-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IxBLEVyKzO4QQvmkc8HVyedQNWntPFzYHpeYGGUQJ6xRBDN0lHXnnC6b93J8hFiV mzzoQB/I4vGq/BAiHJmsHw== 0000057131-99-000015.txt : 19990630 0000057131-99-000015.hdr.sgml : 19990630 ACCESSION NUMBER: 0000057131-99-000015 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990625 FILED AS OF DATE: 19990629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LA-Z-BOY INC CENTRAL INDEX KEY: 0000057131 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD FURNITURE [2510] IRS NUMBER: 380751137 STATE OF INCORPORATION: MI FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-09656 FILM NUMBER: 99654840 BUSINESS ADDRESS: STREET 1: 1284 N TELEGRAPH RD CITY: MONROE STATE: MI ZIP: 48162 BUSINESS PHONE: 3132414414 FORMER COMPANY: FORMER CONFORMED NAME: LA Z BOY CHAIR CO DATE OF NAME CHANGE: 19920703 11-K 1 SECURITES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to____________ Commission file number 33-31502 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: LA-Z-BOY CHAIR COMPANY MATCHED RETIREMENT SAVINGS PLAN B. Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office: LA-Z-BOY INCORPORATED 1284 North Telegraph Road Monroe, Michigan 48162 Telephone (734) 242-1444 This report contains 17 pages SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. LA-Z-BOY CHAIR COMPANY MATCHED RETIREMENT SAVINGS PLAN By La-Z-Boy Incorporated Plan Administrator Date: June 29, 1999 By /s/Gene M. Hardy ------------------------------- Gene M. Hardy Secretary and Treasurer La-Z-Boy Chair Company Matched Retirement Savings Plan Financial Statements and Supplemental Information December 31, 1998 and 1997 La-Z-Boy Chair Company Matched Retirement Savings Plan Index to Financial Statements and Supplemental Information Page Financial Statements: Report of Independent Accountants 5 Statement of Net Assets Available for Benefits, with Fund Information at December 31, 1998 6 Statement of Net Assets Available for Benefits, with Fund Information at December 31, 1997 7 Statement of Changes in Net Assets Available for Benefits, with Fund Information for the Year Ended December 31, 1998 8 Notes to Financial Statements 9-14 Supplemental Information:* Line 27a - Schedule of Assets Held for Investment Purposes at December 31, 1998 Schedule I Line 27b - Schedule of Loans or Fixed Income Obligations at December 31, 1998 Schedule II Line 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1998 Schedule III * Other schedules required by Section 2520.103-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. Report of Independent Accountants To the Participants and Administrator of La-Z-Boy Chair Company Matched Retirement Savings Plan In our opinion, the accompanying statement of net assets available for benefits, with fund information and the related statement of changes in net assets available for benefits, with fund information present fairly, in all material respects, the net assets available for benefits of La-Z-Boy Chair Company Matched Retirements Savings Plan ("the Plan") at December 31, 1998 and 1997, and the changes in net assets available for benefits for the year ended December 31, 1998 in comformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of Assets Held for Investment Purposes, Loans or Fixed Income Obligations and Reportable Transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statement of net assets available for benefits and the statement of changes in net asssets available for benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for benefits and changes in net assets available for benefits of each fund. These supplemental schedules and fund information are the responsibility of the Plan's management. These supplemental schedules and fund information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. June 25, 1999 La-Z-Boy Chair Company 2 Matched Retirement Savings Plan Statement of Net Assets Available for Benefits, with Fund Information - -------------------------------------------------------------------------------------------------------------------------- December 31, 1998 ---------------------------------------------------------------------------------------- Fixed Company Bond Balanced Equity Growth Loan Income Stock Fund Fund Fund Fund Fund Fund Fund Total ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Assets Employee Benefit Money Market Fund $235,818 $235,818 ----------- ----------- Investments, at fair value Prism Reserve Fund $9,376,646 9,376,646 Victory Balanced Fund 9,447,520 9,447,520 Victory Stock Index Fund 12,347,365 12,347,365 Victory Special Growth Fund 4,627,700 4,627,700 Prism Victory Financial Reserve Fund 679,460 679,460 Company's Common Stock 33,509,994 33,509,994 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Total Investments 9,376,646 9,447,520 12,347,365 4,627,700 679,460 33,509,994 69,988,685 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Receivables Interest/dividends receivable 1,080 1,080 Participant loans receivable 6,535,884 6,535,884 ---------- ----------- ----------- Total receivables 6,535,884 1,080 6,536,964 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Net assets available for benefits $9,376,646 $9,447,520 $12,347,365 $4,627,700 $6,535,884 $679,460 $33,746,892 $76,761,467 ========== ========== =========== ========== ========== ======== =========== =========== The accompanying notes are an integral part of these financial statements.
