La-Z-Boy (LZB) 8-K La-z-boy Reports Fiscal 2017 First-quarter Results

Exhibit 99.2

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME

	Quarter Ended
(Unaudited, amounts in thousands, except per share data)	7/30/16			7/25/15
Sales	$	340,783		$	341,423
Cost of sales	207,252			217,191
Gross profit	133,531			124,232
Selling, general and administrative expense	111,763			104,266
Operating income	21,768			19,966
Interest expense	115			112
Interest income	204			205
Other income (expense), net	(72		)	1,968
Income before income taxes	21,785			22,027
Income tax expense	7,777			7,904
Net income	14,008			14,123
Net income attributable to noncontrolling interests	(202		)	(447		)
Net income attributable to La-Z-Boy Incorporated	$	13,806		$	13,676
Basic weighted average common shares	49,105			50,583
Basic net income attributable to La-Z-Boy Incorporated per share	$	0.28		$	0.27
Diluted weighted average common shares	49,594			51,043
Diluted net income attributable to La-Z-Boy Incorporated per share	$	0.28		$	0.27
Dividends declared per share	$	0.10		$	0.08

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

(Unaudited, amounts in thousands, except par value)	7/30/16			4/30/16
Current assets
Cash and equivalents	$	117,159		$	112,358
Restricted cash	8,983			8,977
Receivables, net of allowance of $3,070 at 7/30/16 and $3,145 at 4/30/16	128,959			146,545
Inventories, net	176,190			175,589
Other current assets	39,082			38,503
Total current assets	470,373			481,972
Property, plant and equipment, net	170,835			171,590
Goodwill	41,152			37,193
Other intangible assets	9,008			8,558
Deferred income taxes — long-term	42,612			41,683
Other long-term assets, net	64,089			59,033
Total assets	$	798,069		$	800,029
Current liabilities
Current portion of long-term debt	$	266		$	290
Accounts payable	45,064			44,661
Accrued expenses and other current liabilities	106,513			112,476
Total current liabilities	151,843			157,427
Long-term debt	448			513
Other long-term liabilities	87,550			84,877
Contingencies and commitments	—			—
Shareholders’ equity
Preferred shares — 5,000 authorized; none issued	—			—
Common shares, $1 par value — 150,000 authorized; 49,169 outstanding at 7/30/16 and 49,331 outstanding at 4/30/16	49,169			49,331
Capital in excess of par value	283,980			279,339
Retained earnings	248,636			252,472
Accumulated other comprehensive loss	(33,801		)	(34,000		)
Total La-Z-Boy Incorporated shareholders’ equity	547,984			547,142
Noncontrolling interests	10,244			10,070
Total equity	558,228			557,212
Total liabilities and equity	$	798,069		$	800,029

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Quarter Ended
(Unaudited, amounts in thousands)	7/30/16			7/25/15
Cash flows from operating activities
Net income	$	14,008		$	14,123
Adjustments to reconcile net income to cash provided by (used for) operating activities
Deferred income tax expense	(1,076		)	148
Provision for doubtful accounts	(77		)	(340		)
Depreciation and amortization	6,800			6,271
Equity-based compensation expense	3,329			3,012
Change in receivables	17,664			24,610
Change in inventories	510			(22,159		)
Change in other assets	(1,467		)	(6,933		)
Change in payables	403			2,021
Change in other liabilities	(6,044		)	(19,223		)
Net cash provided by operating activities	34,050			1,530
Cash flows from investing activities
Proceeds from disposal of assets	35			279
Capital expenditures	(5,209		)	(6,506		)
Purchases of investments	(7,695		)	(5,422		)
Proceeds from sales of investments	3,670			12,983
Acquisitions, net of cash acquired	(5,281		)	—
Change in restricted cash	(7		)	—
Net cash (used for) provided by investing activities	(14,487		)	1,334
Cash flows from financing activities
Payments on debt	(89		)	(122		)
Stock issued for stock and employee benefit plans	2,564			145
Excess tax benefit on stock option exercises	1,137			363
Purchases of common stock	(13,567		)	(9,171		)
Dividends paid	(4,923		)	(4,055		)
Net cash used for financing activities	(14,878		)	(12,840		)
Effect of exchange rate changes on cash and equivalents	116			(807		)
Change in cash and equivalents	4,801			(10,783		)
Cash and equivalents at beginning of period	112,358			98,302
Cash and equivalents at end of period	$	117,159		$	87,519
Supplemental disclosure of non-cash investing activities
Capital expenditures included in payables	$	—		$	500

LA-Z-BOY INCORPORATED

SEGMENT INFORMATION

	Quarter Ended
(Unaudited, amounts in thousands)	7/30/16			7/25/15
Sales
Upholstery segment:
Sales to external customers	$	223,809		$	232,484
Intersegment sales	43,607			40,192
Upholstery segment sales	267,416			272,676
Casegoods segment:
Sales to external customers	20,585			21,202
Intersegment sales	4,453			2,191
Casegoods segment sales	25,038			23,393
Retail segment sales	95,720			86,651
Corporate and Other:
Sales to external customers	669			1,086
Intersegment sales	1,210			516
Corporate and Other sales	1,879			1,602
Eliminations	(49,270		)	(42,899		)
Consolidated sales	$	340,783		$	341,423
Operating Income (Loss)
Upholstery segment	$	29,809		$	24,594
Casegoods segment	2,147			1,690
Retail segment	2,183			4,729
Corporate and Other	(12,371		)	(11,047		)
Consolidated operating income	$	21,768		$	19,966