Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - LA-Z-BOY INC | v233182_ex99-1.htm |
| 8-K - FORM 8-K - LA-Z-BOY INC | v233182_8k.htm |
EXHIBIT 99.2
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
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First Quarter Ended
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(Unaudited, amounts in thousands, except per share data)
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7/30/11
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7/24/10
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Sales
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$ | 280,094 | $ | 263,313 | ||||
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Cost of sales
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Cost of goods sold
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199,134 | 190,500 | ||||||
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Restructuring
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32 | (21 | ) | |||||
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Total cost of sales
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199,166 | 190,479 | ||||||
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Gross profit
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80,928 | 72,834 | ||||||
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Selling, general and administrative
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77,371 | 74,320 | ||||||
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Restructuring
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84 | 165 | ||||||
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Operating income (loss)
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3,473 | (1,651 | ) | |||||
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Interest expense
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424 | 590 | ||||||
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Interest income
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183 | 243 | ||||||
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Income from Continued Dumping and Subsidy Offset Act, net
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322 | 0 | ||||||
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Other income (expense), net
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373 | 351 | ||||||
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Earnings (loss) before income taxes
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3,927 | (1,647 | ) | |||||
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Income tax expense (benefit)
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(41,929 | ) | (705 | ) | ||||
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Net income (loss)
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45,856 | (942 | ) | |||||
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Net (income) loss attributable to noncontrolling interests
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(320 | ) | 726 | |||||
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Net income (loss) attributable to La-Z-Boy Incorporated
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$ | 45,536 | $ | (216 | ) | |||
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Basic average shares
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51,942 | 51,785 | ||||||
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Basic net income attributable to La-Z-Boy Incorporated per share
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$ | 0.86 | $ | 0.00 | ||||
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Diluted average shares
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52,443 | 51,785 | ||||||
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Diluted net income attributable to La-Z-Boy Incorporated per share
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$ | 0.85 | $ | 0.00 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
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(Unaudited, amounts in thousands)
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7/30/11
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4/30/11
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Current assets
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Cash and equivalents
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$ | 110,426 | $ | 115,262 | ||||
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Receivables, net of allowance of $24,179 at 7/30/11 and $23,937 at 4/30/11
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147,857 | 161,299 | ||||||
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Inventories, net
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149,132 | 138,444 | ||||||
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Deferred income tax assets - current
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20,106 | 0 | ||||||
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Other current assets
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18,812 | 17,218 | ||||||
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Total current assets
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446,333 | 432,223 | ||||||
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Property, plant and equipment, net
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119,044 | 120,603 | ||||||
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Trade names
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3,100 | 3,100 | ||||||
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Deferred income tax assets – long-term
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26,273 | 2,883 | ||||||
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Other long-term assets
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33,272 | 34,646 | ||||||
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Total assets
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$ | 628,022 | $ | 593,455 | ||||
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Current liabilities
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Current portion of long-term debt
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$ | 917 | $ | 5,120 | ||||
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Accounts payable
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45,907 | 49,537 | ||||||
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Accrued expenses and other current liabilities
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75,404 | 77,447 | ||||||
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Total current liabilities
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122,228 | 132,104 | ||||||
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Long-term debt
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30,029 | 29,937 | ||||||
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Other long-term liabilities
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64,833 | 67,274 | ||||||
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Contingencies and commitments
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0 | 0 | ||||||
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Shareholders’ Equity
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Common shares, $1 par value – 150,000 authorized; 52,025 outstanding July 30, 2011 and 51,909 outstanding April 30, 2011
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52,025 | 51,909 | ||||||
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Capital in excess of par value
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199,547 | 201,589 | ||||||
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Retained earnings
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175,206 | 126,622 | ||||||
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Accumulated other comprehensive loss
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(19,019 | ) | (18,804 | ) | ||||
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Total La-Z-Boy Incorporated shareholders' equity
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407,759 | 361,316 | ||||||
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Noncontrolling interests
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3,173 | 2,824 | ||||||
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Total equity
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410,932 | 364,140 | ||||||
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Total liabilities and equity
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$ | 628,022 | $ | 593,455 | ||||
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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7/30/11
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7/24/10
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Cash flows from operating activities
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Net income (loss)
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$ | 45,856 | $ | (942 | ) | |||
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Adjustments to reconcile net income (loss) to cash provided by (used for) operating activities
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(Gain) loss on sale of assets
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(69 | ) | 27 | |||||
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Deferred income tax expense/(benefit)
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(43,355 | ) | 37 | |||||
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Restructuring
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116 | 144 | ||||||
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Provision for doubtful accounts
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1,038 | 914 | ||||||
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Depreciation and amortization
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5,907 | 5,806 | ||||||
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Stock-based compensation expense
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1,559 | 1,027 | ||||||
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Pension plan contributions
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(930 | ) | 0 | |||||
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Change in receivables
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13,408 | 16,949 | ||||||
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Change in inventories
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(10,358 | ) | (9,007 | ) | ||||
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Change in other assets
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(2,203 | ) | (295 | ) | ||||
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Change in payables
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(3,630 | ) | (10,667 | ) | ||||
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Change in other liabilities
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(4,317 | ) | (16,044 | ) | ||||
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Net cash provided by (used for) operating activities
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3,022 | (12,051 | ) | |||||
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Cash flows from investing activities
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Proceeds from disposals of assets
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88 | 22 | ||||||
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Capital expenditures
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(3,288 | ) | (2,436 | ) | ||||
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Purchases of investments
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(3,502 | ) | (4,333 | ) | ||||
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Proceeds from sales of investments
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3,379 | 4,353 | ||||||
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Cash effects on deconsolidation of VIE
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0 | (632 | ) | |||||
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Other
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0 | (13 | ) | |||||
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Net cash used for investing activities
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(3,323 | ) | (3,039 | ) | ||||
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Cash flows from financing activities
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Proceeds from debt
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0 | 10,238 | ||||||
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Payments on debt
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(4,590 | ) | (10,566 | ) | ||||
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Stock issued from stock and employee benefit plans
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50 | 24 | ||||||
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Net cash used for financing activities
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(4,540 | ) | (304 | ) | ||||
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Effect of exchange rate changes on cash and equivalents
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5 | (32 | ) | |||||
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Change in cash and equivalents
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(4,836 | ) | (15,426 | ) | ||||
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Cash and equivalents at beginning of period
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115,262 | 108,427 | ||||||
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Cash and equivalents at end of period
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$ | 110,426 | $ | 93,001 | ||||
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
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Quarter Ended
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(Unaudited, amounts in thousands)
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7/30/11
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7/24/10
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Sales
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Upholstery Group
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$ | 217,462 | $ | 201,934 | ||||
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Casegoods Group
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34,131 | 36,850 | ||||||
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Retail Group
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48,814 | 35,307 | ||||||
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VIEs, net of intercompany sales eliminations
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3,341 | 7,542 | ||||||
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Corporate and Other
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594 | 376 | ||||||
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Eliminations
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(24,248 | ) | (18,696 | ) | ||||
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Consolidated Sales
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$ | 280,094 | $ | 263,313 | ||||
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Operating Income (Loss)
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Upholstery Group
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$ | 11,125 | $ | 10,057 | ||||
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Casegoods Group
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557 | 1,575 | ||||||
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Retail Group
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(3,378 | ) | (4,924 | ) | ||||
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VIEs
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567 | (1,608 | ) | |||||
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Corporate and Other
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(5,282 | ) | (6,607 | ) | ||||
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Restructuring
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(116 | ) | (144 | ) | ||||
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Consolidated Operating Income
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$ | 3,473 | $ | (1,651 | ) | |||