Attached files
file | filename |
---|---|
EX-99.1 - EX-99.1 - LA-Z-BOY INC | a18-15601_1ex99d1.htm |
8-K - 8-K - LA-Z-BOY INC | a18-15601_18k.htm |
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
Unaudited For the Fiscal |
|
Unaudited For the Fiscal |
| ||||||||
(Amounts in thousands, except per share data) |
|
4/28/2018 |
|
4/29/2017 |
|
4/28/2018 |
|
4/29/2017 |
| ||||
Sales |
|
$ |
420,025 |
|
$ |
412,706 |
|
$ |
1,583,947 |
|
$ |
1,520,060 |
|
Cost of sales |
|
253,831 |
|
243,815 |
|
961,200 |
|
910,757 |
| ||||
Gross profit |
|
166,194 |
|
168,891 |
|
622,747 |
|
609,303 |
| ||||
Selling, general and administrative expense |
|
120,487 |
|
125,437 |
|
493,378 |
|
475,961 |
| ||||
Operating income |
|
45,707 |
|
43,454 |
|
129,369 |
|
133,342 |
| ||||
Interest expense |
|
108 |
|
279 |
|
538 |
|
1,073 |
| ||||
Interest income |
|
546 |
|
302 |
|
1,709 |
|
981 |
| ||||
Other income (expense), net |
|
(1,379 |
) |
(1,000 |
) |
(1,650 |
) |
(2,510 |
) | ||||
Income before income taxes |
|
44,766 |
|
42,477 |
|
128,890 |
|
130,740 |
| ||||
Income tax expense |
|
10,406 |
|
14,248 |
|
47,295 |
|
43,756 |
| ||||
Net income |
|
34,360 |
|
28,229 |
|
81,595 |
|
86,984 |
| ||||
Net income attributable to noncontrolling interests |
|
(150 |
) |
(232 |
) |
(729 |
) |
(1,062 |
) | ||||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
34,210 |
|
$ |
27,997 |
|
$ |
80,866 |
|
$ |
85,922 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted weighted average common shares |
|
47,472 |
|
49,181 |
|
48,135 |
|
49,470 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.72 |
|
$ |
0.57 |
|
$ |
1.67 |
|
$ |
1.73 |
|
|
|
|
|
|
|
|
|
|
| ||||
Dividends declared per share |
|
$ |
0.12 |
|
$ |
0.11 |
|
$ |
0.46 |
|
$ |
0.42 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
|
|
Unaudited |
| ||||
(Amounts in thousands, except par value) |
|
4/28/2018 |
|
4/29/2017 |
| ||
Current assets |
|
|
|
|
| ||
Cash and equivalents |
|
$ |
134,515 |
|
$ |
141,860 |
|
Restricted cash |
|
2,356 |
|
8,999 |
| ||
Receivables, net of allowance of $1,956 at 4/28/18 and $2,563 at 4/29/17 |
|
154,055 |
|
150,846 |
| ||
Inventories, net |
|
184,841 |
|
175,114 |
| ||
Other current assets |
|
42,451 |
|
40,603 |
| ||
Total current assets |
|
518,218 |
|
517,422 |
| ||
Property, plant and equipment, net |
|
180,882 |
|
169,132 |
| ||
Goodwill |
|
75,254 |
|
74,245 |
| ||
Other intangible assets, net |
|
18,190 |
|
18,489 |
| ||
Deferred income taxes long-term |
|
21,265 |
|
40,131 |
| ||
Other long-term assets, net |
|
79,158 |
|
69,436 |
| ||
Total assets |
|
$ |
892,967 |
|
$ |
888,855 |
|
|
|
|
|
|
| ||
Current liabilities |
|
|
|
|
| ||
Current portion of long-term debt |
|
$ |
223 |
|
$ |
219 |
|
Accounts payable |
|
62,403 |
|
51,282 |
| ||
Accrued expenses and other current liabilities |
|
118,721 |
|
147,175 |
| ||
Total current liabilities |
|
181,347 |
|
198,676 |
| ||
Long-term debt |
|
199 |
|
296 |
| ||
Other long-term liabilities |
|
86,205 |
|
88,778 |
| ||
Contingencies and commitments |
|
|
|
|
| ||
Shareholders equity |
|
|
|
|
| ||
Preferred shares 5,000 authorized; none issued |
|
|
|
|
| ||
Common shares, $1 par value 150,000 authorized; 46,788 outstanding at 4/28/18 and 48,472 outstanding at 4/29/17 |
|
46,788 |
|
48,472 |
| ||
Capital in excess of par value |
|
298,948 |
|
289,632 |
| ||
Retained earnings |
|
291,644 |
|
284,698 |
| ||
Accumulated other comprehensive loss |
|
(25,199 |
) |
(32,883 |
