La-Z-Boy (LZB) 8-K La-z-boy Reports Fiscal 2012 Third-quarter Results

EXHIBIT 99.2

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME 

	Third Quarter Ended
(Unaudited, amounts in thousands, except per share data)	1/28/12			1/22/11
Sales	$	316,515		$	291,943
Cost of sales		216,724			203,597
Gross profit		99,791			88,346
Selling, general and administrative expense		82,771			78,354
Operating income		17,020			9,992
Interest expense		274			561
Interest income		138			250
Income from Continued Dumping and Subsidy Offset Act, net		1,415			903
Other income (expense), net		(89	)		251
Income before income taxes		18,210			10,835
Income tax expense		2,864			2,451
Net income		15,346			8,384
Net (income) loss attributable to noncontrolling interests		(388	)		1,626
Net income attributable to La-Z-Boy Incorporated	$	14,958		$	10,010
Basic weighted average shares outstanding		51,811			51,865
Basic net income attributable to La-Z-Boy Incorporated per share	$	0.28		$	0.19
Diluted weighted average shares outstanding		52,379			52,270
Diluted net income attributable to La-Z-Boy Incorporated per share	$	0.28		$	0.19

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME 

	Nine Months Ended
(Unaudited, amounts in thousands, except per share data)	1/28/12			1/22/11
Sales	$	904,288		$	848,239
Cost of sales		627,786			601,953
Gross profit		276,502			246,286
Selling, general and administrative expense		243,761			232,605
Operating income		32,741			13,681
Interest expense		1,087			1,743
Interest income		487			716
Income from Continued Dumping and Subsidy Offset Act, net		1,737			903
Other income (expense), net		176			182
Income before income taxes		34,054			13,739
Income tax expense (benefit)		(34,820	)		3,126
Net income		68,874			10,613
Net (income) loss attributable to noncontrolling interests		(510	)		3,126
Net income attributable to La-Z-Boy Incorporated	$	68,364		$	13,739
Basic weighted average shares outstanding		51,928			51,835
Basic net income attributable to La-Z-Boy Incorporated per share	$	1.29		$	0.26
Diluted weighted average shares outstanding		52,440			52,242
Diluted net income attributable to La-Z-Boy Incorporated per share	$	1.28		$	0.26

LA-Z-BOY INCORPORATED

CONSOLIDATED BALANCE SHEET

(Unaudited, amounts in thousands)	1/28/12			4/30/11
Current assets
Cash and equivalents	$	148,074		$	115,262
Receivables, net of allowance of $24,016 at 1/28/12 and $23,937 at 4/30/11		158,439			161,299
Inventories, net		134,170			138,444
Deferred income tax assets - current		20,242			0
Other current assets		16,601			17,218
Total current assets		477,526			432,223
Property, plant and equipment, net		114,944			120,603
Trade names		3,100			3,100
Deferred income tax assets – long-term		30,590			2,883
Other long-term assets, net		35,427			34,646
Total assets	$	661,587		$	593,455
Current liabilities
Current portion of long-term debt	$	1,823		$	5,120
Accounts payable		48,375			49,537
Accrued expenses and other current liabilities		86,048			77,447
Total current liabilities		136,246			132,104
Long-term debt		28,010			29,937
Other long-term liabilities		62,401			67,274
Contingencies and commitments		0			0
Shareholders’ equity
Common shares, $1 par value – 150,000 authorized; 51,724 outstanding at 1/28/12 and 51,909 outstanding at 4/30/11		51,724			51,909
Capital in excess of par value		226,634			222,339
Retained earnings		170,007			105,872
Accumulated other comprehensive loss		(18,834	)		(18,804	)
Total La-Z-Boy Incorporated shareholders' equity		429,531			361,316
Noncontrolling interests		5,399			2,824
Total equity		434,930			364,140
Total liabilities and equity	$	661,587		$	593,455

LA-Z-BOY INCORPORATED

CONSOLIDATED STATEMENT OF CASH FLOWS

	Nine Months Ended
(Unaudited, amounts in thousands)	1/28/12			1/22/11
Cash flows from operating activities
Net income	$	68,874		$	10,613
Adjustments to reconcile net income to cash provided by (used for) operating activities
Loss on disposal of assets		119			112
Gain on deconsolidation of VIE		(1,125	)		0
Deferred income tax expense/(benefit)		(48,042	)		11
Provision for doubtful accounts		3,115			3,739
Depreciation and amortization		18,054			17,745
Stock-based compensation expense		4,295			3,043
Pension plan contributions		(2,790	)		(2,500	)
Change in receivables		2,548			10,995
Change in inventories		2,203			(14,138	)
Change in other assets		1,657			(3,120	)
Change in payables		(785	)		(3,232	)
Change in other liabilities		7,733			(12,552	)
Net cash provided by operating activities		55,856			10,716
Cash flows from investing activities
Proceeds from disposal of assets		257			423
Capital expenditures		(11,518	)		(8,169	)
Purchases of investments		(6,462	)		(8,290	)
Proceeds from sales of investments		6,429			8,013
Cash effects on deconsolidation of VIE		(971	)		(632	)
Other		(685	)		(51	)
Net cash used for investing activities		(12,950	)		(8,706	)
Cash flows from financing activities
Proceeds from debt		0			30,488
Payments on debt		(5,708	)		(31,450	)
Payments for debt issuance costs		(568	)		0
Stock issued from stock and employee benefit plans		718			58
Purchases of common stock		(4,517	)		0
Net cash used for financing activities		(10,075	)		(904	)
Effect of exchange rate changes on cash and equivalents		(19	)		99
Change in cash and equivalents		32,812			1,205
Cash and equivalents at beginning of period		115,262			108,427
Cash and equivalents at end of period	$	148,074		$	109,632

LA-Z-BOY INCORPORATED
SEGMENT INFORMATION

	Third Quarter Ended						Nine Months Ended
(Unaudited, amounts in thousands)	1/28/12			1/22/11			1/28/12			1/22/11
Sales
Upholstery Group	$	249,348		$	225,213		$	708,210		$	652,025
Casegoods Group		34,228			35,426			104,302			111,785
Retail Group		58,387			44,146			159,912			118,699
VIEs, net of intercompany sales eliminations		2,737			10,173			8,840			25,459
Corporate and Other		391			612			1,802			1,438
Eliminations		(28,576	)		(23,627	)		(78,778	)		(61,167	)
Consolidated Sales	$	316,515		$	291,943		$	904,288		$	848,239
Operating Income (Loss)
Upholstery Group	$	22,603		$	18,468		$	54,721		$	45,580
Casegoods Group		1,840			1,648			4,359			4,599
Retail Group		(646	)		(2,759	)		(6,707	)		(12,043	)
VIEs		596			(1,130	)		959			(3,842	)
Corporate and Other		(7,373	)		(6,235	)		(20,591	)		(20,613	)
Consolidated Operating Income	$	17,020		$	9,992		$	32,741		$	13,681