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La-Z-Boy swings to profit for first quarter

MONROE Lower costs and structural business changes helped La-Z-Boy Inc. offset an 18 percent drop in sales and post a fiscal first quarter profit of $2 million, a swing from an $8.5 million loss a year ago.

The company, which released its report last night, said it earned 4 cents a share, compared with the 17 cents a share loss for the same period a year ago.

The Michigan furniture maker said its revenue fell to $262.7 million from $321.7 million last year. The firm attributed the drop to the economic downturn that has dampened consumer spending. However, officials said actions the company took have helped La-Z-Boy stay profitable.

N-Viro International Corp. said yesterday that it had a smaller loss in the second quarter on higher revenues.

The Toledo sewage treatment company reported that it lost $36,000, or 1 cent a share, on sales of $1.4 million in the April-to-June period. That compared with a loss of $447,000, or 10 cents a share, on sales of $1.2 million in the prior-year period.

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