LZB » Topics » Liquidity and Capital Resources

This excerpt taken from the LZB 10-Q filed Feb 13, 2007.

Liquidity and Capital Resources

Our total assets at the end of the third quarter of fiscal 2007 decreased $82.3 million compared to the end of fiscal 2006. A large portion of that change related to the sale of our American of Martinsville operating unit. The cash generated as a result of that sale was used to reduce debt. In addition, we wrote off $10.9 million of intangibles and $6.6 million of inventory and fixed assets related to the discontinued operations during the current quarter. Although this write-off was non-cash, it did reduce our overall asset base.

Our sources of cash liquidity include cash and equivalents, cash from operations and amounts available under credit facilities. These sources have been adequate for day-to-day operations, dividends to shareholders and capital expenditures. We expect these sources of liquidity to continue to be adequate for the foreseeable future. Capital expenditures for the first nine months of fiscal 2007 were $21.0 million compared to $20.5 million during the first nine months of fiscal 2006. During the first quarter of fiscal 2007 we exercised a $3.0 million option to purchase property, which we subsequently sold and leased back. There are no material purchase commitments for capital expenditures, which are expected to be about $28 to $32 million in fiscal 2007. After amending our debt agreement as discussed under financing activities, we had unused lines of credit and commitments of $198.4 million under several credit arrangements.

The following table illustrates the main components of our cash flows:

  Nine Months Ended

Cash Flows Provided From (Used For)
(Amounts in thousands)

1/27/07
1/28/06
Operating activities                
Net income, depreciation, write-down of assets and deferred taxes     $ 21,188   $ 21,855  
                 
Gain on sale of discontinued operations (net of tax)       (1,280   --  
Restructuring       4,720     8,411  
Working capital and other       (23,211   21,612  
 
 
 
Cash provided from operating activities       1,417     51,878  
           
Investing activities       36,164     (27,179 )
           
Financing activities                
Repurchase of common stock       (6,947 )   (10,889 )
Net increase in debt       (19,968 )   (17,054
Other financing activities and exchange rate changes       (17,271 )   (13,953 )
 
 
 
Net decrease in cash and cash equivalents     $ (6,605 $ (17,197
 
 
 
This excerpt taken from the LZB 10-Q filed Nov 22, 2005.

Liquidity and Capital Resources

Our total assets decreased by 2.9% as compared to April 2005. Our total debt increased by $1.0 million in comparison to the end of the 2005 fiscal year.

Our sources of cash liquidity include cash and equivalents, cash from operations and amounts available under credit facilities. These sources have been adequate for day-to-day operations, stock repurchases, dividends to shareholders and capital expenditures. We expect these sources of liquidity to continue to be adequate for the future. Capital expenditures for fiscal 2006 are planned at $28 million to $32 million compared to $35 million in fiscal 2005. There were no material commitments for capital expenditures at October 29, 2005. As of October 29, 2005, we had unused lines of credit and commitments of $173.0 million under several credit arrangements.

The following table illustrates the main components of our cash flows:

(Unaudited, amounts in thousands) Six MonthsEnded

Cash Flows From (Used For)
10/29/05
10/23/04
Operating activities                
Net income (loss), depreciation and deferred taxes     $ 5,679   $ 19,122  
Restructuring       7,817     11,149  
Working capital and other       5,300     (54,360 )


Cash provided from operating activities       18,796     (24,089 )
Investing activities       (21,356 )   (15,432 )
     
Financing activities                
Repurchase of common stock       (10,889 )   (2,476 )
Net increase (decrease) in debt       18     43,985  
Other financing activities and exchange rate changes       (9,237 )   (7,193 )


Net increase in cash and cash equivalents     $ (22,668 $ (5,205


This excerpt taken from the LZB 10-Q filed Feb 8, 2005.

19


Liquidity and Capital Resources

Our total assets decreased by 1.9% as compared to April 2004. Our total debt increased by $19.1 million in comparison to the end of the 2004 fiscal year.

Our sources of cash liquidity include cash and equivalents, cash from operations and amounts available under credit facilities. These sources have been adequate for day-to-day operations, dividends to shareholders and capital expenditures. We expect these sources of liquidity to continue to be adequate for the foreseeable future. Capital expenditures for fiscal 2005 are planned at $30 million to $35 million including VIEs, of which $27.0 million was expended during the first nine months of fiscal 2005, compared to $31.6 million in fiscal 2004. There were no material commitments for capital expenditures at January 22, 2005. As of January 22, 2005, we had unused lines of credit and commitments of $162.3 million under several credit arrangements.

The following table illustrates the main components of our cash flows:

(Unaudited amounts in thousands)
First nine months ended
Cash Flows From (Used For)
1/22/05
1/24/04
Operating activities              
Net income, depreciation and deferred taxes     $ 36,701   $ 61,152  
Restructuring     13,401     9,493  
Working capital and other     (36,211   44,157  
     
Investing activities     (26,557 )   (19,799 )


     
Subtotal     (12,666   95,003  
     
Financing activities            
Repurchase of common stock     (2,476 )   (59,378 )
Net increase (decrease) in debt     19,063     (30,195 )
Other financing activities and exchange rate changes     (11,809 )   (8,473 )
     


Net decrease in cash and equivalents   $ (7,888 $ (3,043 )


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