WINCHESTER, Va., May 30, 2017 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for its
fourth fiscal quarter ended April 30,
2017.
Net sales for the fourth fiscal quarter increased 7% to
$258.7 million compared with the same
quarter of the prior fiscal year. Net sales for the full
fiscal year increased 9% to $1,030.2
million from the comparable period of the prior fiscal
year. The Company experienced growth in all channels during
the fourth quarter of fiscal year 2017.
Net income was $17.3 million
($1.06 per diluted share) for the
fourth quarter of the current fiscal year compared with
$13.4 million ($0.81 per diluted share) for the fourth quarter
of the prior fiscal year. Exclusive of after-tax
non-operating charges related to corporate business development
expenses in fiscal 2017 and idle land disposal in fiscal 2016, the
Company generated $18.6 million
($1.13 per diluted share) of net
income for the fourth quarter of the current fiscal year compared
with $14.2 million ($0.86 per diluted share) for the same period of
the prior fiscal year.
Net income for the entire fiscal year 2017 was $71.2 million ($4.34 per diluted share) compared with
$58.7 million ($3.57 per diluted share) for the same period of
the prior fiscal year. Exclusive of after-tax non-operating
charges related to corporate business development expenses in
fiscal 2017 and idle land disposal in fiscal 2016, the Company
generated $72.9 million ($4.45 per diluted share) of net income for the
entire current fiscal year compared with $59.5 million ($3.62 per diluted share) for the same period of
the prior fiscal year.
Gross profit for the fourth quarter of the current fiscal year
was 22.3% of net sales compared with 20.3% in the same quarter of
the prior year. Gross profit for the entire current fiscal
year was 21.8% of net sales compared with 21.1% for the same period
in the prior year. Gross profit in the current quarter and
current fiscal year was favorably impacted by higher sales volume,
lower labor benefit costs and improved operating efficiency.
Selling, general and administrative costs for the fourth quarter
of fiscal year 2017 were 12.1% of net sales compared with 11.1% in
the same quarter of the prior year. Selling, general and
administrative costs for the entire current fiscal year were 11.3%
of net sales compared with 11.2% for the same period in the prior
year. The Company's expense ratio was negatively impacted in
the current quarter and fiscal year by corporate business
development expenses related to a potential M&A target that we
ultimately decided not to pursue.
The Company generated net cash from operating activities of
$77.1 million during the current
fiscal year compared with $74.6
million during the same period in the prior year. The
increase in the Company's cash from operating activities was driven
primarily by higher operating profitability and accrued expenses
which was partially offset by higher discretionary contributions to
the Company's pension plans. Net cash used by investing
activities was $53.7 million during
the current fiscal year compared with $40.8
million during the same period of the prior year due to an
increased net investment of $28.3
million in certificates of deposit, which was partially
offset by decreased investment in property, plant and
equipment. Net cash used by financing activities of
$20.8 million increased $11.9 million during the current fiscal year
compared to the same period in the prior year as the company
reduced long-term debt by $7.2
million and realized a $5.7
million decrease in proceeds from the exercise of stock
options. This impact was partially offset by a $3.2 million decrease in repurchases of common
stock.
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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Twelve Months
Ended
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April
30
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April
30
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2017
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2016
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2017
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2016
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Net Sales
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$
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258,737
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$
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240,923
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$
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1,030,248
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$
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947,045
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Cost of Sales &
Distribution
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201,166
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192,052
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805,612
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747,351
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Gross
Profit
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57,571
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48,871
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224,636
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199,694
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Sales & Marketing
Expense
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18,851
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17,313
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70,979
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66,489
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G&A
Expense
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12,336
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9,398
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45,419
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40,045
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Operating
Income
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26,384
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22,160
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108,238
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93,160
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Interest & Other
(Income) Expense
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(378)
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1,311
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(687)
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1,374
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Income Tax
Expense
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9,414
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7,477
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37,726
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33,063
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Net Income
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$
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17,348
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$
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13,372
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$
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71,199
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$
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58,723
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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16,389,578
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16,415,321
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16,398,240
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16,441,571
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Income Per Diluted
Share
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$
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1.06
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$
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0.81
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$
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4.34
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$
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3.57
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Condensed
Consolidated Balance Sheet
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(Unaudited)
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April
30
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April
30
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2017
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2016
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Cash & Cash
Equivalents
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$
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176,978
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$
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174,463
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Investments -
certificates of deposit
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51,750
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25,750
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Customer
Receivables
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63,115
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55,813
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Inventories
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42,859
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39,319
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Other Current
Assets
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4,526
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6,864
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Total Current
Assets
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339,228
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302,209
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Property, Plant &
Equipment
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107,933
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99,332
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Investments -
certificates of deposit
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20,500
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18,250
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Other
Assets
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33,612
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46,569
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Total
Assets
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$
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501,273
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$
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466,360
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Current Portion -
Long-Term Debt
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$
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1,598
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$
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1,574
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Accounts Payable
& Accrued Expenses
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99,899
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90,739
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Total Current
Liabilities
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101,497
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92,313
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Long-Term
Debt
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15,279
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22,145
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Other
Liabilities
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32,048
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71,141
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Total
Liabilities
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148,824
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185,599
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Stockholders'
Equity
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352,449
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280,761
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Total Liabilities
& Stockholders' Equity
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$
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501,273
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$
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466,360
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Condensed
Consolidated Statements of Cash Flows
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(Unaudited)
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Twelve Months
Ended
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April
30
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2017
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2016
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Net Cash Provided by
Operating Activities
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$
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77,080
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$
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74,604
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Net Cash Used by
Investing Activities
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(53,744)
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(40,773)
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Net Cash Used by
Financing Activities
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(20,821)
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(8,909)
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Net Increase in Cash
and Cash Equivalents
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2,515
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24,922
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Cash and Cash
Equivalents, Beginning of Period
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174,463
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149,541
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Cash and Cash
Equivalents, End of Period
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$
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176,978
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$
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174,463
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-fourth-quarter-results-300464788.html
SOURCE American Woodmark Corporation