UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON,
D.C. 20549-1004
FORM
8-K
Current
Report Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
June 15, 2009
(Date of
Report (Date of Earliest Event Reported))
LA-Z-BOY
INCORPORATED
(Exact
name of registrant as specified in its charter)
|
MICHIGAN
|
1-9656
|
38-0751137
|
|
(State
or other jurisdiction of
|
(Commission
|
(IRS
Employer
|
|
incorporation)
|
File
Number)
|
Indentification
Number)
|
|
1284
North Telegraph Road, Monroe, Michigan
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48162-3390
|
|
(Address
of principal executive offices)
|
Zip
Code
|
Registrant's
telephone number, including area code (734)
242-1444
None
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition.
On June
15, 2009, La-Z-Boy Incorporated issued a press release to report the company’s
financial results for the quarter and full year ended April 25, 2009. A copy of
the press release is attached to this current report on Form 8-K as Exhibit
99.1. Exhibit 99.2 contains unaudited financial data.
The
information in Item 2.02 of this report and the related exhibits (Exhibits 99.1
and 99.2) shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, except as
expressly set forth by specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits
|
|
(d)
|
The
following exhibits are filed or furnished as part of this
report:
|
|
Description
|
||
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99.1
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Press
Release Dated June 15, 2009
|
|
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99.2
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Unaudited
financial schedules
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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LA-Z-BOY INCORPORATED
|
||
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(Registrant)
|
||
|
Date:
June 15, 2009
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||
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BY:
/S/ Margaret L.
Mueller
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||
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Margaret
L. Mueller
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||
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Corporate
Controller
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EXHIBIT
99.1
NEWS
RELEASE
|
Contact: Kathy
Liebmann
|
(734)
241-2438
|
kathy.liebmann@la-z-boy.com
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LA-Z-BOY REPORTS
FOURTH-QUARTER PROFIT
MONROE,
MI. June 15, 2009—La-Z-Boy Incorporated (NYSE: LZB) today
reported its operating results for the fiscal fourth quarter and full year ended
April 25, 2009.
Fiscal
2009 fourth quarter highlights:
|
|
·
|
Income
from continuing operations was $0.10 per share versus a loss of $0.09 per
share in last year’s fourth quarter, despite a 23% decline in net sales,
reflecting ongoing macroeconomic
challenges
|
|
|
·
|
The
company generated $34 million in cash from operating activities and
reduced debt by $28 million
|
|
|
·
|
Net
debt at year end was less than $44 million – the lowest level the company
experienced in this decade
|
|
|
·
|
The
retail segment’s performance improved – operating loss reduced by $5
million on a 21% sales decline
|
Net sales
for the fourth quarter were $284.5 million, down 23% compared with the prior
year’s fourth quarter. The company reported income from continuing
operations of $5.3 million, or $0.10 per share, compared with a loss of $4.5
million, or a loss of $0.09 per share in the same period of fiscal
2008. The 2009 fourth-quarter results include a $0.01 per share
impairment of long-lived assets related to its retail operation, a $0.01
restructuring charge, primarily related to store closures within the company’s
retail segment and a $0.05 tax benefit. The company’s 2008
fourth-quarter results include a $0.04 restructuring charge, primarily related
to the closing of its Tremonton, UT manufacturing facility.
Kurt L.
Darrow, President and Chief Executive Officer of La-Z-Boy, said, “We were
profitable during the quarter on a sales decline of $84 million as the operating
environment continues to be very difficult. This is the direct result
of the decisive actions taken and the significant changes made to our cost
structure over the past year coupled with the ongoing execution of strategic
initiatives that will continue to increase the company’s operating
efficiencies. Additionally, during the quarter, we generated $34
million in cash from operating activities. We remained focused on
improving our liquidity by paying down debt by $27.8 million, bringing our net
debt at year end to less than $44 million. Additionally, subsequent
to year end, restricted cash of about $18 million became available to be used
for operations due to a change in our captive insurance company. We
also reduced our losses in the retail segment by $5 million when compared with
the previous year’s fourth quarter, even on declining volume. Going
forward, we will maintain our aggressive stance in managing our business and,
with our new infrastructure, I am confident La-Z-Boy Incorporated will
emerge from this difficult macroeconomic period as a stronger and more
competitive entity.”
