Contract

by Ladd Furniture Inc
February 12th, 1997




LADD FURNITURE, INC. AND SUBSIDIARIES - Supplemental Financial Data
February 11, 1997         CONTACT: John J. Ong, CFA     (910) 888-6353

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (PRELIMINARY AND UNAUDITED)

Quarters Ended Years Ended In thousands, except per share data 12/30/95 12/28/96 12/30/95 12/28/96 Net sales $ 149,336 118,267 $ 599,203 497,457 Cost of sales 122,070 96,070 502,999 411,697 Gross profit 27,266 22,197 96,204 85,760 Selling, general and administrative expenses 25,792 16,613 101,345 74,363 Restructuring expense (576) (547) 25,120 3,431 Operating income (loss) 2,050 6,131 (30,261) 7,966 Other deductions: Interest expense 3,152 3,169 11,798 12,069 Other, net 325 141 1,367 399 3,477 3,310 13,165 12,468 Earnings (loss) before income taxes (1,427) 2,821 (43,426) (4,502) Income tax expense (benefit) (1,645) 1,263 (18,236) (2,032) Net earnings (loss) $ 218 1,558 $ (25,190) (2,470) Net earnings (loss) per common share $ 0.03 0.20 %(3.26) (0.32) Weighted average number of common shares outstanding 7,727 7,720 7,721 7,722
CONDENSED CONSOLIDATED BALANCE SHEETS (PRELIMINARY AND UNAUDITED)
Dollar amounts in thousands 12/30/95* 9/28/96 12/28/96 Assets Current assets: Cash $ 1,272 1,713 469 Trade accounts receivable, net 38,288* 75,736 66,730 Inventories, net 89,466 86,428 84,484 Prepaid expenses and other current assets 13,663 8,337 5,768 Total current assets 142,689 172,214 157,451 Property, plant and equipment, net 82,586 78,543 74,729 Businesses held for sale, net 8,052 -- -- Intangible and other assets, net 79,659 81,088 81,415 $312,986 331,845 313,595 Liabilities and Shareholders' Equity Current liabilities: Current installments of long-term debt $ 309 5,136 5,093 Short-term bank borrowings 3,037 -- -- Trade accounts payable 28,419 27,766 24,358 Accrued expenses and other current liabilities 31,396 28,965 30,084 Total current liabilities 63,161 61,867 59,535 Long-term debt, excluding current installments 112,598* 138,234 125,859 Deferred and other liabilities 12,030 10,258 5,125 Total liabilities 187,789 210,359 190,519 Total shareholders' equity 125,197 121,486 123,076 $312,986 331,845 313,595
* These items reflect the effect of $36 million in financing proceeds from the company's accounts receivable securitization program, which was subsequently terminated on March 28, 1996.