LADD FURNITURE, INC. AND SUBSIDIARIES - Supplemental Financial Data
October 16,1997 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 6/28/97 9/27/97
Net sales $ 135,260 123,483 120,447 118,267 123,368 125,572 129,935
Cost of sales 116,038 100,220 99,369 95,955 101,437 101,393 106,791
Gross profit 19,222 23,263 21,078 22,312 21,931 24,179 23,144
Selling, general and
administrative expenses 21,788 19,110 16,852 16,613 17,552 18,561 17,794
Restructuring expense 5,149 (279) (892) (547) -- -- --
Operating income
(loss) (7,715) 4,432 5,118 6,246 4,379 5,618 5,350
Other deductions:
Interest expense 2,660 3,058 3,182 3,169 3,005 2,719 2,701
Other deductions
(income), net 1,284 317 (1,343) 141 521 194 (199)
3,944 3,375 1,839 3,310 3,526 2,913 2,502
Earnings (loss) before
income taxes (11,659) 1,057 3,279 2,936 853 2,705 2,848
Income tax expense
(benefit) (4,664) (108) 1,477 1,343 333 1,055 1,110
Net earnings (loss) $ (6,995) 1,165 1,802 1,593 520 1,650 1,738
Net earnings (loss) per
common share $ (0.91) 0.15 0.23 0.21 0.07 0.21 0.22
Weighted average number
of common
shares outstanding 7,725 7,723 7,721 7,720 7,720 7,737 7,758
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Dollar amounts in thousands 3/30/96 6/29/96 9/28/96 12/28/96 3/29/97 6/28/97 9/27/97
Assets
Current assets:
Cash $ 1,049 430 1,713 469 151 191 659
Trade accounts receivable,
net 77,579 72,429 75,736 66,730 72,786 71,016 83,865
Inventories 92,707 95,715 87,749 85,920 89,260 97,091 94,819
Prepaid expenses and other
current assets 19,731 16,647 8,211 5,768 6,831 7,536 6,923
Total current assets 191,066 185,221 173,409 158,887 169,028 175,834 186,266
Property, plant and equipment, net 82,652 82,633 78,543 74,729 68,580 67,648 66,708
Intangible and other assets, net 78,900 79,996 81,088 81,415 80,551 79,668 77,796
$ 352,618 347,850 333,040 315,031 318,159 323,150 330,770
Liabilities and Shareholders'
Equity
Current liabilities:
Current installments of
long-term debt $ 3,563 3,511 5,136 5,093 6,676 6,633 4,965
Short-term bank borrowings 5,000 -- -- -- -- -- --
Trade accounts payable 25,984 31,373 27,766 24,358 25,120 26,807 27,080
Accrued expenses and other
current liabilities 32,620 32,858 29,371 30,696 33,552 30,030 36,203
Total current liabilities 67,167 67,742 62,273 60,147 65,348 63,470 68,248
Long-term debt, excluding
current installments 148,687 149,637 138,234 125,859 122,694 121,231 123,565
Deferred and other liabilities 17,549 10,045 10,258 5,125 5,639 12,027 10,481
Total liabilities 233,403 227,424 210,765 191,131 193,681 196,728 202,294
Total shareholders'
equity 119,215 120,426 122,275 123,900 124,478 126,422 128,476
$ 352,618 347,850 333,040 315,031 318,159 323,150 330,770
* 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. During the
second quarter of 1997, one of the company's business units changed its
inventory accounting from the LIFO method to the FIFO method. The effect on the
company's consolidated results of operations was immaterial. All quarterly
information presented here has been restated to reflect this accounting change.