For the
full fiscal 2009 year, La-Z-Boy Incorporated reported sales of $1.2
billion, down 15.5% from $1.5 billion in the prior-year period. The
company posted a loss from continuing operations of $121.3 million, or $2.36 per
share, versus a loss of $7.5 million, or a loss of $0.15 per
share. The 2009 full-year results include income of $0.16 per share
related to anti-dumping monies received on bedroom furniture imported from
China, a restructuring charge of $0.24 per share related to various plant,
warehouse facilities and retail store closures, a non-cash intangible write-down
of $0.85 per share relating to goodwill and trade names and a $0.15 per share
non-cash impairment of long-lived assets relating to the company’s retail
operation. The company’s full-year results also include a non-cash
$0.74 per-share charge recognized in the second quarter of fiscal
2009 for a valuation allowance against the company’s deferred tax
assets.
Wholesale
Segments
For the
fiscal 2009 fourth quarter, sales in the company’s upholstery segment decreased
22.5% to $215.0 million compared with $277.5 million in the prior year’s fourth
quarter. On the $62.5 million decline in sales, the segment’s
operating margin increased to 9.0% from 8.3% in the prior year’s
quarter. In the casegoods segment, sales for the fiscal fourth
quarter were $39.3 million, down 19.4% from $48.8 million in the prior year’s
fourth quarter. The segment’s operating margin decreased to (3.2%)
from 3.6% in last year’s comparable period.
Darrow
commented, “Our operating margin performance in our upholstery segment
demonstrates the efficiencies with which we are running our
business. On a significant decline in volume, we not only operated
with a 9% margin, but improved our operating performance quarter over
quarter. This is a testament to the number of changes we have made to
our manufacturing structure. In addition to the benefits derived from
cellular production at our La-Z-Boy branded facilities, we are also achieving
similar lean benefits at our other upholstery companies. And, with
the transition to our new Mexican cut-and-sew facility in progress and on
schedule, we look forward to achieving further cost savings and efficiencies, as
planned. However, we are currently running dual cut-and-sew
operations as we go through the transition process and are not yet realizing the
anticipated cost benefits from the Mexican operation. We expect to start seeing
benefits in early calendar 2010.”
Darrow
continued, “In our casegoods business, we made the decision to consolidate our
two separate manufacturing operations into one facility in Hudson,
NC. We will close our plant in North Wilkesboro and convert it to a
finished-goods warehouse and vacate a leased warehouse operation in Statesville,
NC. These moves will take place over a nine-month period and, when
completed, will provide an annual cost savings of approximately $5 to $6
million, based on current volume. Additionally, we are narrowing the
number of collections we offer to focus on our best sellers and a core group of
products. As a result, during the quarter, the operating margin for
the segment was negatively impacted by higher-than-usual discounting of certain
product to reduce inventory levels and generate cash.”
In fiscal
2009, the La-Z-Boy Furniture Galleries® store system, which includes both
company-owned and independent-licensed stores, opened six new stores, relocated
and/or remodeled nine and closed 21, bringing the total store count to 320, of
which 224 are in the New Generation format. For fiscal
2010, the network plans to be opportunistic in opening or relocating stores and
anticipates closing five to 10 stores.
System-wide,
for the fiscal 2009 fourth quarter, including company-owned and
independent-licensed stores, same-store written sales, which the company tracks
as an indicator of retail activity, were down 16.4%. Total written
sales, which include new and closed stores, were down 20.6%.