La-Z-Boy Chair Company 3 Matched Retirement Savings Plan Statement of Net Assets Available for Benefits, with Fund Information - -------------------------------------------------------------------------------------------------------------------------- December 31, 1997 ---------------------------------------------------------------------------------------- Fixed Company Bond Balanced Equity Growth Loan Income Stock Fund Fund Fund Fund Fund Fund Fund Total ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Assets Cash and cash equivalents Cash $ 201 $ 710 $ 509 $ 14,893 $ 469 $ 16,782 Employee Benefit Money Market Fund $ 65,702 65,702 ---------- ----------- ---------- ---------- -------- ----------- ----------- Total cash and cash equivalents 201 710 509 14,893 469 65,702 82,484 ---------- ----------- ---------- ---------- -------- ----------- ----------- Investments, at fair value Prism Reserve Fund $8,345,648 8,345,648 Victory Balanced Fund 7,712,455 7,712,455 Victory Stock Index Fund 9,486,641 9,486,641 Victory Special Growth Fund 5,216,558 5,216,558 Prism Victory Financial Reserve Fund 379,839 379,839 Company's Common Stock 25,317,308 25,317,308 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Total investments 8,345,648 7,712,455 9,486,641 5,216,558 379,839 25,317,308 56,458,449 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Receivables Interest/dividends receivable 558 558 Participant loans receivable 4,656,998 4,656,998 Other receivables 1,178 2,094 1,918 1,683 139 7,012 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Total receivables 1,178 2,094 1,918 1,683 4,656,998 139 558 4,664,568 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Net assets available for benefits $8,346,826 $7,714,750 $9,489,269 $5,218,750 $4,671,891 $380,447 $25,383,568 $61,205,501 ========== ========== =========== ========== ========== ======== =========== =========== The accompanying notes are an integral part of these financial statements.
La-Z-Boy Chair Company 4 Matched Retirement Savings Plan Statement of Changes in Net Assets Available for Benefits, with Fund Information - ------------------------------------------------------------------------------------------------------------------------------- For the Year Ended December 31, 1998 ----------------------------------------------------------------------------------------------- Fixed Company Bond Balanced Equity Growth Loan Income Stock Fund Fund Fund Fund Fund Fund Fund Total ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Additions Investment Income: Net appreciation in fair value of investments $490,117 $658,055 $1,403,154 $24,049 $5,973,340 $8,548,715 Interest and dividends 70 749,168 1,260,030 $5 $457,839 975 549,173 3,017,260 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- 490,187 1,407,223 2,663,184 5 457,839 25,024 6,522,513 11,565,975 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Contributions Employer 1,372,456 1,132,704 1,474,408 914,600 251,178 4,096,822 9,242,168 Rollovers 12,277 98,081 15,961 11,867 5,681 22,404 166,271 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Total contributions 1,384,733 1,230,785 1,490,369 926,467 256,859 4,119,226 9,408,439 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Total additions 1,874,920 2,638,008 4,153,553 926,472 457,839 281,883 10,641,739 20,974,414 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Deductions Net depreciation in fair value of investments 527,384 527,384 Benefit payments 511,194 535,307 717,448 362,147 344,377 50,318 2,298,827 4,819,618 Administrative fees 71,446 71,446 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Total deductions 511,194 535,307 717,448 889,531 344,377 50,318 2,370,273 5,418,448 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Net increase prior to interfund transfers 1,363,726 2,102,701 3,436,105 36,941 113,462 231,565 8,271,466 15,555,966 Interfund transfers (333,906) (369,931) (578,009) (627,991) 1,750,531 67,448 91,858 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- Net Increase (Decrease) 1,029,820 1,732,770 2,858,096 (591,050) 1,863,993 299,013 8,363,324 15,555,966 Net assets available for benefits Beginning of year 8,346,826 7,714,750 9,489,269 5,218,750 4,671,891 380,447 25,383,568 61,205,501 ---------- ---------- ----------- ---------- ---------- -------- ----------- ----------- End of year $9,376,646 $9,447,520 $12,347,365 $4,627,700 $6,535,884 $679,460 $33,746,892 $76,761,467 ========== ========== =========== ========== ========== ======== =========== =========== The accompanying notes are an integral part of these financial statements.
