Attached files
file | filename |
---|---|
8-K - 8-K - LA-Z-BOY INC | a16-4723_18k.htm |
EX-99.1 - EX-99.1 - LA-Z-BOY INC | a16-4723_1ex99d1.htm |
Exhibit 99.2
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
Quarter Ended |
| ||||
(Unaudited, amounts in thousands, except per share data) |
|
1/23/16 |
|
1/24/15 |
| ||
Sales |
|
$ |
384,014 |
|
$ |
357,876 |
|
Cost of sales |
|
236,024 |
|
228,317 |
| ||
Gross profit |
|
147,990 |
|
129,559 |
| ||
Selling, general and administrative expense |
|
113,206 |
|
102,631 |
| ||
Operating income |
|
34,784 |
|
26,928 |
| ||
Interest expense |
|
120 |
|
131 |
| ||
Interest income |
|
204 |
|
232 |
| ||
Income from Continued Dumping and Subsidy Offset Act, net |
|
102 |
|
|
| ||
Other income (expense), net |
|
(93 |
) |
805 |
| ||
Income from continuing operations before income taxes |
|
34,877 |
|
27,834 |
| ||
Income tax expense |
|
12,643 |
|
9,477 |
| ||
Income from continuing operations |
|
22,234 |
|
18,357 |
| ||
Income from discontinued operations, net of tax |
|
|
|
115 |
| ||
Net income |
|
22,234 |
|
18,472 |
| ||
Net income attributable to noncontrolling interests |
|
(328 |
) |
(524 |
) | ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
21,906 |
|
$ |
17,948 |
|
|
|
|
|
|
| ||
Net income attributable to La-Z-Boy Incorporated: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
21,906 |
|
$ |
17,833 |
|
Income from discontinued operations |
|
|
|
115 |
| ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
21,906 |
|
$ |
17,948 |
|
|
|
|
|
|
| ||
Basic weighted average common shares |
|
50,038 |
|
51,576 |
| ||
Basic net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
0.44 |
|
$ |
0.35 |
|
Income from discontinued operations |
|
|
|
|
| ||
Basic net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.44 |
|
$ |
0.35 |
|
|
|
|
|
|
| ||
Diluted weighted average common shares |
|
50,539 |
|
52,139 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
0.43 |
|
$ |
0.34 |
|
Income from discontinued operations |
|
|
|
|
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$ |
0.43 |
|
$ |
0.34 |
|
|
|
|
|
|
| ||
Dividends declared per share |
|
$ |
0.10 |
|
$ |
0.08 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME
|
|
Nine Months Ended |
| ||||
(Unaudited, amounts in thousands, except per share data) |
|
1/23/16 |
|
1/24/15 |
| ||
Sales |
|
$ |
1,108,328 |
|
$ |
1,050,457 |
|
Cost of sales |
|
690,300 |
|
679,497 |
| ||
Gross profit |
|
418,028 |
|
370,960 |
| ||
Selling, general and administrative expense |
|
329,884 |
|
297,349 |
| ||
Operating income |
|
88,144 |
|
73,611 |
| ||
Interest expense |
|
365 |
|
408 |
| ||
Interest income |
|
573 |
|
667 |
| ||
Income from Continued Dumping and Subsidy Offset Act, net |
|
102 |
|
|
| ||
Other income, net |
|
2,387 |
|
699 |
| ||
Income from continuing operations before income taxes |
|
90,841 |
|
74,569 |
| ||
Income tax expense |
|
32,825 |
|
25,975 |
| ||
Income from continuing operations |
|
58,016 |
|
48,594 |
| ||
Income from discontinued operations, net of tax |
|
|
|
2,897 |
| ||
Net income |
|
58,016 |
|
51,491 |
| ||
Net income attributable to noncontrolling interests |
|
(1,482 |
) |
(933 |
) | ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
56,534 |
|
$ |
50,558 |
|
|
|
|
|
|
| ||
Net income attributable to La-Z-Boy Incorporated: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
56,534 |
|
$ |
47,661 |
|
Income from discontinued operations |
|
|
|
2,897 |
| ||
Net income attributable to La-Z-Boy Incorporated |
|
$ |
56,534 |
|
$ |
50,558 |
|
|
|
|
|
|
| ||