Retail
For the
quarter, retail sales were $38.4 million, down 21.4% compared with the
prior-year period. The retail group posted an operating loss for the
quarter, and its operating margin was (19.1%). Darrow stated,
“Although our retail business continues to be impacted by the weak demand
environment, I am pleased with the progress our team is making in stemming the
losses in the segment. In spite of the sales decline, we decreased
our operating loss for the quarter by $5 million compared with last year’s
fourth quarter, reflecting the numerous changes made to the business over the
previous six-month period. Those changes include structural
improvements within each store, more efficient and effective marketing, higher
gross margins and lower warehousing costs due to the shift we instituted last
quarter. Going forward, working within the confines of a
difficult macroeconomic environment and associated lower traffic levels, our
sales team is focused on improving the customer shopping experience, leveraging
new selling strategies and improving on the execution of our In-Home Design
capabilities. We believe that even in the lower-volume environment, we can
continue to improve the segment’s operating performance.”
Balance
Sheet
During
the fourth quarter, La-Z-Boy generated $34 million in cash from operating
activities and paid down its debt by $27.8 million. La-Z-Boy’s
debt-to-capitalization ratio was 16.6% compared with 18.8% a year ago and to 22%
at the end of the third quarter. During the quarter, the company’s
inventory was reduced by 18.6%, or $32 million. Darrow stated, “In addition to
managing all facets of our business aggressively, we are focused on improving
our liquidity. In a difficult sales environment, we were able to
generate cash, pay down debt and increase our availability under our revolving
line of credit by $7.8 million to $65 million.”
Business
Outlook
Darrow
stated, “We anticipate business conditions to remain difficult throughout the
year and are structuring our business accordingly. Should conditions
change in either direction, we will react swiftly and make the necessary changes
to our operating structure. Due to seasonality factors and plant
shutdowns for vacation and maintenance, the summer period is usually the slowest
for the furniture industry and, historically, our first quarter, which ends in
July, is typically the weakest in terms of sales and profits.”
Conference
Call
La-Z-Boy
will hold a conference call with the investment community on Tuesday, 16 June
2009, at 8:30 a.m. eastern time. The toll-free dial-in number is
877.407.0778; international callers may use 201.689.8565.
Forward-looking
Information
Any
forward-looking statements contained in this news release are based on current
information and assumptions and represent management’s best judgment at the
present time. Actual results could differ materially from those anticipated or
projected due to a number of factors. These factors include, but are not limited
to: (a) changes in consumer confidence; (b) continued economic recession and
decline in our stock price (c) changes in demographics; (d) further
changes in residential housing and commercial real estate market; (e) the impact
of terrorism or war; (f) continued energy and other commodity price changes; (g)
the impact of logistics on imports; (h) the impact of interest rate changes; (i)
changes in currency exchange rates; (j) competitive factors; (k) operating
factors, such as supply, labor or distribution disruptions including changes in
operating conditions or costs; (l) effects of restructuring actions; (m) changes
in the domestic or international regulatory environment; (n) ability to
implement global sourcing organization strategies; (o) the impact of adopting
new accounting principles; (p) the impact from natural events such as
hurricanes, earthquakes and tornadoes; (q) the ability to procure fabric rolls
and leather hides or cut and sewn fabric and leather sets domestically or
abroad; (r) continued decline in the credit market and potential impacts on our
customers and suppliers; (s) unanticipated labor/industrial actions; (t) those
matters discussed in Item 1A of our fiscal 2009 Annual Report and factors
relating to acquisitions and other factors identified from time-to-time in our
reports filed with the Securities and Exchange Commission. We undertake no
obligation to update or revise any forward-looking statements, either to reflect
new developments or for any other reason.
Additional
Information
This news
release is just one part of La-Z-Boy’s financial disclosures and should be read
in conjunction with other information filed with the Securities and Exchange
Commission, which is available at http://www.la-z-boy.com/about/InvestorRelations/sec_filings.aspx. Investors
and others wishing to be notified of future La-Z-Boy news releases, SEC filings
and quarterly investor conference calls may sign up at:
http://www.la-z-boy.com/about/investorRelations/IR_email_alerts.aspx.
Background
Information
La-Z-Boy
Incorporated is one of the world’s leading residential furniture producers,
marketing furniture for every room of the home. The La-Z-Boy Upholstery Group
companies are Bauhaus, England and La-Z-Boy. The La-Z-Boy Casegoods Group
companies are American Drew/Lea, Hammary and Kincaid.
