La-Z-Boy Reports Fourth-Quarter and Full-Year Operating Results
MONROE, Mich., June 6 /PRNewswire-FirstCall/ -- La-Z-Boy Incorporated (NYSE: LZB; PCX) today reported its operating results for the fourth fiscal quarter and full year ended April 29, 2006. Net sales for the quarter were $508.4 million, down 10.1%, compared with the prior-year period. This year's fourth quarter included 13 weeks of sales versus 14 weeks last year. The company posted a quarterly loss from continuing operations of $0.20 per share, which includes a write-down of intangible assets of $0.44 per share and a $0.02 per share restructuring gain related to the sale of property. The $23 million, or $0.44 per share, write-down relates to goodwill at Bauhaus, one of its non-branded upholstery companies, which, primarily as a result of department-store consolidation, had a significant decrease in sales and earnings. The company's tax rate for the quarter was adversely impacted by the write-down, which carries no tax effect.
For the full year ended April 29, 2006, net sales were $1.92 billion, down 6.4% from the prior year. Sales for this year reflect 52 weeks versus 53 weeks last year. The company posted a loss of $0.06 per share for the year, which includes the write-down of intangible assets of $0.44 per share and a net restructuring charge of $0.08 per share.
La-Z-Boy Incorporated President and CEO Kurt Darrow said, "Although our quarter had one less week of sales this year, we are pleased that we operated within our target margin ranges in our two largest segments. In upholstery, we achieved an 8.9% margin, and, in casegoods, our margin was 4.5%. For the full year, our top line was impacted by two factors: supply chain challenges in the first half of the year when the hurricanes caused an industry-wide shortage of foam and disrupted our operations; and macroeconomic issues which caused inconsistent demand in retail. From an operating margin perspective, although softness at retail persists, we gained traction in the second half of the fiscal year when many of the supply chain issues were behind us."
Darrow added, "We have made substantial progress as we have modified our business model and our operating margins demonstrate that, even on lower volume, the changes made to the underlying cost structure of our business are coming to fruition. Going forward, our focus will continue to be on our retail segment, which is not only important to the wholesale side of our business, but is a key element of our longer term strategy, and we are working diligently to make the changes necessary to improve our results."
Upholstery Segment
For the fiscal fourth quarter, sales in the company's upholstery segment were $361.6 million, a 12.5% decrease from the prior year, largely reflecting the 13-week quarter. The company's branded business continued to outperform that of its non-branded companies. Overall, the segment's operating margin increased sequentially for the quarter to 8.9% from 7.2% in the fiscal third quarter.
Darrow commented, "In the fourth quarter of our year, we were able to improve our margins and operate more efficiently as there was no disruption from foam supply and our Newton manufacturing facilities, disrupted by the hurricanes, were operating normally. Additionally, as a result of the Waterloo plant closure, we increased our capacity utilization and realized the full benefit of this consolidation throughout the entire quarter."
Darrow added, "Our order rate for the quarter was essentially flat on a 13-week basis comparable against last year. Additionally, because our rate of incoming orders was equal to our production, we will carry a higher than usual backlog into our first quarter, as we were in the process of recruiting, hiring and training new upholsterers during our fourth quarter. With additional trained upholsterers on staff, we expect to make progress in reducing the backlog to normal levels.
"Going forward, we will continue to evaluate and make changes to our cost structure to further strengthen our performance. We expect to drive our margin through a variety of means, including: an increase in the integration of global sourcing; the ongoing conversion of our production facilities to the cellular manufacturing process; the growth of existing and new channels of distribution; and, the continued expansion of our La-Z-Boy Furniture Galleries(R) store system in the New Generation format, which will provide for both top-line growth and margin expansion."
For the quarter, the company continued to grow its La-Z-Boy Furniture Galleries(R) store system, which includes both company-owned and independent- licensed stores. In the fourth quarter, the system opened five new stores, relocated and/or remodeled five and closed four, bringing the total store count to 337, of which 154 are in the New Generation format. For the year, with 49 new format stores added, we substantially increased the quality of the total system and, today, approximately 50% of our stores are less than five years old. For the first quarter of fiscal 2007, the system plans to open seven stores, including two new locations, two relocations and three remodels.
System-wide, for the first calendar quarter, including company-owned and independent-licensed stores, same-store written sales, which the company tracks as an indicator of retail activity, were up 1.7% and total sales, which includes new stores, increased 6.3%.
