Press release

American Woodmark Corporation announces fourth quarter results

June 02, 2016

WINCHESTER, Va., June 2, 2016 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2016.

Net sales for the fourth fiscal quarter increased 16% to $240.9 million compared with the same quarter of the prior fiscal year.  Net sales for the full fiscal year increased 15% to $947.0 million from the comparable period of the prior fiscal year.  The Company experienced growth in all channels during the fourth quarter of fiscal year 2016.

Net income was $13.4 million ($0.81 per diluted share) for the fourth quarter of the current fiscal year compared with $11.3 million ($0.69 per diluted share) for the fourth quarter of the prior fiscal year.  Exclusive of after-tax non-operating charges related to idle land disposal of $0.8 million ($0.05 per diluted share), the Company generated $14.2 million ($0.86 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $11.3 million ($0.69 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2016 was $58.7 million ($3.57 per diluted share) compared with $35.5 million ($2.21 per diluted share) for the same period of the prior fiscal year.  Exclusive of after-tax non-operating charges related to idle land disposal of $0.8 million ($0.05 per diluted share), the Company generated $59.5 million ($3.62 per diluted share) of net income for the entire current fiscal year compared with $35.5 million ($2.21 per diluted share) for the same period of the prior fiscal year.

Gross profit for the fourth quarter of the current fiscal year was 20.3% of net sales compared with 20.9% in the same quarter of the prior year.  Gross profit for the entire current fiscal year was 21.1% of net sales compared with 18.5% for the same period in the prior year.  Gross profit in the current quarter was unfavorably impacted by higher labor benefit costs and higher depreciation costs related to the previously announced plant expansion.  Gross profit for the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency.

Selling, general and administrative costs for the fourth quarter of fiscal year 2016 were 11.1% of net sales compared with 12.4% 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 11.9% for the same period in the prior year.  The improvement in the Company's operating expense ratio in the current quarter and 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 $71.8 million during fiscal year 2016 compared with $58.7 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 which was partially offset by higher customer receivables.  Net cash used by investing activities was $40.8 million during the fiscal year compared with $56.6 million during the same period of the prior year due to a $27.0 million reduced investment in certificates of deposit, which was partially offset by increased investment in promotional displays and property, plant and equipment of $10.7 million.  Net cash used by financing activities of $6.1 million increased $17.8 million during the fiscal year compared to the same period in the prior year as the company repurchased 243,143 shares of common stock at a cost of $16.6 million, an $11.5 million increase from the prior year, and proceeds from the exercise of stock options decreased $6.2 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

 

Twelve Months Ended

     

April 30

 

April 30

     

2016

 

2015

 

2016

 

2015

                   

Net Sales

 

$

240,923

   

$

206,892

   

$

947,045

   

$

825,465

 

Cost of Sales & Distribution

 

192,052

   

163,572

   

747,351

   

672,933

 
 

Gross Profit

 

48,871

   

43,320

   

199,694

   

152,532

 

Sales & Marketing Expense

 

17,313

   

16,483

   

66,489

   

64,304

 

G&A Expense

 

9,398

   

9,063

   

40,045

   

33,773

 

Restructuring Charges, net

 

   

(246)

   

   

(240)

 
 

Operating Income

 

22,160

   

18,020

   

93,160

   

54,695

 

Interest & Other (Income) Expense

 

1,311

   

(15)

   

1,374

   

308

 

Income Tax Expense

 

7,477

   

6,727

   

33,063

   

18,888

 
 

Net Income

 

$

13,372

   

$

11,308

   

$

58,723

   

$

35,499

 

 

Earnings Per Share:

               

Weighted Average Shares Outstanding - Diluted

 

16,415,321

   

16,297,241

   

16,441,571

   

16,037,453

 
                   

Income Per Diluted Share

 

$

0.81

   

$

0.69

   

$

3.57

   

$

2.21

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

     

April 30

 

 April 30

     

2016

 

2015

           

Cash & Cash Equivalents

 

$

174,463

   

$

149,541

 

Investments - certificates of deposit

 

25,750

   

35,500

 

Customer Receivables

 

55,813

   

46,142

 

Inventories

 

39,319

   

35,988

 

Other Current Assets

 

6,864

   

4,758

 
 

Total Current Assets

 

302,209

   

271,929

 

Property, Plant & Equipment

 

99,332

   

85,516

 

Investments - certificates of deposit

 

18,250

   

 

Other Assets

 

46,902

   

41,459

 
 

Total Assets

 

$

466,693

   

$

398,904

 
           

Current Portion - Long-Term Debt

 

$

1,574

   

$

1,457

 

Accounts Payable & Accrued Expenses

 

90,739

   

83,333

 
 

Total Current Liabilities

 

92,313

   

84,790

 

Long-Term Debt

 

22,478

   

21,498

 

Other Liabilities

 

71,141

   

62,774

 
 

Total Liabilities

 

185,932

   

169,062

 

Stockholders' Equity

 

280,761

   

229,842

 
 

Total Liabilities & Stockholders' Equity

 

$

466,693

   

$

398,904

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     

Twelve Months Ended

     

April 30

     

2016

 

2015

           

Net Cash Provided by Operating Activities

 

$

71,778

   

$

58,737

 

Net Cash Used by Investing Activities

 

(40,773)

   

(56,606)

 

Net Cash Provided (Used) by Financing Activities

 

(6,083)

   

11,710

 

Net Increase in Cash and Cash Equivalents

 

24,922

   

13,841

 

Cash and Cash Equivalents, Beginning of Period

 

149,541

   

135,700

 
           

Cash and Cash Equivalents, End of Period

 

$

174,463

   

$

149,541

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-fourth-quarter-results-300278273.html

SOURCE American Woodmark Corporation

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