Attached files
| file | filename |
|---|---|
| 8-K - LA-Z-BOY INCORPORATED 8-K 11-19-2013 - 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
|
|
Second Quarter Ended
|
|||||||
|
(Unaudited, amounts in thousands, except per share data)
|
10/26/13
|
10/27/12
|
||||||
|
Sales
|
$
|
366,403
|
$
|
322,341
|
||||
|
Cost of sales
|
242,643
|
222,032
|
||||||
|
Gross profit
|
123,760
|
100,309
|
||||||
|
Selling, general and administrative expense
|
98,342
|
89,746
|
||||||
|
Operating income
|
25,418
|
10,563
|
||||||
|
Interest expense
|
133
|
191
|
||||||
|
Interest income
|
176
|
116
|
||||||
|
Other income (expense), net
|
(279
|
)
|
212
|
|||||
|
Income before income taxes
|
25,182
|
10,700
|
||||||
|
Income tax expense
|
8,165
|
3,868
|
||||||
|
Net income
|
17,017
|
6,832
|
||||||
|
Net income attributable to noncontrolling interests
|
(273
|
)
|
(213
|
)
|
||||
|
Net income attributable to La-Z-Boy Incorporated
|
$
|
16,744
|
$
|
6,619
|
||||
|
|
||||||||
|
Basic weighted average shares outstanding
|
52,537
|
52,356
|
||||||
|
Basic net income attributable to La-Z-Boy Incorporated per share
|
$
|
0.32
|
$
|
0.13
|
||||
|
|
||||||||
|
Diluted weighted average shares outstanding
|
53,261
|
53,268
|
||||||
|
Diluted net income attributable to La-Z-Boy Incorporated per share
|
$
|
0.31
|
$
|
0.12
|
||||
|
|
||||||||
|
Dividends declared per share
|
$
|
0.04
|
—
|
|||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
Six Months Ended
|
|||||||
|
(Unaudited, amounts in thousands, except per share data)
|
10/26/13
|
10/27/12
|
||||||
|
Sales
|
$
|
685,316
|
$
|
623,842
|
||||
|
Cost of sales
|
458,270
|
433,921
|
||||||
|
Gross profit
|
227,046
|
189,921
|
||||||
|
Selling, general and administrative expense
|
186,806
|
171,732
|
||||||
|
Operating income
|
40,240
|
18,189
|
||||||
|
Interest expense
|
269
|
364
|
||||||
|
Interest income
|
356
|
237
|
||||||
|
Other income, net
|
257
|
91
|
||||||
|
Income before income taxes
|
40,584
|
18,153
|
||||||
|
Income tax expense
|
13,632
|
6,626
|
||||||
|
Net income
|
26,952
|
11,527
|
||||||
|
Net income attributable to noncontrolling interests
|
(618
|
)
|
(510
|
)
|
||||
|
Net income attributable to La-Z-Boy Incorporated
|
$
|
26,334
|
$
|
11,017
|
||||
|
|
||||||||
|
Basic average shares
|
52,440
|
52,274
|
||||||
|
Basic net income attributable to La-Z-Boy Incorporated per share
|
$
|
0.50
|
$
|
0.21
|
||||
|
|
||||||||
|
Diluted average shares
|
53,176
|
53,169
|
||||||
|
Diluted net income attributable to La-Z-Boy Incorporated per share
|
$
|
0.49
|
$
|
0.20
|
||||
|
|
||||||||
|
Dividends declared per share
|
$
|
0.08
|
—
|
|||||
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
|
(Unaudited, amounts in thousands)
|
10/26/13
|
4/27/13
|
||||||
|
Current assets
|
||||||||
|
Cash and equivalents
|
$
|
136,245
|
$
|
131,085
|
||||
|
Restricted cash
|
12,566
