Press release

American Woodmark Corporation announces second quarter results

November 24, 2015

Authorizes Stock Repurchase

WINCHESTER, Va., Nov. 24, 2015 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its second fiscal quarter ended October 31, 2015.

Net sales for the second fiscal quarter increased 18% to $256.3 million compared with the same quarter of the prior fiscal year.  Net sales for the first six months of the current fiscal year increased 13% to $487.5 million from the comparable period of the prior fiscal year.  The Company experienced growth in all channels during the second quarter of fiscal year 2016.

Net income was $18.2 million ($1.10 per diluted share) for the second quarter of the current fiscal year compared with $7.7 million ($0.48 per diluted share) for the second quarter of the prior fiscal year.  Net income for the first six months of fiscal year 2016 was $33.3 million ($2.03 per diluted share) compared with $16.9 million ($1.07 per diluted share) for the same period of the prior fiscal year.

Gross profit for the second quarter of the current fiscal year was 21.9% of net sales compared with 17.0% in the same quarter of the prior year.  Gross profit for the first six months of the current fiscal year was 21.8% of net sales compared with 17.2% for the same period in the prior year.  Gross profit in the current quarter and the first six months of the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency.  

Selling, general and administrative costs for the second quarter of fiscal year 2016 were 10.7% of net sales compared with 11.3% in the same quarter of the prior year.  Selling, general and administrative costs for the first six months of the current fiscal year were 11.1% of net sales compared with 11.2% for the same period in the prior year.  The improvement in the Company's operating expense ratio in the current quarter and the first six 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 $39.4 million during the first half of fiscal year 2016 compared with $18.6 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, lower increases in inventory levels and higher accrued expenses.  Net cash used by investing activities was $25.8 million during the first half of the current fiscal year compared with $26.0 million during the same period of the prior year due to a $16.5 million reduced investment in short-term certificates of deposit, which was partially offset by increased investment in promotional displays, property, plant and equipment of $16.4 million.  Net cash provided by financing activities of $1.9 million decreased $0.6 million during the first half of the current fiscal year compared to the same period in the prior year as the company repurchased 108,787 shares of common stock at a cost of $7.0 million, a $1.9 million reduction from the prior year, and proceeds from the exercise of stock options decreased $1.9 million.

On November 19, 2015, the Board of Directors authorized an additional stock repurchase program of up to $20 million of the Company's outstanding common shares.  This authorization is in addition to the stock repurchase program authorized on November 20, 2014.  Management expects to fund share repurchases using available cash and cash generated from operations.

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

                   

Unaudited Financial Highlights

                   

(in thousands, except share data)

                   

Operating Results

                   
     

Three Months Ended

 

Six Months Ended

     

October 31

 

October 31

     

2015

 

2014

 

2015

 

2014

                   

Net Sales

 

$

256,292

   

$

217,693

   

$

487,490

   

$

429,610

 

Cost of Sales & Distribution

 

200,240

   

180,712

   

381,265

   

355,515

 
 

Gross Profit

 

56,052

   

36,981

   

106,225

   

74,095

 

Sales & Marketing Expense

 

16,783

   

16,296

   

32,502

   

31,811

 

G&A Expense

 

10,733

   

8,245

   

21,464

   

16,656

 

Restructuring Charges, net

 

   

   

   

3

 
 

Operating Income

 

28,536

   

12,440

   

52,259

   

25,625

 

Interest & Other (Income) Expense

 

3

   

118

   

5

   

249

 

Income Tax Expense

 

10,353

   

4,651

   

18,916

   

8,467

 
 

Net Income

 

$

18,180

   

$

7,671

   

$

33,338

   

$

16,909

 

 

Earnings Per Share:

               

Weighted Average Shares Outstanding - Diluted

 

16,472,645

   

15,960,236

   

16,446,937

   

15,864,560

 
                   

Income Per Diluted Share

 

$

1.10

   

$

0.48

   

$

2.03

   

$

1.07

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

     

October 31

 

 April 30

     

2015

 

2015

           

Cash & Cash Equivalents

 

$

164,972

   

$

149,541

 

Investments - certificates of deposit

 

29,250

   

35,500

 

Customer Receivables

 

61,205

   

46,142

 

Inventories

 

37,801

   

35,988

 

Other Current Assets

 

15,730

   

14,324

 
 

Total Current Assets

 

308,958

   

281,495

 

Property, Plant & Equipment

 

101,776

   

85,516

 

Other Assets

 

39,319

   

31,893

 
 

Total Assets

 

$

450,053

   

$

398,904

 
           

Current Portion - Long-Term Debt

 

$

1,541

   

$

1,457

 

Accounts Payable & Accrued Expenses

 

99,698

   

83,333

 
 

Total Current Liabilities

 

101,239

   

84,790

 

Long-Term Debt

 

21,033

   

21,498

 

Other Liabilities

 

60,854

   

62,774

 
 

Total Liabilities

 

183,126

   

169,062

 

Stockholders' Equity

 

266,927

   

229,842

 
 

Total Liabilities & Stockholders' Equity

 

$

450,053

   

$

398,904

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     

Six Months Ended

     

October 31

     

2015

 

2014

           

Net Cash Provided by Operating Activities

 

$

39,350

   

$

18,637

 

Net Cash Used by Investing Activities

 

(25,795)

   

(25,984)

 

Net Cash Provided by Financing Activities

 

1,876

   

2,510

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

15,431

   

(4,837)

 

Cash and Cash Equivalents, Beginning of Period

 

149,541

   

135,700

 
           

Cash and Cash Equivalents, End of Period

 

$

164,972

   

$

130,863

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-second-quarter-results-300183649.html

SOURCE American Woodmark Corporation

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