La-Z-Boy (LZB) 8-K Results of Operations and Financial Condition

EXHIBIT 99.2

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF INCOME

	Unaudited For the Quarter Ended					Unaudited For the Year Ended
(Amounts in thousands, except per share data)	4/28/2012 (13 weeks)			4/30/2011 (14 weeks)		4/28/2012 (52 weeks)			4/30/2011 (53 weeks)
Sales	$	327,388		$	338,905	$	1,231,676		$	1,187,143
Cost of sales		224,033			230,847		851,819			832,799
Gross profit		103,355			108,058		379,857			354,344
Selling, general and administrative		86,465			91,358		330,226			323,964
Write-down of long-lived assets		—			4,471		—			4,471
Operating income		16,890			12,229		49,631			25,909
Interest expense		297			603		1,384			2,346
Interest income		124			228		611			944
Income from Continued Dumping and Subsidy Offset Act, net		16,300			151		18,037			1,054
Other income (expense), net		(214	)		221		(38	)		405
Income before income taxes		32,803			12,226		66,857			25,966
Income tax expense (benefit)		12,769			5,466		(22,051	)		8,593
Net income		20,034			6,760		88,908			17,373
Net (income) loss attributable to noncontrolling interests		(432	)		3,548		(942	)		6,674
Net income attributable to La-Z-Boy Incorporated	$	19,602		$	10,308	$	87,966		$	24,047
Basic average shares		51,993			51,890		51,944			51,849
Basic net income per share attributable to La-Z-Boy Incorporated	$	0.37		$	0.20	$	1.66		$	0.46
Diluted average shares		52,609			52,359		52,478			52,279
Diluted net income per share attributable to La-Z-Boy Incorporated	$	0.37		$	0.19	$	1.64		$	0.45

LA-Z-BOY INCORPORATED
CONSOLIDATED BALANCE SHEET

	Unaudited As of
(Amounts in thousands, except par value)	4/28/2012			4/30/2011
Current assets
Cash and equivalents	$	152,370		$	115,262
Restricted cash		2,861			—
Receivables, net of allowance of $22,705 at 4/28/12 and $23,937 at 4/30/11		167,232			161,299
Inventories, net		143,787			138,444
Deferred income taxes – current		19,081			—
Other current assets		14,669			17,218
Total current assets		500,000			432,223
Property, plant and equipment, net		114,366			120,603
Trade names		3,028			3,100
Deferred income taxes – long term		33,649			2,883
Other long-term assets		34,696			34,646
Total assets	$	685,739		$	593,455
Current liabilities
Current portion of long-term debt	$	1,829		$	5,120
Accounts payable		56,630			49,537
Accrued expenses and other current liabilities		91,300			77,447
Total current liabilities		149,759			132,104
Long-term debt		7,931			29,937
Other long-term liabilities		80,234			67,274
Contingencies and commitments		—			—
Shareholders' equity
Common shares, $1 par value – 150,000 authorized; 52,244 outstanding at 4/28/12 and 51,909 outstanding at 4/30/11		52,244			51,909
Capital in excess of par value		231,332			222,339
Retained earnings		189,609			105,872
Accumulated other comprehensive loss		(31,281	)		(18,804	)
Total La-Z-Boy Incorporated shareholders’ equity		441,904			361,316
Noncontrolling interests		5,911			2,824
Total equity		447,815			364,140
Total liabilities and equity	$	685,739		$	593,455

