First Quarter Ended | ||||||||
(Unaudited, amounts in thousands, except per share data) | 7/25/09 | 7/26/08 | ||||||
| Sales | $ | 262,671 | $ | 321,652 | ||||
| Cost of sales | ||||||||
| Cost of goods sold | 181,549 | 235,596 | ||||||
| Restructuring | 736 | 5,795 | ||||||
| Total cost of sales | 182,285 | 241,391 | ||||||
| Gross profit | 80,386 | 80,261 | ||||||
| Selling, general and administrative | 77,456 | 91,270 | ||||||
| Write-down of intangibles | — | 1,292 | ||||||
| Restructuring | 301 | 781 | ||||||
| Operating income (loss) | 2,629 | (13,082 | ) | |||||
| Interest expense | 980 | 1,495 | ||||||
| Interest income | 276 | 932 | ||||||
| Other income, net | 711 | 143 | ||||||
| Earnings (loss) before income taxes | 2,636 | (13,502 | ) | |||||
| Income tax expense (benefit) | 439 | (5,044 | ) | |||||
| Net income (loss) | 2,197 | (8,458 | ) | |||||
| Less net income attributable to noncontrolling interests | 214 | 86 | ||||||
| Net income (loss) attributable to La-Z-Boy Incorporated | $ | 1,983 | $ | (8,544 | ) | |||
| Basic average shares | 51,479 | 51,428 | ||||||
| Basic net income (loss) attributable to La-Z-Boy Incorporated per share | $ | 0.04 | $ | (0.17 | ) | |||
| Diluted average shares | 51,479 | 51,428 | ||||||
| Diluted net income (loss) attributable to La-Z-Boy Incorporated per share | $ | 0.04 | $ | (0.17 | ) | |||
| Dividends paid per share | $ | — | $ | 0.04 | ||||
| (Unaudited, amounts in thousands) | 7/25/09 | 4/25/09 | ||||||
| Current assets | ||||||||
| Cash and equivalents | $ | 38,333 | $ | 17,364 | ||||
| Restricted cash | 500 | 18,713 | ||||||
| Receivables, net of allowance of $24,408 at 7/25/09 and $28,385 at 4/25/09 | 137,552 | 147,858 | ||||||
| Inventories, net | 142,276 | 140,178 | ||||||
| Deferred income taxes—current | 795 | 795 | ||||||
| Other current assets | 28,074 | 22,872 | ||||||
| Total current assets | 347,530 | 347,780 | ||||||
| Property, plant and equipment, net | 146,593 | 150,234 | ||||||
| Trade names | 3,100 | 3,100 | ||||||
| Other long-term assets, net of allowance of $1,492 at 7/25/09 and $4,309 at 4/25/09 | 48,359 | 51,431 | ||||||
| Total assets | $ | 545,582 | $ | 552,545 | ||||
| Current liabilities | ||||||||
| Current portion of long-term debt | $ | 2,121 | $ | 8,724 | ||||
| Accounts payable | 39,245 | 41,571 | ||||||
| Accrued expenses and other current liabilities | 77,037 | 75,733 | ||||||
| Total current liabilities | 118,403 | 126,028 | ||||||
| Long-term debt | 47,052 | 52,148 | ||||||
| Deferred income taxes | 732 | 724 | ||||||
| Other long-term liabilities | 65,657 | 63,875 | ||||||
| Contingencies and commitments | — | — | ||||||
| Equity | ||||||||
| La-Z-Boy Incorporated shareholders’ equity: | ||||||||
| Common shares, $1 par value | 51,480 | 51,478 | ||||||
| Capital in excess of par value | 198,361 | 205,945 | ||||||
| Retained earnings | 81,352 | 70,769 | ||||||
| Accumulated other comprehensive loss | (22,059 | ) | (22,698 | ) | ||||
| Total La-Z-Boy Incorporated shareholders' equity | 309,134 | 305,494 | ||||||
