Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - LA-Z-BOY INC | a17-15450_1ex99d1.htm |
| 8-K - 8-K - LA-Z-BOY INC | a17-15450_18k.htm |
Exhibit 99.2
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
|
Unaudited |
|
Unaudited |
| ||||
|
|
|
For the Fiscal Quarter |
|
For the Fiscal Year |
| ||||
|
|
|
Ended |
|
Ended |
| ||||
|
|
|
(13 weeks) |
|
(14 weeks) |
|
(52 weeks) |
|
(53 weeks) |
|
|
(Amounts in thousands, except per share data) |
|
4/29/2017 |
|
4/30/2016 |
|
4/29/2017 |
|
4/30/2016 |
|
|
Sales |
|
$412,706 |
|
$417,070 |
|
$1,520,060 |
|
$1,525,398 |
|
|
Cost of sales |
|
244,506 |
|
253,062 |
|
913,518 |
|
943,362 |
|
|
Gross profit |
|
168,200 |
|
164,008 |
|
606,542 |
|
582,036 |
|
|
Selling, general and administrative expense |
|
125,437 |
|
129,763 |
|
475,961 |
|
459,647 |
|
|
Operating income |
|
42,763 |
|
34,245 |
|
130,581 |
|
122,389 |
|
|
Interest expense |
|
279 |
|
121 |
|
1,073 |
|
486 |
|
|
Interest income |
|
302 |
|
254 |
|
981 |
|
827 |
|
|
Income from Continued Dumping and Subsidy Offset Act, net |
|
— |
|
— |
|
273 |
|
102 |
|
|
Other income (expense), net |
|
(309 |
) |
(176 |
) |
(22 |
) |
2,211 |
|
|
Income before income taxes |
|
42,477 |
|
34,202 |
|
130,740 |
|
125,043 |
|
|
Income tax expense |
|
14,248 |
|
11,255 |
|
43,756 |
|
44,080 |
|
|
Net income |
|
28,229 |
|
22,947 |
|
86,984 |
|
80,963 |
|
|
Net income attributable to noncontrolling interests |
|
(232 |
) |
(229 |
) |
(1,062 |
) |
(1,711 |
) |
|
Net income attributable to La-Z-Boy Incorporated |
|
$27,997 |
|
$22,718 |
|
$85,922 |
|
$79,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares |
|
49,181 |
|
50,262 |
|
49,470 |
|
50,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$0.57 |
|
$0.45 |
|
$1.73 |
|
$1.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share |
|
$0.11 |
|
$0.10 |
|
$0.42 |
|
$0.36 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
|
|
|
Unaudited |
| ||
|
(Amounts in thousands, except par value) |
|
4/29/2017 |
|
4/30/2016 |
|
|
Current assets |
|
|
|
|
|
|
Cash and equivalents |
|
$141,860 |
|
$112,358 |
|
|
Restricted cash |
|
8,999 |
|
8,977 |
|
|
Receivables, net of allowance of $2,563 at 4/29/17 and $3,145 at 4/30/16 |
|
150,846 |
|
146,545 |
|
|
Inventories, net |
|
175,114 |
|
175,589 |
|
|
Other current assets |
|
40,603 |
|
38,503 |
|
|
Total current assets |
|
517,422 |
|
481,972 |
|
|
Property, plant and equipment, net |
|
169,132 |
|
171,590 |
|
|
Goodwill |
|
74,245 |
|
37,193 |
|
|
Other intangible assets, net |
|
18,489 |
|
8,558 |
|
|
Deferred income taxes – long-term |
|
40,131 |
|
41,683 |
|
|
Other long-term assets, net |
|
69,436 |
|
59,033 |
|
|
Total assets |
|
$888,855 |
|
$800,029 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Current portion of long-term debt |
|
$219 |
|
$290 |
|
|
Accounts payable |
|
51,282 |
|
44,661 |
|
|
Accrued expenses and other current liabilities |
|
147,175 |
|
112,476 |
|
|
Total current liabilities |
|
198,676 |
|
157,427 |
|
|
Long-term debt |
|
296 |
|
513 |
|
|
Other long-term liabilities |
|
88,778 |
|
84,877 |
|
|
Contingencies and commitments |
|
— |
|
— |
|
|
Shareholders’ equity |
|
|
|
|
|
|
Preferred shares – 5,000 authorized; none issued |
|
— |
|
— |
|
|
Common shares, $1 par value – 150,000 authorized; 48,472 outstanding at 4/29/17 and 49,331 outstanding at 4/30/16 |
|
48,472 |
|
49,331 |
|
|
Capital in excess of par value |
|
289,632 |
|
279,339 |
|
|
Retained earnings |
|
284,698 |
|
252,472 |
|
|
Accumulated other comprehensive loss |
|
(32,883 |
) |
(34,000 |
) |
|
Total La-Z-Boy Incorporated shareholders’ equity |
|
589,919 |
|
547,142 |
|
|
Noncontrolling interests |
|
11,186 |
|
10,070 |
|
|
Total equity |
|
601,105 |
|
557,212 |