) | ||
Total La-Z-Boy Incorporated shareholders equity |
|
612,181 |
|
589,919 |
| ||
Noncontrolling interests |
|
13,035 |
|
11,186 |
| ||
Total equity |
|
625,216 |
|
601,105 |
| ||
Total liabilities and equity |
|
$ |
892,967 |
|
$ |
888,855 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Unaudited For the Fiscal |
| ||||
(Amounts in thousands) |
|
4/28/2018 |
|
4/29/2017 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income |
|
$ |
81,595 |
|
$ |
86,984 |
|
Adjustments to reconcile net income to cash provided by operating activities |
|
|
|
|
| ||
Gain on disposal of assets |
|
(2,108 |
) |
(224 |
) | ||
Gain on conversion of investment |
|
(2,204 |
) |
|
| ||
Gain on sale of investments |
|
(770 |
) |
(471 |
) | ||
Change in deferred taxes |
|
17,261 |
|
569 |
| ||
Change in provision for doubtful accounts |
|
276 |
|
(291 |
) | ||
Depreciation and amortization |
|
31,767 |
|
29,131 |
| ||
Stock-based compensation expense |
|
9,474 |
|
8,864 |
| ||
Pension plan contributions |
|
(2,000 |
) |
(2,300 |
) | ||
Change in receivables |
|
(2,801 |
) |
(7,850 |
) | ||
Change in inventories |
|
(8,009 |
) |
12,517 |
| ||
Change in other assets |
|
(3,245 |
) |
(1,211 |
) | ||
Change in accounts payable |
|
6,602 |
|
4,541 |
| ||
Change in other liabilities |
|
(10,088 |
) |
17,731 |
| ||
Net cash provided by operating activities |
|
115,750 |
|
147,990 |
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Proceeds from disposals of assets |
|
1,440 |
|
761 |
| ||
Proceeds from property insurance |
|
2,087 |
|
|
| ||
Capital expenditures |
|
(36,337 |
) |
(20,304 |
) | ||
Purchases of investments |
|
(28,593 |
) |
(29,763 |
) | ||
Proceeds from sales of investments |
|
22,674 |
|
19,954 |
| ||
Acquisitions, net of cash acquired |
|
(16,495 |
) |
(35,878 |
) | ||
Net cash used for investing activities |
|
(55,224 |
) |
(65,230 |
) | ||
Cash flows from financing activities |
|
|
|
|
| ||
Payments on debt |
|
(262 |
) |
(288 |
) | ||
Payments for debt issuance costs |
|
(231 |
) |
|
| ||
Stock issued for stock and employee benefit plans, net of shares withheld for taxes |
|
2,977 |
|
1,749 |
| ||
Excess tax benefit on stock option exercises |
|
|
|
1,737 |
| ||
Purchases of common stock |
|
(56,730 |
) |
(35,957 |
) | ||
Dividends paid |
|
(22,009 |
) |
(20,655 |
) | ||
Net cash used for financing activities |
|
(76,255 |
) |
(53,414 |
) | ||
Effect of exchange rate changes on cash and equivalents |
|
1,741 |
|
178 |
| ||
Change in cash, cash equivalents and restricted cash |
|
(13,988 |
) |
29,524 |
| ||
Cash, cash equivalents and restricted cash at beginning of period |
|
150,859 |
|
121,335 |
| ||
Cash, cash equivalents and restricted cash at end of period |
|
$ |
136,871 |
|
$ |
150,859 |
|
|
|
|
|
|
| ||
Supplemental disclosure of non-cash investing activities |
|
|
|
|
| ||
Capital expenditures included in accounts payable |
|
$ |
5,667 |
|
$ |
1,795 |
|
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
|
Unaudited For the Fiscal |
|
Unaudited For the Fiscal |
| ||||||||
(Unaudited, amounts in thousands) |
|
4/28/2018 |
|
4/29/2017 |
|
4/28/2018 |
|
4/29/2017 |
| ||||
Sales |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
$ |
270,668 |
|
$ |
271,560 |
|
$ |
1,010,097 |
|
$ |
986,917 |
|
Intersegment sales |
|
56,569 |
|
53,755 |
|
217,266 |
|
204,526 |
| ||||
Upholstery segment sales |
|
327,237 |
|
325,315 |
|
1,227,363 |
|
