||||||||
|
Diluted weighted average shares outstanding
|
53,051
|
53,040
|
||||||
|
Diluted net income attributable to La-Z-Boy Incorporated per share
|
$
|
0.18
|
$
|
0.08
|
||||
|
|
||||||||
|
Dividends declared per share
|
$
|
0.04
|
—
|
|||||
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
|
(Unaudited, amounts in thousands)
|
7/27/13
|
4/27/13
|
||||||
|
Current assets
|
||||||||
|
Cash and equivalents
|
$
|
139,500
|
$
|
131,085
|
||||
|
Restricted cash
|
12,693
|
12,686
|
||||||
|
Receivables, net of allowance of $19,944 at 7/27/13 and $21,607 at 4/27/13
|
139,186
|
160,005
|
||||||
|
Inventories, net
|
158,031
|
146,343
|
||||||
|
Deferred income taxes – current
|
20,414
|
20,640
|
||||||
|
Other current assets
|
27,125
|
30,121
|
||||||
|
Total current assets
|
496,949
|
500,880
|
||||||
|
Property, plant and equipment, net
|
113,254
|
118,060
|
||||||
|
Goodwill
|
12,837
|
12,837
|
||||||
|
Other intangible assets
|
4,838
|
4,838
|
||||||
|
Deferred income taxes – long-term
|
29,759
|
30,572
|
||||||
|
Other long-term assets, net
|
56,369
|
53,184
|
||||||
|
Total assets
|
$
|
714,006
|
$
|
720,371
|
||||
|
|
||||||||
|
Current liabilities
|
||||||||
|
Current portion of long-term debt
|
$
|
7,564
|
$
|
513
|
||||
|
Accounts payable
|
52,449
|
50,542
|
||||||
|
Accrued expenses and other current liabilities
|
84,406
|
99,108
|
||||||
|
Total current liabilities
|
144,419
|
150,163
|
||||||
|
Long-term debt
|
393
|
7,576
|
||||||
|
Other long-term liabilities
|
74,608
|
70,664
|
||||||
|
Contingencies and commitments
|
—
|
—
|
||||||
|
Shareholders’ equity
|
||||||||
|
Preferred shares – 5,000 authorized; none issued
|
—
|
—
|
||||||
|
Common shares, $1 par value – 150,000 authorized; 52,489 outstanding at 7/27/13 and 52,392 outstanding at 4/27/13
|
52,489
|
52,392
|
||||||
|
Capital in excess of par value
|
247,738
|
241,888
|
||||||
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Retained earnings
|
223,333
|
226,044
|
||||||
|
Accumulated other comprehensive loss
|
(35,745
|
)
|
(35,496
|
)
|
||||
|
Total La-Z-Boy Incorporated shareholders' equity
|
487,815
|
484,828
|
||||||
|
Noncontrolling interests
|
6,771
|
7,140
|
||||||
|
Total equity
|
494,586
|
491,968
|
||||||
|
Total liabilities and equity
|
$
|
714,006
|
$
|
720,371
|
||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
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|
Quarter Ended
|
|||||||
|
(Unaudited, amounts in thousands)
|
7/27/13
|
7/28/12
|
||||||
|
Cash flows from operating activities
|
||||||||
|
Net income
|
$
|
9,935
|
$
|
4,695
|
||||
|
Adjustments to reconcile net income to cash provided by (used for) operating activities
|
||||||||
|
Deferred income tax expense (benefit)
|
700
|
(180
|
)
|
|||||
|
Provision for doubtful accounts
|
(1,245
|
)
|
669
|
|||||
|
Depreciation and amortization
|
5,847
|
5,486
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||||||
|
Stock-based compensation expense
|
3,193
|
3,619
|
||||||
|
Pension plan contributions
|
—
|
(1,160
|
)
|
|||||
|
Change in receivables
|
21,812
|
19,657
|
||||||
|
Change in inventories
|
(11,688
|
)
|
(23,273
|
)
|
||||
|
Change in other assets
|
(1,193
|
)
|
(2,906
|
)
|
||||
|
Change in payables
|
1,907
|
(4,546
|
)
|
|||||
|
Change in other liabilities
|
(16,248
|
)
|
(17,407
|
)
|
||||
|
Net cash provided by (used for) operating activities
|
13,020
|
(15,346
|
)
|
|||||
|
|
||||||||
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Cash flows from investing activities
|
||||||||
|
Proceeds from disposal of assets
|
2,078
|
922
|
||||||
|
Capital expenditures
|
(3,216
|
)
|
(5,235
|
)
|
||||
|
Purchases of investments
|
(6,432
|
)
|
(10,783
|
)
|
||||
|
Proceeds from sales of investments
|
8,558
|
2,198
|
||||||
|
Change in restricted cash
|
(6
|
)
|
(6,931
|
)
|
||||
|
Net cash provided by (used for) investing activities
|
982
|
(19,829
|
)
|
|||||
|
|
||||||||
|
Cash flows from financing activities
|
||||||||
|
Payments on debt
|
(132
|
)
|
(2,121
|
)
|
||||
|
Stock issued for stock and employee benefit plans
|
763
|
654
|
||||||
|
Excess tax benefit on stock option exercises
|
3,277
|
873
|
||||||
|
Purchases of common stock
|
(7,071
|
)
|
(4,012
|
)
|
||||
|
Dividends paid
|
(2,110
|
)
|
—
|
|||||
|
Net cash used for financing activities
|
(5,273
|
)
|
(4,606
|
)
|
||||
|
|
||||||||
|
Effect of exchange rate changes on cash and equivalents
|
(314
|
)
|
(25
|
)
|
||||
|
Change in cash and equivalents
|
8,415
|
(39,806
|
)
|
|||||
|
Cash and equivalents at beginning of period
|
131,085
|
152,370
|
||||||
|
Cash and equivalents at end of period
|
$
|
139,500
|
$
|
112,564
|
||||
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
|
Quarter Ended
|
|||||||
|
(Unaudited, amounts in thousands)
|
7/27/13
|
7/28/12
|
||||||
|
Sales
|
||||||||
|
Upholstery segment:
|
||||||||
|
Sales to external customers
|
$
|
224,352
|
$
|
210,363
|
||||
|
Intersegment sales
|
30,522
|
27,804
|
||||||
|
Upholstery segment sales
|
254,874
|
238,167
|
||||||
|
Casegoods segment:
|
||||||||
|
Sales to external customers
|
27,276
|
33,317
|
||||||
|
Intersegment sales
|
2,160
|
1,292
|
||||||
|
Casegoods segment sales
|
29,436
|
34,609
|
||||||
|
Retail segment sales
|
66,274
|
57,119
|
||||||
|
Corporate and Other
|
1,011
|
702
|
||||||
|
Eliminations
|
(32,682
|
)
|
(29,096
|
)
|
||||
|
Consolidated sales
|
$
|
318,913
|
$
|
301,501
|
||||
|
|
||||||||
|
Operating Income (Loss)
|
||||||||
|
Upholstery segment
|
$
|
22,236
|
$
|
15,578
|
||||
|
Casegoods segment
|
557
|
1,279
|
||||||
|
Retail segment
|
1,926
|
(1,988
|
)
|
|||||
|
Corporate and Other
|
(9,897
|
)
|
(7,243
|
)
|
||||
|
Consolidated operating income
|
$
|
14,822
|
$
|
7,626
|
||||