WINCHESTER, Va., Nov. 24, 2015 /PRNewswire/ -- American
Woodmark Corporation (NASDAQ: AMWD) today announced results for its
second fiscal quarter ended October 31,
2015.
Net sales for the second fiscal quarter increased 18% to
$256.3 million compared with the same
quarter of the prior fiscal year. Net sales for the first six
months of the current fiscal year increased 13% to $487.5 million from the comparable period of the
prior fiscal year. The Company experienced growth in all
channels during the second quarter of fiscal year 2016.
Net income was $18.2 million
($1.10 per diluted share) for the
second quarter of the current fiscal year compared with
$7.7 million ($0.48 per diluted share) for the second quarter
of the prior fiscal year. Net income for the first six months
of fiscal year 2016 was $33.3 million
($2.03 per diluted share) compared
with $16.9 million ($1.07 per diluted share) for the same period of
the prior fiscal year.
Gross profit for the second quarter of the current fiscal year
was 21.9% of net sales compared with 17.0% in the same quarter of
the prior year. Gross profit for the first six months of the
current fiscal year was 21.8% of net sales compared with 17.2% for
the same period in the prior year. Gross profit in the
current quarter and the first six months of the current fiscal year
was favorably impacted by higher sales volume and improved
operating efficiency.
Selling, general and administrative costs for the second quarter
of fiscal year 2016 were 10.7% of net sales compared with 11.3% in
the same quarter of the prior year. Selling, general and
administrative costs for the first six months of the current fiscal
year were 11.1% of net sales compared with 11.2% for the same
period in the prior year. The improvement in the Company's
operating expense ratio in the current quarter and the first six
months of 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
$39.4 million during the first half
of fiscal year 2016 compared with $18.6
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, lower increases
in inventory levels and higher accrued expenses. Net cash
used by investing activities was $25.8
million during the first half of the current fiscal year
compared with $26.0 million during
the same period of the prior year due to a $16.5 million reduced investment in short-term
certificates of deposit, which was partially offset by increased
investment in promotional displays, property, plant and equipment
of $16.4 million. Net cash
provided by financing activities of $1.9
million decreased $0.6 million
during the first half of the current fiscal year compared to the
same period in the prior year as the company repurchased 108,787
shares of common stock at a cost of $7.0
million, a $1.9 million
reduction from the prior year, and proceeds from the exercise of
stock options decreased $1.9
million.
On November 19, 2015, the Board of
Directors authorized an additional stock repurchase program of up
to $20 million of the Company's
outstanding common shares. This authorization is in addition
to the stock repurchase program authorized on November 20, 2014. Management expects to
fund share repurchases using available cash and cash generated from
operations.
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
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Unaudited
Financial Highlights
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(in thousands, except
share data)
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Operating
Results
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Three Months
Ended
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Six Months
Ended
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October
31
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October
31
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2015
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2014
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2015
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2014
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Net Sales
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$
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256,292
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$
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217,693
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$
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487,490
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$
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429,610
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Cost of Sales &
Distribution
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200,240
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180,712
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381,265
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355,515
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Gross
Profit
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56,052
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36,981
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106,225
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74,095
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Sales & Marketing
Expense
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16,783
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16,296
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32,502
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31,811
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G&A
Expense
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10,733
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8,245
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21,464
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16,656
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Restructuring
Charges, net
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—
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—
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—
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3
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Operating
Income
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28,536
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12,440
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52,259
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25,625
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Interest & Other
(Income) Expense
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3
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118
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5
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249
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Income Tax
Expense
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10,353
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4,651
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18,916
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8,467
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Net Income
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$
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18,180
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$
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7,671
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$
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33,338
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$
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16,909
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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16,472,645
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15,960,236
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16,446,937
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15,864,560
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Income Per Diluted
Share
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$
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1.10
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$
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0.48
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$
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2.03
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$
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1.07
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Condensed
Consolidated Balance Sheet
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(Unaudited)
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October
31
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April
30
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2015
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2015
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Cash & Cash
Equivalents
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$
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164,972
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$
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149,541
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Investments -
certificates of deposit
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29,250
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35,500
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Customer
Receivables
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61,205
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46,142
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Inventories
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37,801
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35,988
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Other Current
Assets
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15,730
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14,324
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Total Current
Assets
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308,958
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281,495
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Property, Plant &
Equipment
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101,776
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85,516
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Other
Assets
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39,319
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31,893
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Total
Assets
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$
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450,053
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$
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398,904
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Current Portion -
Long-Term Debt
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$
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1,541
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$
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1,457
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Accounts Payable
& Accrued Expenses
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99,698
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83,333
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Total Current
Liabilities
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101,239
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84,790
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Long-Term
Debt
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21,033
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21,498
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Other
Liabilities
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60,854
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62,774
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Total
Liabilities
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183,126
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169,062
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Stockholders'
Equity
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266,927
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229,842
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Total Liabilities
& Stockholders' Equity
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$
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450,053
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$
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398,904
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Condensed
Consolidated Statements of Cash Flows
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(Unaudited)
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Six Months
Ended
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October
31
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2015
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2014
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Net Cash Provided by
Operating Activities
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$
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39,350
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$
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18,637
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Net Cash Used by
Investing Activities
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(25,795)
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(25,984)
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Net Cash Provided by
Financing Activities
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1,876
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2,510
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Net Increase
(Decrease) in Cash and Cash Equivalents
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15,431
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(4,837)
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Cash and Cash
Equivalents, Beginning of Period
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149,541
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135,700
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Cash and Cash
Equivalents, End of Period
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$
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164,972
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$
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130,863
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-second-quarter-results-300183649.html
SOURCE American Woodmark Corporation