Attached files
| file | filename |
|---|---|
| 8-K - LA-Z BOY INCORPORATED 8-K 11-28-2012 - 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
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Second Quarter Ended
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||||||||
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(Unaudited, amounts in thousands, except per share data)
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10/27/12
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10/29/11
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||||||
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Sales
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$ | 322,341 | $ | 307,679 | ||||
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Cost of sales
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222,032 | 211,896 | ||||||
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Gross profit
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100,309 | 95,783 | ||||||
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Selling, general and administrative expense
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89,746 | 83,535 | ||||||
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Operating income
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10,563 | 12,248 | ||||||
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Interest expense
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191 | 389 | ||||||
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Interest income
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116 | 166 | ||||||
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Other income (expense), net
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212 | (108 | ) | |||||
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Income before income taxes
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10,700 | 11,917 | ||||||
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Income tax expense
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3,868 | 4,245 | ||||||
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Net income
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6,832 | 7,672 | ||||||
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Net (income) loss attributable to noncontrolling interests
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(213 | ) | 198 | |||||
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Net income attributable to La-Z-Boy Incorporated
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$ | 6,619 | $ | 7,870 | ||||
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Basic weighted average shares outstanding
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52,356 | 52,055 | ||||||
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Basic net income attributable to La-Z-Boy Incorporated per share
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$ | 0.13 | $ | 0.15 | ||||
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Diluted weighted average shares outstanding
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53,268 | 52,475 | ||||||
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Diluted net income attributable to La-Z-Boy Incorporated per share
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$ | 0.12 | $ | 0.15 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
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Six Months Ended
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||||||||
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(Unaudited, amounts in thousands, except per share data)
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10/27/12
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10/29/11
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||||||
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Sales
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$ | 623,842 | $ | 587,773 | ||||
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Cost of sales
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433,921 | 411,062 | ||||||
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Gross profit
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189,921 | 176,711 | ||||||
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Selling, general and administrative expense
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171,732 | 160,990 | ||||||
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Operating income
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18,189 | 15,721 | ||||||
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Interest expense
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364 | 813 | ||||||
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Interest income
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237 | 349 | ||||||
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Income from Continued Dumping and Subsidy Offset Act, net
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— | 322 | ||||||
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Other income, net
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91 | 265 | ||||||
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Income before income taxes
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18,153 | 15,844 | ||||||
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Income tax expense (benefit)
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6,626 | (37,684 | ) | |||||
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Net income
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11,527 | 53,528 | ||||||
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Net income attributable to noncontrolling interests
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(510 | ) | (122 | ) | ||||
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Net income attributable to La-Z-Boy Incorporated
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$ | 11,017 | $ | 53,406 | ||||
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Basic average shares
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52,274 | 51,999 | ||||||
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Basic net income attributable to La-Z-Boy Incorporated per share
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$ | 0.21 | $ | 1.01 | ||||
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Diluted average shares
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53,169 | 52,458 | ||||||
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Diluted net income attributable to La-Z-Boy Incorporated per share
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$ | 0.20 | $ | 1.00 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
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(Unaudited, amounts in thousands)
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10/27/12
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4/28/12
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Current assets
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||||||||
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Cash and equivalents
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$ | 86,608 | $ | 152,370 | ||||
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Restricted cash
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9,792 | 2,861 | ||||||
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Receivables, net of allowance of $23,032 at 10/27/12 and $22,705 at 4/28/12
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154,025 | 167,232 | ||||||
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Inventories, net
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168,995 | 143,787 | ||||||
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Deferred income tax assets – current
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21,450 | 19,081 | ||||||
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Other current assets
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29,218 | 14,669 | ||||||
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Total current assets
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470,088 | 500,000 | ||||||
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Property, plant and equipment, net
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115,009 | 114,366 | ||||||
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Goodwill and other intangible assets
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18,010 | 3,028 | ||||||
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Deferred income tax assets – long-term
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31,422 | 33,649 | ||||||
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Other long-term assets, net
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50,688 | 34,696 | ||||||
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Total assets
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$ | 685,217 | $ | 685,739 | ||||
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Current liabilities
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Current portion of long-term debt
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$ | 368 | $ | 1,829 | ||||
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Accounts payable
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52,011 | 56,630 | ||||||
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Accrued expenses and other current liabilities
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79,969 | 91,300 | ||||||
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Total current liabilities
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132,348 | 149,759 | ||||||
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Long-term debt
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7,375 | 7,931 | ||||||
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Other long-term liabilities
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80,974 | 80,234 | ||||||
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Contingencies and commitments
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— | — | ||||||
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Shareholders’ equity
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||||||||
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Preferred shares – 5,000 authorized; none issued
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— | — | ||||||
