Final_financials2006

Final_financials2006 - UNITED STATES SECURITIES AND...

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FOR THE FISCAL YEAR ENDED APRIL 29, 2006 Commission File No. 1-9656 LA-Z-BOY INCORPORATED 1284 N. Telegraph Road, Monroe, MI 48162 (734) 242-1444 Incorporated in Michigan I.R.S. Employer Identification Number 38- 0751137 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Exchanges on Which Registered Common Shares, $1.00 Par Value New York Stock Exchange Pacific Stock Exchange ITEM 1. BUSINESS. La-Z-Boy is the largest reclining-chair manufacturer in the world and North America’s largest manufacturer of upholstered furniture. We also manufacture and import casegoods (wood) furniture products for resale in North America. La-Z-Boy Incorporated markets furniture for every room of the home, as well as for hospitality, health care and assisted-living industries. According to the May 2006 Top 25 ranking by Furniture Today, which is an industry trade publication, the largest retailer of upholstered single-brand furniture in the U.S. is the La-Z-Boy Furniture Galleries® stores retail network.
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2 LA-Z-BOY INCORPORATED Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Financing Activities Our financing activities included borrowings and payments on our debt facilities, dividend payments, issuances of stock and stock repurchases. We used $73.2 million of cash in financing activities in fiscal 2006 compared to $18.8 million of cash provided by financing activities in fiscal 2005. During fiscal 2006 we increased cash from operating activities and were able to pay dividends of $22.9 million and repurchase common stock in the amount of $10.9 million. Our change in net borrowing was $45.0 million less in fiscal 2006 in comparison to the prior year. Our debt-to-capitalization ratio was 26.5% at April 29, 2006, 30.0% at April 30, 2005, and 30.0% at April 24, 2004. The following table summarizes our contractual obligations of the types specified: Payments by Period (Amounts in thousands) Total Less than 1 Year 1-3 Years 4-5 Years More than 5 Years Long-term debt obligations $ 173,876 $1 , 5 0 9 $ 37,640 $ 72,497 $ 62,230 Capital lease obligations 2,336 1,335 991 10 -- Operating lease obligations 285,972 35,006 68,283 54,952 127,731 Interest obligations 32,631 8,199 12,265 7,156 5,011 Other long- term commitments not reflected on our balance sheet 996 707 210 79 -- Total contractual obligations $ 495,811 $ 46,756 $ 119,389 $ 134,694 $ 194,972
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3 LA-Z-BOY INCORPORATED Consolidated Statement of Operations Fiscal year ended (Amounts in thousands, except per share data) 4/29/06 (52 Weeks) 4/30/05 (53 Weeks) 4/24/04 (52 Weeks) Sales $ 1,916,777 $ 2,048,381 $ 1,951,997 Cost of sales Cost of goods sold 1,457,965 1,572,844 1,509,864 Restructuring 6,643 10,294 10,441 Total cost of sales 1,464,608 1,583,138 1,520,305 Gross profit 452,169 465,243 431,692 Selling, general and administrative 410,348 401,592 331,620 Write-down of intangibles 22,695 -- 71,943 Operating income 20,973 63,821 32,493 Interest expense 11,540 10,442 11,253 Income from continuing operations before income taxes 9,433 53,379 21,240 Income tax expense 12,474 20,284 19,362 Income (loss) from continuing operations (3,041) 33,095 1,878 Income from discontinued operations (net of tax of $1,223 in 2005 and $398 in 2004) -- 1,996 650 Extraordinary gains (net of tax of $1,283 in 2005) -- 2,094 --
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This note was uploaded on 02/02/2012 for the course ACCT 101 taught by Professor Armstrong during the Spring '09 term at UPenn.

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Final_financials2006 - UNITED STATES SECURITIES AND...

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