The
corporation’s proprietary distribution network is dedicated exclusively to
selling La-Z-Boy Incorporated products and brands, and includes 320 stand-alone
La-Z-Boy Furniture Galleries® stores and 466 Comfort Studios, in addition to
in-store gallery programs at the company’s Kincaid, England and Lea operating
units. According to industry trade publication In Furniture, the La-Z-Boy
Furniture Galleries retail network is North America’s largest single-brand
furniture retailer. Additional information is available at http://www.la-z-boy.com/.
EXHIBIT
99.2
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF OPERATIONS
|
Unaudited
For
the Quarter Ended
|
Unaudited
For
the Year Ended
|
|||||||||||||||
|
(Amounts
in thousands, except per share data)
|
4/25/2009
(13
weeks)
|
4/26/2008
(13
weeks)
|
4/25/2009
(52
weeks)
|
4/26/2008
(52
weeks)
|
||||||||||||
|
Sales
|
$ | 284,498 | $ | 368,030 | $ | 1,226,674 | $ | 1,450,941 | ||||||||
|
Cost
of sales
|
||||||||||||||||
|
Cost
of goods sold
|
192,937 | 260,777 | $ | 878,089 | 1,051,656 | |||||||||||
|
Restructuring
|
123 | 2,610 | 9,818 | 5,057 | ||||||||||||
|
Total
cost of sales
|
193,060 | 263,387 | 887,907 | 1,056,713 | ||||||||||||
|
Gross
profit
|
91,438 | 104,643 | 338,767 | 394,228 | ||||||||||||
|
Selling,
general and administrative
|
87,140 | 102,192 | 375,011 | 399,470 | ||||||||||||
|
Restructuring
|
433 | 632 | 2,642 | 3,078 | ||||||||||||
|
Write-down
of long-lived assets
|
467 | — | 7,503 | — | ||||||||||||
|
Write-down
of intangibles
|
— | 2,617 | 47,677 | 8,426 | ||||||||||||
|
Operating
income (loss)
|
3,398 | (798 | ) | (94,066 | ) | (16,746 | ) | |||||||||
|
Interest
expense
|
1,049 | 7,534 | 5,581 | 13,899 | ||||||||||||
|
Income
from Continued Dumping and Subsidy Offset
Act, net
|
— | — | 8,124 | 7,147 | ||||||||||||
|
Interest
income
|
619 | 575 | 2,504 | 3,614 | ||||||||||||
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Other
income (expense), net
|
(23 | ) | 691 | (7,998 | ) | 5,393 | ||||||||||
|
Income
(loss) from continuing operations before income taxes
|
2,945 | (7,066 | ) | (97,017 | ) | (14,491 | ) | |||||||||
|
Income
tax (benefit) expense
|
(2,378 | ) | (2,595 | ) | 24,330 | (6,954 | ) | |||||||||
|
Income
(loss) from continuing operations
|
5,323 | (4,471 | ) | (121,347 | ) | (7,537 | ) | |||||||||
|
Income
(loss) from discontinued operations (net of tax)
|
— | 50 | — | (6,000 | ) | |||||||||||
|
Net
income (loss)
|
$ | 5,323 | $ | (4,421 | ) | $ | (121,347 | ) | $ | (13,537 | ) | |||||
|
Basic
average shares
|
52,035 | 51,425 | 51,460 | 51,408 | ||||||||||||
|
Basic
income (loss) from continuing operations per share
|
$ | 0.10 | $ | (0.09 | ) | $ | (2.36 | ) | $ | (0.15 | ) | |||||
|
Discontinued
operations per share (net of tax)
|
— | — | — | (0.11 | ) | |||||||||||
|
Basic
net income (loss) per share
|
