Press release

American Woodmark Corporation announces fourth quarter results

May 30, 2017

WINCHESTER, Va., May 30, 2017 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its fourth fiscal quarter ended April 30, 2017.

Net sales for the fourth fiscal quarter increased 7% to $258.7 million compared with the same quarter of the prior fiscal year.  Net sales for the full fiscal year increased 9% to $1,030.2 million from the comparable period of the prior fiscal year.  The Company experienced growth in all channels during the fourth quarter of fiscal year 2017.

Net income was $17.3 million ($1.06 per diluted share) for the fourth quarter of the current fiscal year compared with $13.4 million ($0.81 per diluted share) for the fourth quarter of the prior fiscal year.  Exclusive of after-tax non-operating charges related to corporate business development expenses in fiscal 2017 and idle land disposal in fiscal 2016, the Company generated $18.6 million ($1.13 per diluted share) of net income for the fourth quarter of the current fiscal year compared with $14.2 million ($0.86 per diluted share) for the same period of the prior fiscal year.

Net income for the entire fiscal year 2017 was $71.2 million ($4.34 per diluted share) compared with $58.7 million ($3.57 per diluted share) for the same period of the prior fiscal year.  Exclusive of after-tax non-operating charges related to corporate business development expenses in fiscal 2017 and idle land disposal in fiscal 2016, the Company generated $72.9 million ($4.45 per diluted share) of net income for the entire current fiscal year compared with $59.5 million ($3.62 per diluted share) for the same period of the prior fiscal year.

Gross profit for the fourth quarter of the current fiscal year was 22.3% of net sales compared with 20.3% in the same quarter of the prior year.  Gross profit for the entire current fiscal year was 21.8% of net sales compared with 21.1% for the same period in the prior year.  Gross profit in the current quarter and current fiscal year was favorably impacted by higher sales volume, lower labor benefit costs and improved operating efficiency.

Selling, general and administrative costs for the fourth quarter of fiscal year 2017 were 12.1% of net sales compared with 11.1% 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 11.2% for the same period in the prior year.  The Company's expense ratio was negatively impacted in the current quarter and fiscal year by corporate business development expenses related to a potential M&A target that we ultimately decided not to pursue.

The Company generated net cash from operating activities of $77.1 million during the current fiscal year compared with $74.6 million during the same period in the prior year.  The increase in the Company's cash from operating activities was driven primarily by higher operating profitability and accrued expenses which was partially offset by higher discretionary contributions to the Company's pension plans.  Net cash used by investing activities was $53.7 million during the current fiscal year compared with $40.8 million during the same period of the prior year due to an increased net investment of $28.3 million in certificates of deposit, which was partially offset by decreased investment in property, plant and equipment.  Net cash used by financing activities of $20.8 million increased $11.9 million during the current fiscal year compared to the same period in the prior year as the company reduced long-term debt by $7.2 million and realized a $5.7 million decrease in proceeds from the exercise of stock options.  This impact was partially offset by a $3.2 million decrease in repurchases of common stock.

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

     

2017

 

2016

 

2017

 

2016

                   

Net Sales

 

$

258,737

   

$

240,923

   

$

1,030,248

   

$

947,045

 

Cost of Sales & Distribution

 

201,166

   

192,052

   

805,612

   

747,351

 
 

Gross Profit

 

57,571

   

48,871

   

224,636

   

199,694

 

Sales & Marketing Expense

 

18,851

   

17,313

   

70,979

   

66,489

 

G&A Expense

 

12,336

   

9,398

   

45,419

   

40,045

 
 

Operating Income

 

26,384

   

22,160

   

108,238

   

93,160

 

Interest & Other (Income) Expense

 

(378)

   

1,311

   

(687)

   

1,374

 

Income Tax Expense

 

9,414

   

7,477

   

37,726

   

33,063

 
 

Net Income

 

$

17,348

   

$

13,372

   

$

71,199

   

$

58,723

 

 

Earnings Per Share:

               

Weighted Average Shares Outstanding - Diluted

 

16,389,578

   

16,415,321

   

16,398,240

   

16,441,571

 
                   

Income Per Diluted Share

 

$

1.06

   

$

0.81

   

$

4.34

   

$

3.57

 

Condensed Consolidated Balance Sheet

(Unaudited)

 
     

April 30

 

 April 30

     

2017

 

2016

           

Cash & Cash Equivalents

 

$

176,978

   

$

174,463

 

Investments - certificates of deposit

 

51,750

   

25,750

 

Customer Receivables

 

63,115

   

55,813

 

Inventories

 

42,859

   

39,319

 

Other Current Assets

 

4,526

   

6,864

 
 

Total Current Assets

 

339,228

   

302,209

 

Property, Plant & Equipment

 

107,933

   

99,332

 

Investments - certificates of deposit

 

20,500

   

18,250

 

Other Assets

 

33,612

   

46,569

 
 

Total Assets

 

$

501,273

   

$

466,360

 
           

Current Portion - Long-Term Debt

 

$

1,598

   

$

1,574

 

Accounts Payable & Accrued Expenses

 

99,899

   

90,739

 
 

Total Current Liabilities

 

101,497

   

92,313

 

Long-Term Debt

 

15,279

   

22,145

 

Other Liabilities

 

32,048

   

71,141

 
 

Total Liabilities

 

148,824

   

185,599

 

Stockholders' Equity

 

352,449

   

280,761

 
 

Total Liabilities & Stockholders' Equity

 

$

501,273

   

$

466,360

 

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 
     

Twelve Months Ended

     

April 30

     

2017

 

2016

           

Net Cash Provided by Operating Activities

 

$

77,080

   

$

74,604

 

Net Cash Used by Investing Activities

 

(53,744)

   

(40,773)

 

Net Cash Used by Financing Activities

 

(20,821)

   

(8,909)

 

Net Increase in Cash and Cash Equivalents

 

2,515

   

24,922

 

Cash and Cash Equivalents, Beginning of Period

 

174,463

   

149,541

 
           

Cash and Cash Equivalents, End of Period

 

$

176,978

   

$

174,463

 

 

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-fourth-quarter-results-300464788.html

SOURCE American Woodmark Corporation

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