LA-Z-BOY INCORPORATED
CONSOLIDATED STATEMENT OF CASH FLOWS

	Unaudited Fiscal Year Ended
(Amounts in thousands)	4/28/2012			4/30/2011			4/24/2010
Cash flows from operating activities
Net income	$	88,908		$	17,373		$	31,359
Adjustments to reconcile net income (loss) to cash provided by operating activities
(Gain) loss on sale of assets		45			201			(538	)
Gain on deconsolidation of VIE		(1,125	)		—			—
Write-down of long-lived assets		—			4,471			—
Deferred income tax benefit		(42,146	)		(120	)		(2,693	)
Provision for doubtful accounts		4,196			7,197			6,535
Depreciation and amortization		23,486			24,302			25,246
Stock-based compensation expense		5,718			3,720			5,236
Pension plan contributions		(5,798	)		(4,495	)		—
Change in receivables		(6,182	)		1,599			(17,250	)
Change in inventories		(7,414	)		(10,531	)		7,074
Change in other assets		2,799			(1,092	)		3,225
Change in payables		7,470			(4,429	)		13,147
Change in other liabilities		12,891			(10,350	)		18,318
Net cash provided by operating activities		82,848			27,846			89,659
Cash flows from investing activities
Proceeds from disposals of assets		372			506			3,338
Capital expenditures		(15,663	)		(10,540	)		(10,986	)
Purchases of investments		(7,944	)		(10,200	)		(4,933	)
Proceeds from sales of investments		8,649			10,655			8,833
Change in restricted cash		(2,861	)		—			17,507
Cash effects upon deconsolidation of VIE		(971	)		(632	)		—
Other		(676	)		(49	)		250
Net cash provided by (used for) investing activities		(19,094	)		(10,260	)		14,009
Cash flows from financing activities
Proceeds from debt		—			30,585			41,817
Payments on debt		(25,936	)		(41,618	)		(54,707	)
Payments for debt issuance costs		(568	)		—			—
Stock issued for stock and employee benefit plans		4,943			270			1,035
Excess tax benefit on stock option exercises		223			—			—
Purchases of common stock		(5,179	)		—			—
Net cash used for financing activities		(26,517	)		(10,763	)		(11,855	)
Effect of exchange rate changes on cash and equivalents		(129	)		12			(756	)
Change in cash and equivalents		37,108			6,835			91,057
Cash and equivalents at beginning of period		115,262			108,427			17,370
Cash and equivalents at end of period	$	152,370		$	115,262		$	108,427

LA-Z-BOY INCORPORATED
Segment Information

	Unaudited For the Quarter Ended						Unaudited For the Year Ended
	4/28/2012			4/30/2011			4/28/2012			4/30/2011
(Amounts in thousands)	(13 weeks)			(14 weeks)			(52 weeks)			(53 weeks)
Sales
Upholstery Segment	$	266,893		$	264,842		$	975,103		$	916,867
Casegoods Segment		35,337			40,749			139,639			152,534
Retail Segment		55,578			58,288			215,490			176,987
VIEs		—			3,646			8,840			29,105
Corporate and Other		554			471			2,356			1,909
Eliminations		(30,974	)		(29,091	)		(109,752	)		(90,259	)
Consolidated Sales	$	327,388		$	338,905		$	1,231,676		$	1,187,143
Operating income (loss)
Upholstery Segment	$	27,032		$	27,163		$	81,753		$	72,743
Casegoods Segment		1,181			2,099			5,540			6,698
Retail Segment		(1,112	)		(3,035	)		(7,819	)		(15,078	)
VIEs		—			(1,107	)		959			(4,949	)
Corporate and Other		(10,211	)		(8,420	)		(30,802	)		(29,034	)
Write-down of long-lived assets		—			(4,471	)		—			(4,471	)
Consolidated Operating Income	$	16,890		$	12,229		$	49,631		$	25,909

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	7/30/2011			10/29/2011			1/28/2012			4/28/2012
Sales	$	280,094		$	307,679		$	316,515		$	327,388
Cost of sales		199,166			211,896			216,724			224,033
Gross profit		80,928			95,783			99,791			103,355
Selling, general and administrative expense		77,455			83,535			82,771			86,465
Operating income		3,473			12,248			17,020			16,890
Interest expense		424			389			274			297
Interest income		183			166			138			124
Income from Continued Dumping and Subsidy Offset Act, net		322			—			1,415			16,300
Other income (expense), net		373			(108	)		(89	)		(214	)
Income before income taxes		3,927			11,917			18,210			32,803
Income tax expense (benefit)		(41,929	)		4,245			2,864			12,769
Net income		45,856			7,672			15,346			20,034
Net (income) loss attributable to noncontrolling interests		(320	)		198			(388	)		(432	)
Net income attributable to La-Z-Boy Incorporated	$	45,536		$	7,870		$	14,958		$	19,602
Diluted weighted average shares		52,443			52,475			52,379			52,609
Diluted net income per share attributable to La-Z-Boy Incorporated	$	0.85		$	0.15		$	0.28		$	0.37

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		190,479			207,876			203,597		230,847
Gross profit		72,834			85,106			88,346		108,058
Selling, general and administrative expense		74,485			79,767			78,354		91,358
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