$ | 0.10 | $ | (0.09 | ) | $ | (2.36 | ) | $ | (0.26 | ) | |||||
|
Diluted
average shares
|
52,035 | 51,425 | 51,460 | 51,408 | ||||||||||||
|
Diluted
income (loss) from continuing operations per share
|
$ | 0.10 | $ | (0.09 | ) | $ | (2.36 | ) | $ | (0.15 | ) | |||||
|
Discontinued
operations per share (net of tax)
|
— | — | — | (0.11 | ) | |||||||||||
|
Diluted
net income (loss) per share
|
$ | 0.10 | $ | (0.09 | ) | $ | (2.36 | ) | $ | (0.26 | ) | |||||
|
Dividends
paid per share
|
$ | — | $ | 0.04 | $ | 0.10 | $ | 0.40 | ||||||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
BALANCE SHEET
|
As
of
|
||||||||
|
(Amounts in
thousands, except par
value)
|
4/25/2009
|
4/26/2008
|
||||||
|
Current
assets
|
||||||||
|
Cash
and equivalents
|
$ | 17,364 | $ | 14,476 | ||||
|
Restricted
cash
|
18,713 | 506 | ||||||
|
Receivables,
net of allowance of $28,385 in 2009 and $17,942 in 2008
|
147,858 | 200,422 | ||||||
|
Inventories,
net
|
140,178 | 178,361 | ||||||
|
Deferred
income taxes – current
|
795 | 12,398 | ||||||
|
Other
current assets
|
22,872 | 21,325 | ||||||
|
Total
current assets
|
347,780 | 427,488 | ||||||
|
Property,
plant and equipment, net
|
150,234 | 171,001 | ||||||
|
Deferred
income taxes – long term
|
— | 26,922 | ||||||
|
Goodwill
|
— | 47,233 | ||||||
|
Trade
names
|
3,100 | 9,006 | ||||||
|
Other
long-term assets, net of allowance of $4,309 in 2009 and
$2,801 in
2008
|
51,431 | 87,220 | ||||||
|
Total
assets
|
$ | 552,545 | $ | 768,870 | ||||
|
Current
liabilities
|
||||||||
|
Current
portion of long-term debt
|
$ | 8,724 | $ | 4,792 | ||||
|
Accounts
payable
|
41,571 | 56,421 | ||||||
|
Accrued
expenses and other current liabilities
|
75,733 | 102,700 | ||||||
|
Total
current liabilities
|
126,028 | 163,913 | ||||||
|
Long-term
debt
|
52,148 | 99,578 | ||||||
|
Deferred
income taxes
|
724 | — | ||||||
|
Other
long-term liabilities
|
67,912 | 54,783 | ||||||
|
Contingencies
and commitments
|
— | — | ||||||
|
Shareholders'
equity
|
||||||||
|
Common
shares, $1 par value – 150,000 authorized; 51,478 outstanding in 2009 and
51,428
outstanding
in 2008
|
51,478 | 51,428 | ||||||
|
Capital
in excess of par value
|
205,945 | 209,388 | ||||||
|
Retained
earnings
|
70,769 | 190,215 | ||||||
|
Accumulated
other comprehensive (loss)
|
(22,459 | ) | (435 | ) | ||||
|
Total
shareholders' equity
|
305,733 | 450,596 | ||||||
|
Total
liabilities and shareholders' equity
|
$ | 552,545 | $ | 768,870 | ||||
LA-Z-BOY
INCORPORATED
CONSOLIDATED
STATEMENT OF CASH FLOWS
|
Unaudited
Quarter Ended
|
Unaudited
Year Ended
|
|||||||||||||||
|
(Amounts
in thousands)
|
4/25/2009
|
4/26/2008
|
4/25/2009
|
4/26/2008
|
||||||||||||
|
Cash
flows from operating activities
|
||||||||||||||||
|
Net
income (loss)
|
$ | 5,323 | $ | (4,421 | ) | $ | (121,347 | ) | $ | (13,537 | ) | |||||
|
Adjustments
