American Woodmark Corporation Announces Fourth Quarter Results
Thursday, June 02, 2016 6:30:00 AM ET
American Woodmark Corporation (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 Companys 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 Companys 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 Companys control. Accordingly, the Companys 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 Companys 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)
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
April 30 April 30
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
Twelve Months Ended
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