Attached files
file | filename |
---|---|
8-K - 8-K - LA-Z-BOY INC | a15-23561_18k.htm |
EX-99.1 - EX-99.1 - LA-Z-BOY INC | a15-23561_1ex99d1.htm |
Exhibit 99.2
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
Quarter Ended |
| ||||
(Unaudited, amounts in thousands, except per share data) |
|
10/24/15 |
|
10/25/14 |
| ||
Sales |
|
$ |
382,891 |
|
$ |
365,601 |
|
Cost of sales |
|
237,085 |
|
235,706 |
| ||
Gross profit |
|
145,806 |
|
129,895 |
| ||
Selling, general and administrative expense |
|
112,412 |
|
99,703 |
| ||
Operating income |
|
33,394 |
|
30,192 |
| ||
Interest expense |
|
133 |
|
145 |
| ||
Interest income |
|
164 |
|
233 |
| ||
Other income, net |
|
512 |
|
152 |
| ||
Income from continuing operations before income taxes |
|
33,937 |
|
30,432 |
| ||
Income tax expense |
|
12,278 |
|
10,743 |
| ||
Income from continuing operations |
|
21,659 |
|
19,689 |
| ||
Income from discontinued operations, net of tax |
|
|
|
285 |
| ||
Net income |
|
21,659 |
|
19,974 |
| ||
Net income attributable to noncontrolling interests |
|
(707 |
) |
(445 |
) | ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
20,952 |
|
$ |
19,529 |
|
|
|
|
|
|
| ||
Net income attributable to La-Z-Boy Incorporated: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
20,952 |
|
$ |
19,244 |
|
Income from discontinued operations |
|
|
|
285 |
| ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
20,952 |
|
$ |
19,529 |
|
|
|
|
|
|
| ||
Basic weighted average common shares |
|
50,493 |
|
52,279 |
| ||
Basic net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
0.41 |
|
$ |
0.37 |
|
Income from discontinued operations |
|
|
|
|
| ||
Basic net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.41 |
|
$ |
0.37 |
|
|
|
|
|
|
| ||
Diluted weighted average common shares |
|
51,039 |
|
52,723 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
0.41 |
|
$ |
0.36 |
|
Income from discontinued operations |
|
|
|
0.01 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.41 |
|
$ |
0.37 |
|
|
|
|
|
|
| ||
Dividends declared per share |
|
$ |
0.08 |
|
$ |
0.06 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
Six Months Ended |
| ||||
(Unaudited, amounts in thousands, except per share data) |
|
10/24/15 |
|
10/25/14 |
| ||
Sales |
|
$ |
724,314 |
|
$ |
692,581 |
|
Cost of sales |
|
454,276 |
|
451,180 |
| ||
Gross profit |
|
270,038 |
|
241,401 |
| ||
Selling, general and administrative expense |
|
216,678 |
|
194,718 |
| ||
Operating income |
|
53,360 |
|
46,683 |
| ||
Interest expense |
|
245 |
|
277 |
| ||
Interest income |
|
369 |
|
435 |
| ||
Other income (expense), net |
|
2,480 |
|
(106 |
) | ||
Income from continuing operations before income taxes |
|
55,964 |
|
46,735 |
| ||
Income tax expense |
|
20,182 |
|
16,498 |
| ||
Income from continuing operations |
|
35,782 |
|
30,237 |
| ||
Income from discontinued operations, net of tax |
|
|
|
2,782 |
| ||
Net income |
|
35,782 |
|
33,019 |
| ||
Net income attributable to noncontrolling interests |
|
(1,154 |
) |
(409 |
) | ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
34,628 |
|
$ |
32,610 |
|
|
|
|
|
|
| ||
Net income attributable to La-Z-Boy Incorporated: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
34,628 |
|
$ |
29,828 |
|
Income from discontinued operations |
|
|
|
2,782 |
| ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
34,628 |
|
$ |
32,610 |
|
|
|
|
|
|
| ||
Basic weighted average common shares |
|
50,538 |
|
52,235 |
| ||
