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American Woodmark Corporation$85.61$.961.13%

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 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 Company’s 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 Company’s 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 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
                                               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
(Unaudited)
                                                             April 30      April 30
                                                             2016          2015
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
(Unaudited)
                                                  Twelve Months Ended
                                                  April 30
                                                  2016           2015
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

http://rt.prnewswire.com/rt.gif?NewsItemId=CL14014&Transmission_Id=201606020630PR_NEWS_USPR_____CL14014&DateId=20160602



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