Basic weighted average common shares |
|
50,371 |
|
52,015 |
| ||
Basic net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
1.12 |
|
$ |
0.91 |
|
Income from discontinued operations |
|
|
|
0.06 |
| ||
Basic net income attributable to La-Z-Boy Incorporated per share |
|
$ |
1.12 |
|
$ |
0.97 |
|
|
|
|
|
|
| ||
Diluted weighted average common shares |
|
50,880 |
|
52,540 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share: |
|
|
|
|
| ||
Income from continuing operations attributable to La-Z-Boy Incorporated |
|
$ |
1.11 |
|
$ |
0.90 |
|
Income from discontinued operations |
|
|
|
0.06 |
| ||
Diluted net income attributable to La-Z-Boy Incorporated per share |
|
$ |
1.11 |
|
$ |
0.96 |
|
|
|
|
|
|
| ||
Dividends declared per share |
|
$ |
0.26 |
|
$ |
0.20 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET
(Unaudited, amounts in thousands) |
|
1/23/16 |
|
4/25/15 |
| ||
Current assets |
|
|
|
|
| ||
Cash and equivalents |
|
$ |
97,698 |
|
$ |
98,302 |
|
Restricted cash |
|
8,976 |
|
9,636 |
| ||
Receivables, net of allowance of $3,118 at 1/23/16 and $4,622 at 4/25/15 |
|
142,802 |
|
158,548 |
| ||
Inventories, net |
|
183,245 |
|
156,789 |
| ||
Deferred income taxes current |
|
9,853 |
|
11,255 |
| ||
Other current assets |
|
38,377 |
|
41,921 |
| ||
Total current assets |
|
480,951 |
|
476,451 |
| ||
Property, plant and equipment, net |
|
173,103 |
|
174,036 |
| ||
Goodwill |
|
33,423 |
|
15,164 |
| ||
Other intangible assets |
|
7,958 |
|
5,458 |
| ||
Deferred income taxes long-term |
|
31,594 |
|
35,072 |
| ||
Other long-term assets, net |
|
60,173 |
|
68,423 |
| ||
Total assets |
|
$ |
787,202 |
|
$ |
774,604 |
|
|
|
|
|
|
| ||
Current liabilities |
|
|
|
|
| ||
Current portion of long-term debt |
|
$ |
300 |
|
$ |
397 |
|
Accounts payable |
|
46,017 |
|
46,168 |
| ||
Accrued expenses and other current liabilities |
|
108,683 |
|
108,326 |
| ||
Total current liabilities |
|
155,000 |
|
154,891 |
| ||
Long-term debt |
|
555 |
|
433 |
| ||
Other long-term liabilities |
|
80,442 |
|
86,180 |
| ||
Contingencies and commitments |
|
|
|
|
| ||
Shareholders equity |
|
|
|
|
| ||
Preferred shares 5,000 authorized; none issued |
|
|
|
|
| ||
Common shares, $1 par value 150,000 authorized; 49,891 outstanding at 1/23/16 and 50,747 outstanding at 4/25/15 |
|
49,891 |
|
50,747 |
| ||
Capital in excess of par value |
|
277,428 |
|
270,032 |
| ||
Retained earnings |
|
249,036 |
|
235,506 |
| ||
Accumulated other comprehensive loss |
|
(34,664 |
) |
(32,139 |
) | ||
Total La-Z-Boy Incorporated shareholders equity |
|
541,691 |
|
524,146 |
| ||
Noncontrolling interests |
|
9,514 |
|
8,954 |
| ||
Total equity |
|
551,205 |
|
533,100 |
| ||
Total liabilities and equity |
|
$ |
787,202 |
|
$ |
774,604 |
|
LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
Nine Months Ended |
| ||||
(Unaudited, amounts in thousands) |
|
1/23/16 |
|
1/24/15 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income |
|
$ |
58,016 |
|
$ |
51,491 |
|
Adjustments to reconcile net income to cash provided by (used for) operating activities |
|
|
|
|
| ||
Restructuring |
|
430 |
|
(1,106 |
) | ||
Deferred income tax expense (benefit) |
|
5,000 |
|
(3,987 |
) | ||
Provision for doubtful accounts |
|
(675 |
) |
(2,060 |
) | ||
Depreciation and amortization |
|
19,308 |
|
16,297 |
| ||
Equity-based compensation expense |
|
6,868 |
|
6,094 |
| ||
Pension plan contributions |
|
(7,000 |
) |
|
| ||
Change in receivables |
|
15,284 |
|
7,011 |
| ||
Change in inventories |
|
(23,121 |
) |
(11,913 |
) | ||
Change in other assets |
|
