American Woodmark Corporation Announces First Quarter Results

Aug 20, 2015, 06:30 ET from American Woodmark Corporation

WINCHESTER, Va., Aug. 20, 2015 /PRNewswire/ -- American Woodmark Corporation (NASDAQ: AMWD) today announced results for its first fiscal quarter ended July 31, 2015.

Net sales for the first fiscal quarter increased 9% to $231.2 million compared with the same quarter of the prior fiscal year.  The Company experienced growth in both the dealer and new construction channels during the first quarter of fiscal year 2016.

Net income was $15.2 million ($0.92 per diluted share) for the first quarter of the current fiscal year compared with $9.2 million ($0.59 per diluted share) for the first quarter of the prior fiscal year.

Gross profit for the first quarter of the current fiscal year was 21.7% of net sales compared with 17.5% in the same quarter of the prior year.  Gross profit in the current quarter was favorably impacted by higher sales volume and improved operating efficiency.

Selling, general and administrative costs for the first quarter of the fiscal year 2016 were 11.4% of net sales compared with 11.3% in the same quarter of the prior year.  The increase in the Company's operating expense ratio was driven by increased performance based compensation costs.

The Company generated net cash from operating activities of $15.0 million during the first quarter of fiscal year 2016 compared with $9.3 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.  Net cash used by investing activities was $15.3 million during the first quarter of the current fiscal year compared with $3.3 million during the same period of the prior year due primarily to increased investment in property, plant and equipment.  Net cash provided by financing activities was $3.8 million during the first quarter of the current fiscal year compared with a $3.6 million use of cash during the same period of the prior year.  The company repurchased 30,555 shares of common stock at a cost of $1.8 million, a $2.3 million reduction from the prior year, and realized increased proceeds from the exercise of stock options of $3.0 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 forwardlooking 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

2015

2014

Net Sales

$

231,198

$

211,917

Cost of Sales & Distribution

181,025

174,803

Gross Profit

50,173

37,114

Sales & Marketing Expense

15,719

15,515

G&A Expense

10,731

8,411

Restructuring Charges, net

3

Operating Income

23,723

13,185

Interest & Other (Income) Expense

2

131

Income Tax Expense

8,563

3,816

Net Income

$

15,158

$

9,238

Earnings Per Share:

Weighted Average Shares Outstanding - Diluted

16,421,230

15,768,884

Income Per Diluted Share

$

0.92

$

0.59

 

Condensed Consolidated Balance Sheet

(Unaudited)

July 31

 April 30

2015

2015

Cash & Cash Equivalents

$

153,020

$

149,541

Investments - certificates of deposit

37,750

35,500

Customer Receivables

53,106

46,142

Inventories

37,004

35,988

Other Current Assets

14,411

14,324

Total Current Assets

295,291

281,495

Property, Plant & Equipment

94,387

85,516

Other Assets

32,915

31,893

Total Assets

$

422,593

$

398,904

Current Portion - Long-Term Debt

$

1,511

$

1,457

Accounts Payable & Accrued Expenses

88,556

83,333

Total Current Liabilities

90,067

84,790

Long-Term Debt

21,287

21,498

Other Liabilities

61,975

62,774

Total Liabilities

173,329

169,062

Stockholders' Equity

249,264

229,842

Total Liabilities & Stockholders' Equity

$

422,593

$

398,904

 

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

July 31

2015

2014

Net Cash Provided by Operating Activities

$

15,017

$

9,267

Net Cash Used by Investing Activities

(15,295)

(3,272)

Net Cash Provided (Used) by Financing Activities

3,757

(3,574)

Net Increase in Cash and Cash Equivalents

3,479

2,421

Cash and Cash Equivalents, Beginning of Period

149,541

135,700

Cash and Cash Equivalents, End of Period

$

153,020

$

138,121

 

 

SOURCE American Woodmark Corporation