SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
January 14, 2003
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(Date of Report (Date of Earliest Event Reported))
LA-Z-BOY INCORPORATED
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(Exact name of registrant as specified in its charter)
MICHIGAN 38-0751137
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1284 North Telegraph Road, Monroe, Michigan 48162-3390
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(Address of principal executive offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (734) 241-4414
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None
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Former name, former address and former fiscal year,if changed since last report.
Item 5. Other Events
Contact: Mark Stegeman (734) 241-4418 mark.stegeman@la-z-boy.com
LA-Z-BOY COMMENTS ON JANUARY QUARTER GUIDANCE
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MONROE, MI, January 14, 2003 - La-Z-Boy Incorporated (NYSE, PCX: LZB) today
commented on investor guidance for its third fiscal quarter which ends January
25, 2003. La-Z-Boy president and CEO Jerry Kiser said, "We now expect earnings
for the January quarter to be at the low end of our previously-announced range
of $0.40 - $0.45 per diluted share. Sales for the quarter are now expected to be
down, (excluding Pilliod and HickoryMark - two of the company's former business
units) - versus the previous guidance of flat to slightly higher sales.
Additionally, relative to the full year earnings, the company still expects to
be within its guidance of $1.70-$1.80. Further clarification regarding the full
year will be provided when actual results for the third quarter are released."
"Business in our industry has softened somewhat at retail in recent weeks,"
Kiser said, "and given the current relatively uncertain business climate, we
feel it is only prudent to anticipate somewhat lower sales for our January
quarter than we had previously expected." Additional details will be released
along with the quarterly results on Tuesday, February 11th, after the close of
trading on the NYSE. The company will conduct its regular quarterly investor
conference call at 11 a.m. E.S.T. the following day, Wednesday, February 12th.
Conference Call Information
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The dial-in phone number for the February 12th conference call at 11 a.m. E.S.T.
will be (800) 374-1298 for persons calling from within the U.S. or Canada, and
(706) 634-5855 for international callers. The call will also be webcast live and
archived on the Internet, with both accessible at www.la-z-boy.com. A telephone
replay will be available for a week following the live call. This replay will be
available to callers from the U.S. and Canada at (800) 642-1687 and to
international callers at (706) 645-9291, with a passcode of 7541970.
Forward-looking Information
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Any forward-looking statements contained in this report 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: changes in consumer sentiment or demand, changes in housing sales, the
impact of terrorism or war, the impact of logistics on imports, the impact of
interest rate changes, the impact of imports, changes in currency rates,
competitive factors, operating factors, and other factors identified from time
to time in the company's reports filed with the Securities and Exchange
Commission. The company undertakes no obligation to update or revise any
forward-looking statements, either to reflect new developments, or for any other
reason.
Additional Information
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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.
Investors and others wishing to be notified of future news releases, SEC filings
and conference calls may sign up at:
http://my.lazboy.com/mygallery/investor_relations.htm.
Background Information
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With annual sales in excess of $2 billion, La-Z-Boy Incorporated is one of the
world's leading residential furniture producers, marketing furniture for every
room of the home and office, 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, La-Z-Boy Contract Furniture Group
and Sam Moore, and the La-Z-Boy Casegoods Group companies are Alexvale, 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 310
stand-alone La-Z-Boy Furniture Galleries(R) and 319 La-Z-Boy In-Store Gallerys,
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 Furniture/Today, the La-Z-Boy Furniture Galleries retail
network by itself represents the industry's fifth largest U.S. furniture
retailer. Additional information is available at www.la-z-boy.com.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LA-Z-BOY INCORPORATED
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(Registrant)
/s/ Louis M. Riccio Jr.
Date January 14, 2003 -----------------------
Louis M. Riccio, Jr.
On behalf of the registrant and as
Chief Accounting Officer