|
12,686
|
||||||
|
Receivables, net of allowance of $13,764 at 10/26/13 and $21,607 at 4/27/13
|
159,509
|
160,005
|
||||||
|
Inventories, net
|
158,582
|
146,343
|
||||||
|
Deferred income taxes – current
|
18,317
|
20,640
|
||||||
|
Other current assets
|
31,778
|
30,121
|
||||||
|
Total current assets
|
516,997
|
500,880
|
||||||
|
Property, plant and equipment, net
|
121,924
|
118,060
|
||||||
|
Goodwill
|
12,837
|
12,837
|
||||||
|
Other intangible assets
|
5,627
|
4,838
|
||||||
|
Deferred income taxes – long-term
|
32,423
|
30,572
|
||||||
|
Other long-term assets, net
|
59,692
|
53,184
|
||||||
|
Total assets
|
$
|
749,500
|
$
|
720,371
|
||||
|
|
||||||||
|
Current liabilities
|
||||||||
|
Current portion of long-term debt
|
$
|
7,604
|
$
|
513
|
||||
|
Accounts payable
|
56,463
|
50,542
|
||||||
|
Accrued expenses and other current liabilities
|
97,193
|
99,108
|
||||||
|
Total current liabilities
|
161,260
|
150,163
|
||||||
|
Long-term debt
|
486
|
7,576
|
||||||
|
Other long-term liabilities
|
77,420
|
70,664
|
||||||
|
Contingencies and commitments
|
—
|
—
|
||||||
|
Shareholders’ equity
|
||||||||
|
Preferred shares – 5,000 authorized; none issued
|
—
|
—
|
||||||
|
Common shares, $1 par value – 150,000 authorized; 52,567 outstanding at 10/26/13 and 52,392 outstanding at 4/27/13
|
52,567
|
52,392
|
||||||
|
Capital in excess of par value
|
252,127
|
241,888
|
||||||
|
Retained earnings
|
233,210
|
226,044
|
||||||
|
Accumulated other comprehensive loss
|
(34,977
|
)
|
(35,496
|
)
|
||||
|
Total La-Z-Boy Incorporated shareholders' equity
|
502,927
|
484,828
|
||||||
|
Noncontrolling interests
|
7,407
|
7,140
|
||||||
|
Total equity
|
510,334
|
491,968
|
||||||
|
Total liabilities and equity
|
$
|
749,500
|
$
|
720,371
|
||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Six Months Ended
|
|||||||
|
(Unaudited, amounts in thousands)
|
10/26/13
|
10/27/12
|
||||||
|
Cash flows from operating activities
|
||||||||
|
Net income
|
$
|
26,952
|
$
|
11,527
|
||||
|
Adjustments to reconcile net income to cash provided by (used for) operating activities
|
||||||||
|
Deferred income tax benefit
|
(391
|
)
|
(457
|
)
|
||||
|
Restructuring
|
(54
|
)
|
2,686
|
|||||
|
Provision for doubtful accounts
|
(1,994
|
)
|
654
|
|||||
|
Depreciation and amortization
|
11,661
|
11,239
|
||||||
|
Stock-based compensation expense
|
5,671
|
6,959
|
||||||
|
Pension plan contributions
|
—
|
(2,320
|
)
|
|||||
|
Change in receivables
|
1,298
|
11,689
|
||||||
|
Change in inventories
|
(10,561
|
)
|
(22,290
|
)
|
||||
|
Change in other assets
|
(1,920
|
)
|
(6,043
|
)
|
||||
|
Change in payables
|
3,772
|
(4,619
|
)
|
|||||
|
Change in other liabilities
|
(2,021
|
)
|
(11,484
|
)
|
||||
|
Net cash provided by (used for) operating activities
|
32,413
|
(2,459
|
)
|
|||||
|
|
||||||||
|
Cash flows from investing activities