to reconcile net income (loss) to cash provided by operating
activities
|
||||||||||||||||
|
(Gain)
loss on sale of assets
|
(106 | ) | 270 | (2,813 | ) | 270 | ||||||||||
|
Write-down
of investments
|
— | — | 5,140 | — | ||||||||||||
|
Write-down
of intangibles
|
— | 2,617 | 47,677 | 8,426 | ||||||||||||
|
Write-down
of long-lived assets
|
467 | 7,503 | — | |||||||||||||
|
Write-down
of assets from businesses held for sale (net of tax)
|
— | — | — | 2,159 | ||||||||||||
|
(Gain)
loss on sale of discontinued operations (net of tax)
|
— | (198 | ) | — | 3,696 | |||||||||||
|
Restructuring
|
556 | 3,242 | 12,460 | 8,135 | ||||||||||||
|
Provision
for doubtful accounts
|
6,815 | 2,177 | 25,254 | 8,550 | ||||||||||||
|
Depreciation
and amortization
|
5,709 | 6,190 | 23,479 | 24,696 | ||||||||||||
|
Stock-based
compensation expense
|
952 | 1,362 | 3,819 | 4,527 | ||||||||||||
|
Change
in receivables
|
3,909 | 11,715 | 27,223 | 20,956 | ||||||||||||
|
Change
in inventories
|
29,615 | 5,574 | 36,995 | 23,471 | ||||||||||||
|
Change
in payables
|
(8,120 | ) | (5,287 | ) | (14,544 | ) | (10,394 | ) | ||||||||
|
Change
in other assets and liabilities
|
(12,076 | ) | (7,038 | ) | (37,961 | ) | (25,689 | ) | ||||||||
|
Change
in deferred taxes
|
623 | (3,557 | ) | 38,803 | (6,027 | ) | ||||||||||
|
Total
adjustments
|
28,344 | 17,067 | 173,035 | 62,776 | ||||||||||||
|
Net
cash provided by operating activities
|
33,667 | 12,646 | 51,688 | 49,239 | ||||||||||||
|
Cash
flows from investing activities
|
||||||||||||||||
|
Proceeds
from disposals of assets
|
1,229 | 1,023 | 9,060 | 8,761 | ||||||||||||
|
Proceeds
from sale of discontinued operations
|
— | — | — | 4,169 | ||||||||||||
|
Capital
expenditures
|
(1,546 | ) | (6,548 | ) | (15,625 | ) | (27,386 | ) | ||||||||
|
Purchases
of investments
|
(735 | ) | (5,485 | ) | (11,330 | ) | (34,562 | ) | ||||||||
|
Proceeds
from sales of investments
|
12,794 | 5,338 | 34,675 | 35,580 | ||||||||||||
|
Change
in restricted cash
|
(10,543 | ) | 1,321 | (18,207 | ) | 160 | ||||||||||
|
Change
in other long-term assets
|
(235 | ) | (2,791 | ) | (581 | ) | (705 | ) | ||||||||
|
Net
cash provided by (used for) investing activities
|
964 | (7,142 | ) | (2,008 | ) | (13,983 | ) | |||||||||
|
Cash
flows from financing activities
|
||||||||||||||||
|
Proceeds
from debt
|
336 | 92,470 | 50,794 | 93,861 | ||||||||||||
|
Payments
on debt
|
(28,100 | ) | (142,578 | ) | (92,139 | ) | (144,790 | ) | ||||||||
|
Stock
issued/(canceled) for stock and employee benefit plans
|
— | (140 | ) | — | (269 | ) | ||||||||||
|
Dividends
paid
|
11 | (2,076 | ) | (5,177 | ) | (20,746 | ) | |||||||||
|
Net
cash used for financing activities
|
(27,753 | ) | (52,324 | ) | (46,522 | ) | (71,944 | ) | ||||||||
|
Effect
of exchange rate changes on cash and equivalents
|
(30 | ) | (52 | ) | (901 | ) | 109 | |||||||||
|
Change
