LADD FURNITURE, INC. AND SUBSIDIARIES - Supplemental Financial Data April 15, 1997 CONTACT: John J. Ong, CFA (910) 888-6353 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Quarters Ended In thousands, except per share data 3/30/96* 6/29/96 9/28/96 12/28/96 3/29/97 Net sales $135,260 123,483 120,447 118,267 123,368 Cost of sales 116,038 100,220 99,369 96,070 100,873 Gross profit 19,222 23,263 21,078 22,197 22,495 Selling, general and administrative expenses 21,788 19,110 16,852 16,613 17,552 Restructuring expense 5,149 (279) (892) (547) -- Operating income (loss) (7,715) 4,432 5,118 6,131 4,943 Other deductions: Interest expense 2,660 3,058 3,182 3,169 3,005 Other deductions (income), net 1,284 317 (1,343) 141 1,085 3,944 3,375 1,839 3,310 4,090 Earnings (loss) before income taxes (11,659) 1,057 3,279 2,821 853 Income tax expense (benefit) (4,664) (108) 1,477 1,263 333 Net earnings (loss) $ (6,995) 1,165 1,802 1,558 520 Net earnings (loss) per common share $ (0.91) 0.15 0.23 0.20 0.07 Weighted average number of common shares outstanding 7,725 7,723 7,721 7,720 7,720 * The 1996 quarterly results reflect the company's sale of its Fournier Furniture business effective February 26, 1996, and the liquidation of its Daystrom Furniture business during the second half of the year. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) Dollar amounts in thousands 3/30/96 6/29/96 9/28/96 12/28/96 3/29/97 Assets Current assets: Cash $ 1,049 430 1,713 469 151 Trade accounts receivable, net 77,579 72,429 75,736 66,730 72,786 Inventories 91,386 94,394 86,428 84,484 87,825 Prepaid expenses and other current assets 20,263 17,179 8,337 5,768 6,831 Total current assets 190,277 184,432 172,214 157,451 167,593 Property, plant and equipment, net 82,652 82,633 78,543 74,729 68,580 Intangible and other assets, net 78,900 79,996 81,088 81,415 80,551 $351,829 347,061 331,845 313,595 316,724 Liabilities and Shareholders' Equity Current liabilities: Current installments of long-term debt $ 3,563 3,511 5,136 5,093 6,676 Short-term bank borrowings 5,000 -- -- -- -- Trade accounts payable 25,984 31,373 27,766 24,358 25,120 Accrued expenses and other current liabilities 32,620 32,858 28,965 30,084 32,940 Total current liabilities 67,167 67,742 61,867 59,535 64,736 Long-term debt, excluding current installments 148,687 149,637 138,234 125,859 122,694 Deferred and other liabilities 17,549 10,045 10,258 5,125 5,639 Total liabilities 233,403 227,424 210,359 190,519 193,069 Total shareholders' equity 118,426 119,637 121,486 123,076 123,655 $351,829 347,061 331,845 313,595 316,724