|
||||||||
|
Proceeds from disposal of assets
|
2,241
|
985
|
||||||
|
Capital expenditures
|
(14,323
|
)
|
(11,637
|
)
|
||||
|
Purchases of investments
|
(23,180
|
)
|
(31,514
|
)
|
||||
|
Proceeds from sales of investments
|
18,196
|
5,684
|
||||||
|
Acquisitions, net of cash acquired
|
—
|
(15,863
|
)
|
|||||
|
Change in restricted cash
|
120
|
(6,931
|
)
|
|||||
|
Net cash used for investing activities
|
(16,946
|
)
|
(59,276
|
)
|
||||
|
|
||||||||
|
Cash flows from financing activities
|
||||||||
|
Payments on debt
|
(263
|
)
|
(2,255
|
)
|
||||
|
Stock issued for stock and employee benefit plans
|
2,983
|
1,236
|
||||||
|
Excess tax benefit on stock option exercises
|
5,228
|
1,025
|
||||||
|
Purchases of common stock
|
(13,681
|
)
|
(4,012
|
)
|
||||
|
Dividends paid
|
(4,214
|
)
|
—
|
|||||
|
Net cash used for financing activities
|
(9,947
|
)
|
(4,006
|
)
|
||||
|
|
||||||||
|
Effect of exchange rate changes on cash and equivalents
|
(360
|
)
|
(21
|
)
|
||||
|
Change in cash and equivalents
|
5,160
|
(65,762
|
)
|
|||||
|
Cash and equivalents at beginning of period
|
131,085
|
152,370
|
||||||
|
Cash and equivalents at end of period
|
$
|
136,245
|
$
|
86,608
|
||||
|
|
||||||||
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
|
Second Quarter Ended
|
Six Months Ended
|
||||||||||||||
|
(Unaudited, amounts in thousands)
|
10/26/13
|
10/27/12
|
10/26/13
|
10/27/12
|
||||||||||||
|
Sales
|
||||||||||||||||
|
Upholstery segment:
|
||||||||||||||||
|
Sales to external customers
|
$
|
261,317
|
$
|
228,487
|
$
|
485,669
|
$
|
438,850
|
||||||||
|
Intersegment sales
|
34,881
|
30,975
|
65,403
|
58,779
|
||||||||||||
|
Upholstery segment sales
|
296,198
|
259,462
|
551,072
|
497,629
|
||||||||||||
|
Casegoods segment:
|
||||||||||||||||
|
Sales to external customers
|
31,190
|
32,028
|
58,466
|
65,345
|
||||||||||||
|
Intersegment sales
|
2,742
|
2,500
|
4,902
|
3,792
|
||||||||||||
|
Casegoods segment sales
|
33,932
|
34,528
|
63,368
|
69,137
|
||||||||||||
|
|
||||||||||||||||
|
Retail segment sales
|
73,359
|
61,198
|
139,633
|
118,317
|
||||||||||||
|
Corporate and Other
|
537
|
628
|
1,548
|
1,330
|
||||||||||||
|
Eliminations
|
(37,623
|
)
|
(33,475
|
)
|
(70,305
|
)
|
(62,571
|
)
|
||||||||
|
Consolidated sales
|
$
|
366,403
|
$
|
322,341
|
$
|
685,316
|
$
|
623,842
|
||||||||
|
|
||||||||||||||||
|
Operating Income (Loss)
|
||||||||||||||||
|
Upholstery segment
|
$
|
32,525
|
$
|
21,790
|
$
|
54,762
|
$
|
37,368
|
||||||||
|
Casegoods segment
|
645
|
902
|
1,202
|
2,181
|
||||||||||||
|
Retail segment
|
3,251
|
(575
|
)
|
5,177
|
(2,563
|
)
|
||||||||||
|
Restructuring
|
142
|
(2,654
|
)
|
55
|
(2,686
|
)
|
||||||||||
|
Corporate and Other
|
(11,145
|
)
|
(8,900
|
)
|
(20,956
|
)
|
(16,111
|
)
|
||||||||
|
Consolidated operating income
|
$
|
25,418
|
$
|
10,563
|
$
|
40,240
|
$
|
18,189
|
||||||||