WINCHESTER, Va., Feb. 26, 2015 /PRNewswire/ -- American Woodmark
Corporation (NASDAQ: AMWD) today announced results for its third
fiscal quarter ended January 31,
2015.
Net sales for the third fiscal quarter increased 12% to
$189.0 million compared with the same
quarter of the prior fiscal year. Net sales for the first
nine months of the current fiscal year increased 15% to
$618.6 million from the comparable
period of the prior fiscal year. The Company experienced
growth in both the remodeling and new construction channels during
the third quarter of fiscal year 2015, with new construction growth
exceeding 15%.
Net income was $7.3 million
($0.45 per diluted share) for the
third quarter of the current fiscal year compared with $2.9 million ($0.18
per diluted share) for the third quarter of the prior fiscal
year. Exclusive of one-time tax credits, the Company
generated $7.1 million ($0.44 per diluted share) of net income for the
third quarter of the current fiscal year compared with $2.9 million ($0.18
per diluted share) for the same period of the prior fiscal
year.
Net income for the first nine months of fiscal year 2015 was
$24.2 million ($1.52 per diluted share) compared with
$14.8 million ($0.95 per diluted share) for the same period of
the prior fiscal year. Exclusive of one-time tax credits, the
Company generated $23.0 million
($1.44 per diluted share) of net
income for the first nine months of the current fiscal year
compared with $14.8 million
($0.95 per diluted share) for the
same period of the prior fiscal year.
Gross profit for the third quarter of the current fiscal year
was 18.6% of net sales compared with 15.4% in the same quarter of
the prior year. Gross profit for the first nine months of the
current fiscal year was 17.7% of net sales compared with 17.1% for
the same period in the prior year. Gross profit in the
current quarter was favorably impacted by higher sales volume and
improved operating efficiency. Gross profit for the first
nine months of the current fiscal year was favorably impacted by
higher sales volume and improved operating efficiency that was
partially offset by material inflation and costs associated with
crewing and infrastructure to support higher levels of sales and
installation activity.
Selling, general and administrative costs for the third quarter
of fiscal year 2015 were 12.8% of net sales compared with 12.4% in
the same quarter of the prior year. Selling, general and
administrative costs for the first nine months of the current
fiscal year were 11.7% of net sales compared with 12.5% for the
same period in the prior year. The increase in the Company's
operating expense ratio in the current quarter was driven by higher
performance based compensation costs. The improvement in the
Company's operating expense ratio for the nine-month period was
driven by favorable leverage from increased sales and on-going
expense control.
The Company generated net cash from operating activities of
$36.0 million during the first nine
months of fiscal year 2015 compared with $23.5 million during the same period in the prior
year. The improvement in the Company's cash from operating
activities was driven primarily by higher operating profitability
and lower increases in customer receivables, which was partially
offset by increases in inventory levels to support higher
sales. Net cash used by investing activities was $43.5 million during the first nine months of the
current fiscal year compared with $8.3
million during the same period of the prior year due
primarily to a $29.5 million
investment in short-term certificates of deposit and increased
investment in property, plant and equipment. Net cash
provided by financing activities decreased $9.5 million during the first nine months of the
current fiscal year compared to the same period in the prior year,
as the Company repurchased 163,326 shares of common stock at a cost
of $5.1 million and proceeds from the
exercise of stock options decreased $4.4
million.
American Woodmark Corporation manufactures and distributes
kitchen cabinets and vanities for the remodeling and new home
construction markets. Its products are sold on a national
basis directly to home centers, major builders and through a
network of independent distributors. The Company presently
operates nine manufacturing facilities and seven service centers
across the country.
Safe harbor statement under the Private Securities Litigation
Reform Act of 1995: All forward‑looking statements made by
the Company involve material risks and uncertainties and are
subject to change based on factors that may be beyond the Company's
control. Accordingly, the Company's future performance and
financial results may differ materially from those expressed or
implied in any such forward-looking statements. Such factors
include, but are not limited to, those described in the Company's
filings with the Securities and Exchange Commission and the Annual
Report to Shareholders. The Company does not undertake to
publicly update or revise its forward looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized.
