Press release

American Woodmark Corporation announces third quarter results

February 25, 2016

WINCHESTER, Va., Feb. 25, 2016 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its third fiscal quarter ended January 31, 2016.

Net sales for the third fiscal quarter increased 16% to $218.6 million compared with the same quarter of the prior fiscal year.  Net sales for the first nine months of the current fiscal year increased 14% to $706.1 million from the comparable period of the prior fiscal year.  The Company experienced growth in all channels during the third quarter of fiscal year 2016.

Net income was $12.0 million ($0.73 per diluted share) for the third quarter of the current fiscal year compared with $7.3 million ($0.45 per diluted share) for the third quarter of the prior fiscal year.  Net income for the first nine months of fiscal year 2016 was $45.4 million ($2.76 per diluted share) compared with $24.2 million ($1.52 per diluted share) for the same period of the prior fiscal year.

Gross profit for the third quarter of the current fiscal year was 20.4% of net sales compared with 18.6% in the same quarter of the prior year.  Gross profit for the first nine months of the current fiscal year was 21.4% of net sales compared with 17.7% for the same period in the prior year.  Gross profit in the current quarter and the first nine months of the current fiscal year was favorably impacted by higher sales volume and improved operating efficiency.

Selling, general and administrative costs for the third quarter of fiscal year 2016 were 11.8% of net sales compared with 12.8% in the same quarter of the prior year.  Selling, general and administrative costs for the first nine months of the current fiscal year were 11.3% of net sales compared with 11.7% for the same period in the prior year.  The improvement in the Company's operating expense ratio in the current quarter and the first nine 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 $50.9 million during the first nine months of fiscal year 2016 compared with $36.0 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, accounts payable and accrued expenses consistent with higher sales.  Net cash used by investing activities was $33.7 million during the first nine months of the current fiscal year compared with $43.5 million during the same period of the prior year due to a $24.5 million reduced investment in certificates of deposit, which was partially offset by increased investment in promotional displays and property, plant and equipment of $14.7 million.  Net cash used by financing activities of $2.1 million increased $6.4 million during the first nine months of the current fiscal year compared to the same period in the prior year as the company repurchased 176,343 shares of common stock at a cost of $12.0 million, a $6.9 million increase from the prior year.

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

 

Nine Months Ended

     

January 31

 

January 31

     

2016

 

2015

 

2016

 

2015

                   

Net Sales

 

$

218,632

   

$

188,963

   

$

706,122

   

$

618,573

 

Cost of Sales & Distribution

 

174,034

   

153,846

   

555,299

   

509,361

 
 

Gross Profit

 

44,598

   

35,117

   

150,823

   

109,212

 

Sales & Marketing Expense

 

16,674

   

16,010

   

49,176

   

47,821

 

G&A Expense

 

9,183

   

8,054

   

30,647

   

24,710

 

Restructuring Charges, net

 

   

3

   

   

6

 
 

Operating Income

 

18,741

   

11,050

   

71,000

   

36,675

 

Interest & Other (Income) Expense

 

58

   

74

   

63

   

323

 

Income Tax Expense

 

6,670

   

3,694

   

25,586

   

12,161

 
 

Net Income

 

$

12,013

   

$

7,282

   

$

45,351

   

$

24,191

 

 

Earnings Per Share:

               

Weighted Average Shares Outstanding - Diluted

 

16,457,308

   

16,131,140

   

16,450,394

   

15,953,420

 
                   

Income Per Diluted Share

 

$

0.73

   

$

0.45

   

$

2.76

   

$

1.52

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

 
     

January 31

 

 April 30

     

2016

 

2015

           

Cash & Cash Equivalents

 

$

164,679

   

$

149,541

 

Investments - certificates of deposit

 

23,000

   

35,500

 

Customer Receivables

 

49,529

   

46,142

 

Inventories

 

38,096

   

35,988

 

Other Current Assets

 

19,536

   

14,324

 
 

Total Current Assets

 

294,840

   

281,495

 

Property, Plant & Equipment

 

102,869

   

85,516

 

Investments - certificates of deposit

 

17,500

   

 

Other Assets

 

31,507

   

31,893

 
 

Total Assets

 

$

446,716

   

$

398,904

 
           

Current Portion - Long-Term Debt

 

$

1,574

   

$

1,457

 

Accounts Payable & Accrued Expenses

 

86,265

   

83,333

 
 

Total Current Liabilities

 

87,839

   

84,790

 

Long-Term Debt

 

23,634

   

21,498

 

Other Liabilities

 

57,452

   

62,774

 
 

Total Liabilities

 

168,925

   

169,062

 

Stockholders' Equity

 

277,791

   

229,842

 
 

Total Liabilities & Stockholders' Equity

 

$

446,716

   

$

398,904

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     

Nine Months Ended

     

January 31

     

2016

 

2015

           

Net Cash Provided by Operating Activities

 

$

50,923

   

$

35,997

 

Net Cash Used by Investing Activities

 

(33,679)

   

(43,516)

 

Net Cash Provided (Used) by Financing Activities

 

(2,106)

   

4,344

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

15,138

   

(3,175)

 

Cash and Cash Equivalents, Beginning of Period

 

149,541

   

135,700

 
           

Cash and Cash Equivalents, End of Period

 

$

164,679

   

$

132,525

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-third-quarter-results-300225819.html

SOURCE American Woodmark Corporation

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