WINCHESTER, Va., Feb. 25, 2016 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for its
third fiscal quarter ended January 31,
2016.
Net sales for the third fiscal quarter increased 16% to
$218.6 million compared with the same
quarter of the prior fiscal year. Net sales for the first
nine months of the current fiscal year increased 14% to
$706.1 million from the comparable
period of the prior fiscal year. The Company experienced
growth in all channels during the third quarter of fiscal year
2016.
Net income was $12.0 million
($0.73 per diluted share) for the
third quarter of the current fiscal year compared with $7.3 million ($0.45
per diluted share) for the third quarter of the prior fiscal
year. Net income for the first nine months of fiscal year
2016 was $45.4 million ($2.76 per diluted share) compared with
$24.2 million ($1.52 per diluted share) for the same period of
the prior fiscal year.
Gross profit for the third quarter of the current fiscal year
was 20.4% of net sales compared with 18.6% in the same quarter of
the prior year. Gross profit for the first nine months of the
current fiscal year was 21.4% of net sales compared with 17.7% for
the same period in the prior year. Gross profit in the
current quarter and the first nine months of the current fiscal
year was favorably impacted by higher sales volume and improved
operating efficiency.
Selling, general and administrative costs for the third quarter
of fiscal year 2016 were 11.8% of net sales compared with 12.8% in
the same quarter of the prior year. Selling, general and
administrative costs for the first nine months of the current
fiscal year were 11.3% of net sales compared with 11.7% for the
same period in the prior year. The improvement in the
Company's operating expense ratio in the current quarter and the
first nine months of the current fiscal year was driven by
favorable leverage from increased sales and on-going expense
control.
The Company generated net cash from operating activities of
$50.9 million during the first nine
months of fiscal year 2016 compared with $36.0 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,
which was partially offset by higher customer receivables, accounts
payable and accrued expenses consistent with higher sales.
Net cash used by investing activities was $33.7 million during the first nine months of the
current fiscal year compared with $43.5
million during the same period of the prior year due to a
$24.5 million reduced investment in
certificates of deposit, which was partially offset by increased
investment in promotional displays and property, plant and
equipment of $14.7 million. Net
cash used by financing activities of $2.1
million increased $6.4 million
during the first nine months of the current fiscal year compared to
the same period in the prior year as the company repurchased
176,343 shares of common stock at a cost of $12.0 million, a $6.9
million increase from the prior year.
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.
AMERICAN WOODMARK
CORPORATION
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Unaudited
Financial Highlights
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(in thousands, except
share data)
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Operating
Results
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Three Months
Ended
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Nine Months
Ended
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January
31
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January
31
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2016
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2015
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2016
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2015
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Net Sales
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$
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218,632
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$
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188,963
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$
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706,122
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$
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618,573
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Cost of Sales &
Distribution
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174,034
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153,846
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555,299
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509,361
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Gross
Profit
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44,598
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35,117
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150,823
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109,212
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Sales & Marketing
Expense
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16,674
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16,010
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49,176
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47,821
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G&A
Expense
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9,183
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8,054
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30,647
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24,710
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Restructuring
Charges, net
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—
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3
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—
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6
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Operating
Income
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18,741
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11,050
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71,000
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36,675
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Interest & Other
(Income) Expense
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58
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74
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63
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323
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Income Tax
Expense
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6,670
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3,694
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25,586
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12,161
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Net Income
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$
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12,013
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$
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7,282
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$
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45,351
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$
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24,191
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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16,457,308
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16,131,140
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16,450,394
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15,953,420
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Income Per Diluted
Share
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$
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0.73
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$
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0.45
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$
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2.76
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$
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1.52
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Condensed
Consolidated Balance Sheet
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(Unaudited)
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January
31
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April
30
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2016
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2015
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Cash & Cash
Equivalents
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$
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164,679
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$
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149,541
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Investments -
certificates of deposit
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23,000
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35,500
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Customer
Receivables
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49,529
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46,142
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Inventories
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38,096
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35,988
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Other Current
Assets
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19,536
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14,324
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Total Current
Assets
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294,840
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281,495
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Property, Plant &
Equipment
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102,869
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85,516
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Investments -
certificates of deposit
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17,500
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—
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Other
Assets
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31,507
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31,893
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Total
Assets
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$
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446,716
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$
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398,904
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Current Portion -
Long-Term Debt
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$
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1,574
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$
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1,457
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Accounts Payable
& Accrued Expenses
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86,265
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83,333
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Total Current
Liabilities
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87,839
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84,790
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Long-Term
Debt
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23,634
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21,498
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Other
Liabilities
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57,452
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62,774
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Total
Liabilities
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168,925
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169,062
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Stockholders'
Equity
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277,791
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229,842
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Total Liabilities
& Stockholders' Equity
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$
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446,716
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$
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398,904
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Condensed
Consolidated Statements of Cash Flows
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(Unaudited)
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Nine Months
Ended
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January
31
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2016
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2015
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Net Cash Provided by
Operating Activities
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$
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50,923
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$
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35,997
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Net Cash Used by
Investing Activities
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(33,679)
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(43,516)
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Net Cash Provided
(Used) by Financing Activities
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(2,106)
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4,344
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Net Increase
(Decrease) in Cash and Cash Equivalents
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15,138
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(3,175)
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Cash and Cash
Equivalents, Beginning of Period
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149,541
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135,700
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Cash and Cash
Equivalents, End of Period
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$
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164,679
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$
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132,525
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-third-quarter-results-300225819.html
SOURCE American Woodmark Corporation