1,991 |
|
5,794 |
| ||
Change in payables |
|
349 |
|
(7,659 |
) | ||
Change in other liabilities |
|
(6,736 |
) |
(4,898 |
) | ||
Net cash provided by operating activities |
|
69,714 |
|
55,064 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Proceeds from disposal of assets |
|
2,506 |
|
8,940 |
| ||
Capital expenditures |
|
(19,825 |
) |
(56,512 |
) | ||
Purchases of investments |
|
(15,816 |
) |
(30,544 |
) | ||
Proceeds from sales of investments |
|
23,896 |
|
23,987 |
| ||
Acquisitions, net of cash acquired |
|
(19,232 |
) |
(1,774 |
) | ||
Change in restricted cash |
|
660 |
|
2,935 |
| ||
Net cash used for investing activities |
|
(27,811 |
) |
(52,968 |
) | ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Payments on debt |
|
(415 |
) |
(7,413 |
) | ||
Payments for debt issuance costs |
|
|
|
(164 |
) | ||
Stock issued for stock and employee benefit plans |
|
253 |
|
496 |
| ||
Excess tax benefit on stock option exercises |
|
774 |
|
234 |
| ||
Purchases of common stock |
|
(29,096 |
) |
(35,752 |
) | ||
Dividends paid |
|
(13,137 |
) |
(10,416 |
) | ||
Net cash used for financing activities |
|
(41,621 |
) |
(53,015 |
) | ||
|
|
|
|
|
| ||
Effect of exchange rate changes on cash and equivalents |
|
(886 |
) |
(332 |
) | ||
Change in cash and equivalents |
|
(604 |
) |
(51,251 |
) | ||
Cash and equivalents at beginning of period |
|
98,302 |
|
149,661 |
| ||
Cash and equivalents at end of period |
|
$ |
97,698 |
|
$ |
98,410 |
|
|
|
|
|
|
| ||
Supplemental disclosure of non-cash investing activities |
|
|
|
|
| ||
Capital expenditures included in payables |
|
$ |
|
|
$ |
6,275 |
|
LA-Z-BOY INCORPORATED
SEGMENT INFORMATION
|
|
Quarter Ended |
|
Nine Months Ended |
| ||||||||
(Unaudited, amounts in thousands) |
|
1/23/16 |
|
1/24/15 |
|
1/23/16 |
|
1/24/15 |
| ||||
Sales |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
$ |
250,740 |
|
$ |
243,390 |
|
$ |
743,304 |
|
$ |
725,590 |
|
Intersegment sales |
|
51,652 |
|
42,946 |
|
137,581 |
|
120,872 |
| ||||
Upholstery segment sales |
|
302,392 |
|
286,336 |
|
880,885 |
|
846,462 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Casegoods segment: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
22,528 |
|
24,134 |
|
69,517 |
|
75,542 |
| ||||
Intersegment sales |
|
2,091 |
|
1,866 |
|
6,714 |
|
8,269 |
| ||||
Casegoods segment sales |
|
24,619 |
|
26,000 |
|
76,231 |
|
83,811 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Retail segment sales |
|
110,160 |
|
89,791 |
|
293,291 |
|
247,285 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Corporate and Other: |
|
|
|
|
|
|
|
|
| ||||
Sales to external customers |
|
586 |
|
561 |
|
2,216 |
|
2,040 |
| ||||
Intersegment sales |
|
1,328 |
|
|
|
2,594 |
|
|
| ||||
Corporate and Other sales |
|
1,914 |
|
561 |
|
4,810 |
|
2,040 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Eliminations |
|
(55,071 |
) |
(44,812 |
) |
(146,889 |
) |
(129,141 |
) | ||||
Consolidated sales |
|
$ |
384,014 |
|
$ |
357,876 |
|
$ |
1,108,328 |
|
$ |
1,050,457 |
|
|
|
|
|
|
|
|
|
|
| ||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
| ||||
Upholstery segment |
|
$ |
33,022 |
|
$ |
31,479 |
|
$ |
94,656 |
|
$ |
86,103 |
|
Casegoods segment |
|
1,768 |
|
860 |
|
6,092 |
|
5,380 |
| ||||
Retail segment |
|
8,834 |
|
4,202 |
|
19,279 |
|
8,199 |
| ||||
Restructuring |
|
(78 |
) |
771 |
|
(430 |
) |
1,118 |
| ||||
Corporate and Other |
|
(8,762 |
) |
(10,384 |
) |
(31,453 |
) |
(27,189 |
) | ||||
Consolidated operating income |
|
$ |
34,784 |
|
$ |
26,928 |
|
$ |
88,144 |
|
$ |
73,611 |
|