Current Report Filing (8-k)
November 24 2015 - 8:34AM
Edgar (US Regulatory)
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UNITED STATES |
SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
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FORM 8-K |
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CURRENT REPORT |
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 |
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Date of Report (Date of earliest event reported): | November 24, 2015 |
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American Woodmark Corporation |
(Exact name of registrant as specified in its charter) |
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Virginia | | 000-14798 | | 54-1138147 |
(State or other jurisdiction | | (Commission | | (IRS Employer |
of incorporation) | | File Number) | | Identification No.) |
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3102 Shawnee Drive, Winchester, Virginia | | 22601 |
(Address of principal executive offices) | | (Zip Code) |
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Registrant’s telephone number, including area code: | (540) 665-9100 |
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Not applicable |
(Former name or former address, if changed since last report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
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[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
American Woodmark Corporation
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On November 24, 2015, the Registrant issued a press release announcing results for its second quarter of fiscal year 2016 ended October 31, 2015. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
ITEM 8.01 OTHER EVENTS
On November 19, 2015, the Board of Directors of the Company authorized an additional repurchase of up to $20 million of the Company's common shares. This authorization is in addition to the stock repurchase program authorized on November 20, 2014. Repurchases may be made from time to time in the open market, or through privately negotiated transactions or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms the Company deems appropriate and subject to the Company's cash requirements for other purposes, compliance with the covenants under the Company's revolving credit facility, and other factors management deems relevant. The authorization does not obligate the Company to acquire a specific number of shares during any period, and the authorization may be modified at any time at the discretion of the Board. Management expects to fund share repurchases using available cash and cash generated from operations. Repurchased shares will become authorized but unissued common shares.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit 99.1 Registrant’s Press Release dated November 24, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN WOODMARK CORPORATION
(Registrant)
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/s/ M. SCOTT CULBRETH | | /s/ S. CARY DUNSTON |
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M. Scott Culbreth | | S. Cary Dunston |
Senior Vice President and Chief Financial Officer | | President & Chief Executive Officer |
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Date: November 24, 2015 | | Date: November 24, 2015 |
Signing on behalf of the registrant and as principal financial officer | | Signing on behalf of the registrant and as principal executive officer |
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Exhibit 99.1
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| P. O. Box 1980 |
| Winchester, VA 22604-8090 |
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Contact: | Glenn Eanes Vice President and Treasurer 540-665-9100 |
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AMERICAN WOODMARK CORPORATION ANNOUNCES SECOND QUARTER RESULTS AUTHORIZES STOCK REPURCHASE |
WINCHESTER, Virginia (November 24, 2015) -- 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.
AMWD Announces Second Quarter Results
Page 2
November 24, 2015
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.
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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 |
| Six Months Ended |
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| October 31 |
| October 31 |
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| 2015 |
| 2014 |
| 2015 |
| 2014 |
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Net Sales |
| $ | 256,292 |
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| $ | 217,693 |
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| $ | 487,490 |
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| $ | 429,610 |
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Cost of Sales & Distribution |
| 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 |
| 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 |
| 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 |
| 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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| 3 |
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| Operating Income |
| 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 |
| 3 |
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| 118 |
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| 5 |
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| 249 |
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Income Tax Expense |
| 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 |
| $ | 18,180 |
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| $ | 7,671 |
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| $ | 33,338 |
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| $ | 16,909 |
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Earnings Per Share: |
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Weighted Average Shares Outstanding - Diluted |
| 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 |
| $ | 1.10 |
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| $ | 0.48 |
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| $ | 2.03 |
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| $ | 1.07 |
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AMWD Announces Second Quarter Results
Page 3
November 24, 2015
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Condensed Consolidated Balance Sheet |
(Unaudited) |
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| October 31 |
| April 30 |
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| 2015 |
| 2015 |
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Cash & Cash Equivalents |
| $ | 164,972 |
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| $ | 149,541 |
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Investments - certificates of deposit |
| 29,250 |
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| 35,500 |
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Customer Receivables |
| 61,205 |
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| 46,142 |
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Inventories |
| 37,801 |
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| 35,988 |
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Other Current Assets |
| 15,730 |
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| 14,324 |
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| Total Current Assets |
| 308,958 |
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| 281,495 |
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Property, Plant & Equipment |
| 101,776 |
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| 85,516 |
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Other Assets |
| 39,319 |
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| 31,893 |
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| Total Assets |
| $ | 450,053 |
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| $ | 398,904 |
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Current Portion - Long-Term Debt |
| $ | 1,541 |
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| $ | 1,457 |
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Accounts Payable & Accrued Expenses |
| 99,698 |
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| 83,333 |
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| Total Current Liabilities |
| 101,239 |
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| 84,790 |
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Long-Term Debt |
| 21,033 |
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| 21,498 |
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Other Liabilities |
| 60,854 |
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| 62,774 |
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| Total Liabilities |
| 183,126 |
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| 169,062 |
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Stockholders' Equity |
| 266,927 |
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| 229,842 |
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| Total Liabilities & Stockholders' Equity |
| $ | 450,053 |
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| $ | 398,904 |
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Condensed Consolidated Statements of Cash Flows |
(Unaudited) |
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| Six Months Ended |
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| October 31 |
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| 2015 |
| 2014 |
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Net Cash Provided by Operating Activities |
| $ | 39,350 |
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| $ | 18,637 |
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Net Cash Used by Investing Activities |
| (25,795 | ) |
| (25,984 | ) |
Net Cash Provided by Financing Activities |
| 1,876 |
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| 2,510 |
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Net Increase (Decrease) in Cash and Cash Equivalents |
| 15,431 |
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| (4,837 | ) |
Cash and Cash Equivalents, Beginning of Period |
| 149,541 |
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| 135,700 |
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Cash and Cash Equivalents, End of Period |
| $ | 164,972 |
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| $ | 130,863 |
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- END -
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