in cash and equivalents
|
6,848 | (46,872 | ) | 2,257 | (36,579 | ) | ||||||||||
|
Cash
acquired from consolidation of VIEs
|
— | — | 631 | — | ||||||||||||
|
Cash
and equivalents at beginning of period
|
10,516 | 61,348 | 14,476 | 51,055 | ||||||||||||
|
Cash
and equivalents at end of period
|
$ | 17,364 | $ | 14,476 | $ | 17,364 | $ | 14,476 | ||||||||
LA-Z-BOY
INCORPORATED
Segment
Information
|
Unaudited
For
the Quarter Ended
|
Unaudited
For
the Year Ended
|
|||||||||||||||
|
4/25/2009
|
4/26/2008
|
4/25/2009
|
4/26/2008
|
|||||||||||||
|
(Amounts
in thousands)
|
(13
weeks)
|
(13
weeks)
|
(52
weeks)
|
(52
weeks)
|
||||||||||||
|
Sales
|
||||||||||||||||
|
Upholstery
Group
|
$ | 214,952 | $ | 277,458 | $ | 899,204 | $ | 1,084,418 | ||||||||
|
Casegoods
Group
|
39,290 | 48,770 | 178,000 | 213,896 | ||||||||||||
|
Retail
Group
|
38,430 | 48,902 | 160,838 | 190,180 | ||||||||||||
|
VIEs/Eliminations
|
(8,174 | ) | (7,100 | ) | (11,368 | ) | (37,553 | ) | ||||||||
|
Consolidated
|
$ | 284,498 | $ | 368,030 | $ | 1,226,674 | $ | 1,450,941 | ||||||||
|
Operating
income (loss)
|
||||||||||||||||
|
Upholstery
Group
|
$ | 19,373 | $ | 22,961 | $ | 35,410 | $ | 70,332 | ||||||||
|
Casegoods
Group
|
(1,265 | ) | 1,752 | 554 | 10,151 | |||||||||||
|
Retail
Group
|
(7,332 | ) | (12,565 | ) | (34,841 | ) | (40,265 | ) | ||||||||
|
Corporate
and Other*
|
(6,355 | ) | (7,087 | ) | (27,549 | ) | (40,403 | ) | ||||||||
|
Restructuring
|
(556 | ) | (3,242 | ) | (12,460 | ) | (8,135 | ) | ||||||||
|
Long-lived
asset write-down
|
(467 | ) | — | (7,503 | ) | — | ||||||||||
|
Intangible
write-down
|
— | (2,617 | ) | (47,677 | ) | (8,426 | ) | |||||||||
|
Consolidated
|
$ | 3,398 | $ | (798 | ) | $ | (94,066 | ) | $ | (16,746 | ) | |||||
* Variable
Interest Entities ("VIEs") are included in corporate and other.
LA-Z-BOY
INCORPORATED
Unaudited
Quarterly Financial Data
|
(Dollar
amounts in thousands, except per share data)
|
7/26/2008
|
10/25/2008
|
1/24/2009
|
4/25/2009
|
||||||||||||
|
Fiscal
Quarter Ended
|
(13
weeks)
|
(13
weeks)
|
(13
weeks)
|
(13
weeks)
|
||||||||||||
|
Sales
|
$ | 321,652 | $ | 331,948 | $ | 288,576 | $ | 284,498 | ||||||||
|
Cost
of sales
|
||||||||||||||||
|
Cost
of goods sold
|
235,115 | 242,681 | 207,356 | 192,937 | ||||||||||||
|
Restructuring
|
5,795 | 2,236 | 1,664 | 123 | ||||||||||||
|
Total
cost of sales
|
240,910 | 244,917 | 209,020 | 193,060 | ||||||||||||
|
Gross
profit
|
80,742 | 87,031 | 79,556 | 91,438 | ||||||||||||
|
Selling,
general and administrative
|
91,837 | 101,942 | 94,092 | 87,140 | ||||||||||||
|
Restructuring
|
781 | 687 | 741 | 433 | ||||||||||||
|
Write-down
of long-lived assets
|
— | — | 7,036 | 467 | ||||||||||||
|
Write-down
of intangibles
|
1,292 | 408 | 45,977 | — | ||||||||||||
|
Operating
income (loss)
|
(13,168 | ) | (16,006 | ) | (68,290 | ) | 3,398 | |||||||||
|
