La-Z-Boy (LZB) 8-K La-z-boy Reports Fiscal 2013 First-quarter Results

EXHIBIT 99.2

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF INCOME

	First Quarter Ended
(Unaudited, amounts in thousands, except per share data)	7/28/12			7/30/11
Sales	$	301,501		$	280,094
Cost of sales		211,889			199,166
Gross profit		89,612			80,928
Selling, general and administrative expense		81,986			77,455
Operating income		7,626			3,473
Interest expense		173			424
Interest income		121			183
Income from Continued Dumping and Subsidy Offset Act		—			322
Other income (expense), net		(121	)		373
Income before income taxes		7,453			3,927
Income tax expense (benefit)		2,758			(41,929	)
Net income		4,695			45,856
Net income attributable to noncontrolling interests		(297	)		(320	)
Net income attributable to La-Z-Boy Incorporated	$	4,398		$	45,536
Basic weighted average shares outstanding		52,193			51,942
Basic net income attributable to La-Z-Boy Incorporated per share	$	0.08		$	0.86
Diluted weighted average shares outstanding		53,040			52,443
Diluted net income attributable to La-Z-Boy Incorporated per share	$	0.08		$	0.85

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

(Unaudited, amounts in thousands)	7/28/12			4/28/12
Current assets
Cash and equivalents	$	112,564		$	152,370
Restricted cash		9,792			2,861
Receivables, net of allowance of $23,052 at 7/28/12 and $22,705 at 4/28/12		147,280			167,232
Inventories, net		167,060			143,787
Deferred income tax assets – current		21,462			19,081
Other current assets		21,772			14,669
Total current assets		479,930			500,000
Property, plant and equipment, net		114,023			114,366
Trade names		3,028			3,028
Deferred income tax assets – long-term		31,294			33,649
Other long-term assets, net		38,540			34,696
Total assets	$	666,815		$	685,739
Current liabilities
Current portion of long-term debt	$	373		$	1,829
Accounts payable		52,084			56,630
Accrued expenses and other current liabilities		73,350			91,300
Total current liabilities		125,807			149,759
Long-term debt		7,405			7,931
Other long-term liabilities		80,901			80,234
Contingencies and commitments		—			—
Shareholders’ equity
Common shares, $1 par value – 150,000 authorized; 52,283 outstanding at 7/28/12 and 52,244 outstanding at 4/28/12		52,283			52,244
Capital in excess of par value		232,375			231,332
Retained earnings		192,534			189,609
Accumulated other comprehensive loss		(30,641	)		(31,281	)
Total La-Z-Boy Incorporated shareholders' equity		446,551			441,904
Noncontrolling interests		6,151			5,911
Total equity		452,702			447,815
Total liabilities and equity	$	666,815		$	685,739

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/12			7/30/11
Cash flows from operating activities
Net income	$	4,695		$	45,856
Adjustments to reconcile net income to cash provided by (used for) operating activities
Loss (gain) on disposal of assets		70			(69	)
Deferred income tax expense/(benefit)		(180	)		(43,355	)
Provision for doubtful accounts		669			1,038
Depreciation and amortization		5,486			5,907
Stock-based compensation expense		3,619			1,559
Pension plan contributions		(1,160	)		(930	)
Change in receivables		19,657			13,408
Change in inventories		(23,273	)		(10,358	)
Change in other assets		(2,976	)		(2,203	)
Change in payables		(4,546	)		(3,630	)
Change in other liabilities		(17,407	)		(4,201	)
Net cash provided by (used for) operating activities		(15,346	)		3,022
Cash flows from investing activities
Proceeds from disposal of assets		922			88
Capital expenditures		(5,235	)		(3,288	)
Purchases of investments		(10,783	)		(3,502	)
Proceeds from sales of investments		2,198			3,379
Change in restricted cash		(6,931	)		—
Net cash used for investing activities		(19,829	)		(3,323	)
Cash flows from financing activities
Payments on debt		(2,121	)		(4,590	)
Stock issued for stock and employee benefit plans		654			50
Excess tax benefit on stock option exercises		873			—
Purchases of common stock		(4,012	)		—
Net cash used for financing activities		(4,606	)		(4,540	)
Effect of exchange rate changes on cash and equivalents		(25	)		5
Change in cash and equivalents		(39,806	)		(4,836	)
Cash and equivalents at beginning of period		152,370			115,262
Cash and equivalents at end of period	$	112,564		$	110,426

LA-Z-BOY INCORPORATED

SEGMENT INFORMATION

	Quarter Ended
(Unaudited, amounts in thousands)	7/28/12			7/30/11
Sales
Upholstery Segment	$	238,167		$	217,462
Casegoods Segment		34,609			34,131
Retail Segment		57,119			48,814
VIEs, net of intercompany sales eliminations		—			3,341
Corporate and Other		702			594
Eliminations		(29,096	)		(24,248	)
Consolidated Sales	$	301,501		$	280,094
Operating Income (Loss)
Upholstery Segment	$	15,578		$	11,125
Casegoods Segment		1,279			557
Retail Segment		(1,988	)		(3,378	)
VIEs		—			567
Corporate and Other		(7,243	)		(5,398	)
Consolidated Operating Income	$	7,626		$	3,473