| Noncontrolling interests | 4,604 | 4,276 | ||||||
| Total equity | 313,738 | 309,770 | ||||||
| Total liabilities and equity | $ | 545,582 | $ | 552,545 | ||||
| First Quarter Ended | ||||||||
| (Unaudited, amounts in thousands) | 7/25/09 | 7/26/08 | ||||||
| Cash flows from operating activities | ||||||||
| Net income (loss) | $ | 2,197 | $ | (8,458 | ) | |||
| Adjustments to reconcile net income (loss) to cash provided by operating activities | ||||||||
| Gain on sale of assets | (13 | ) | (2,066 | ) | ||||
| Write-down of intangibles | — | 1,292 | ||||||
| Restructuring | 1,037 | 6,576 | ||||||
| Provision for doubtful accounts | 2,362 | 4,203 | ||||||
| Depreciation and amortization | 6,109 | 5,954 | ||||||
| Stock-based compensation expense | 1,007 | 869 | ||||||
| Change in receivables | 8,898 | 14,170 | ||||||
| Change in inventories | (2,098 | ) | 10,906 | |||||
| Change in payables | (2,326 | ) | (6,448 | ) | ||||
| Change in other assets and liabilities | (3,396 | ) | (23,718 | ) | ||||
| Change in deferred taxes | 8 | 1,161 | ||||||
| Total adjustments | 11,588 | 12,899 | ||||||
| Net cash provided by operating activities | 13,785 | 4,441 | ||||||
| Cash flows from investing activities | ||||||||
| Proceeds from disposals of assets | 1,686 | 4,981 | ||||||
| Capital expenditures | (1,439 | ) | (7,372 | ) | ||||
| Purchases of investments | (1,199 | ) | (5,449 | ) | ||||
| Proceeds from sales of investments | 2,664 | 5,794 | ||||||
| Change in restricted cash | 17,007 | (288 | ) | |||||
| Change in other long-term assets | (15 | ) | 71 | |||||
| Net cash provided by (used for) investing activities | 18,704 | (2,263 | ) | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from debt | 10,460 | 14,635 | ||||||
| Payments on debt | (22,159 | ) | (18,857 | ) | ||||
| Dividends paid | — | (2,077 | ) | |||||
| Net cash used for financing activities | (11,699 | ) | (6,299 | ) | ||||
| Effect of exchange rate changes on cash and equivalents | 179 | (39 | ) | |||||
| Change in cash and equivalents | 20,969 | (4,160 | ) | |||||
| Cash and equivalents at beginning of period | 17,364 | 14,477 | ||||||
| Cash and equivalents at end of period | $ | 38,333 | $ | 10,317 | ||||
| Cash paid (net of refunds) during period – income taxes | $ | 266 | $ | 923 | ||||
| Cash paid during period – interest | $ | 725 | $ | 1,126 | ||||
| First Quarter Ended | ||||||||
| (Unaudited, amounts in thousands) | 7/25/09 | 7/26/08 | ||||||
| Sales | ||||||||
| Upholstery Group | $ | 196,692 | $ | 237,118 | ||||
| Casegoods Group | 35,865 | 48,121 | ||||||
| Retail Group | 35,961 | 42,427 | ||||||
| VIEs/Eliminations | (5,847 | ) | (6,014 | ) | ||||
| Consolidated | $ | 262,671 | $ | 321,652 | ||||
| Operating income (loss) | ||||||||
| Upholstery Group | $ | 16,290 | $ | 9,857 | ||||
| Casegoods Group | (121 | ) | 1,377 | |||||
| Retail Group | (5,668 | ) | (10,010 | ) | ||||
| Corporate and Other* | (6,835 | ) | (6,438 | ) | ||||
| Restructuring | (1,037 | ) | (6,576 | ) | ||||
Intangible Write-down | — | (1,292 | ) | |||||
| $ | 2,629 | $ | (13,082 | ) | ||||