Casegoods Segment
In the fourth quarter, casegoods sales were $113.4 million, down 8.2% from the prior-year period and essentially flat on a 13-week basis. The operating margin was 4.5%, an increase from 2.1% in last year's fourth quarter. Commenting on the segment's performance, Darrow noted, "In December, we completed the transition to primarily an import model for our residential business and our results for the second half of the year demonstrate our success. For the second half of our year, we operated within our target margin range of 4% to 6% and are confident we will continue to operate in that range or higher as volume improves. Our hospitality business continues to improve as the travel sector rebounds and sales and backlog are increasing with concurrent margin improvement. Looking ahead, we expect to further increase the segment's profitability and operating margin as we introduce new products to appeal to a broader customer base, expand our channels of distribution, focus on SKU management, continue to further pare down our overall cost structure and increase the effectiveness of our global sourcing."
Retail Segment
For the quarter, retail sales were $54.1 million, up 9.6% from the prior- year period, due to the stores the company acquired. For the year, sales were up 23.3% to $213.4 million. On an operating basis, the segment incurred a loss, primarily a result of the ongoing costs related to the three markets acquired last year, but also the result of a weaker-than-expected retail environment at the end of the quarter. Darrow commented, "The dip at the end of the quarter impacted our company-owned stores across the board this quarter and the stores we acquired last year are not performing up to expectations. This was compounded by not only the costs associated to build out the markets, but the current cost structure of those markets as fixed costs continue to be concentrated among too few and older format stores. Additionally, we closed or are in the process of closing several stores and moved merchandise through the system at substandard margins.
"During the year, we continued to take the steps necessary to transform these markets into profitable operations. Although the progress is somewhat slower than we anticipated, we secured new real estate sites in a number of markets and will make significant progress in adding new stores this fiscal year. Increasing the number of stores in each market will enable us to garner greater efficiencies in warehousing, advertising and distribution while at the same time, will grow the top line. Of the 337 stores in our system, we own 63. Over the course of this fiscal year, we plan to open seven new company- owned stores and will remodel and relocate 11 stores, increasing substantially the number of stores in the New Generation format from 28 to 46."
"Retail remains an important element of our core strategy and it will play an integral and additive role in our future, substantially impacting the earnings power of the company," Darrow concluded.
Operating Cash Flow and Balance Sheet
For the quarter, cash flow generated from operations was $37.9 million and was $89.8 million for the year. Darrow noted, "Our strong cash flow generation enabled us to reduce our total debt for the quarter by $26 million to $184.2 million and our debt-to-capitalization ratio of 26.5% is within our target range. With a continued emphasis on lowering working capital requirements, cash flow generated was improved by $71.4 million compared with last year. In early May, our Board approved a 9% increase in our dividend to $0.12 per quarter and we will pay our 140th consecutive dividend. We did not repurchase shares this quarter, and have 5.9 million shares remaining in our program. Going forward, we will be opportunistic with our share repurchase program."
Business Outlook
Commenting on the business outlook, Darrow noted: "While we are pleased with our progress in our upholstery and casegoods divisions, we are concerned about the macroeconomic environment as the energy markets remain volatile and interest rates continue to increase. In particular, there has been a change in the retail environment since the first calendar quarter with April and May being difficult months. Due to seasonal factors, the first quarter is typically our weakest. With that as a backdrop, we expect our first-quarter sales to be flat against last year's $451 million and reported earnings to be in the range of $0.01 to $0.05 per share, which will include up to a $0.02 per share charge for stock option expense.
Forward-looking Information
Any forward-looking statements contained in this news release are based on current information and assumptions and represent management's best judgment at the present time. Actual results could differ materially from those anticipated or projected due to a number of factors. These factors include, but are not limited to: (a) changes in consumer confidence; (b) changes in demographics; (c) changes in housing sales; (d) the impact of terrorism or war; (e) continued energy price changes; (f) the impact of logistics on imports; (g) the impact of interest rate changes; (h) the potential disruptions from Chinese imports; (i) inventory supply price fluctuations; (j) the impact of imports as it relates to continued domestic production; (k) changes in currency exchange rates; (l) competitive factors; (m) operating factors, such as supply, labor, or distribution disruptions including changes in operating conditions or costs; (n) effects of restructuring actions; (o) changes in the domestic or international regulatory environment; (p) not fully realizing cost reductions through restructurings; (q) ability to implement global sourcing organization strategies; (r) the impact of new manufacturing technologies; (s) the future financial performance and condition of independently operated dealers that we are required to consolidate into our financial statements or changes requiring us to consolidate additional independently operated dealers; (t) fair value changes to our intangible assets due to actual results differing from projected; (u) the impact of adopting new accounting principles; (v) the impact from severe weather such as hurricanes and tornadoes; (w) the ability to turn around under-performing retail stores; (x) the impact of retail store relocation costs, the success of new stores or the timing of converting stores to the New Generation format; (y) the ability to procure fabric rolls or cut-and-sewn sets domestically or abroad; and (z) factors relating to acquisitions and other factors identified from time to time in our reports filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward- looking statements, either to reflect new developments, or for any other reason.