1. Description of the Plan The following description of the La-Z-Boy Chair Company Matched Retirement Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. General La-Z-Boy Incorporated (the Company) sponsors the Plan, which is a defined contribution plan covering eligible employees. The Plan is administered by a Central Board of Administration (the Board) appointed by the Board of Directors of the Company. The Company has appointed Key Trust Company of Ohio, N.A. (Trustee), as the Plan's trustee. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Participation Employees who have completed 1,000 hours of service in a six month period and have attained age twenty-one are eligible to become participants as of January 1 or July 1 following their qualification, with the exception of employees of the Company's ineligible subsidiaries. Vesting Participants are always fully vested in their own deferral accounts and become fully vested in the Company's matching contribution accounts after five years of service. Contributions Contributions to the Plan consist of the following: a. compensation deferral contributions authorized by the participant in an amount up to fifteen percent of eligible compensation for participants who do not participate in the La-Z-Boy Chair Company Profit Sharing Plan ("Profit Sharing Plan") or up to seven percent for those participants who do not participate in the Profit Sharing Plan: b. an employer matching contribution equal to fifty percent of each participant's compensation deferral contribution, to a maximum of two percent of the participant's eligible compensation during the plan year; c. eligible Plan participants who do not participate in the Profit Sharing Plan are entitled to an additional contribution equal to twenty-five percent of the participants eligible compensation in excess of two percent, but not to exceed three percent or four percent (depending on eligibility); 1. Description of the Plan (continued) Contributions (continued) d. during 1998, the Plan was amended to allow employees who do not participate in the Profit Sharing Plan, whose sum of age and years of service is greater than seventy-five, to receive an additional amount of employer match from the Company; e. any forfeiture restoration amount; and f. amounts that participants have the ability, under certain circumstances, to contribute that have been received as distributions from pension benefit plans or "rollovers" from selected individual retirement arrangements. However, total individual participant compensation deferral contributions shall not exceed the lesser of: a. fifteen percent of the eligible compensation of the participant during the plan year; or b. the aggregate individual participant limitations set forth under Section 415 of the Internal Revenue Service Code (IRS Code). Included in employer contributions for 1998 and 1997 are participant compensatiion deferrals of $7,260,148 and $6,440,189, respectively. The company's matching contributions for 1998 and 1997 included $1,982,020 and $1,626,762 in non cash contributions of the Company's common stock, respecitvely. The forfeited, nonvested portion of a terminated participant's account may be used to reduce the Company's matching contribution. During 1998 and 1997, $86,185 and $123,479, respectively, of employer matching contributions were forfeited by terminated employees before those amounts became vested. 1. Description of the Plan (continued) Plan Benefits Participants having five years of service under the Plan are entitled to the full value of their accounts beginning at normal retirement age (sixty-five). Participants with at least ten years of participation are eligible for early retirement at age fifty-five. The value of a retiree's accounts will normally be paid within sixty days after the end of the month in which he or she retires. If a participant's total vested account balance is below $3,500, the benefit payment will be made in the form of a lump sum cash payment. If the total vested account balance exceeds $3,500, the participant may elect to receive the portion of their account which is invested in the Company Stock Fund in cash or in La-Z-Boy Incorporated common stock. The remainder of the account balance is paid in the form of a lump sum cash payment. Death Benefits Upon the death of a participant, the value of his or her account becomes fully vested. As soon as administratively feasible after the end of the plan year following the death, the value of the participant's account will be paid to any beneficiary designated by the participant or as stipulated in the Plan. Disability Benefits Participants who become totally and permanently disabled are eligible for disability retirement benefits. The participant shall have the value of his or her account fully vested and payable in the same manner as normal retirement benefits. Hardship or Financial Need Upon application by the participant, the Board may direct distribution of such participant's funds to alleviate extreme hardship. In no event shall the amount exceed eighty percent of the participant's total compensation deferral contribution balance. The distribution shall be subject to personal income and excise taxes. A participant may also apply to borrow an amount not less than $1,000 or greater than the lesser of $50,000 or fifty percent of the participant's vested account balance in the Plan. Interest rates on any loans granted are determined by the Board. 