Net sales for the first fiscal quarter increased 19% to $211.9 million compared with the same quarter of the prior fiscal year. The Company experienced growth in both the remodeling and new construction channels during the first quarter of fiscal year 2015.
Net income was $9.2 million ($0.59 per diluted share) for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year. Exclusive of one-time tax credits, the Company generated $8.2 million ($0.52 per diluted share) of net income for the first quarter of the current fiscal year compared with $6.7 million ($0.43 per diluted share) for the first quarter of the prior fiscal year. The Company recorded a tax benefit of $1.1 million during its first fiscal quarter ended July 31, 2014 related to the federal research and experimentation tax credit for fiscal years 2011 through 2014.
Gross profit for the first quarter of the current fiscal year was 17.5% of net sales compared with 18.9% in the same quarter of the prior year. Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency that was more than 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 first quarter of the fiscal year 2015 were 11.3% of net sales compared with 12.8% in the same quarter of the prior year. The improvement in the Company's operating expense ratio was driven by favorable leverage from increased sales and on-going expense control.
The Company generated net cash from operating activities of $9.3 million during the first quarter of fiscal year 2015 compared with $2.3 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 changes in working capital, which included increases in inventory levels to support higher sales. Net cash used by investing activities was $3.3 million during the first quarter of the current fiscal year compared with $3.0 million during the same period of the prior year due primarily to increased investment in property, plant and equipment. Net cash used by financing activities increased $7.7 million during the first fiscal quarter compared to the same period in the prior year as the company repurchased 130,000 shares of common stock at a cost of $4.1 million and proceeds from the exercise of stock options decreased $3.6 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 nine 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 | ||
| July 31 | ||
| 2014 | 2013 | |
| Net Sales | $ 211,917 | $ 178,095 |
| Cost of Sales & Distribution | 174,803 | 144,380 |
Gross Profit | 37,114 | 33,715 |
| Sales & Marketing Expense | 15,515 | 14,484 |
| G&A Expense | 8,411 | 8,401 |
| Restructuring Charges, net | 3 | 82 |
| Insurance Proceeds | - | (94) |
Operating Income | 13,185 | 10,842 |
| Interest & Other (Income) Expense | 131 | 160 |
| Income Tax Expense | 3,816 | 4,027 |
Net Income | $ 9,238 | $ 6,655 |
| Earnings Per Share: | ||
| Weighted Average Shares Outstanding - Diluted | 15,768,884 | 15,373,260 |
| Income Per Diluted Share | $ 0.59 | $ 0.43 |
| AMERICAN WOODMARK CORPORATION | ||
| Unaudited Financial Highlights | ||
| (in thousands, except share data) | ||
| Condensed Consolidated Balance Sheet | ||
| July 31 | April 30 | |
| 2014 | 2014 | |
| Cash & Cash Equivalents | $ 138,121 | $ 135,700 |
| Customer Receivables | 51,374 | 46,475 |
| Inventories | 35,457 | 31,523 |
| Other Current Assets | 10,874 | 11,718 |
Total Current Assets | 235,826 | 225,416 |
| Property, Plant & Equipment | 74,530 | 74,049 |
| Other Assets | 30,094 | 30,599 |
| Total Assets | $ 340,450 | $ 330,064 |
| Current Portion - Long-Term Debt | $ 1,266 | $ 1,146 |
| Accounts Payable & Accrued Expenses | 78,080 | 75,273 |
Total Current Liabilities | 79,346 | 76,419 |
| Long-Term Debt | 20,456 | 20,453 |
| Other Liabilities | 41,896 | 42,647 |
Total Liabilities | 141,698 | 139,519 |
| Stockholders' Equity | 198,752 | 190,545 |
Total Liabilities & Stockholders' Equity | $ 340,450 | $ 330,064 |
| Condensed Consolidated Statements of Cash Flows | ||
| Three Months Ended | ||
| July 31 | ||
| 2014 | 2013 | |
| Net Cash Provided by Operating Activities | $ 9,267 | $ 2,260 |
| Net Cash Used by Investing Activities | (3,272) | (2,950) |
| Free Cash Flow | 5,995 | (690) |
| Net Cash Provided (Used) by Financing Activities | (3,574) | 4,159 |
| Net Increase in Cash and Cash Equivalents | 2,421 | 3,469 |
| Cash and Cash Equivalents, Beginning of Period | 135,700 | 96,971 |
| Cash and Cash Equivalents, End of Period | $ 138,121 | $ 100,440 |
SOURCE American Woodmark Corporation
News Provided by Acquire Media