Press release

American Woodmark Corporation announces first quarter results

August 22, 2017

WINCHESTER, Va., Aug. 22, 2017 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2017.

Net sales for the first fiscal quarter increased 7% to $276.8 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in both the new construction and dealer channels during the first quarter of fiscal year 2018.

Net income was $22.3 million ($1.36 per diluted share) for the first quarter of the current fiscal year compared with $21.7 million ($1.32 per diluted share) for the first quarter of the prior fiscal year.  The Company benefited $0.13 per diluted share in the first quarter of the current fiscal year and $0.06 per diluted share in the first quarter of the prior fiscal year from a lower tax rate due to a benefit from stock-based compensation transactions.

Gross profit for the first quarter of the current fiscal year was 21.1% of net sales compared with 23.0% in the same quarter of the prior year.  Gross profit in the current quarter was unfavorably impacted by higher transportation costs, material inflation and higher healthcare costs.  The prior year quarter benefited from an unusually low healthcare spend.

Selling, general and administrative costs for the first quarter of the current fiscal year were 10.0% of net sales compared with 10.6% 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 and lower incentive compensation costs.

The Company generated net cash from operating activities of $26.6 million during the first quarter of fiscal year 2018 compared with $32.9 million during the same period in the prior year.  The decline in the Company's cash from operating activities was driven primarily by higher inventories to support increased sales and lower increases in accounts payable.  Net cash used by investing activities was $21.2 million during the first quarter of the current fiscal year compared with $40.6 million during the same period of the prior year due to a $25.5 million reduced investment in certificates of deposit which was partially offset by increased investment in property, plant and equipment.  Net cash used by financing activities of $6.8 million increased $2.5 million during the first quarter of the current fiscal year compared to the same period in the prior year as the company repurchased 56,700 shares of common stock at a cost of $5.6 million, a $0.5 million increase from the prior year, and proceeds from the exercise of stock options decreased $0.8 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

     

2017

 

2016

           

Net Sales

 

$

276,827

   

$

258,150

 

Cost of Sales & Distribution

 

218,333

   

198,833

 
 

Gross Profit

 

58,494

   

59,317

 

Sales & Marketing Expense

 

18,153

   

16,463

 

G&A Expense

 

9,507

   

10,932

 
 

Operating Income

 

30,834

   

31,922

 

Interest & Other (Income) Expense

 

(538)

   

(38)

 

Income Tax Expense

 

9,091

   

10,299

 
 

Net Income

 

$

22,281

   

$

21,661

 

 

Earnings Per Share:

       

Weighted Average Shares Outstanding - Diluted

 

16,355,045

   

16,380,983

 
           

Income Per Diluted Share

 

$

1.36

   

$

1.32

 

 

 

 

Condensed Consolidated Balance Sheet

(Unaudited)

     

July 31

 

 April 30

     

2017

 

2017

           

Cash & Cash Equivalents

 

$

175,597

   

$

176,978

 

Investments - certificates of deposit

 

54,750

   

51,750

 

Customer Receivables

 

62,771

   

63,115

 

Inventories

 

44,477

   

42,859

 

Other Current Assets

 

4,828

   

4,526

 
 

Total Current Assets

 

342,423

   

339,228

 

Property, Plant & Equipment

 

115,427

   

107,933

 

Investments - certificates of deposit

 

27,000

   

20,500

 

Other Assets

 

32,359

   

33,612

 
 

Total Assets

 

$

517,209

   

$

501,273

 
           

Current Portion - Long-Term Debt

 

$

1,691

   

$

1,598

 

Accounts Payable & Accrued Expenses

 

97,473

   

99,899

 
 

Total Current Liabilities

 

99,164

   

101,497

 

Long-Term Debt

 

16,211

   

15,279

 

Other Liabilities

 

29,413

   

32,048

 
 

Total Liabilities

 

144,788

   

148,824

 

Stockholders' Equity

 

372,421

   

352,449

 
 

Total Liabilities & Stockholders' Equity

 

$

517,209

   

$

501,273

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

     

Three Months Ended

     

July 31

     

2017

 

2016

           

Net Cash Provided by Operating Activities

 

$

26,570

   

$

32,947

 

Net Cash Used by Investing Activities

 

(21,178)

   

(40,571)

 

Net Cash Used by Financing Activities

 

(6,773)

   

(4,276)

 

Net Decrease in Cash and Cash Equivalents

 

(1,381)

   

(11,900)

 

Cash and Cash Equivalents, Beginning of Period

 

176,978

   

174,463

 
           

Cash and Cash Equivalents, End of Period

 

$

175,597

   

$

162,563

 

 

 

 

View original content: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-first-quarter-results-300507351.html

SOURCE American Woodmark Corporation

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