La-Z-Boy Incorporated Mulls Acquisition
Jun 17 15
La-Z-Boy Incorporated (NYSE:LZB) is seeking acquisition. Kurt Darrow, Chairman, President and Chief Executive Officer of La-Z-Boy Incorporated, said, “As part of our 4-4-5 strategy we expect the Company ownership of the total store base to increase from today's level of approximately one-third to somewhere north of 40%. We will accomplish this through new locations, primarily in existing markets where we need to increase the number of stores, and through strategic acquisitions of our independent dealer stores. Early in the fourth quarter we acquired 4 stores in Southern California, bringing our total store count in that market to 19.”
John H. Foss and Janet L. Gurwitch Announces Not to Stand for Re-Election to the La-Z-Boy Incorporated Board of Directors
Jun 16 15
On June 15, 2015, La-Z-Boy Incorporated announced that John H. Foss and Janet L. Gurwitch advised Nominating and Governance Committee that they do not intend to stand for re-election to the company's board of directors at the company's annual shareholders meeting. Mr. Foss and Ms. Gurwitch both indicated that their decision resulted from demands of other on-going business and personal activities and is not due to any disagreement with the company on any matter relating to the company's operations, policies or practices. Mr. Foss, who serves on the audit committee, and Ms. Gurwitch, who serves on the compensation and nominating and governance committees, intend to finish their current terms.
La-Z-Boy Incorporated Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended April 25, 2015; Provides Capital Expenditure Guidance for the Fiscal Year 2016
Jun 16 15
La-Z-Boy Incorporated reported un-audited consolidated earnings results for the fourth quarter and year ended April 25, 2015. For the quarter, the company reported sales were $374,938,000 compared with $353,020,000 a year ago. Operating income was $29,554,000 compared with $22,529,000 a year ago. Income from continuing operations before income taxes was $31,059,000 compared with $23,557,000 a year ago. Income from continuing operations was $20,080,000 compared with $14,960,000 a year ago. Net income was $20,480,000 compared with $12,557,000 a year ago. Net income attributable to La-Z-Boy Incorporated was $20,215,000 compared with $12,239,000 a year ago. Diluted net income attributable to La-Z-Boy Incorporated per share was $0.39 compared with $0.23 a year ago. GAAP income from continuing operations attributable to the company rose to $19.8 million or $0.38 per share from $14.6 million or $0.27 per share in the prior-year period. Capital expenditures for the quarter were $13.8 million and the company generated $32 million in cash from operating activities.
For the year, the company reported sales were $1,425,395,000 compared with $1,357,318,000 a year ago. Operating income was $103,165,000 compared with $89,296,000 a year ago. Income from continuing operations before income taxes was $105,628,000 compared with $91,559,000 a year ago. Income from continuing operations was $68,874,000 compared with $60,176,000 a year ago. Net income was $71,971,000 compared with $56,380,000 a year ago. Net income attributable to La-Z-Boy Incorporated was $70,773,000 compared with $55,056,000 a year ago. Diluted net income attributable to La-Z-Boy Incorporated per share was $0.28 compared with $0.20 a year ago. Net cash provided by operating activities was $86,751,000 compared with $90,832,000 a year ago. Capital expenditures was $70,319,000 compared with $33,730,000 a year ago. Adjusted income from continuing operations attributable to La-Z-Boy Incorporated was $66,447,000 compared with $60,869,000 a year ago. Effective tax rate for continuing operations was 35% compared with the 34.3% for the fiscal 2014. Effective tax rate was impacted by a tax benefit for the release of valuation allowances related to certain U.S. state deferred tax assets.
The company expects CapEx for fiscal 2016 to be in the range of $30 million to $35 million for regular maintenance, transportation and equipment, continued investments in technology and for new stores.
La-Z-Boy Inc. Announces Opening of Global Headquarters in Michigan
Jun 6 15
La-Z-Boy Inc. announced that it is showing off its new global headquarters in southeastern Michigan. The company marked the opening of a roughly $60 million facility with a reception and ribbon-cutting ceremony on June 5, 2015 evening. Michigan Gov. Rick Snyder and actress-pitchwoman Brooke Shields were among the speakers. The headquarters sits in two communities, Monroe and neighboring Frenchtown Township. It is about a mile from its previous location that dates to the Great Depression. The new three-story, 200,000 square-foot building includes open areas designed for employees to work together.