La-Z-Boy Reports Profit $45.5M in 1Q

August 24, 2011  by in UnCategorized   

By Aggregated Content in Financial Reports on August 25, 2011 from http://c.moreover.com/click/here.pl?z5115061381&z=1250249032 Furniture maker La-Z-Boy said Tuesday it turned a $45.5-million profit in its fiscal first quarter, primarily because of a $43.4-million tax benefit, and its shares fell after hours. For the same period a year ago, the lounge chair maker recorded a loss of $216,000, which amounted to breaking even per share. This year's first-quarter net income amounted to 85 cents per share. The one-time tax gain came from cutting the valuation allowance on La-Z-Boy's deferred tax assets. Excluding that benefit, the company earned 4 cents per share. La-Z-Boy's revenue grew 6% to $280.1 million from $263.3 million. Analysts expected

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