La-Z-Boy (LZB) 8-K La-z-boy Reports Fourth-quarter and Year-end Results

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)	4/30/2011 (14 weeks)			4/24/2010  (13 weeks)		4/30/2011 (53 weeks)			4/24/2010 (52 weeks)
Sales	$	338,905		$	310,740	$	1,187,143		$	1,179,212
Cost of sales
Cost of goods sold		230,862			209,300		832,962			803,945
Restructuring		(15	)		350		(163	)		2,141
Total cost of sales		230,847			209,650		832,799			806,086
Gross profit		108,058			101,090		354,344			373,126
Selling, general and administrative		91,280			85,059		323,314			331,405
Restructuring		78			271		650			1,293
Write-down of long-lived assets		4,471			—		4,471			—
Operating income		12,229			15,760		25,909			40,428
Interest expense		603			584		2,346			2,972
Interest income		228			109		944			724
Income from Continued Dumping and Subsidy Offset Act, net		151			—		1,054			4,436
Other income (expense), net		221			236		405			480
Income before income taxes		12,226			15,521		25,966			43,096
Income tax expense		5,466			1,709		8,593			11,737
Net income (loss)		6,760			13,812		17,373			31,359
Net loss attributable to noncontrolling interests		3,548			192		6,674			1,342
Net income attributable to La-Z-Boy Incorporated	$	10,308		$	14,004	$	24,047		$	32,701
Basic average shares		51,890			51,579		51,849			51,533
Basic net income per share attributable to La-Z-Boy Incorporated	$	0.20		$	0.27	$	0.46		$	0.63
Diluted average shares		52,359			52,101		52,279			51,732
Diluted net income per share attributable to La-Z-Boy Incorporated	$	0.19		$	0.26	$	0.45		$	0.62
Dividends declared per share	$	—		$	—	$	—		$	—

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

	Unaudited As of
(Amounts in thousands, except par value)	4/30/2011			4/24/2010
Current assets
Cash and equivalents	$	115,262		$	108,427
Receivables, net of allowance of $23,937 in 2011 and $20,258 in 2010		161,299			165,001
Inventories, net		138,444			132,480
Deferred income taxes – current		—			2,305
Other current assets		17,218			18,862
Total current assets		432,223			427,075
Property, plant and equipment, net		120,603			138,857
Trade names		3,100			3,100
Deferred income taxes – long term		2,883			458
Other long-term assets		34,646			38,293
Total assets	$	593,455		$	607,783
Current liabilities
Current portion of long-term debt	$	5,120		$	1,066
Accounts payable		49,537			54,718
Accrued expenses and other current liabilities		77,447			91,523
Total current liabilities		132,104			147,307
Long-term debt		29,937			46,917
Other long-term liabilities		67,274			70,445
Contingencies and commitments		—			—
Shareholders' equity
Common shares, $1 par value – 150,000 authorized; 51,909 outstanding in 2011 and 51,770 outstanding in 2010		51,909			51,770
Capital in excess of par value		201,589			201,873
Retained earnings		126,622			106,466
Accumulated other comprehensive loss		(18,804	)		(20,284	)
Total La-Z-Boy Incorporated shareholders’ equity		361,316			339,825
Noncontrolling interests		2,824			3,289
Total equity		364,140			343,114
Total liabilities and equity	$	593,455		$	607,783

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Unaudited Fiscal Year Ended
(Amounts in thousands)	4/30/2011			4/24/2010			4/25/2009
Cash flows from operating activities
Net income (loss)	$	17,373		$	31,359		$	(122,413	)
Adjustments to reconcile net income (loss) to cash provided by operating activities
(Gain) loss on sale of assets		201			(538	)		(2,813	)
Write-down of long-lived assets		4,471			—			7,503
Write-down of trade names		—			—			5,541
Write-down of goodwill		—			—			42,136
Write-down of investments		—			—			5,140
Deferred income tax expense/(benefit)		(120	)		(2,693	)		39,233
Restructuring		487			3,434			12,460
Provision for doubtful accounts		7,197			6,535			25,254
Depreciation and amortization		24,302			25,246			24,142
Stock-based compensation expense		3,720			5,236			3,819
Pension plan contributions		(4,495	)		—			—
Change in receivables		1,599			(17,250	)		27,223
Change in inventories		(10,531	)		7,074			37,631
Change in other assets		(1,092	)		3,225			2,967
Change in payables		(4,429	)		13,147			(14,544	)
Change in other liabilities		(10,837	)		14,884			(40,571	)
Total adjustments		10,473			58,300			175,121
Net cash provided by operating activities		27,846			89,659			52,708
Cash flows from investing activities
Proceeds from disposals of assets		506			3,338			9,060
Capital expenditures		(10,540	)		(10,986	)		(15,625	)
Purchases of investments		(10,200	)		(4,933	)		(11,330	)
Proceeds from sales of investments		10,655			8,833			34,675
Change in restricted cash		—			17,507			(18,207	)
Cash effects upon consolidation/(deconsolidation) of VIE		(632	)		—			631
Other		(49	)		250			(581	)
Net cash provided by (used for) investing activities		(10,260	)		14,009			(1,377	)
Cash flows from financing activities
Proceeds from debt		30,585			41,817			50,794
Payments on debt		(41,618	)		(54,707	)		(92,139	)
Stock issued for stock and employee benefit plans		270			1,035			—
Dividends paid		—			—			(5,177	)
Net cash used for financing activities		(10,763	)		(11,855	)		(46,522	)
Effect of exchange rate changes on cash and equivalents		12			(756	)		(901	)
Change in cash and equivalents		6,835			91,057			3,908
Cash and equivalents at beginning of period		108,427			17,370			13,462
Cash and equivalents at end of period	$	115,262		$	108,427		$	17,370

