Press release

American Woodmark Corporation announces fourth quarter results

June 02, 2015

WINCHESTER, Va., June 2, 2015 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2015.

Net sales for the fourth fiscal quarter increased 10% to $206.9 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 fourth quarter of fiscal year 2015, with new construction growth exceeding 15%.  Net sales for the full fiscal year of $825.5 million increased 14% from the prior fiscal year.

Net income was $11.3 million ($0.69 per diluted share) for the fourth quarter of the current fiscal year compared with $5.6 million ($0.36 per diluted share) for the fourth quarter of the prior fiscal year.  Exclusive of after-tax restructuring charges, the Company generated $11.2 million ($0.68 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $5.4 million ($0.34 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2015 was $35.5 million ($2.21 per diluted share) compared with $20.5 million ($1.31 per diluted share) for the same period of the prior fiscal year.  Exclusive of after tax restructuring charges and one-time tax credits, the Company generated $34.2 million ($2.10 per diluted share) of net income for the  current fiscal year compared with $20.3 million ($1.29 per diluted share) for the same period of the prior fiscal year

Gross profit for the fourth quarter of the current fiscal year was 20.9% of net sales compared with 17.0% in the same quarter of the prior year.  Gross profit for the entire current fiscal year was 18.5% 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 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 fourth quarter of fiscal year 2015 were 12.4% of net sales compared with 12.3% in the same quarter of the prior year.  Selling, general and administrative costs for the entire current fiscal year were 11.9% 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 launch costs and customer training expenses.  The improvement in the Company's operating expense ratio for 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 $58.7 million during fiscal year 2015 compared with $40.5 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 $56.6 million during the current fiscal year compared with $9.6 million during the same period of the prior year due primarily to a $35.5 million investment in short-term certificates of deposit and increased investment in property, plant and equipment.  Net cash provided by financing activities increased $3.9 million during the current fiscal year compared to the same period in the prior year, primarily by reducing debt payments by $3.2 million.  Additional activities include lower proceeds from the exercise of stock options of $1.1 million and additional common stock repurchases at a cost of $1.9 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

 

Twelve Months Ended

     

April 30

 

April 30

     

2015

 

2014

 

2015

 

2014

                   

Net Sales

 

$

206,892

   

$

188,855

   

$

825,465

   

$

726,515

 

Cost of Sales & Distribution

 

163,572

   

156,668

   

672,933

   

602,338

 
 

Gross Profit

 

43,320

   

32,187

   

152,532

   

124,177

 

Sales & Marketing Expense

 

16,483

   

14,898

   

64,304

   

59,536

 

G&A Expense

 

9,063

   

8,326

   

33,773

   

30,881

 

Restructuring Charges, net

 

(246)

   

(395)

   

(240)

   

(234)

 

Insurance Proceeds

 

   

   

   

(94)

 
 

Operating Income

 

18,020

   

9,358

   

54,695

   

34,088

 

Interest & Other (Income) Expense

 

(15)

   

(46)

   

308

   

418

 

Income Tax Expense

 

6,727

   

3,770

   

18,888

   

13,209

 
 

Net Income

 

$

11,308

   

$

5,634

   

$

35,499

   

$

20,461

 

 

Earnings Per Share:

               

Weighted Average Shares Outstanding - Diluted

 

16,297,241

   

15,835,132

   

16,037,453

   

15,653,251

 
                   

Income Per Diluted Share

 

$

0.69

   

$

0.36

   

$

2.21

   

$

1.31

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

     

April 30

 

 April 30

     

2015

 

2014

           

Cash & Cash Equivalents

 

$

149,541

   

$

135,700

 

Investments - certificates of deposit

 

35,500

   

 

Customer Receivables

 

46,142

   

46,475

 

Inventories

 

35,988

   

31,523

 

Other Current Assets

 

14,324

   

11,718

 
 

Total Current Assets

 

281,495

   

225,416

 

Property, Plant & Equipment

 

85,516

   

74,049

 

Other Assets

 

31,893

   

30,599

 
 

Total Assets

 

$

398,904

   

$

330,064

 
           

Current Portion - Long-Term Debt

 

$

1,457

   

$

1,146

 

Accounts Payable & Accrued Expenses

 

83,333

   

75,273

 
 

Total Current Liabilities

 

84,790

   

76,419

 

Long-Term Debt

 

21,498

   

20,453

 

Other Liabilities

 

62,774

   

42,647

 
 

Total Liabilities

 

169,062

   

139,519

 

Stockholders' Equity

 

229,842

   

190,545

 
 

Total Liabilities & Stockholders' Equity

 

$

398,904

   

$

330,064

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     

Twelve Months Ended

     

April 30

     

2015

 

2014

           

Net Cash Provided by Operating Activities

 

$

58,737

   

$

40,535

 

Net Cash Used by Investing Activities

 

(56,606)

   

(9,583)

 

Free Cash Flow

 

2,131

   

30,952

 
           

Net Cash Provided by Financing Activities

 

11,710

   

7,777

 

Net Increase in Cash and Cash Equivalents

 

13,841

   

38,729

 

Cash and Cash Equivalents, Beginning of Period

 

135,700

   

96,971

 
           

Cash and Cash Equivalents, End of Period

 

$

149,541

   

$

135,700

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-fourth-quarter-results-300092062.html

SOURCE American Woodmark Corporation

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