Additional Information
This news release is just one part of La-Z-Boy's financial disclosures and should be read in conjunction with other information filed with the Securities and Exchange Commission, which is available at http://www.la-z-boy.com/about/investorRelations/sec_filings.aspx . Investors and others wishing to be notified of future La-Z-Boy news releases, SEC filings and quarterly investor conference calls may sign up at: http://www.la-z-boy.com/about/investorRelations/IR_email_alerts.aspx .
Background Information
La-Z-Boy Incorporated is one of the world's leading residential furniture producers, marketing furniture for every room of the home, as well as for the hospitality, health care and assisted-living industries. The La-Z-Boy Upholstery Group companies are Bauhaus, Centurion, Clayton Marcus, England, La-Z-Boy, and Sam Moore. The La-Z-Boy Casegoods Group companies are American Drew, American of Martinsville, Hammary, Kincaid, Lea and Pennsylvania House. The corporation's vast proprietary distribution network is dedicated exclusively to selling La-Z-Boy Incorporated products and brands, and includes 337 stand-alone La-Z-Boy Furniture Galleries(R) stores and 340 La-Z-Boy In- Store Galleries, in addition to in-store gallery programs at the company's Kincaid, Pennsylvania House, Clayton Marcus, England and Lea operating units. According to industry trade publication In Furniture, the La-Z-Boy Furniture Galleries retail network is North America's largest single-brand furniture retailer. Additional information is available at http://www.la-z-boy.com/ .
LA-Z-BOY INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
Unaudited
For the Quarter Ended
(Amounts in thousands, 4/29/06 4/30/05
except per share data) (13 weeks) (14 weeks)
Sales $508,362 $565,555
Cost of sales
Cost of goods sold 380,601 434,941
Restructuring (1,768) (3,107)
Total cost of sales 378,833 431,834
Gross profit 129,529 133,721
Selling, general and administrative 106,882 101,053
Write-down of intangibles 22,695 --
Operating income (loss) (48) 32,668
Interest expense 2,744 2,942
Other income (expense), net 142 (122)
Income (loss) from continuing
operations before income taxes (2,650) 29,604
Income tax expense 7,620 11,249
Income (loss) from
continuing operations (10,270) 18,355
Income from discontinued
operations (net of tax) -- 1,009
Extraordinary gains (net of tax) -- 1,392
Net income (loss) $(10,270) $20,756
Basic average shares outstanding 51,747 52,192
Basic net income (loss) per share:
Income (loss) from
continuing operations $(0.20) $0.35
Income from discontinued
operations (net of tax) -- 0.02
Extraordinary gains (net of tax) -- 0.03
Net income (loss) per basic share $(0.20) $0.40
Diluted weighted average
shares outstanding 51,747 52,262
Diluted net income (loss) per share:
Income (loss) from
continuing operations $(0.20) $0.35
Income from discontinued
operations (net of tax) -- 0.02
Extraordinary gains (net of tax) -- 0.03
Net income (loss) per diluted share $(0.20) $0.40
Dividends paid per share $0.11 $0.11
Unaudited
For the Year Ended
(Amounts in thousands, 4/29/06 4/30/05
except per share data) (52 weeks) (53 weeks)
Sales $1,916,777 $2,048,381
Cost of sales
Cost of goods sold 1,457,965 1,572,844
Restructuring 6,643 10,294
Total cost of sales 1,464,608 1,583,138
Gross profit 452,169 465,243
Selling, general and administrative 410,348 401,592
Write-down of intangibles 22,695 --
Operating income (loss) 19,126 63,651
Interest expense 11,540 10,442
Other income (expense), net 1,847 170
Income (loss) from continuing
operations before income taxes 9,433 53,379
Income tax expense 12,474 20,284
Income (loss) from
continuing operations (3,041) 33,095
Income from discontinued
operations (net of tax) -- 1,996
Extraordinary gains (net of tax) -- 2,094
Net income (loss) $(3,041) $37,185
Basic average shares outstanding 51,801 52,082
Basic net income (loss) per share:
Income (loss) from
continuing operations $(0.06) $0.63
Income from discontinued
operations (net of tax) -- 0.04
Extraordinary gains (net of tax) -- 0.04
Net income (loss) per basic share $(0.06) $0.71
Diluted weighted average
shares outstanding 51,801 52,138
Diluted net income (loss) per share:
Income (loss) from
continuing operations $(0.06) $0.63
Income from discontinued
operations (net of tax) -- 0.04
Extraordinary gains (net of tax) -- 0.04
Net income (loss) per diluted share $(0.06) $0.71
Dividends paid per share $0.44 $0.44
LA-Z-BOY INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
Unaudited
(Amounts in thousands) 4/29/06 4/30/05
Current assets
Cash and equivalents $24,089 $37,705
Receivables, net 270,578 283,915
Inventories, net 238,826 260,556
Deferred income taxes 27,276 22,779
Other current assets 23,790 33,410
Total current assets 584,559 638,365
Property, plant and equipment, net 209,986 210,565
Intangibles 75,720 100,846
Other long-term assets, net 100,909 76,581
Total assets $971,174 $1,026,357
Current liabilities
Short-term borrowings $8,000 $9,700
Current portion of long-term debt
and capital leases 2,844 3,060
Accounts payable 85,561 82,792
Other current liabilities 132,005 133,172
Total current liabilities 228,410 228,724
Long-term debt and capital leases 173,368 213,549
Deferred income taxes 14,548 5,389
Other long-term liabilities 44,503 51,409
Shareholders' equity 510,345 527,286
Total liabilities
and shareholders' equity $971,174 $1,026,357
LA-Z-BOY INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Quarter Ended
(Amounts in thousands) 4/29/06 4/30/05
Cash flows from operating activities
Net income (loss) $(10,270) $20,756
Adjustments to reconcile net income
(loss) to cash provided by
operating activities
Write-down of intangibles 22,695 --
Extraordinary gains (net of tax) -- (1,392)
Gain on sale of discontinued
operations (net of tax) -- (668)
Restructuring (1,768) (3,107)
Depreciation and amortization 7,559 7,175
Change in allowance for
doubtful accounts 1,361 (3,639)
Change in working capital 14,676 435
Change in deferred taxes 3,646 12,514
Total adjustments 48,169 11,318
Net cash provided by
operating activities 37,899 32,074
Cash flows from investing activities
Proceeds from disposals of assets 2,874 5,621
Proceeds from sale of
discontinued operations -- 10,985
Capital expenditures (7,512) (7,759)
Purchases of investments (3,309) (6,037)
Proceeds from sale of investments 3,106 1,156
Acquisitions, net of cash acquired -- (6,806)
Change in other long-term assets 1,347 5,410
Net cash used for investing activities (3,494) 2,570
Cash flows from financing activities
Net changes in debt (26,048) (17,124)
Stock transactions 724 692
Dividends paid (5,723) (5,753)
Net cash provided by
(used for) financing activities (31,047) (22,185)
Effect of exchange rate changes
on cash and equivalents 223 (748)
Change in cash and equivalents 3,581 11,711
Cash and equivalents
at beginning of period 20,508 25,994
Cash and equivalents at end of period $24,089 $37,705
Unaudited Year Ended
4/29/06 4/30/05
Cash flows from operating activities
Net income (loss) $(3,041) $37,185
Adjustments to reconcile net income
(loss) to cash provided by
operating activities
Write-down of intangibles 22,695 --
Extraordinary gains (net of tax) -- (2,094)
Gain on sale of discontinued
operations (net of tax) -- (668)
Restructuring 6,643 10,294
Depreciation and amortization 29,234 28,329
Change in allowance for
doubtful accounts 1,805 (3,189)
Change in working capital 35,844 (35,524)
Change in deferred taxes (3,403) 11,632
Total adjustments 92,818 8,780
Net cash provided by
operating activities 89,777 45,965
Cash flows from investing activities
Proceeds from disposals of assets 11,499 11,226
Proceeds from sale of
discontinued operations -- 10,985
Capital expenditures (27,991) (34,771)
Purchases of investments (25,289) (14,890)
