La-Z-Boy Incorporated to Discontinue Casegoods Production at its Hudson, North Carolina Facility; to Consolidate and Transition Warehouse and Repair Functions from North Wilkesboro, North Carolina Facilities to Hudson
Apr 16 14
La-Z-Boy Incorporated announced that during the second quarter of fiscal 2015, it will discontinue casegoods production at its Hudson, North Carolina facility. That facility currently produces bedroom furniture collections for the Kincaid and American Drew lines that account for approximately 12% of the company's wood furniture business. The company will also exit the hospitality business as that furniture is also manufactured at the Hudson
The company will consolidate and transition its warehouse and repair functions from its two North Wilkesboro, North Carolina facilities to Hudson.
La-Z-Boy Incorporated Declares Regular Quarterly Cash Dividend, Payable on March 10, 2014; Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended January 25, 2014; Provides Earnings Guidance for the Fourth Quarter of Fiscal Year 2014; Announces Store Expansion Program
Feb 18 14
La-Z-Boy Incorporated's Board of Directors declared a regular quarterly cash dividend of $0.06 per share on the company's common stock. The dividend will be paid on March 10, 2014, to shareholders of record as of February 28, 2014.
The company announced unaudited consolidated earnings results for the third quarter and nine months ended January 25, 2014. For the quarter, sales were $350,375,000, operating income was $25,449,000, income from continuing operations before income taxes was $26,339,000 and net income attributable to La-Z-Boy Incorporated was $16,483,000 or $0.31 per diluted share against sales of $340,211,000, operating income of $22,812,000, income from continuing operations before income taxes of $25,263,000 and net income attributable to La-Z-Boy Incorporated of $17,064,000 or $0.32 per diluted share for the same period a year ago. Income from continuing operations was $17,588,000 against $16,872,000 a year ago.
For the nine months, sales were $1,017,692,000, operating income was $65,914,000, income from continuing operations before income taxes was $67,149,000 and net income attributable to La-Z-Boy Incorporated was $42,817,000 or $0.80 per diluted share against sales of $945,848,000, operating income of $40,699,000, income before income taxes of $43,137,000 and net income attributable to La-Z-Boy Incorporated of $28,081,000 or $0.52 per diluted share for the same period a year ago. Income from continuing operations was $44,687,000 against $28,225,000 a year ago. Due to the company's agreement in principle to sell its Bauhaus operating unit during the third quarter of fiscal 2014, the reported results reflect the treatment of Bauhaus as a discontinued operation. Net cash provided by operating activities was $62,789,000 against net cash used in operating activities of $33,452,000 a year ago. Capital expenditures were $23,078,000 against $21,792,000 a year ago.
The company provided earnings guidance for the fourth quarter of fiscal year 2014. The company expects to remain optimistic about ability to continue to grow profitably in the future.
The company is building on with store expansion program. The company will continue to make investments in the enterprise to grow, prosper and return value to shareholders.