la-z-boy inc (LZB) Key Developments
La-Z-Boy Opens New Store in Edina, Minnesota
Jan 8 15
La-Z-Boy Incorporated has announced the opening of a new store in Edina, Minnesota. The new store located at 7595 South France Avenue occupies over 17,000-square-feet and boasts a remarkable selection of great looking furniture for the entire home, all presented in inspiring room displays organized by lifestyle. The store represents a new design format for La-Z-Boy, and truly embodies the "Live life comfortably SM" tagline. The Edina area store features a wide-range of furniture from more than 60 sofa styles, to sectionals, leather, loveseats, ottomans as well as the company's legendary recliners. The store also offers a large selection of home accents and accessories to help customers create a complete look. Shoppers will immediately notice the dramatic decor and home furnishings in the numerous vignettes located throughout the store that deliver inspiration for living and family rooms. Each vignette features great-looking fully accessorized room displays, providing customers with lots of decorating ideas. The new design format store also offers two convenient approaches for shoppers who seek design direction. Customers looking to visualize their custom furniture dreams can use interactive design tools to render any La-Z-Boy product in their choice of hundreds of fabric and leather covers. For those who need more inspiration and guidance, La-Z-Boy stores also offer free In-Home Design Assistance from professionals experienced at helping turn design dreams into reality. La-Z-Boy designers will also visit customer's homes to help them with their design project and advise on styles that will fit comfortably into their home and budget.
La-Z-Boy Incorporated Names Barbara J. Runyon as Chief Human Resources Officer
Jan 7 15
La-Z-Boy Incorporated announced the appointment of Barbara J. Runyon as Chief Human Resources Officer. She will join the company on February 2, 2015, and will report to Kurt L. Darrow, La-Z-Boy's Chairman, President and Chief Executive Officer. Runyon will provide leadership and oversight for talent management, employee engagement, workforce development, and compensation and benefits. Runyon joins La-Z-Boy from PepsiCo/The Pepsi Bottling Group, where she spent 14 years in various Human Resource positions of increasing responsibility. Most recently, she served as Senior Director of Human Resources for the company's Midwest region.
La-Z-Boy Incorporated Signs an Amendment to the $150 Million Credit Agreement
Jan 6 15
On December 30, 2014, La-Z-Boy Incorporated (the Company) and most of its domestic subsidiaries (collectively, the Loan Parties), signed an amendment to the $150 million Credit Agreement (the Amendment) with Wells Fargo Capital Finance, LLC, as administrative agent and lender, and the financial institutions named therein (the Lenders). The Amendment amends the $150 million Amended and Restated Credit Agreement dated as of October 19, 2011, among the Company, most of its domestic subsidiaries, the banks listed therein, and Wells Fargo Capital Finance Corporation, LLC, as administrative agent (the Credit Agreement). The Amendment extends the maturity date of the revolving credit facility from October 19, 2016, to December 30, 2019. At the time the Amendment became effective, there were no amounts outstanding under the Credit Agreement. The Credit Agreement is a revolving credit facility with a commitment of $150 million. The Credit Agreement, as amended, is secured primarily by all of the Loan Parties' accounts receivable, inventory, cash deposit and securities accounts. Availability under the Credit Agreement will continue to vary based on a borrowing base calculation consisting of eligible accounts receivable and inventory. Interest on LIBOR Rate loans under the Credit Agreement prior to the Amendment varied from LIBOR plus 1.50% to 2.00% based on average Excess Availability. As a result of the Amendment, the margin on Libor Rate loans, which continues to be based on average Excess Availability, will vary between LIBOR plus 1.25% to 1.75%. The margin on Base Rate loans is unchanged. Base Rate is the high of (a) the Prime Rate; (b) the Federal Funds Rate plus 1/2 of 1%; and (c) the one-month LIBOR Rate plus 1%. The Credit Agreement includes certain covenants and restrictions, including a fixed charge coverage ratio, which would become effective only if excess availability fell below certain thresholds. The Amendment lowers certain of these thresholds so that the corresponding covenants and restrictions would become effective in fewer instances.
La-Z-Boy Incorporated Increases Regular Quarterly Dividend, Payable on December 10, 2014
Nov 18 14
La-Z-Boy Incorporated increased regular quarterly dividend to shareholders by 33% to $0.08 per share. The dividend will be paid on December 10, 2014, to shareholders of record as of November 28, 2014.
La-Z-Boy Incorporated Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended October 25, 2014
Nov 18 14
La-Z-Boy Incorporated reported unaudited consolidated earnings results for the second quarter and six months ended October 25, 2014. For the quarter, the company reported sales of $365,601,000 compared to $352,271,000 a year ago. Operating income was $30,192,000 compared to $26,118,000 a year ago. Income from continuing operations before income taxes was $30,432,000 compared to $25,882,000 a year ago. Net income attributable to the company was $19,529,000 or $0.37 per basic and diluted share compared to $16,744,000 or $0.31 per basic and diluted share a year ago. Adjusted income from continuing operations attributable to the company was $19,250,000 or $0.36 per share compared to $16,207,000 or $0.31 per share a year ago. The company generated $33 million in cash from operating activities. During the quarter, the company had $21.2 million in capital expenditures.
For the six months period, the company reported sales of $692,581,000 compared to $657,773,000 a year ago. Operating income was $46,683,000 compared to $40,883,000 a year ago. Income from continuing operations before income taxes was $46,735,000 compared to $41,228,000 a year ago. Net income attributable to the company was $32,610,000 or $0.62 per basic and diluted share compared to $26,334,000 or $0.49 per basic and diluted share a year ago. Net cash provided by operating activities was $31,768,000 compared to $32,413,000 a year ago. Capital expenditures were $40,580,000 compared to $14,323,000 a year ago. Adjusted income from continuing operations attributable to the company was $29,603,000 or $0.56 per share compared to $25,822,000 or $0.48 per share a year ago.