Basic net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
0.68 |
|
$ |
0.57 |
|
Income from discontinued operations |
|
|
|
0.05 |
| ||
Basic net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.68 |
|
$ |
0.62 |
|
|
|
|
|
|
| ||
Diluted weighted average common shares |
|
51,076 |
|
52,662 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
0.67 |
|
$ |
0.56 |
|
Income from discontinued operations |
|
|
|
0.06 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.67 |
|
$ |
0.62 |
|
|
|
|
|
|
| ||
Dividends declared per share |
|
$ |
0.16 |
|
$ |
0.12 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
(Unaudited, amounts in thousands) |
|
10/24/15 |
|
4/25/15 |
| ||
Current assets |
|
|
|
|
| ||
Cash and equivalents |
|
$ |
74,566 |
|
$ |
98,302 |
|
Restricted cash |
|
8,976 |
|
9,636 |
| ||
Receivables, net of allowance of $3,389 at 10/24/15 and $4,622 at 4/25/15 |
|
152,857 |
|
158,548 |
| ||
Inventories, net |
|
181,625 |
|
156,789 |
| ||
Deferred income taxes current |
|
11,623 |
|
11,255 |
| ||
Other current assets |
|
44,265 |
|
41,921 |
| ||
Total current assets |
|
473,912 |
|
476,451 |
| ||
Property, plant and equipment, net |
|
173,138 |
|
174,036 |
| ||
Goodwill |
|
33,423 |
|
15,164 |
| ||
Other intangible assets |
|
7,958 |
|
5,458 |
| ||
Deferred income taxes long-term |
|
34,136 |
|
35,072 |
| ||
Other long-term assets, net |
|
63,457 |
|
68,423 |
| ||
Total assets |
|
$ |
786,024 |
|
$ |
774,604 |
|
|
|
|
|
|
| ||
Current liabilities |
|
|
|
|
| ||
Short-term borrowings |
|
$ |
4,000 |
|
$ |
|
|
Current portion of long-term debt |
|
344 |
|
397 |
| ||
Accounts payable |
|
45,040 |
|
46,168 |
| ||
Accrued expenses and other current liabilities |
|
112,923 |
|
108,326 |
| ||
Total current liabilities |
|
162,307 |
|
154,891 |
| ||
Long-term debt |
|
622 |
|
433 |
| ||
Other long-term liabilities |
|
79,724 |
|
86,180 |
| ||
Contingencies and commitments |
|
|
|
|
| ||
Shareholders equity |
|
|
|
|
| ||
Preferred shares 5,000 authorized; none issued |
|
|
|
|
| ||
Common shares, $1 par value 150,000 authorized; 50,289 outstanding at 10/24/15 and 50,747 outstanding at 4/25/15 |
|
50,289 |
|
50,747 |
| ||
Capital in excess of par value |
|
275,301 |
|
270,032 |
| ||
Retained earnings |
|
242,392 |
|
235,506 |
| ||
Accumulated other comprehensive loss |
|
(33,929 |
) |
(32,139 |
) | ||
Total La-Z-Boy Incorporated shareholders equity |
|
534,053 |
|
524,146 |
| ||
Noncontrolling interests |
|
9,318 |
|
8,954 |
| ||
Total equity |
|
543,371 |
|
533,100 |
| ||
Total liabilities and equity |
|
$ |
786,024 |
|
$ |
774,604 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Six Months Ended |
| ||||
(Unaudited, amounts in thousands) |
|
10/24/15 |
|
10/25/14 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income |
|
$ |
35,782 |
|
$ |
33,019 |
|
Adjustments to reconcile net income to cash provided by (used for) operating activities |
|
|
|
|
| ||
Restructuring |
|
352 |
|
(332 |
) | ||
Deferred income tax expense (benefit) |
|
138 |
|
(1,799 |
) | ||
Provision for doubtful accounts |
|
(426 |
) |
(1,113 |
) | ||
Depreciation and amortization |
|
12,679 |
|
10,996 |
| ||
Equity-based compensation expense |
|
5,123 |
|
5,047 |
| ||
Pension plan contributions |
|
(7,000 |
) |
|
| ||
Change in receivables |
|
4,980 |
|
(2,135 |
) | ||
Change in inventories |
|
(21,501 |
) |
(11,006 |
) | ||
Change in other assets |
|
(5,656 |
) |
6,253 |
| ||
Change in payables |
|
(628 |
) |
(785 |
) | ||