1,191,443 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Casegoods segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
27,098 |
|
22,530 |
|
95,919 |
|
87,181 |
| ||||
Intersegment sales |
|
3,505 |
|
3,513 |
|
15,474 |
|
13,047 |
| ||||
Casegoods segment sales |
|
30,603 |
|
26,043 |
|
111,393 |
|
100,228 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Retail segment sales |
|
121,545 |
|
118,032 |
|
474,613 |
|
443,238 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Corporate and Other: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
714 |
|
584 |
|
3,318 |
|
2,724 |
| ||||
Intersegment sales |
|
2,582 |
|
1,686 |
|
9,421 |
|
6,437 |
| ||||
Corporate and Other sales |
|
3,296 |
|
2,270 |
|
12,739 |
|
9,161 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Eliminations |
|
(62,656 |
) |
(58,954 |
) |
(242,161 |
) |
(224,010 |
) | ||||
Consolidated sales |
|
$ |
420,025 |
|
$ |
412,706 |
|
$ |
1,583,947 |
|
$ |
1,520,060 |
|
|
|
|
|
|
|
|
|
|
| ||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment |
|
$ |
41,927 |
|
$ |
44,608 |
|
$ |
130,349 |
|
$ |
148,996 |
|
Casegoods segment |
|
2,808 |
|
2,036 |
|
11,641 |
|
8,623 |
| ||||
Retail segment |
|
7,963 |
|
7,690 |
|
20,709 |
|
19,205 |
| ||||
Corporate and Other |
|
(6,991 |
) |
(10,880 |
) |
(33,330 |
) |
(43,482 |
) | ||||
Consolidated operating income |
|
$ |
45,707 |
|
$ |
43,454 |
|
$ |
129,369 |
|
$ |
133,342 |
|
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 |
|
7/29/2017 |
|
10/28/2017 |
|
1/27/2018 |
|
4/28/2018 |
| ||||
Sales |
|
$ |
357,079 |
|
$ |
393,205 |
|
$ |
413,638 |
|
$ |
420,025 |
|
Cost of sales |
|
217,976 |
|
238,253 |
|
251,140 |
|
253,831 |
| ||||
Gross profit |
|
139,103 |
|
154,952 |
|
162,498 |
|
166,194 |
| ||||
Selling, general and administrative expense |
|
122,805 |
|
120,683 |
|
129,403 |
|
120,487 |
| ||||
Operating income |
|
16,298 |
|
34,269 |
|
33,095 |
|
45,707 |
| ||||
Interest expense |
|
157 |
|
160 |
|
113 |
|
108 |
| ||||
Interest income |
|
343 |
|
376 |
|
444 |
|
546 |
| ||||
Other income (expense), net |
|
1,749 |
|
(926 |
) |
(1,094 |
) |
(1,379 |
) | ||||
Income before income taxes |
|
18,233 |
|
33,559 |
|
32,332 |
|
44,766 |
| ||||
Income tax expense |
|
6,489 |
|
10,353 |
|
20,047 |
|
10,406 |
| ||||
Net income |
|
11,744 |
|
23,206 |
|
12,285 |
|
34,360 |
| ||||
Net income attributable to noncontrolling interests |
|
(93 |
) |
(310 |
) |
(176 |
) |
(150 |
) | ||||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
11,651 |
|
$ |
22,896 |
|
$ |
12,109 |
|
$ |
34,210 |
|
|
|
|
|
|
|
|
|
|
| ||||
Diluted weighted average common shares |
|
48,846 |
|
48,297 |
|
47,757 |
|
47,472 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.24 |
|
$ |
0.47 |
|
$ |
0.25 |
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
| ||||
Dividends declared per share |
|
$ |
0.11 |
|
$ |
0.11 |
|
$ |
0.12 |
|
$ |
0.12 |
|
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 |
|
206,562 |
|
227,195 |
|
233,185 |
|
243,815 |
| ||||
Gross profit |
|
134,221 |
|
149,384 |
|
156,807 |
|
168,891 |
| ||||
Selling, general and administrative expense |
|
111,763 |
|
115,526 |
|
123,235 |
|
125,437 |
| ||||
Operating income |
|
22,458 |
|
33,858 |
|
33,572 |
|
43,454 |
| ||||
Interest expense |
|
115 |
|
117 |
|
562 |
|
279 |
| ||||
Interest income |
|
204 |
|
234 |
|
241 |
|
302 |
| ||||
Other income (expense), net |
|
(762 |
) |
(969 |
) |
221 |
|
(1,000 |
) | ||||
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 |
|