Proceeds from sale of investments 12,221 8,164
Acquisitions, net of cash acquired -- (6,806)
Change in other long-term assets (1,113) 2,105
Net cash used for investing activities (30,673) (23,987)
Cash flows from financing activities
Net changes in debt (43,102) 1,939
Stock transactions (7,211) 2,097
Dividends paid (22,923) (22,868)
Net cash provided by
(used for) financing activities (73,236) (18,832)
Effect of exchange rate changes
on cash and equivalents 516 677
Change in cash and equivalents (13,616) 3,823
Cash and equivalents
at beginning of period 37,705 33,882
Cash and equivalents at end of period $24,089 $37,705
LA-Z-BOY INCORPORATED
Segment Information
Unaudited
For the Quarter Ended
4/29/06 4/30/05
(13 weeks) (14 weeks)
(Amounts in thousands)
Sales
Upholstery Group $361,595 $413,240
Casegoods Group 113,449 123,542
Retail Group 54,106 49,385
VIEs/Eliminations (20,788) (20,612)
Consolidated $508,362 $565,555
Operating income (loss)
Upholstery Group $32,285 $38,930
Casegoods Group 5,159 2,638
Retail Group (8,537) (3,701)
Corporate and other* (8,028) (8,306)
Restructuring 1,768 3,107
Write-down of intangibles (22,695) --
Consolidated $(48) $32,668
Unaudited
For the Year Ended
4/29/06 4/30/05
(52 weeks) (53 weeks)
(Amounts in thousands)
Sales
Upholstery Group $1,347,964 $1,467,311
Casegoods Group 432,307 455,343
Retail Group 213,438 173,099
VIEs/Eliminations (76,932) (47,372)
Consolidated $1,916,777 $2,048,381
Operating income (loss)
Upholstery Group $85,253 $101,856
Casegoods Group 18,265 5,370
Retail Group (26,006) (2,859)
Corporate and other* (29,048) (30,422)
Restructuring (6,643) (10,294)
Write-down of intangibles (22,695) --
Consolidated $19,126 $63,651
* Variable Interest Entities ("VIEs") are included in corporate and other.
LA-Z-BOY INCORPORATED
Impact of FIN 46 on Consolidation
La-Z-Boy Furniture Galleries(R) stores that are not operated by us are operated by 112 independent dealers. These stores sell La-Z-Boy manufactured product as well as various accessories purchased from approved La-Z-Boy vendors. In some cases we have extended credit beyond normal trade terms to the independent dealers, made direct loans and/or guaranteed certain loans or leases. Most of these independent dealers have sufficient equity to carry out their principal operating activities without subordinated financial support; however, there are certain independent dealers that we have determined may not have sufficient equity. In accordance with Financial Accounting Standards Board Interpretation No. 46R, we began to consolidate variable interest entities of which we were deemed the primary beneficiary as of April 24, 2004. The tables below show the impact on our consolidated balance sheet at April 29, 2006 and April 30, 2005 and statement of operations for the fourth quarter and year ended April 29, 2006 and April 30, 2005. The amounts reflected in the table include the elimination of related payables, receivables, sales, cost of sales, and interest as well as profit in inventory.
LA-Z-BOY INCORPORATED
Impact of FIN 46 on Condensed Consolidated Balance Sheet
VIEs
(Unaudited, amounts in thousands) 4/29/06 4/30/05
Current assets
Cash and equivalents $2,554 $1,699
Receivables, net (1) (20,507) (9,131)
Inventories, net 12,795 7,211
Deferred income taxes 10,194 7,199
Other current assets 1,487 1,226
Total current assets 6,523 8,204
Property, plant and equipment, net 12,965 8,431
Intangibles 8,122 7,714
Other long-term assets (1) (19,000) (14,169)
Total assets $8,610 $10,180
Current liabilities
Current portion of long-term debt $1,587 $1,934
Accounts payable 1,390 329
Other current liabilities 6,146 3,523
Total current liabilities 9,123 5,786
Long-term debt 6,764 6,256
Other long-term liabilities (1,632) (1,300)
Shareholders' deficit (5,645) (562)
Total liabilities and shareholders'
equity $8,610 $10,180
(1) Includes the elimination of intercompany accounts and notes receivable.
