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

EXHIBIT 99.2

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF INCOME

	Second Quarter Ended
(Unaudited, amounts in thousands, except per share data)	10/27/12			10/29/11
Sales	$	322,341		$	307,679
Cost of sales		222,032			211,896
Gross profit		100,309			95,783
Selling, general and administrative expense		89,746			83,535
Operating income		10,563			12,248
Interest expense		191			389
Interest income		116			166
Other income (expense), net		212			(108	)
Income before income taxes		10,700			11,917
Income tax expense		3,868			4,245
Net income		6,832			7,672
Net (income) loss attributable to noncontrolling interests		(213	)		198
Net income attributable to La-Z-Boy Incorporated	$	6,619		$	7,870
Basic weighted average shares outstanding		52,356			52,055
Basic net income attributable to La-Z-Boy Incorporated per share	$	0.13		$	0.15
Diluted weighted average shares outstanding		53,268			52,475
Diluted net income attributable to La-Z-Boy Incorporated per share	$	0.12		$	0.15

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF INCOME

	Six Months Ended
(Unaudited, amounts in thousands, except per share data)	10/27/12			10/29/11
Sales	$	623,842		$	587,773
Cost of sales		433,921			411,062
Gross profit		189,921			176,711
Selling, general and administrative expense		171,732			160,990
Operating income		18,189			15,721
Interest expense		364			813
Interest income		237			349
Income from Continued Dumping and Subsidy Offset Act, net		—			322
Other income, net		91			265
Income before income taxes		18,153			15,844
Income tax expense (benefit)		6,626			(37,684	)
Net income		11,527			53,528
Net income attributable to noncontrolling interests		(510	)		(122	)
Net income attributable to La-Z-Boy Incorporated	$	11,017		$	53,406
Basic average shares		52,274			51,999
Basic net income attributable to La-Z-Boy Incorporated per share	$	0.21		$	1.01
Diluted average shares		53,169			52,458
Diluted net income attributable to La-Z-Boy Incorporated per share	$	0.20		$	1.00

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

(Unaudited, amounts in thousands)	10/27/12			4/28/12
Current assets
Cash and equivalents	$	86,608		$	152,370
Restricted cash		9,792			2,861
Receivables, net of allowance of $23,032 at 10/27/12 and $22,705 at 4/28/12		154,025			167,232
Inventories, net		168,995			143,787
Deferred income tax assets – current		21,450			19,081
Other current assets		29,218			14,669
Total current assets		470,088			500,000
Property, plant and equipment, net		115,009			114,366
Goodwill and other intangible assets		18,010			3,028
Deferred income tax assets – long-term		31,422			33,649
Other long-term assets, net		50,688			34,696
Total assets	$	685,217		$	685,739
Current liabilities
Current portion of long-term debt	$	368		$	1,829
Accounts payable		52,011			56,630
Accrued expenses and other current liabilities		79,969			91,300
Total current liabilities		132,348			149,759
Long-term debt		7,375			7,931
Other long-term liabilities		80,974			80,234
Contingencies and commitments		—			—
Shareholders’ equity
Preferred shares – 5,000 authorized; none issued		—			—
Common shares, $1 par value – 150,000 authorized; 52,416 outstanding at 10/27/12 and 52,244 outstanding at 4/28/12		52,416			52,244
Capital in excess of par value		236,248			231,332
Retained earnings		199,152			189,609
Accumulated other comprehensive loss		(29,820	)		(31,281	)
Total La-Z-Boy Incorporated shareholders' equity		457,996			441,904
Noncontrolling interests		6,524			5,911
Total equity		464,520			447,815
Total liabilities and equity	$	685,217		$	685,739

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Six Months Ended
(Unaudited, amounts in thousands)	10/27/12			10/29/11
Cash flows from operating activities
Net income	$	11,527		$	53,528
Adjustments to reconcile net income to cash provided by (used for) operating activities
Loss (gain) on disposal of assets		47			(139	)
Deferred income tax benefit		(457	)		(43,784	)
Restructuring		2,686			166
Provision for doubtful accounts		654			2,118
Depreciation and amortization		11,239			12,372
Stock-based compensation expense		6,959			3,285
Pension plan contributions		(2,320	)		(1,860	)
Change in receivables		11,689			(1,418	)
Change in inventories		(22,290	)		(4,765	)
Change in other assets		(6,090	)		(2,993	)
Change in payables		(4,619	)		(1,034	)
Change in other liabilities		(11,484	)		2,046
Net cash (used for) provided by operating activities		(2,459	)		17,522
Cash flows from investing activities
Proceeds from disposal of assets		985			221
Capital expenditures		(11,637	)		(8,218	)
Purchases of investments		(31,514	)		(5,214	)
Proceeds from sales of investments		5,684			5,160
Acquisitions, net of cash acquired		(15,863	)		—
Change in restricted cash		(6,931	)		—
Other		—			(681	)
Net cash used for investing activities		(59,276	)		(8,732	)
Cash flows from financing activities
Payments on debt		(2,255	)		(4,860	)
Payments for debt issuance costs		—			(390	)
Stock issued for stock and employee benefit plans		1,236			321
Excess tax benefit on stock option exercises		1,025			—
Purchases of common stock		(4,012	)		(1,542	)
Net cash used for financing activities		(4,006	)		(6,471	)
Effect of exchange rate changes on cash and equivalents		(21	)		(48	)
Change in cash and equivalents		(65,762	)		2,271
Cash and equivalents at beginning of period		152,370			115,262
Cash and equivalents at end of period	$	86,608		$	117,533

LA-Z-BOY INCORPORATED

SEGMENT INFORMATION

	Second Quarter Ended						Six Months Ended
(Unaudited, amounts in thousands)	10/27/12			10/29/11			10/27/12			10/29/11
Sales
Upholstery Segment	$	259,462		$	241,400		$	497,629		$	458,862
Casegoods Segment		34,528			35,943			69,137			70,074
Retail Segment		61,198			52,711			118,317			101,525
VIEs, net of intercompany sales eliminations		—			2,762			—			6,103
Corporate and Other		628			817			1,330			1,411
Eliminations		(33,475	)		(25,954	)		(62,571	)		(50,202	)
Consolidated Sales	$	322,341		$	307,679		$	623,842		$	587,773
Operating Income (Loss)
Upholstery Segment	$	21,790		$	20,993		$	37,368		$	32,118
Casegoods Segment		902			1,962			2,181			2,519
Retail Segment		(575	)		(2,683	)		(2,563	)		(6,061	)
VIEs		—			(204	)		—			363
Restructuring		(2,654	)		(50	)		(2,686	)		(166	)
Corporate and Other		(8,900	)		(7,770	)		(16,111	)		(13,052	)
Consolidated Operating Income	$	10,563		$	12,248		$	18,189		$	15,721