LA-Z-BOY INCORPORATED

Segment Information

	Unaudited For the Quarter Ended						Unaudited For the Year Ended
	4/30/2011			4/24/2010			4/30/2011			4/24/2010
(Amounts in thousands)	(14 weeks)			(13 weeks)			(53 weeks)			(52 weeks)
Sales
Upholstery Group	$	264,842		$	241,137		$	916,867		$	904,871
Casegoods Group		40,749			37,510			152,534			146,706
Retail Group		58,288			39,233			176,987			153,620
VIEs		3,646			13,557			29,105			53,173
Corporate and Other		471			440			1,909			4,583
Eliminations		(29,091	)		(21,137	)		(90,259	)		(83,741	)
Consolidated Sales	$	338,905		$	310,740		$	1,187,143		$	1,179,212
Operating income (loss)
Upholstery Group	$	27,163		$	28,610		$	72,743		$	95,732
Casegoods Group		2,099			(230	)		6,698			(243	)
Retail Group		(3,035	)		(4,721	)		(15,078	)		(19,825	)
VIEs		(1,107	)		312			(4,949	)		(751	)
Corporate and Other		(8,357	)		(7,590	)		(28,547	)		(31,051	)
Restructuring		(63	)		(621	)		(487	)		(3,434	)
Write-down of long-lived assets		(4,471	)		—			(4,471	)		—
Consolidated Operating Income (Loss)	$	12,229		$	15,760		$	25,909		$	40,428

LA-Z-BOY INCORPORATED

Unaudited Quarterly Financial Data

(Dollar amounts in thousands, except per share data)	(13 weeks)			(13 weeks)			(13 weeks)			(14 weeks)
Fiscal Quarter Ended	7/24/2010			10/23/2010			1/22/2011			4/30/2011
Sales	$	263,313		$	292,982		$	291,943		$	338,905
Cost of sales
Cost of goods sold		190,500			207,938			203,662			230,862
Restructuring		(21	)		(62	)		(65	)		(15	)
Total cost of sales		190,479			207,876			203,597			230,847
Gross profit		72,834			85,106			88,346			108,058
Selling, general and administrative		74,320			79,657			78,057			91,280
Restructuring		165			110			297			78
Write-down of long-lived assets		—			—			—			4,471
Operating income (loss)		(1,651	)		5,339			9,992			12,229
Interest expense		590			592			561			603
Interest income		243			223			250			228
Income from Continued Dumping and Subsidy Offset Act, net		—			—			903			151
Other income (expense), net		351			(418	)		251			221
Income (loss) before income taxes		(1,647	)		4,552			10,835			12,226
Income tax expense (benefit)		(705	)		1,381			2,451			5,466
Net income (loss)		(942	)		3,171			8,384			6,760
Net loss attributable to noncontrolling interests		726			774			1,626			3,548
Net income (loss) attributable to La-Z-Boy Incorporated	$	(216	)	$	3,945		$	10,010		$	10,308
Diluted weighted average shares		51,785			52,214			52,270			52,359
Diluted net income per share attributable to La-Z-Boy Incorporated	$	—		$	0.07		$	0.19		$	0.19

LA-Z-BOY INCORPORATED

Unaudited Quarterly Financial Data

(Dollar amounts in thousands, except per share data)	(13 weeks)			(13 weeks)		(13 weeks)			(13 weeks)
Fiscal Quarter Ended	7/25/2009			10/24/2009		1/23/2010			4/24/2010
Sales	$	262,671		$	300,707	$	305,094		$	310,740
Cost of sales
Cost of goods sold		182,113			205,602		206,930			209,300
Restructuring		736			663		392			350
Total cost of sales		182,849			206,265		207,322			209,650
Gross profit		79,822			94,442		97,772			101,090
Selling, general and administrative		77,916			84,619		83,811			85,059
Restructuring		301			520		201			271
Operating income		1,605			9,303		13,760			15,760
Interest expense		980			831		577			584
Interest income		276			199		140			109
Income from Continued Dumping and Subsidy Offset Act, net		—			—		4,436			—
Other income (expense), net		601			236		(593	)		236
Income before income taxes		1,502			8,907		17,166			15,521
Income tax expense (benefit)		(3	)		3,529		6,502			1,709
Net income		1,505			5,378		10,664			13,812
Net loss attributable to noncontrolling interests		73			588		489			192
Net income attributable to La-Z-Boy Incorporated	$	1,578		$	5,966	$	11,153		$	14,004
Diluted weighted average shares		51,479			51,755		51,845			52,101
Diluted net income per share attributable to La-Z-Boy Incorporated	$	0.04		$	0.11	$	0.21		$	0.26