La-Z-Boy Q1 Profit Rises - Quick Facts

(RTTNews) - Home furniture maker La-Z-Boy Inc. (LZB) Tuesday reported first-quarter net income attributable to the company of $13.1 million or $0.25 per share, compared to $9.6 million or $0.18 per share in the comparable quarter last year.

Adjusted net income from continuing operations attributable to the company rose to $10.4 million or $0.20 per share from $9.6 million or $0.18 per share in the prior year quarter. On average, six analysts polled by Thomson Reuters expected the company to earn $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the latest first quarter grew 7.0% to $326.98 million from $305.50 million last year. Analysts estimated revenues of $321.28 million for the quarter.

Further, the company's Board of Directors declared a regular quarterly cash dividend of $0.06 per share on the company's common stock. The dividend will be paid on September 10, 2014, to shareholders of record as of August 29, 2014.

The Board also approved the purchase of up to an additional 5 million shares under the company's existing share purchase authorization, established in 1987. The total number of shares authorized to repurchase represents approximately 15% of the outstanding shares. The purchases will be made on the open market, with consideration given to the share price, cash flow from operations, alternate investment opportunities and general economic conditions.