2. Summary of Significant Accounting Policies Basis of Accounting The accounts of the Plan are maintained on the accrual basis of accounting in accordance with generally accepted accounting principles. 2. Summary of Significant Accounting Policies (continued) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits at the date of the financial statements and the reported changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates. Expenses of the Plan Investment advisory and management fees are paid by the Plan. All other Plan expenses and professional fees are paid by the Company. Investments Investments in securities traded on a national securities exchange are valued based on published quotations on the last business day of the plan year. Securities not so traded are valued at the latest available and appropriate bid price on that date. Fund investments are valued based on the market value of the underlying investments as of the last business day of the year. Participant loans receivable are valued at cost which approximates fair value. Net Appreciation and Depreciation of Investments Realized gains and losses are calculated by taking the proceeds from the sale of assets less the fair value of the assets at the beginning of the plan year, or at the time of purchase if acquired during the current plan year. Unrealized appreciaiton and depreciation of investments is calculated by taking the fair value of the assets at the end of the plan year less the fair value of the assets at the beginning of the plan year, or at the time of purchase if acquired during the current plan year. Reclassification Certain amounts in the prior year have been reclassified to conform with the current year's presentation. Allocation of Assets A participant's salary deferral contributions are allocated to the individual's account each pay period. The Company's matching contributions are allocated to each participant's account monthly. Changes in the fair market value of assets, investment income and gains and losses on the disposition of assets are allocated to participants' accounts on a daily basis in proportion to their account balance. 3. Investment Options The Plan provides participants with six investment options as follows: Bond Fund - funds are invested in shares of a registered investment company that invests in U.S. Treasury bonds and securities of various U.S. government agencies. Balanced Fund - funds are invested in shares of a registered investment company that invests in corporate stocks and bonds and various U.S. government agencies. Equity Fund - funds are invested in shares of a registered investment company that invests mainly in common stocks that are expected to reflect Standard and Poor's 500 Composite Index performance. Growth Fund - funds are invested in shares of a registered investment company that invests mainly in common stocks that are believed by the fund manager to have future returns greater than the Standard and Poor's 500 Composite Index. Fixed Income Fund - funds are invested in shares of a registered investment company that invests in money market accounts, short-term certificates of deposit, U.S. government bonds and corporate notes. Company Stock Fund - funds are invested in the Company's common stock. Allocations to the funds are made in five percent increments. Participants may change the allocation of contributions among the investment options and transfer amounts between investment options every ninety days. The Company's matching contribution is invested in the Company's common stock. 4. Party-in-interest Investments in the Company Stock Fund consist of 1,881,210 and 587,068 shares of La-Z-Boy Incorporated common stock at December 31, 1998 and 1997, respectively. Shares for this fund are purchased on the open market or from the Company's treasury shares at fair market value. At December 31, 1998 and 1997, the Plan held certain assets in mutual funds managed by the trustee. Any purchases and sales of these funds are open market transactions at fair value. Consequently, such transactions are permitted under the provisions of the Plan and are exempt from prohibition of party-in-interest transactions under the IRS Code and ERISA. 