WINCHESTER, Va., Feb. 27, 2017 /PRNewswire/ -- American Woodmark
Corporation (NASDAQ: AMWD) today announced results for its third
fiscal quarter ended January 31,
2017.
Net sales for the third fiscal quarter increased 14% to
$249.3 million compared with the same
quarter of the prior fiscal year. Net sales for the first
nine months of the current fiscal year increased 9% to $771.5 million from the comparable period of the
prior fiscal year. The Company experienced growth in both the
new construction and remodel channels during the third quarter of
fiscal year 2017.
Net income was $14.6 million
($0.89 per diluted share) for the
third quarter of the current fiscal year compared with $12.0 million ($0.73 per diluted share) in the same quarter of
the prior fiscal year. Net income for the first nine months
of the current fiscal year was $53.9
million ($3.28 per diluted
share) compared with $45.4 million
($2.76 per diluted share) for the
same period of the prior fiscal year.
Gross profit for the third quarter of the current fiscal year
was 20.7% of net sales compared with 20.4% in the same quarter of
the prior fiscal year. Gross profit for the first nine months
of the current fiscal year was 21.7% of net sales compared with
21.4% for the same period in the prior year. Gross profit in
the current quarter was favorably impacted by higher sales volume
and improved operating efficiency. Gross profit for the first
nine months of the 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 third quarter
of the fiscal year 2017 were 12.0% of net sales compared with 11.8%
in the same quarter of the prior fiscal year. Selling,
general and administrative costs for the first nine months of the
current fiscal year were 11.1% of net sales compared with 11.3% for
the same period in the prior year. The Company's expense
ratio was negatively impacted in the current quarter due to
increased spending on product launches and non-recurring lease exit
costs. The improvement in the Company's operating expense
ratio in the first nine months of the current fiscal year was
driven by favorable leverage from increased sales, lower
commissions and on-going expense control.
The Company generated net cash from operating activities of
$51.7 million during the first nine
months of fiscal year 2017 compared with $53.6 million during the same period in the prior
year. The decrease in the Company's cash from operating
activities was driven primarily by higher discretionary
contributions to the Company's pension plans, which was partially
offset by higher operating profitability. Net cash used by
investing activities was $51.7
million during the first nine months of the current fiscal
year compared with $33.7 million
during the same period of the prior year due to an increased net
investment of $29.3 million in
certificates of deposit, which was partially offset by decreased
investment in property, plant and equipment. Net cash used by
financing activities of $11.2 million
increased $6.4 million during the
first nine months of the current fiscal year compared to the same
period in the prior year as the company repurchased 178,118 shares
of common stock at a cost of $13.4
million, a $1.4 million
increase from the prior year, and proceeds from the exercise of
stock options decreased $5.4
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
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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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Nine Months
Ended
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January
31
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January
31
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2017
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2016
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2017
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2016
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Net Sales
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$
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249,285
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$
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218,632
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$
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771,511
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$
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706,122
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Cost of Sales &
Distribution
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197,689
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174,034
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604,446
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555,299
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Gross
Profit
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51,596
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44,598
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167,065
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150,823
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Sales & Marketing
Expense
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18,519
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16,674
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52,128
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49,176
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G&A
Expense
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11,476
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9,183
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33,083
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30,647
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Operating
Income
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21,601
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18,741
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81,854
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71,000
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Interest & Other
(Income) Expense
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(172)
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58
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(309)
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63
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Income Tax
Expense
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7,220
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6,670
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28,312
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25,586
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Net Income
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$
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14,553
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$
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12,013
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$
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53,851
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$
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45,351
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Earnings Per
Share:
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Weighted Average
Shares Outstanding - Diluted
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16,381,223
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16,457,308
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16,400,842
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16,450,394
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Income Per Diluted
Share
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$
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0.89
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$
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0.73
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$
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3.28
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$
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2.76
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Condensed
Consolidated Balance Sheet
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(Unaudited)
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January
31
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April
30
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2017
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2016
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Cash & Cash
Equivalents
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$
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163,216
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$
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174,463
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Investments -
certificates of deposit
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56,750
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25,750
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Customer
Receivables
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59,488
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55,813
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Inventories
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41,268
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39,319
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Other Current
Assets
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7,015
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6,864
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Total Current
Assets
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327,737
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302,209
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Property, Plant &
Equipment
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103,123
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99,332
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Investments -
certificates of deposit
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21,500
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18,250
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Other
Assets
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37,999
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46,569
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Total
Assets
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$
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490,359
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$
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466,360
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Current Portion -
Long-Term Debt
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$
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1,577
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$
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1,574
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Accounts Payable
& Accrued Expenses
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94,559
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90,739
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Total Current
Liabilities
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96,136
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92,313
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Long-Term
Debt
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24,463
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22,145
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Other
Liabilities
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41,716
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71,141
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Total
Liabilities
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162,315
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185,599
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Stockholders'
Equity
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328,044
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280,761
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Total Liabilities
& Stockholders' Equity
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$
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490,359
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$
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466,360
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Condensed
Consolidated Statements of Cash Flows
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(Unaudited)
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Nine Months
Ended
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January
31
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2017
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2016
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Net Cash Provided by
Operating Activities
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$
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51,664
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$
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53,561
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Net Cash Used by
Investing Activities
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(51,734)
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(33,679)
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Net Cash Used by
Financing Activities
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(11,177)
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(4,744)
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Net (Decrease)
Increase in Cash and Cash Equivalents
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(11,247)
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15,138
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Cash and Cash
Equivalents, Beginning of Period
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174,463
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149,541
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Cash and Cash
Equivalents, End of Period
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$
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163,216
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$
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164,679
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/american-woodmark-corporation-announces-third-quarter-results-300413506.html
SOURCE American Woodmark Corporation