LADD FURNITURE, INC. AND SUBSIDIARIES - SUPPLEMENTAL FINANCIAL DATA
April 20, 1998 Contact: John J. Ong, CFA (336) 315-4049
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
Quarters Ended
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In thousands, except per share data 3/29/97 6/28/97 9/27/97 1/3/98 4/4/98
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Net sales $ 123,368 125,572 129,935 146,625 147,409
Cost of sales 101,437 101,393 106,791 119,429 120,733
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Gross profit 21,931 24,179 23,144 27,196 26,676
Selling, general and administrative expenses 17,552 18,561 17,794 20,328 20,350
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Operating income 4,379 5,618 5,350 6,868 6,326
Other deductions
Interest expense 3,005 2,719 2,701 2,817 2,584
Other, net 521 194 (199) 276 (126)
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3,526 2,913 2,502 3,093 2,458
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Earnings before income taxes 853 2,705 2,848 3,775 3,868
Income tax expense 333 1,055 1,110 1,371 1,508
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Net earnings $ 520 1,650 1,738 2,404 2,360
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Net earnings per common share - basic $ 0.07 0.21 0.22 0.31 0.30
Net earnings per common share - diluted $ 0.07 0.21 0.22 0.31 0.30
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Weighted average number of common
shares outstanding 7,720 7,737 7,758 7,760 7,760
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Dollar amounts in thousands 3/29/97 6/28/97 9/27/97 1/3/98 4/4/98
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ASSETS
Current assets:
Cash $ 151 191 659 75 114
Trade accounts receivable 72,786 71,016 83,865 83,297 91,709
Inventories 89,260 97,091 94,819 93,189 95,101
Prepaid expenses and other current assets 6,831 7,536 6,923 8,016 8,646
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Total current assets 169,028 175,834 186,266 184,577 195,570
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Property, plant and equipment 68,580 67,648 66,708 67,530 66,255
Intangible and other assets 80,551 79,668 77,796 77,083 76,333
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$318,159 323,150 330,770 329,190 338,158
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current installments of long-term debt $ 6,676 6,633 4,965 6,807 11,476
Trade accounts payable 25,120 26,807 27,080 29,488 37,217
Accured expenses and other current liabilities 33,552 30,030 36,203 31,952 33,925
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Total current liabilities 65,348 63,470 68,248 68,247 82,618
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Long-term debt, excluding current installments 122,694 121,231 123,565 118,586 109,390
Deferred and other liabilities 5,639 12,027 10,481 11,432 12,826
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Total labilities 193,681 196,728 202,294 198,265 204,834
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Total shareholders' equity 124,478 126,422 128,476 130,925 133,324
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$318,159 323,150 330,770 329,190 338,158
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