|
|
Total liabilities and equity |
|
$888,855 |
|
$800,029 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
Unaudited For the Fiscal Year |
| ||
|
(Amounts in thousands) |
|
(52 weeks) |
|
(53 weeks) |
|
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income |
|
$86,984 |
|
$80,963 |
|
|
Adjustments to reconcile net income to cash provided by operating activities |
|
|
|
|
|
|
(Gain) loss on disposal of assets |
|
(224 |
) |
384 |
|
|
Gain on sale of investments |
|
(471 |
) |
(436 |
) |
|
Deferred income tax expense |
|
569 |
|
4,581 |
|
|
Provision for doubtful accounts |
|
(291 |
) |
(660 |
) |
|
Depreciation and amortization |
|
29,131 |
|
26,517 |
|
|
Stock-based compensation expense |
|
8,864 |
|
8,292 |
|
|
Pension plan contributions |
|
(2,300 |
) |
(7,000 |
) |
|
Change in receivables |
|
(7,850 |
) |
10,730 |
|
|
Change in inventories |
|
12,517 |
|
(14,621 |
) |
|
Change in other assets |
|
(1,211 |
) |
4,148 |
|
|
Change in accounts payable |
|
4,541 |
|
(1,007 |
) |
|
Change in other liabilities |
|
15,915 |
|
470 |
|
|
Net cash provided by operating activities |
|
146,174 |
|
112,361 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Proceeds from disposals of assets |
|
761 |
|
3,054 |
|
|
Capital expenditures |
|
(20,304 |
) |
(24,684 |
) |
|
Purchases of investments |
|
(29,763 |
) |
(21,009 |
) |
|
Proceeds from sales of investments |
|
19,954 |
|
28,721 |
|
|
Acquisitions, net of cash acquired |
|
(35,878 |
) |
(23,311 |
) |
|
Change in restricted cash |
|
(23 |
) |
659 |
|
|
Net cash used for investing activities |
|
(65,253 |
) |
(36,570 |
) |
|
Cash flows from financing activities |
|
|
|
|
|
|
Payments on debt |
|
(288 |
) |
(508 |
) |
|
Payments for debt issuance costs |
|
— |
|
— |
|
|
Stock issued for stock and employee benefit plans |
|
3,566 |
|
420 |
|
|
Excess tax benefit on stock option exercises |
|
1,737 |
|
1,264 |
|
|
Purchases of common stock |
|
(35,957 |
) |
(44,082 |
) |
|
Dividends paid |
|
(20,655 |
) |
(18,141 |
) |
|
Net cash used for financing activities |
|
(51,597 |
) |
(61,047 |
) |
|
Effect of exchange rate changes on cash and equivalents |
|
178 |
|
(688 |
) |
|
Change in cash and equivalents |
|
29,502 |
|
14,056 |
|
|
Cash and equivalents at beginning of period |
|
112,358 |
|
98,302 |
|
|
Cash and equivalents at end of period |
|
$141,860 |
|
$112,358 |
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing activities |
|
$1,795 |
|
$— |
|
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
|
|
Unaudited For the Fiscal |
|
Unaudited For the Fiscal |
| ||||
|
(Amounts in thousands) |
|
(13 weeks) |
|
(14 weeks) |
|
(52 weeks) |
|
(53 weeks) |
|
|
Sales |
|
|
|
|
|
|
|
|
|
|
Upholstery segment: |
|
|
|
|
|
|
|
|
|
|
Sales to external customers |
|
$271,560 |
|
$284,311 |
|
$986,917 |
|
$1,027,615 |
|
|
Intersegment sales |
|
53,755 |
|
50,609 |
|
204,526 |
|
188,190 |
|
|
Upholstery segment sales |
|
325,315 |
|
334,920 |
|
1,191,443 |
|
1,215,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Casegoods segment: |
|
|
|
|
|
|
|
|
|
|
Sales to external customers |
|
22,530 |
|
23,084 |
|
87,181 |
|
92,601 |
|
|
Intersegment sales |
|
3,513 |
|
3,225 |
|
13,047 |
|
9,939 |
|
|
Casegoods segment sales |
|
26,043 |
|
26,309 |
|
100,228 |
|
102,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail segment sales |
|
118,032 |
|
109,188 |
|
443,238 |
|
402,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
Sales to external customers |
|
584 |
|
487 |
|
2,724 |
|
2,703 |
|
|
Intersegment sales |
|
1,686 |
|
1,126 |
|
6,437 |
|
3,720 |
|
|
Corporate and Other sales |
|
2,270 |
|
1,613 |
|
9,161 |
|
6,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Eliminations |
|
(58,954 |
) |