LA-Z-BOY INCORPORATED
Impact of FIN 46 on Condensed Consolidated Statement of Operations
Quarter Ended For Year Ended
4/29/06 4/30/05 4/29/06 4/30/05
(Unaudited, amounts in thousands)
Sales (2) $9,534 $7,877 $36,806 $46,019
Cost of sales (2) 267 (1,217) 4,488 1,224
Gross profit 9,267 9,094 32,318 44,795
Selling, general and
administrative 11,488 11,115 38,438 49,825
Operating loss (2,221) (2,021) (6,120) (5,030)
Interest expense 117 97 504 427
Other expense, net (3) (276) (1,092) (1,260) (4,154)
Pre-tax loss (2,614) (3,210) (7,884) (9,611)
Income tax benefit (993) (1,221) (2,996) (3,652)
Net loss from continuing
operations $(1,621) $(1,989) $(4,888) $(5,959)
(2) Includes the elimination of intercompany sales and cost of sales.
(3) Includes the elimination of intercompany interest income and interest
expense.
LA-Z-BOY INCORPORATED
Unaudited Quarterly Financial Data
(Amounts in thousands,
except per share data) 7/30/05 10/29/05 1/28/06 4/29/06
Quarter ended (13 weeks) (13 weeks) (13 weeks) (13 weeks)
Sales $451,487 $454,605 $502,323 $508,362
Cost of sales
Cost of goods sold 345,018 354,409 377,937 380,601
Restructuring -- 7,817 594 (1,768)
Total cost of sales 345,018 362,226 378,531 378,833
Gross profit 106,469 92,379 123,792 129,529
Selling, general and
administrative 98,568 99,597 105,301 106,882
Write-down of intangibles -- -- -- 22,695
Operating income (loss) 7,901 (7,218) 18,491 (48)
Interest expense 2,741 3,090 2,965 2,744
Other income, net 15 295 1,395 142
Pre-tax income (loss) 5,175 (10,013) 16,921 (2,650)
Income tax expense (benefit) 1,967 (3,566) 6,453 7,620
Net income (loss) $3,208 $(6,447) $10,468 $(10,270)
Diluted weighted average shares
outstanding 52,195 51,655 51,857 51,747
Diluted net income (loss) per
share $0.06 $(0.12) $0.20 $(0.20)
LA-Z-BOY INCORPORATED
Unaudited Quarterly Financial Data
(Amounts in thousands,
except per share data) 7/24/04 10/23/04 1/22/05 4/30/05
Quarter ended (13 weeks) (13 weeks) (13 weeks) (14 weeks)
Sales $455,107 $520,760 $506,959 $565,555
Cost of sales
Cost of goods sold 351,716 400,834 385,353 434,941
Restructuring 10,400 749 2,252 (3,107)
Total cost of sales 362,116 401,583 387,605 431,834
Gross profit 92,991 119,177 119,354 133,721
Selling, general and
administrative 97,045 103,874 99,620 101,053
Operating income (loss) (4,054) 15,303 19,734 32,668
Interest expense 2,209 2,607 2,684 2,942
Other income (expense), net 373 (354) 273 (122)
Income (loss) from continuing
operations before income taxes (5,890) 12,342 17,323 29,604
Income tax expense (benefit) (2,238) 4,690 6,583 11,249
Income (loss) from continuing
operations (3,652) 7,652 10,740 18,355
Income (loss) from discontinued
operations (net of tax) 129 506 352 1,009
Cumulative effect of accounting
change (net of tax) -- 702 -- 1,392
Net income (loss) $(3,523) $8,860 $11,092 $20,756
Diluted weighted average shares
outstanding 51,967 52,101 52,193 52,262
Diluted income (loss) from
continuing operations per
share $(0.07) $0.15 $0.21 $0.35
Diluted net income (loss) per
share (0.07) 0.17 0.21 0.40
SOURCE La-Z-Boy Incorporated
-0- 06/06/2006
/CONTACT: Mark Stegeman of La-Z-Boy Incorporated, +1-734-241-4418,
mark.stegeman@la-z-boy.com /
/Web site: http://www.la-z-boy.com /
(LZB)
CO: La-Z-Boy Incorporated
ST: Michigan
IN: HOU REA
SU: ERN ERP
KN-TH
-- DETU018 --
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