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
August 22, 2002
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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
NEWS RELEASE
Contact: Mark Stegeman (734) 241-4418 mark.stegeman@la-z-boy.com
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LA-Z-BOY REALIGNS UPHOLSTERY GROUP MANUFACTURING
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MONROE MI, August 22, 2002 - La-Z-Boy Incorporated (NYSE, PCX: LZB) today
announced that its Bauhaus USA, Inc. unit, will be expanding its manufacturing
operations in order to meet rising demand. Bauhaus, which produces upholstered
furniture with a lifestyle flair, serves the department store market as well as
independent furniture dealers. Bauhaus was acquired by La-Z-Boy in 1999 and
currently operates four facilities in the greater Tupelo, Miss. area.
The expansion will involve the assumption of two facilities, also located in the
greater Tupelo area, currently being operated by another La-Z-Boy unit -
HickoryMark. HickoryMark was acquired as part of the LADD acquisition but has
been experiencing declining volume and profitability. HickoryMark will build out
its backlog and cease manufacturing on October 25, 2002. Bauhaus will begin
manufacturing its products in these facilities on October 28, 2002. The company
will absorb the cost of the transition in its second fiscal quarter results and
has not changed its recently announced earnings guidance.
La-Z-Boy president and chief executive officer, Jerry Kiser, said, "The strong
sales performance of the Bauhaus product line demands further production
capacity than is currently available. This redeployment of our assets will
enable the company's Upholstery Group to continue to meet the increasing demand
for its highly popular lifestyle products, as well as improve its delivery times
and service capabilities. We will strive to make this transition as seamless as
possible for HickoryMark customers and employees."
HickoryMark employees will have the opportunity to apply for a reduced number of
jobs that will be created by Bauhaus at its Sherman and Myrtle, Miss.
facilities.
Kiser added, "We are committed to continually evaluating our ongoing businesses
to provide high quality competitively priced products to our customers and
reasonable returns for our shareholders."
Forward-looking Information
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Any forward-looking statements contained herein 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, 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 via e-mail of future La-Z-Boy news
releases, SEC filings and conference calls may do so 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, HickoryMark, 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 299
stand-alone La-Z-Boy Furniture Galleries(R) and 313 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)
Date August 22, 2002 /s/ Louis M. Riccio, Jr.
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Louis M. Riccio, Jr.
On behalf of the registrant and as
Chief Accounting Officer