Change in other liabilities |
|
(2,120 |
) |
(6,377 |
) | ||
Net cash provided by operating activities |
|
21,723 |
|
31,768 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Proceeds from disposal of assets |
|
2,491 |
|
6,534 |
| ||
Capital expenditures |
|
(13,949 |
) |
(40,580 |
) | ||
Purchases of investments |
|
(11,693 |
) |
(24,224 |
) | ||
Proceeds from sales of investments |
|
19,409 |
|
17,827 |
| ||
Acquisitions, net of cash acquired |
|
(19,232 |
) |
|
| ||
Change in restricted cash |
|
660 |
|
7,287 |
| ||
Net cash used for investing activities |
|
(22,314 |
) |
(33,156 |
) | ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Net proceeds from credit facility |
|
4,000 |
|
|
| ||
Payments on debt |
|
(283 |
) |
(7,358 |
) | ||
Stock issued for stock and employee benefit plans |
|
253 |
|
161 |
| ||
Excess tax benefit on stock option exercises |
|
392 |
|
252 |
| ||
Purchases of common stock |
|
(18,461 |
) |
(19,654 |
) | ||
Dividends paid |
|
(8,112 |
) |
(6,274 |
) | ||
Net cash used for financing activities |
|
(22,211 |
) |
(32,873 |
) | ||
|
|
|
|
|
| ||
Effect of exchange rate changes on cash and equivalents |
|
(934 |
) |
(75 |
) | ||
Change in cash and equivalents |
|
(23,736 |
) |
(34,336 |
) | ||
Cash and equivalents at beginning of period |
|
98,302 |
|
149,661 |
| ||
Cash and equivalents at end of period |
|
$ |
74,566 |
|
$ |
115,325 |
|
|
|
|
|
|
| ||
Supplemental disclosure of non-cash investing activities |
|
|
|
|
| ||
Capital expenditures included in payables |
|
$ |
|
|
$ |
5,339 |
|
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
|
Quarter Ended |
|
Six Months Ended |
| ||||||||
(Unaudited, amounts in thousands) |
|
10/24/15 |
|
10/25/14 |
|
10/24/15 |
|
10/25/14 |
| ||||
Sales |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
$ |
260,080 |
|
$ |
255,044 |
|
$ |
492,564 |
|
$ |
482,200 |
|
Intersegment sales |
|
45,737 |
|
42,223 |
|
85,929 |
|
77,926 |
| ||||
Upholstery segment sales |
|
305,817 |
|
297,267 |
|
578,493 |
|
560,126 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Casegoods segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
25,787 |
|
25,455 |
|
46,989 |
|
51,408 |
| ||||
Intersegment sales |
|
2,432 |
|
3,433 |
|
4,623 |
|
6,403 |
| ||||
Casegoods segment sales |
|
28,219 |
|
28,888 |
|
51,612 |
|
57,811 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Retail segment sales |
|
96,480 |
|
84,589 |
|
183,131 |
|
157,494 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Corporate and Other: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
544 |
|
513 |
|
1,630 |
|
1,479 |
| ||||
Intersegment sales |
|
750 |
|
|
|
1,266 |
|
|
| ||||
Corporate and Other sales |
|
1,294 |
|
513 |
|
2,896 |
|
1,479 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Eliminations |
|
(48,919 |
) |
(45,656 |
) |
(91,818 |
) |
(84,329 |
) | ||||
Consolidated sales |
|
$ |
382,891 |
|
$ |
365,601 |
|
$ |
724,314 |
|
$ |
692,581 |
|
|
|
|
|
|
|
|
|
|
| ||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment |
|
$ |
37,040 |
|
$ |
32,607 |
|
$ |
61,634 |
|
$ |
54,624 |
|
Casegoods segment |
|
2,634 |
|
2,995 |
|
4,324 |
|
4,520 |
| ||||
Retail segment |
|
5,716 |
|
3,682 |
|
10,445 |
|
3,997 |
| ||||
Restructuring |
|
(187 |
) |
(10 |
) |
(352 |
) |
347 |
| ||||
Corporate and Other |
|
(11,809 |
) |
(9,082 |
) |
(22,691 |
) |
(16,805 |
) | ||||
Consolidated operating income |
|
$ |
33,394 |
|
$ |
30,192 |
|
$ |
53,360 |
|
$ |
46,683 |
|