Interest
expense
|
1,495 | 1,651 | 1,386 | 1,049 | ||||||||||||
|
Income
from Continued Dumping and Subsidy Offset Act, net
|
— | — | 8,124 | — | ||||||||||||
|
Interest
income
|
932 | 630 | 323 | 619 | ||||||||||||
|
Other
income (expense), net
|
143 | (685 | ) | (7,433 | ) | (23 | ) | |||||||||
|
Pretax
income (loss)
|
(13,588 | ) | (17,712 | ) | (68,662 | ) | 2,945 | |||||||||
|
Income
tax expense (benefit)
|
(5,044 | ) | 36,032 | (4,280 | ) | (2,378 | ) | |||||||||
|
Net
income (loss)
|
$ | (8,544 | ) | $ | (53,744 | ) | $ | (64,382 | ) | $ | 5,323 | |||||
|
Diluted
weighted average shares outstanding
|
51,428 | 51,458 | 51,475 | 52,035 | ||||||||||||
|
Diluted
net income (loss) per share
|
$ | (0.17 | ) | $ | (1.04 | ) | $ | (1.25 | ) | $ | 0.10 | |||||
LA-Z-BOY
INCORPORATED
Unaudited
Quarterly Financial Data
|
(Dollar
amounts in thousands, except per share data)
|
7/28/2007
|
10/27/2007
|
1/26/2008
|
4/26/2008
|
||||||||||||
|
Fiscal
Quarter Ended
|
(13
weeks)
|
(13
weeks)
|
(13
weeks)
|
(13
weeks)
|
||||||||||||
|
Sales
|
$ | 344,396 | $ | 365,434 | $ | 373,081 | $ | 368,030 | ||||||||
|
Cost
of sales
|
||||||||||||||||
|
Cost
of goods sold
|
259,143 | 266,658 | 265,078 | 260,777 | ||||||||||||
|
Restructuring
|
2,561 | 518 | (632 | ) | 2,610 | |||||||||||
|
Total
cost of sales
|
261,704 | 267,176 | 264,446 | 263,387 | ||||||||||||
|
Gross
profit
|
82,692 | 98,258 | 108,635 | 104,643 | ||||||||||||
|
Selling,
general and administrative
|
94,508 | 98,098 | 104,672 | 102,192 | ||||||||||||
|
Restructuring
|
1,120 | 449 | 877 | 632 | ||||||||||||
|
Write-down
of intangibles
|
— | 5,809 | — | 2,617 | ||||||||||||
|
Operating
income (loss)
|
(12,936 | ) | (6,098 | ) | 3,086 | (798 | ) | |||||||||
|
Interest
expense
|
2,097 | 2,120 | 2,148 | 7,534 | ||||||||||||
|
Income
from Continued Dumping and Subsidy Offset Act, net
|
— | — | 7,147 | — | ||||||||||||
|
Interest
income
|
882 | 1,023 | 1,134 | 575 | ||||||||||||
|
Other
income, net
|
566 | 351 | 3,785 | 691 | ||||||||||||
|
Income
(loss) from continuing operations before income taxes
|
(13,585 | ) | (6,844 | ) | 13,004 | (7,066 | ) | |||||||||
|
Income
tax expense (benefit)
|
(5,043 | ) | (3,192 | ) | 3,876 | (2,595 | ) | |||||||||
|
Income
(loss) from continuing operations
|
(8,542 | ) | (3,652 | ) | 9,128 | (4,471 | ) | |||||||||
|
Income
(loss) from discontinued operations (net of tax)
|
(152 | ) | (6,282 | ) | 384 | 50 | ||||||||||
|
Net
income (loss)
|
$ | (8,694 | ) | $ | (9,934 | ) | $ | 9,512 | $ | (4,421 | ) | |||||
|
Diluted
weighted average shares outstanding
|
51,380 | 51,410 | 51,590 | 51,425 | ||||||||||||
|
Diluted
income (loss) from continuing operations per share
|
$ | (0.17 | ) | $ | (0.07 | ) | $ | 0.18 | $ | (0.09 | ) | |||||
|
Diluted
net income (loss) per share
|
$ | (0.17 | ) | $ | (0.19 | ) | $ | 0.18 | $ | (0.09 | ) | |||||