BOSTON (Thomson Financial) - La-Z-Boy Inc. said it swung to a fourth-quarter
loss from continuing operations of $4.5 million, or 9 cents a share, from
year-earlier income from continuing operations of $8.4 million, or 16 cents a
share.
Results for the latest quarter include a restructuring charge of 4 cents a
share and a charge of 7 cents a share related to the make-whole provision on the
company's private placements.
The mean estimate of analysts polled by Thomson Reuters was for
fourth-quarter earnings of 2 cents a share.
Revenue for the Monroe, Mich.-based furniture maker fell 9.8% to $368
million from $408.1 million, the company said in a press release late Monday.
Analysts, on average, projected revenue of $375.9 million. The company said
sales in its upholstery segment dropped 8.9% to $277.5 million.
For fiscal 2009, La-Z-Boy forecasted adjusted earnings of 15 cents to 25
cents a share, and expects revenue to drop 3% to 7% from $1.45 billion in fiscal
2008. Analysts, on average, estimate 2009 profit of 17 cents a share on revenue
of $1.41 billion.
Shares closed Monday at $6.69.
Casey Logan
cl/jw
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