AMWD-E
AMERICAN WOODMARK
CORPORATION
|
|
Unaudited
Financial Highlights
|
|
(in thousands, except
share data)
|
|
Operating
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
January
31
|
|
January
31
|
|
|
|
2015
|
|
|
2014
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales
|
|
$
|
188,963
|
|
|
$
|
169,033
|
|
|
$
|
618,573
|
|
|
$
|
537,660
|
|
Cost of Sales &
Distribution
|
|
153,846
|
|
|
143,032
|
|
|
509,361
|
|
|
445,670
|
|
|
Gross
Profit
|
|
35,117
|
|
|
26,001
|
|
|
109,212
|
|
|
91,990
|
|
Sales & Marketing
Expense
|
|
16,010
|
|
|
14,287
|
|
|
47,821
|
|
|
44,638
|
|
G&A
Expense
|
|
8,054
|
|
|
6,564
|
|
|
24,710
|
|
|
22,555
|
|
Restructuring
Charges, net
|
|
3
|
|
|
48
|
|
|
6
|
|
|
161
|
|
Insurance
Proceeds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94)
|
|
|
Operating
Income
|
|
11,050
|
|
|
5,102
|
|
|
36,675
|
|
|
24,730
|
|
Interest & Other
(Income) Expense
|
|
74
|
|
|
149
|
|
|
323
|
|
|
464
|
|
Income Tax
Expense
|
|
3,694
|
|
|
2,052
|
|
|
12,161
|
|
|
9,439
|
|
|
Net Income
|
|
$
|
7,282
|
|
|
$
|
2,901
|
|
|
$
|
24,191
|
|
|
$
|
14,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding - Diluted
|
|
16,131,140
|
|
|
15,827,666
|
|
|
15,953,420
|
|
|
15,595,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Per Diluted
Share
|
|
$
|
0.45
|
|
|
$
|
0.18
|
|
|
$
|
1.52
|
|
|
$
|
0.95
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
January
31
|
|
|
April
30
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash & Cash
Equivalents
|
|
$
|
132,525
|
|
|
$
|
135,700
|
|
Investments -
certificates of deposit
|
|
29,500
|
|
|
—
|
|
Customer
Receivables
|
|
48,173
|
|
|
46,475
|
|
Inventories
|
|
34,871
|
|
|
31,523
|
|
Other Current
Assets
|
|
12,573
|
|
|
11,718
|
|
|
Total Current
Assets
|
|
257,642
|
|
|
225,416
|
|
Property, Plant &
Equipment
|
|
79,774
|
|
|
74,049
|
|
Other
Assets
|
|
25,931
|
|
|
30,599
|
|
|
Total
Assets
|
|
$
|
363,347
|
|
|
$
|
330,064
|
|
|
|
|
|
|
|
|
|
Current Portion -
Long-Term Debt
|
|
$
|
1,439
|
|
|
$
|
1,146
|
|
Accounts Payable
& Accrued Expenses
|
|
76,857
|
|
|
75,273
|
|
|
Total Current
Liabilities
|
|
78,296
|
|
|
76,419
|
|
Long-Term
Debt
|
|
20,274
|
|
|
20,453
|
|
Other
Liabilities
|
|
38,495
|
|
|
42,647
|
|
|
Total
Liabilities
|
|
137,065
|
|
|
139,519
|
|
Stockholders'
Equity
|
|
226,282
|
|
|
190,545
|
|
|
Total Liabilities
& Stockholders' Equity
|
|
$
|
363,347
|
|
|
$
|
330,064
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
January
31
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
|
$
|
35,997
|
|
|
$
|
23,544
|
|
Net Cash Used by
Investing Activities
|
|
(43,516)
|
|
|
(8,277)
|
|
Free Cash
Flow
|
|
(7,519)
|
|
|
15,267
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Financing Activities
|
|
4,344
|
|
|
13,815
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents
|
|
(3,175)
|
|
|
29,082
|
|
Cash and Cash
Equivalents, Beginning of Period
|
|
135,700
|
|
|
96,971
|
|
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents, End of Period
|
|
$
|
132,525
|
|
|
$
|
126,053
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-third-quarter-results-300041792.html
SOURCE American Woodmark Corporation