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Common shares, $1 par value – 150,000 authorized; 52,416 outstanding at 10/27/12 and 52,244 outstanding at 4/28/12
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52,416 | 52,244 | ||||||
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Capital in excess of par value
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236,248 | 231,332 | ||||||
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Retained earnings
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199,152 | 189,609 | ||||||
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Accumulated other comprehensive loss
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(29,820 | ) | (31,281 | ) | ||||
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Total La-Z-Boy Incorporated shareholders' equity
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457,996 | 441,904 | ||||||
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Noncontrolling interests
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6,524 | 5,911 | ||||||
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Total equity
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464,520 | 447,815 | ||||||
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Total liabilities and equity
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$ | 685,217 | $ | 685,739 | ||||
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
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Six Months Ended
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(Unaudited, amounts in thousands)
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10/27/12
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10/29/11
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Cash flows from operating activities
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Net income
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$ | 11,527 | $ | 53,528 | ||||
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Adjustments to reconcile net income to cash provided by (used for) operating activities
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||||||||
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Loss (gain) on disposal of assets
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47 | (139 | ) | |||||
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Deferred income tax benefit
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(457 | ) | (43,784 | ) | ||||
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Restructuring
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2,686 | 166 | ||||||
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Provision for doubtful accounts
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654 | 2,118 | ||||||
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Depreciation and amortization
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11,239 | 12,372 | ||||||
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Stock-based compensation expense
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6,959 | 3,285 | ||||||
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Pension plan contributions
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(2,320 | ) | (1,860 | ) | ||||
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Change in receivables
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11,689 | (1,418 | ) | |||||
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Change in inventories
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(22,290 | ) | (4,765 | ) | ||||
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Change in other assets
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(6,090 | ) | (2,993 | ) | ||||
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Change in payables
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(4,619 | ) | (1,034 | ) | ||||
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Change in other liabilities
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(11,484 | ) | 2,046 | |||||
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Net cash (used for) provided by operating activities
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(2,459 | ) | 17,522 | |||||
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Cash flows from investing activities
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Proceeds from disposal of assets
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985 | 221 | ||||||
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Capital expenditures
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(11,637 | ) | (8,218 | ) | ||||
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Purchases of investments
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(31,514 | ) | (5,214 | ) | ||||
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Proceeds from sales of investments
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5,684 | 5,160 | ||||||
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Acquisitions, net of cash acquired
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(15,863 | ) | — | |||||
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Change in restricted cash
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(6,931 | ) | — | |||||
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Other
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— | (681 | ) | |||||
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Net cash used for investing activities
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(59,276 | ) | (8,732 | ) | ||||
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Cash flows from financing activities
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||||||||
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Payments on debt
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(2,255 | ) | (4,860 | ) | ||||
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Payments for debt issuance costs
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— | (390 | ) | |||||
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Stock issued for stock and employee benefit plans
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1,236 | 321 | ||||||
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Excess tax benefit on stock option exercises
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1,025 | — | ||||||
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Purchases of common stock
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(4,012 | ) | (1,542 | ) | ||||
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Net cash used for financing activities
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(4,006 | ) | (6,471 | ) | ||||
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Effect of exchange rate changes on cash and equivalents
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(21 | ) | (48 | ) | ||||
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Change in cash and equivalents
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(65,762 | ) | 2,271 | |||||
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Cash and equivalents at beginning of period
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152,370 | 115,262 | ||||||
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Cash and equivalents at end of period
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$ | 86,608 | $ | 117,533 | ||||
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
| Second Quarter Ended | Six Months Ended | |||||||||||||||
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(Unaudited, amounts in thousands)
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10/27/12
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10/29/11
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10/27/12
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10/29/11
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Sales
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Upholstery Segment
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$ | 259,462 | $ | 241,400 | $ | 497,629 | $ | 458,862 | ||||||||
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Casegoods Segment
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34,528 | 35,943 | 69,137 | 70,074 | ||||||||||||
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Retail Segment
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61,198 | 52,711 | 118,317 | 101,525 | ||||||||||||
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VIEs, net of intercompany sales eliminations
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— | 2,762 | — | 6,103 | ||||||||||||
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Corporate and Other
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628 | 817 | 1,330 | 1,411 | ||||||||||||
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Eliminations
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(33,475 | ) | (25,954 | ) | (62,571 | ) | (50,202 | ) | ||||||||
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Consolidated Sales
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$ | 322,341 | $ | 307,679 | $ | 623,842 | $ | 587,773 | ||||||||
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Operating Income (Loss)
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||||||||||||||||
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Upholstery Segment
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$ | 21,790 | $ | 20,993 | $ | 37,368 | $ | 32,118 | ||||||||
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Casegoods Segment
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902 | 1,962 | 2,181 | 2,519 | ||||||||||||
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Retail Segment
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(575 | ) | (2,683 | ) | (2,563 | ) | (6,061 | ) | ||||||||
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VIEs
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— | (204 | ) | — | 363 | |||||||||||
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Restructuring
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(2,654 | ) | (50 | ) | (2,686 | ) | (166 | ) | ||||||||
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Corporate and Other
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(8,900 | ) | (7,770 | ) | (16,111 | ) | (13,052 | ) | ||||||||
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Consolidated Operating Income
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$ | 10,563 | $ | 12,248 | $ | 18,189 | $ | 15,721 | ||||||||