(54,960 |
) |
(224,010 |
) |
(201,849 |
) |
|
Consolidated sales |
|
$412,706 |
|
$417,070 |
|
$1,520,060 |
|
$1,525,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
Upholstery segment |
|
$43,917 |
|
$39,537 |
|
$146,235 |
|
$134,193 |
|
|
Casegoods segment |
|
2,036 |
|
1,642 |
|
8,623 |
|
7,734 |
|
|
Retail segment |
|
7,690 |
|
6,288 |
|
19,205 |
|
25,567 |
|
|
Corporate and Other |
|
(10,880 |
) |
(13,222 |
) |
(43,482 |
) |
(45,105 |
) |
|
Consolidated operating income |
|
$42,763 |
|
$34,245 |
|
$130,581 |
|
$122,389 |
|
LA-Z-BOY INCORPORATED
UNAUDITED QUARTERLY FINANCIAL DATA
|
(Amounts in thousands, except per share data) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
|
Fiscal Quarter Ended |
|
7/30/2016 |
|
10/29/2016 |
|
1/28/2017 |
|
4/29/2017 |
|
|
Sales |
|
$340,783 |
|
$376,579 |
|
$389,992 |
|
$412,706 |
|
|
Cost of sales |
|
207,252 |
|
227,885 |
|
233,875 |
|
244,506 |
|
|
Gross profit |
|
133,531 |
|
148,694 |
|
156,117 |
|
168,200 |
|
|
Selling, general and administrative expense |
|
111,763 |
|
115,526 |
|
123,235 |
|
125,437 |
|
|
Operating income |
|
21,768 |
|
33,168 |
|
32,882 |
|
42,763 |
|
|
Interest expense |
|
115 |
|
117 |
|
562 |
|
279 |
|
|
Interest income |
|
204 |
|
234 |
|
241 |
|
302 |
|
|
Income from Continued Dumping and Subsidy Offset Act, net |
|
— |
|
— |
|
273 |
|
— |
|
|
Other income (expense), net |
|
(72 |
) |
(279 |
) |
638 |
|
(309 |
) |
|
Income before income taxes |
|
21,785 |
|
33,006 |
|
33,472 |
|
42,477 |
|
|
Income tax expense |
|
7,777 |
|
11,901 |
|
9,830 |
|
14,248 |
|
|
Net income |
|
14,008 |
|
21,105 |
|
23,642 |
|
28,229 |
|
|
Net income attributable to noncontrolling interests |
|
(202 |
) |
(272 |
) |
(356 |
) |
(232 |
) |
|
Net income attributable to La-Z-Boy Incorporated |
|
$13,806 |
|
$20,833 |
|
$23,286 |
|
$27,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares |
|
49,594 |
|
49,511 |
|
49,384 |
|
49,181 |
|
|
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$0.28 |
|
$0.42 |
|
$0.47 |
|
$0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share |
|
$0.10 |
|
$0.10 |
|
$0.11 |
|
$0.11 |
|
LA-Z-BOY INCORPORATED
UNAUDITED QUARTERLY FINANCIAL DATA
|
(Amounts in thousands, except per share data) |
|
(13 weeks) |
|
(13 weeks) |
|
(13 weeks) |
|
(14 weeks) |
|
|
Fiscal Quarter Ended |
|
7/25/2015 |
|
10/24/2015 |
|
1/23/2016 |
|
4/30/2016 |
|
|
Sales |
|
$341,423 |
|
$382,891 |
|
$384,014 |
|
$417,070 |
|
|
Cost of sales |
|
217,191 |
|
237,085 |
|
236,024 |
|
253,062 |
|
|
Gross profit |
|
124,232 |
|
145,806 |
|
147,990 |
|
164,008 |
|
|
Selling, general and administrative expense |
|
104,266 |
|
112,412 |
|
113,206 |
|
129,763 |
|
|
Operating income |
|
19,966 |
|
33,394 |
|
34,784 |
|
34,245 |
|
|
Interest expense |
|
112 |
|
133 |
|
120 |
|
121 |
|
|
Interest income |
|
205 |
|
164 |
|
204 |
|
254 |
|
|
Income from Continued Dumping and Subsidy Offset Act, net |
|
— |
|
— |
|
102 |
|
— |
|
|
Other income (expense), net |
|
1,968 |
|
512 |
|
(93 |
) |
(176 |
) |
|
Income before income taxes |
|
22,027 |
|
33,937 |
|
34,877 |
|
34,202 |
|
|
Income tax expense |
|
7,904 |
|
12,278 |
|
12,643 |
|
11,255 |
|
|
Net income |
|
14,123 |
|
21,659 |
|
22,234 |
|
22,947 |
|
|
Net income attributable to noncontrolling interests |
|
(447 |
) |
(707 |
) |
(328 |
) |
(229 |
) |
|
Net income attributable to La-Z-Boy Incorporated |
|
$13,676 |
|
$20,952 |
|
$21,906 |
|
$22,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average common shares |
|
51,043 |
|
51,039 |
|
50,539 |
|
50,262 |
|
|
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$0.27 |
|
$0.41 |
|
$0.43 |
|
$0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share |
|
$0.08 |
|
$0.08 |
|
$0.10 |
|
$0.10 |
|