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    • Sun Mar 16th 10:09 AM | Rating: 0 0
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      La-Z-Boy: Time to Sit Up Straight
      Known around the world for its recliners, La-Z-Boy markets furniture for every room of the house. The two-year housing slump naturally has hurt the home-furnishings industry. Still, La-Z-Boy posted a profit in its third fiscal quarter (ended Jan. 31) of $9.5 million, or 18 cents a share, on a 7.8% drop in sales to $373.1 million -- versus a year-earlier loss of $7.8 million, or 15 cents.

      Nevertheless, it cut its dividend -- to four cents a share from the 12 cents it had been disbursing for the past seven quarters -- to conserve cash, grow and lighten its debt (long-term borrowings total $146.4 million). The reduction translates into an annual savings of roughly $16.5 million. La-Z-Boy, which has been curbing costs by selling noncore assets and closing underperforming stores, among other things, has $63 million in cash on its balance sheet. It's paid dividends steadily since 1963, and its stock, which was recently quoted at 9.11 (its 52-week high is 14.85), yields 1.76%.
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