Press release

American Woodmark Corporation announces first quarter results

August 23, 2016

WINCHESTER, Va., Aug. 23, 2016 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2016.

Net sales for the first fiscal quarter increased 12% to $258.2 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in all channels during the first quarter of fiscal year 2017.

Net income was $21.7 million ($1.32 per diluted share) for the first quarter of the current fiscal year compared with $15.2 million ($0.92 per diluted share) for the first quarter of the prior fiscal year.  The Company benefited $0.06 per diluted share from a lower tax rate in the quarter due to the adoption of a new accounting standard that requires companies to reflect the tax benefit from stock-based compensation transactions in their tax rate and earnings per share.

Gross profit for the first quarter of the current fiscal year was 23.0% of net sales compared with 21.7% in the same quarter of the prior year.  Gross profit in the current quarter was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the first quarter of the fiscal year 2017 were 10.6% of net sales compared with 11.4% in the same quarter of the prior year.  The decrease in the Company's operating expense ratio was driven by favorable leverage from increased sales, lower display costs and on-going expense control.

The Company generated net cash from operating activities of $32.9 million during the first quarter of fiscal year 2017 compared with $17.7 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.  Net cash used by investing activities was $40.6 million during the first quarter of the current fiscal year compared with $15.3 million during the same period of the prior year due to a $35.0 million investment in certificates of deposit which was partially offset by decreased investment in property, plant and equipment.  Net cash used by financing activities of $4.3 million increased $5.4 million during the first quarter of the current fiscal year compared to the same period in the prior year as the company repurchased 72,400 shares of common stock at a cost of $5.1 million, a $3.3 million increase from the prior year, and proceeds from the exercise of stock options decreased $1.5 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.

 

AMERICAN WOODMARK CORPORATION

           

Unaudited Financial Highlights

           

(in thousands, except share data)

           

Operating Results

           
     

Three Months Ended

     

July 31

     

2016

 

2015

           

Net Sales

 

$

258,150

   

$

231,198

 

Cost of Sales & Distribution

 

198,833

   

181,025

 
 

Gross Profit

 

59,317

   

50,173

 

Sales & Marketing Expense

 

16,463

   

15,719

 

G&A Expense

 

10,932

   

10,731

 
 

Operating Income

 

31,922

   

23,723

 

Interest & Other (Income) Expense

 

(38)

   

2

 

Income Tax Expense

 

10,299

   

8,563

 
 

Net Income

 

$

21,661

   

$

15,158

 

 

Earnings Per Share:

       

Weighted Average Shares Outstanding - Diluted

 

16,380,983

   

16,421,230

 
           

Income Per Diluted Share

 

$

1.32

   

$

0.92

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

     

July 31

 

April 30

     

2016

 

2016

           

Cash & Cash Equivalents

 

$

162,563

   

$

174,463

 

Investments - certificates of deposit

 

56,750

   

25,750

 

Customer Receivables

 

57,580

   

55,813

 

Inventories

 

39,954

   

39,319

 

Other Current Assets

 

5,726

   

6,864

 
 

Total Current Assets

 

322,573

   

302,209

 

Property, Plant & Equipment

 

100,354

   

99,332

 

Investments - certificates of deposit

 

22,250

   

18,250

 

Other Assets

 

45,417

   

46,902

 
 

Total Assets

 

$

490,594

   

$

466,693

 
           

Current Portion - Long-Term Debt

 

$

1,597

   

$

1,574

 

Accounts Payable & Accrued Expenses

 

95,182

   

90,739

 
 

Total Current Liabilities

 

96,779

   

92,313

 

Long-Term Debt

 

23,121

   

22,478

 

Other Liabilities

 

68,998

   

71,141

 
 

Total Liabilities

 

188,898

   

185,932

 

Stockholders' Equity

 

301,696

   

280,761

 
 

Total Liabilities & Stockholders' Equity

 

$

490,594

   

$

466,693

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     

Three Months Ended

     

July 31

     

2016

 

2015

           

Net Cash Provided by Operating Activities

 

$

32,947

   

$

17,655

 

Net Cash Used by Investing Activities

 

(40,571)

   

(15,295)

 

Net Cash (Used) Provided by Financing Activities

 

(4,276)

   

1,119

 

Net (Decrease) Increase in Cash and Cash Equivalents

 

(11,900)

   

3,479

 

Cash and Cash Equivalents, Beginning of Period

 

174,463

   

149,541

 
           

Cash and Cash Equivalents, End of Period

 

$

162,563

   

$

153,020

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-first-quarter-results-300316648.html

SOURCE American Woodmark Corporation

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