5. Tax Status of the Plan The Internal Revenue Service has determined and informed the Company by a letter dated July 6, 1995, that the Plan and related trust are designed in accordance with applicable sections of the IRS Code. The Plan has been amended since receiving the determination letter. However, the Plan's administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with applicable requirements of the IRS Code. 6. Plan Termination Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, all amounts previously allocated to the participants shall be fully vested subject only to any charge or lien which may then or thereafter exist and be due the Trustee. La-Z-Boy Chair Company Schedule I Matched Retirement Savings Plan Line 27a - Schedule of Assets Held for Investment Purposes December 31, 1998 - -------------------------------------------------------------------------------- Identity of Current Issuer or Borrower Description of Investment Cost Value La-Z-Boy Incorporated La-Z-Boy Incorporated Common Stock $19,287,842 $33,509,994 Key Trust Company of Ohio, N.A. Employee Benefit Money Market Fund 235,818 235,818 Key Trust Company of Ohio, N.A. Prism Reserve Fund 7,974,705 9,376,646 Key Trust Company of Ohio, N.A. Victory Balanced Fund 7,675,846 9,447,520 Key Trust Company of Ohio, N.A. Victory Stock Index Fund 8,627,642 12,347,365 Key Trust Company of Ohio, N.A. Victory Special Growth Fund 4,688,383 4,627,700 Key Trust Company of Ohio, N.A. Prism Victory Financial Reserve Fund 644,487 679,460 Participant Loans Interest rates ranging from 8.75% through 9.50%; Maturity dates ranging from 1999 through 2013 -- 6,535,884 ----------- ----------- $49,134,723 $76,760,387 =========== =========== * Key Trust Company of Ohio, N.A., La-Z-Boy Incorporated and participants are known parties-in-interest of the Plan. This schedule was prepared from data certified by the trustee of the Plan. La-Z-Boy Chair Company Schedule II Matched Retirement Savings Plan Line 27b - Schedule of Loans or Fixed Income Obligations December 31, 1998 Amount of principal and interest Unpaid Amount of Identity and Original received balance at principal address of amount during end of Description and interest obligator of loan reporting year year of loan overdue * K. Davis $ 1,900 $ 11 $ 1,449 08/01/97 $ 99 3607 Gail Drive Apt. B Florence, SC 29501 * Melissa Curtis 4,800 71 4,368 06/04/98 283 P.O. Box 248 Hudson, NC 28638 * Bobby Bullard 5,000 106 5,000 04/03/98 1,692 629 Wahee Rd Marion, SC 29571 * Monty Hutson 5,800 17 5,800 09/03/98 173 11010 Iris Rd Neosho, MO 64850 * Suzanne Depalma 1,500 17 973 11/13/96 207 25821 Telegraph Rd #65 Flat Rock, MI 48134 * Wayne Collins, Jr 2,683 15 1,528 12/03/96 46 441 Montague St Dayton, TN 37321 * Jeffrey Pelfrey 2,500 12 1,460 06/24/96 6 241 Rattan Lane Dayton, TN 37321 * David Daniels 3,000 44 1,013 10/10/96 88 368 Walkerton Rd Dayton, TN 37321 * James Mincy 3,000 22 921 08/13/96 119 143 Price Circle Spring City, TN 37381 * Deborah Johnson 9,800 48 4,694 09/27/96 620 450 Dyer Hollow RD Dayton, TN 37321 * Darrell Iles 1,220 6 996 08/14/97 18 P.O. Box 223 Graysville, TN 37338 * Sherry Wilkey 9,214 49 7,658 03/02/98 1,232 2250 Cooper Rd Sale Creek, TN 37373 * Lorin Curtis 2,300 11 527 10/01/94 97 P.O. Box 42 Goodman, MO 64843 * Gary Nelson 3,000 22 411 02/22/96 154 P.O. Box 154 Goodman, MO 64843 * Marlyce Hansen 16,500 160 16,500 08/21/98 798 49 North 400 East Garland, UT 84337 * Heidi Stevenson 1,056 5 890 11/03/97 15 465 W 600 S Tremonton, UT 84337 * David Alferez 1,800 8 501 06/11/94 309 1317 Agate Mentone, Ca 92359 * Howard Smith 3,436 25 1557 12/30/96 237 3930 Oak Hill Road Dayton, TN 37321 * Participants are known parties-in-interest of the Plan.
La-Z-Boy Chair Company Schedule III Matched Retirement Savings Plan Line 27d - Schedule of Reportable Transactions* For the Year Ended December 31, 1998 Current Value Identity of Asset on of party Purchase Selling Cost of Transaction Net Gain Involved Description of Asset Price Price Asset Date or (Loss) Key Trust Company of Ohio, N.A. Victory Stock Index Fund $3,050,762 $3,050,762 $3,050,762 Key Trust Company of OHio, N.A. Victory Stock Index Fund $1,593,192 1,079,199 1,593,192 $513,993 Key Trust Company of Ohio, N.A. Employee Benefits Money Market Fund 4,463,973 4,463,973 4,463,973 Key Trust Company of Ohio, N.A. Employee Benefits Money Market Fund 4,293,857 4,293,857 4,293,857 Key Trust Company of Ohio, N.A. Victory Balanced Fund 2,088,307 2,088,307 2,088,307 Key Trust Company of Ohio, N.A. Victory Balanced Fund 1,011,297 803,523 1,011,297 207,774 Key Trust Company of Ohio, N.A. La-Z-Boy Incorporated Common Stock 1,849,833 1,849,833 1,849,833 Key Trust Company of Ohio, N.A. La-Z-Boy Incorporated Common Stock 1,483,960 797,252 1,483,960 686,708 * Transactions or series of transactions in excess of 5% of the current value of the Plan's assets at December 31, 1997, as defined by section 2520.103-6 of the Department of Labor Rules and Regulations for Reporting and Disclosure under ERISA. This schedule was prepared from data certified by Key Trust Company of Ohio, N.A., the trustee of the Plan.
CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-03097) of La-Z-Boy Incorporated of our report dated June 25, 1999 relating to the financial statements of the La-Z-Boy Chair Company Matched Retirement Savings Plan, which appears in this form 11-K. PricewaterhouseCoopers LLP Toledo, Ohio June 28, 1999 -----END PRIVACY-ENHANCED MESSAGE-----